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The US real estate big hitter has struck a deal to take on Swiss manager GAM’s European property debt business.
The 'custom mandate' has already invested more than 25 percent of its capital and is investing across various distressed strategies.
Borrowers have held the balance of power for some time when it comes to deal negotiations. There are signs that their grip is being loosened, if only a little.
The fund is one of the largest ever for riskier subordinated debt.
New research suggests there is a real estate refinancing debt funding shortfall ahead. But the problem is unlikely to be as severe as in the aftermath of the global financial crisis.
Our annual conference in New York (virtual of course) lifted the lid on how participants in the direct lending market are faring in a changed landscape.
The private markets giant says this is the largest such fund ever, and it will seek to deploy capital opportunistically.
The partnership, which will target European mid-market businesses, follows the launch earlier this year of an Apollo/Mubadala tie-up aimed at the larger deal space.
The inaugural Senior Loan Fund doubled its initial target of $1.5bn, and will focus on sponsor-backed companies in the US and Canada.
Airlines
The administrator confirms creditor approvals for Bain’s deal as an outcome of the second meeting of creditors on 4 September.
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