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How fashions have changedFrom the golden age to the age of pragmatism: private equity is an industry with evolving strategic priorities. PEI looks at how tastes have altered in five key respects.
- Ares to buy Allied Capital for $648m
Publicly traded ‘business development company’ Allied will be merged with rival Ares. Allied recently reached a restructuring agreement with lenders.
- Back in Black: Apollo fund values surge
In a letter to LPs, firm founder Leon Black revealed that several funds are now reporting positive or flat unrealised performances after dramatic write-downs earlier this year.
- Apollo nears $1bn for European debt fund
Leon Black’s firm is close to the halfway mark as it seeks to raise $2 billion to invest in non-performing loans across Europe.
- Life after leverage
Mega-firms with dry powder are breaking the LBO mould to get deals done, writes Toby Mitchenall.
- TowerBrook tangles with GTCR in bankruptcy battle
TowerBrook has its sights on forcing the bankruptcy of a floundering portfolio company, Wilton Holdings, in which GTCR and co-investor Martha Stewart have some $200m in equity.
- Monier gets €1bn haircut as PAI loses control
The roofing business – now owned by Apollo, TowerBrook and York Capital – has rid itself of more than €1bn in debt.
- THL credit team plots public leap
The Boston buyout firm may allow LPs in a private credit-opportunity fund to cancel participation if they agree instead to a planned $300m listed credit vehicle.
- Lee, Black focus on non-LBO strategies
Private equity veteran Tom Lee said his firm is looking to invest without leverage in both 'good' and 'bad' banks. Meanwhile, Apollo is eyeing various credit opportunities including providing DIP financing and LBO loans, as well as buying debt in companies it 'knows well' like former portfolio company Intelsat.
- Apollo co-founder: Being caught by surprise is 'ultimate sin'
GPs must aggressively analyse and restructure portfolio companies' capital structures before they reach emergency stages, Marc Rowan said at a conference in Los Angeles yesterday. The private equity industry will be one of the most challenged during this economic cycle due largely to the 'looming' maturity of debt for levered companies, he added.