New York Life Capital Partners has doubled its capital and LPs for its second mezzanine fund, as demand for mezzanine debt soars amid a credit liquidity freeze.
Dubai International Capital has jointly raised a $300 million infrastructure and energy fund with two other firms as the Middle Eastern investor continues at a frenetic pace.
The details of the sale options for struggling UK bank Northern Rock reveal bidders may be able to acquire the bank without taking on the company’s expected £24 billion debt to the Bank of England.
Canadian private equity firm Onex revealed currency-related losses of $77 million during a conference call following the release of its third quarter earnings report.
Fortress reported a loss of $38 million for the third quarter, though it managed to avoid subprime-related losses, raised revenue by 80 percent and grew private equity assets under management by 60 percent.
Blackstone reported a $113.2 million loss in the third quarter stemming largely from IPO-related costs. However, its president, Tony James, remained sanguine about the firm’s performance and its ability to shift focus amid credit market volatility affecting LBOs.
The TPG Capital-BA consortium has secured a team of banks to underwrite its bid for Spanish airline Iberia, after the chief executive of the UK airline Willie Walsh said the bid would be tabled within four to six weeks.
Private equity icon Thomas H. Lee has said the credit crisis is ‘not a cash crisis’ but a crisis of confidence that will primarily affect the availability of debt financing for private equity deals valued at more than $1 billion.
Bulge brackets Merrill Lynch, Citi and Morgan Stanley are looking for leadership and growth from a formerly obscure niche – alternatives, writes Amanda Janis.
Intermediate Capital Group’s senior fund manager Sara Halbard has decided to retire next year as the debt markets remain uncertain on the back of the credit crunch.