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Insight
Fund financing – which includes subscription lines of credit and NAV-based loans – is set to grow even as capital markets slow. A measured approach is advised…
In a slower credit market, there is one form of debt financing that tends to accelerate among private equity funds.
Fund finance – which allows GPs to raise loans at fund rather than asset-level – has been around for years but spiked during the onset of the Covid-19 pandemic when sponsors were unable to raise debt for their portfolio companies and unwilling to make capital calls on their LPs.
With the cost of
Insight
Large pension fund investors have increased their allocations to private credit in memory of how the asset class performed post-global financial crisis.
Last year, private credit assets under management exceeded $1 trillion for the first time. Over the next five years that figure is expected to more than double.
On an earnings call at the end of October, Blackstone’s COO Jon Gray described private credit as a “long-term mega trend” within alternatives, which has been experiencing mega-trend status itself for almost a decade. Gray has reason to be positive: Blackstone’s Q3 earnings showed private equity shedding 0.3% in value during
Insight
The carnage in the syndicated bank market looks set to continue and the near-term liquidity of direct lenders is being squeezed. Private equity sponsors are looking for other levers to pull on their buyout financing…
There is a problem in the bank market.
The leveraged buyouts, or LBOs, which have characterised private equity over the past decade have left banks on the hook for more than $50bn in financing commitments, which they underwrote in more stable times.
Loans that haven’t been pulled by sponsors or offloaded by banks at a steep discount are expected to be “puked into the market”
Intel
Software and services sector investor Hg has sold Transporeon, a cloud-based transportation management software platform, to Trimble in a transaction valuing the business at an enterprise value of €1.88 billion.
Intel
Blackstone is considering delaying the launch of a new flagship private equity fund for wealthy investors following heavy investor withdrawals from two other funds aimed at a similar investor base – a real estate vehicle and one private credit fund – according to a report by the Financial Times.
Intel
CenterOak Partners, a Dallas-based private equity firm, has completed the sale of Wetzel’s Pretzels to MTY Franchising USA, Inc, a wholly owned subsidiary of MTY Food Group Inc, for a cash purchase price of $207 million.
Insight
With private equity new fund commitments slowing, investors are priortising key strategies and sectors into 2023, according to the H2 Rede Liquidity Index (RLI).
Intel
Software focused private equity investor Thoma Bravo has closed three new buyout funds with a combined $32.4 billion in capital commitments, one of the biggest private equity fundraisings so far this year, according to a report by Bloomberg.
Partner Content
Private capital managers are expanding the scope of asset classes for their investment strategies. This trend comes with more complex accounting needs and demands enhanced technology solutions.
Special Report
The current environment is creating ripe opportunities for foreign managers seeking looking to raise capital in Japan as local investors and institutions look for fixed income substitutes to supplement returns. Having a local presence can help elevate their offer, however they have to be patient and persistent as business practice tends to move at a slower pace.
Historically, Japanese portfolios have been heavily focused on domestic fixed income assets, with these investments representing the lion’s share of most holdings. However, this is changing.
Stan Howard, found and director, Teneo Partners, comments: “In spite of the fact that Japanese investors are, relative
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