A trade union-sponsored study has slammed the evidence cited in support of private equity’s record on job creation, one of the industry’s most commonly-used defences against accusations of asset-stripping. However, the BVCA has hit back at the claims.
2 min read · 12 January 2013
Nick Ferguson, chairman of UK private equity investor SVG Capital, has reportedly hit out at the tax relief on carried interest enjoyed by UK buyout executives, and also criticised banks over the increasing use of ‘covenant-lite’ loans.
2 min read · 12 January 2013
The TPG-led consortium has pulled out of the bidding for a minority stake in Alitalia as sources close to the deal blamed government regulation for making it impossible for the consortium to takeover the company.
2 min read · 12 January 2013
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
The investment arm of SVG Capital has closed its latest structured fund of funds €200 million ahead of target, while introducing innovation in the fund’s gearing.
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
