July / August 2013 Issue

    Making sense of European regulation

    The regulatory environment in Europe is a patchwork of different regimes. Nathalie Grenewitz of German law firm Bödecker Ernst & Partners, and Nicolas Mordaunt-Crook of Lefèvre Pelletier & Associés examine the intricacies of the German and French tax and regulatory regimes in particular and assess their impact on private debt funds.

    Public Private Partnerships

    Although the availability of bank funding for infrastructure projects may be waning, one thing that isn’t going away is the need for public private partnerships to bring in much-needed investment in infrastructure.

    Leading from the front

    From the trading floor of Japanese bank Mizuho to chief executive of one of Europe’s largest private debt firms, Jeremy Ghose has come a long way. He sits down with Oliver Smiddy to explain the firm’s plans to develop 3iDM into a global heavyweight.

    Laying foundations

     Work to educate the institutional investor community of infrastructure debt’s merits has provided a strong foundation that is underpinning growth in the asset class.  

    A special situation

    Clearlake Capital’s recent fundraise was wildly successful. Its lower mid-market hybrid debt and special situations strategy is niche. But co-founder José Feliciano says Clearlake aims to be just like everybody else – only better. Amanda Janis reports.

    Fading light

    The fate of Yankee Candle is uncertain after a terminated sale and a scuttled refinancing. Sam Sutton investigates the conclusions that can be drawn and looks at what’s gone wrong with an American high street stalwart

    Comment: Stepping out of the shadow

    A thriving shadow-banking market has developed to cater to Chinese SMEs’ lending needs, writes Adamas’ Barry Lau, but institutional debt funds should look to supplant less sophisticated forms of financing.

    Adding strings to the bow

    Canny CLO managers have diversified into other credit instruments so as to avoid becoming a hostage to unfavourable market conditions, whilst a brave few are starting to raise new vehicles. But that still leaves a big hole in European liquidity once the previous generation of funds reach the end of their reinvestment periods. Magda Ali reports.

    A mature play

    The energy sector comprised 10 percent of global buyout volume in 2012. With more deals in need of financing, non-traditional lenders are playing a larger role writes Sam Sutton

    Growing pains

    The pullback of banks from the infrastructure debt space has led to a raft of new entrants to the market. As with any influx, the journey hasn’t been easy, writes Sam Sutton.