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Oliver Smiddy

Friday Letter: Stay on target

Given geopolitical turmoil, and the small matter of the potential dissolution of the United Kingdom, it’s easy to forget just how far the global economy has come since the dark days of the credit crisis. For private debt, it’s been a period of extraordinary growth and firms should look to the future with optimism.

Idinvest hits €235m for latest mezz fund

The French firm, led by Christophe Bavière, is on course to surpass its €300m target for Idinvest Private Debt III by year end having held a first close earlier this month.   

Aequitas bolsters senior team

The US private debt and equity firm has hired Goldman Sachs veteran Thomas Goila as a senior managing director.

Blackstone and TPG bag UK mortgage lender

The US pair have agreed to pay £180m in equity and debt to Investec to acquire UK mortgage finance company Kensington.

Europe embraces US-style structures

The number of European deals with a covenant-lite loan package more than doubled in the second quarter, according to Marlborough Partners’ Q2 review.

Institutionalisation continues apace

Pemberton Asset Management become the latest manager to partner with a large institutional investor last month. While the deal is certainly a statement of ambition, it’s also a defensive move for the firm as banks return to the market.

Change at the top

Globally focused multi-asset managers continue to dominate our proprietary ranking of private debt fund managers, but John Grayken's firm Lone Star has topped the rankings this year.

GE backs Electra’s bowling buyout

The lender has partnered with Lloyds and Barclays to finance Electra Partners’ buyout of The Original Bowling Company.

Friday Letter: Change in China

Recent legislative measures in China have further eased the way for foreign lenders to issue loans to offshore affiliates of Chinese companies. But there’s still plenty of room for further development of the PRC’s regulatory regime.

British Business Bank backs European Capital

The state-backed UK entity has committed £50m to the SME-focused vehicle, with European Capital matching the commitment to generate £100m of overall firepower.
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