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As the funding package for Bain's Brenntag acquisition demonstrates, second lien loans may be the latest US debt instrument to finally become established in Europe. The Deal Mechanic looks at how it fits into the capital structure
GTCR has a big hit and a near miss with the same CEO
Amadeus, Apax lead Acol first round; Gyros closes largest Nordic biotech round; HBM leads E13.8m Ingenium round; SG Capital Europe takes Lince stake
The use of high yield financing is a staple feature of leveraged buyouts, but participants in deals may not appreciate the need for precisely tailored covenants. Valerie Jacob, co-managing partner of Fried, Frank, Harris, Schriver & Jacobson, highlights the keys to investor protection.
FLV Fund, the struggling Belgian venture capital firm, has terminated negotiations with Arcis Group of France and the UK’s Strathdon Investments that could have led to a sale of FLV’s portfolio assets.
What's the outlook for the US debt market in 2004? The answer depends on whether you ask a senior, mezzanine, or high yield debt provider. Alex J. Stockham reports up and down the financial structure about what these leveraged finance professionals are seeing and how they're feeling.
When PEI sat down with five seasoned leveraged finance professionals in London recently, it became clear that although business is good, they were keen to tread carefully in today's market. There also seemed to be a growing sense that the dynamic between sponsor and finance provider has changed – to the sponsors' advantage. We talked to them about the issues behind this shift and heard why getting it right matters all the more today.
In the late 1990s, the bottom dropped out of the European high yield market, not least because of problems in the cable sector. Now high yield is coming back, and its appetite for cable is recovering as well.
'Enronitis' and America's 'No Growth' economic future are threatening to stifle entrepreneurial spirits in the US, argues Joseph W. Bartlett, Of Counsel Fish & Richardson.
UK pension funds are big, numerous and most are looking for the kind of superior returns that can be delivered by alternative asset classes such as private equity. Shouldn't there be more of them investing greater percentages of their capital in such alternatives therefore? Philip Borel looks at the reasons why this hasn't been happening and asks: are the fund trustees to blame?
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