Jupiter Asset Management, a UK fund manager recently bought out by management and TA Associates, has hit back at criticism of the £425 million “covenant-lite” loan it will use to finance the deal. The controversial structure, which was pioneered in the US but is now crossing over into Europe, removes many of the traditional protections for lenders.
2 min read · 12 January 2013
Activity in the electronic payment space continues with the Blackstone Group’s agreement to buy Dallas, Texas-based Alliance Data, a provider of transaction, credit, and marketing services, in a deal valued at $7.8 billion.
2 min read · 12 January 2013
George Anson, HarbourVest’s managing director in Europe, has warned managers not to be complacent in the face of heightened interest in the asset class from regulators, legislators and unions.
3 min read · 12 January 2013
Park Square Capital has tapped three of its existing investors to raise a credit opportunities fund, which could have firepower of up to €1.25 billion and will work in complement to its existing mezzanine fund.
2 min read · 12 January 2013
Pacific Equity Partners will not give up on Flight Centre, an Australian travel agency it failed to acquire via a public-to-private process just a few months ago. The Australian buyout firm is now offering to acquire a 30 percent interest in the company via a proposed joint venture structure.
2 min read · 12 January 2013
Alinta is backing a $6.66 billion takeover offer from Babcock & Brown instead of a rival bid by Macquarie, as the Australian energy utility is convinced the former offers a “high degree of completion certainty.”
2 min read · 12 January 2013
Booming appetite among investors for exposure to credit instruments is fuelling growth at Intermediate Capital Group, one of the largest CDO fund managers. It recruiting to cope with demand.
1 min read · 12 January 2013
Taking advantage of the downturn in the sub-prime market, the Dallas-based private equity firm has acquired Accredited Home Lenders for $400m.
1 min read · 12 January 2013
New York-based hedge fund Highbridge Capital Management has reportedly hired former Goldman Sachs director Scott Kapnick to launch its private equity business. It is the latest example of the increasing convergence between the two asset classes.
2 min read · 12 January 2013
Orlando Italy’s first fund raised €180million ($244 million) exceeding the initial target of €150m.
1 min read · 12 January 2013
