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...Some of the biggest private equity and asset management groups — including TPG, BlackRock, T Rowe Price and CVC Capital Partners — have recently acquired credit managers as they look to diversify their assets...
...“Direct lending has the ability to structure and price out different levels of risk . . . that public markets often don’t,” said Craig Packer, a co-president of Blue Owl Capital....
...Persis Love Eric Platt is a senior corporate finance correspondent for the FT. Thanks, Eric. Eric Platt Thank you so much....
...Eric Platt You can’t miss that....
...“Panics won’t happen often — but they will happen,” he said....
...and “How many times does Charles de Nóbrega have to get on the spinner before he wins a t-shirt?”....
...“How that investment gets implemented isn’t clear yet and that’s the macro point from the Berkshire letter. This is a challenge for everyone in the industry.”...
...process said of Neumann’s entry, “I’m biased but I think they’re bottom fishing and hoped they could come in and buy people’s debt for cents on the dollar and own the company through the debt and I don’t...
...DD’s Ortenca Aliaj and Eric Platt learned that Neumann sat down with Third Point and SoftBank in October to discuss a potential deal, but there was no agreement and WeWork was largely focused on renegotiating...
...“It wouldn’t surprise me in the coming years if we do see some compression in terms of the spread we are able to earn,” she said....
...And here again, it doesn’t just catch ordinary mortals, it catches the deans of physics.”...
...I don’t know where I got that notion from, but I had it.”...
...The pair were on the teams responsible for two $10bn-plus fundraisings that closed in 2008, DD’s Eric Platt reports....
...“But the fundamentals of the music business haven’t changed,” he added. “For years we were doing this with very few people involved. It was a niche . . . music royalties have always been esoteric.”...
...“I don’t see a massive rebound in exits next year,” says Pierre-Antoine de Selancy, managing partner at 17Capital....
...AT&T, PayPal and Air France-KLM are among the companies that have in recent months turned to the growing private credit industry for financing....
...“The problem with Twitter is that it’s almost impossible to underwrite, they don’t have a business plan, they don’t have a lot of stability or diligence materials that you can really use to get a good sense...
...Hargreaves Lansdown has appointed Alison Platt as board chair. She will succeed Deanna Oppenheimer, who will be stepping down from her role in December....
...“In this cycle, we haven’t seen any car crashes yet.”...
...“There are some things people shouldn’t worry about,” 92-year-old Buffett said. “This is one.”...
...“We haven’t seen a very large single-B leveraged buyout tested in our market but . . . I think there’s demand for it.” Investors have had limited bond and loan financings to entertain this year....
...The high cost was seen as prohibitive and even then the company couldn’t round up enough interested lenders....
...“I still can’t find anything exciting to buy,” he said....
...“The underlying business is not horrible, it’s just I don’t want to walk into the office one day and have the wrong kind of headlines,” said one New York-based bond fund manager....
...Apollo bought $2bn of AT&T preferred stock in a deal that allowed the wireless carrier to partially repay some of its outstanding preferred equity....
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