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...Breit has generated a 10.5 per cent annualised total return inclusive of distribution since its creation, according to Blackstone’s calculations....
...In an interview with the Financial Times, Luboff said the new fund would apply “modest leverage” in its deals and focus on “geographies where we felt the track record, as well as the supply of opportunities...
...However, the fund has beaten the MSCI World index on an annualised basis since its inception in 2010, returning 15.3 per cent compared with the index’s 11.5 per cent....
...Blackstone also directly runs a portion of the fund designed to hedge risk. The fund makes up less than 0.5 per cent of the group’s hedge fund solutions business....
...It plans to raise $300bn in new assets by 2026 among dozens of funds....
...It is accompanied by the opportunity to buy or sell Blackstone stock at any time. For retail investors, that is a lesson worth pondering....
...Hedge fund Cyrus Capital will meanwhile convert a loan made to Esken into equity, picking up the company’s new minority stake in the airport, which is located 36 miles east of central London....
...But the direct lending funds they manage may begin to post lower returns, investors said....
...KKR’s funds plan to house assets moving off the balance sheets of corporations, banks and insurers looking to simplify their operations or fund stock buybacks....
...Breit allows for 2 per cent of total assets to be redeemed by clients each month, with a maximum of 5 per cent allowed in a calendar quarter....
...Private equity buyers see an opportunity that has sometimes played out inside their own firms....
...“There’ll be some opportunities to buy digital goods, maybe even at some point physical goods.”...
...But as the fund lost value last year, Blackstone’s liability to UC has grown to $560mn....
...BXPE will charge a management fee of 1.25 per cent of assets and a 12.5 per cent performance fee above a 5 per cent annual return....
...About a third of the new fund’s capital has been allocated. Arctos has recently been active in Europe, having concluded a deal in December to buy up to 12.5 per cent of Qatar-owned football club PSG....
...Blackstone marked down its property funds by more than 3 per cent during the fourth quarter, causing the group to miss out on some valuable fees it usually collects from the funds....
...The sheer number of opportunities across markets has emboldened funds to increase leverage in some assets and juice returns....
...Musicians saw their opportunity, too, with artists like Stevie Nicks and Shakira taking advantage of the bullish mood to sell their life’s work at eye-watering prices....
...A resurgence in initial public offerings or sales would allow LPs to recoup their invested capital and recycle it....
...KKR shares ended the day 5 per cent higher while Carlyle shares closed up 1.6 per cent....
...Millennium and DE Shaw, which are multi-strategy firms, took joint second place in the all-time rankings, making $5.7bn and $4.2bn last year respectively....
...They added that the firm was not actively looking to exit Chord but UMG’s interest presented an exceptional opportunity to realise the value of KKR’s investment....
...Leverage has been applied ‘downstream’ at the portfolio company level, ‘upstream’ with recourse to GPs and LPs, and ‘midstream’ to the funds that own portfolio companies in the form of NAV loans....
...Officially, it was an opportunity for Carlyle’s growing diaspora to congregate before the holidays....
...“We have continued to pick our spots and find new, exciting activist opportunities,” Icahn said in a news release....
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