US state insurance regulators are stepping up their scrutiny of insurers’ exposure to private credit as concerns grow over the risks posed by the rapidly expanding asset class, according to a report by the Wall Street Journal citing comments from Susan Ochs, acting insurance commissioner for New Jersey.
Companies are increasingly opting for shorter maturities in the private placement market as uncertainty over the direction of interest rates makes borrowers reluctant to lock in elevated financing costs for extended periods, according to a report by Bloomberg citing Mizuho analysis of Private Placement Monitor data.
The European Union-backed €5bn Scaleup Europe Fund, managed by EQT, has invested in a $400m Series C fundraising round by Swedish AI coding company Lovable, valuing the fast-growing ‘vibe coding’ startup at $13.3bn, according to a report by Bloomberg.
BlueFive Capital, an private investment firm backed by Bugatti, is among a group of investors led by Nelson Peltz’s activist investment firm Trian Fund Management, that could launch a take-private bid for US burger chain Wendy’s, according to a report by Reuters.
Blackstone is considering scrapping a proposed $3bn collateralised fund obligation that was designed to generate liquidity for investors in one of its older secondary funds, according to a report by Bloomberg citing unnamed people familiar with the matter.
US private equity firm TPG has agreed to acquire a 61% stake in South Korea’s largest car-rental company, Lotte Rental, from two affiliates of Lotte Group in a deal valued at KRW1.31tn ($925m), according to a report by Reuters.
Canadian asset manager Polar Asset Management Partners has raised more than $215m at the first close of a new fund targeting significant risk transfer transactions with financial institutions, according to a report by Bloomberg.
Private credit lenders are becoming increasingly reluctant to allow borrowers to defer interest payments, as growing use of payment-in-kind arrangements raises concerns that underlying loan stress may be greater than reported default figures suggest, according to a report by the Wall Street Journal.
Blue Owl Capital has raised $750m through a new investment-grade bond issue, with proceeds earmarked to repay borrowings under its revolving credit facilities, according to a report by Bloomberg.
Blackstone and three major Canadian institutional investors have agreed to acquire a 25% interest in Air Canada’s Aeroplan loyalty programme in a transaction that values the business at CAD10bn, according to a report by Bloomberg.
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