PE Tech Report

Private Credit

Private credit lenders lose out to banks on $2bn Ardonagh deal

A $2bn bond sale from UK insurance broker The Ardonagh Group, whose major shareholders include Madison Dearborn Partners and HPS Investment Partners, will be managed by a group of Wall Street banks led by Morgan Stanley and The Goldman Sachs Group instead of a potentially record-breaking $5bn private credit loan,

Aquiline takes majority stake in Health Prime 

Aquiline Capital Partners, a private investment firm investing in financial services, healthcare and technology with over $10bn in AUM, has made a majority investment in Health Prime International, a provider of revenue cycle management solutions for physician practices. 

BNP Paribas planning new €1bn private credit fund

The asset management arm of French multinational bank BNP Paribas is targeting a €1bn ($1.1bn) fundraise for a new direct-lending fund that will focus on medium-sized businesses, and will differ from the bank’s other private credit facilities by offering unitranche loans, according to a report from Bloomberg. 

Julius Baer exits private debt market after 52% loss 

Zurich-based Julius Baer will exit the private debt market and is preparing to write off its CHF606mn ($700mn) exposure to Signa, the now-collapsed luxury developer owned by René Benko whose portfolio included German department store KaDeWe and the Chrysler Building in New York. The private bank’s CEO, Philipp Rickenbacher, has also resigned. 

Golub Capital leads $2.11bn unitranche facility for Aptean

Direct lender and credit manager Golub Capital has acted as administrative agent and sole lead arranger on a $2.11bn unitranche facility to refinance Aptean’s existing first lien and second lien broadly syndicated loan facilities.

SVP makes two senior hires in London

Strategic Value Partners, a global alternative investment firm with over $18bn of AUM, has made two senior appointments in London — Managing Directors, Timo Koch and Ahmed Khan.

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