News & Analysis

Dubai woes cast shadow over Istithmar portfolio

The parent company of Istithmar – the private equity platform that owns stakes in Barneys New York, Cirque du Soleil and hedge fund operator GLG Partners – has asked creditors to accept a standstill on its $60bn of debt.

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Yesterday Dubai World – the investment platform owned by Dubai’s government – requested that its creditors accept a six-month debt standstill on its $60 billion of debt. It is as yet unclear what implications this will have for its wide-ranging global portfolio of private equity investments.

Dubai: Debt heavy
Through its subsidiary platform Istithmar World, the group holds stakes in a diverse selection of companies, ranging from emerging markets banking group Standard Chartered to US publisher of educational books EMPG.

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