Washington-based Guggenheim Aviation Partners closed its second fund on $737 million ( e520 million) in late September. Fund II was substantially bigger than its predecessor, which closed on $278 million in June 2005. But the firm's strategy, which looks set to benefit from the dislocation in the credit markets, remains the same. Founder Steve Rimmer was previously founder of Curtis Power Company, an aircraft engine leasing firm that was sold to General Electric. He then partnered with Guggenheim Capital to get his current venture off the ground. Guggenheim Aviation Partners manages funds that acquire and lease aircraft, seeking assets that are undervalued by rating agencies and industry players. Part of the firm's strategy involves converting passenger carriers into aircraft cargo ? a market that the firm believes is currently underserved. Private Equity International spoke with Rimmer about his plans for the new fund, credit market developments and new players in the space.
3 min read · 12 January 2013
A larger buyout market has shown signs of gathering momentum in Spain over the last few years. To what extent has it been derailed by the credit crunch? Toby Lewis explores.
4 min read · 12 January 2013
European mid-market firms Palamon and Electra Private Equity as well as Morgan Stanley’s alternative investment arm have bought two high-risk credit cards from HSBC at a discount.
2 min read · 12 January 2013
Cerberus’ proposed $62 per share buyout of Affiliated Computer Services is the latest LBO to fall apart.
2 min read · 12 January 2013
There has been almost no movement in the European leveraged loan backlog since mid-August. Despite ongoing fundraising by alternative asset managers and banks for hung debt vehicles liquidity has yet to return to the debt markets.
2 min read · 12 January 2013
HBoS, the UK bank, has restructured its acquisition finance and structured finance teams into one leveraged finance unit as it looks to expand its European operations.
2 min read · 12 January 2013
Pension funds anticipate private equity returns over the next three years to be 38 percent lower than managers’ expectations. However, pension funds’ desire to invest in the asset class remains high.
2 min read · 12 January 2013
Lehman Brothers is following the example of Golman Sachs, KKR and others in launching a fund that will pick up deal-related debt at a discount.
2 min read · 12 January 2013
In a recent interview with sister magazine Private Equity International, Oaktree chairman Howard Marks discussed his firm’s rapid expansion and expertise in profiting from troubled times.
3 min read · 12 January 2013
A $3.5 billion distressed-for-control fund was recently closed by MHR Fund Management, the New York firm led by Carl Icahn’s former chief investment advisor Mark Rachesky. It is more than three times the size of the firm’s 2002 fund.
1 min read · 12 January 2013
