Anna Devine
Some of the biggest animals in the financial world, sovereign wealth funds are beginning to make their presence felt in direct lending. But how these mega asset managers are putting money to work?
Ares Management’s fully underwritten €300m debt package backing the leveraged buyout of travel shopping company Fintrax was a milestone for direct lending in Europe.
Private debt may still be ‘a cottage industry’ in Asia, but PDI’s second conference in the region heard of opportunities that compare well with the West.
PDM has invested around 60 percent of its second direct lending fund, with its latest backing of the purchase of CLEAN Linen by MML Capital.
.jpg?id=19327375681 "Brunswick targets €800m for second fund")
Sweden-based Brunswick Real Estate Capital is preparing to launch its second debt fund and has renamed its first fund in line with the group’s international brand.
The portfolio of loans relates to more than 6,000 SME loans originated by Banco Santander. The deal is the Dutch pension fund’s first risk sharing deal in Spain.
Andy Kolacki has left Latham & Watkins to join the debt finance team at law firm DLA Piper.
.jpg "UK pension fund launches private debt search")
The North Yorkshire Pension Fund will invest £120m-£130m in private corporate debt.
Eurocastle, the European permanent capital vehicle of Fortress Investment Group, will acquire a 25% stake in two real estate loan books. Fortress will purchase the remaining share using other funds such as its Italian NPL fund.
The alternative lender is edging towards the €500 million target on its debut senior debt fund, holding another close on around €400 million. It has also sealed its first Spanish unitranche deal.