Fundraising

Mezzanine is back in a big way as the second lien and junk bond markets flounder, and providers of this form of intermediate debt are looking forward to a busy year ahead. Suzanne Weinstock reports on the North American scene and Toby Lewis on the outlook in Europe.

In Asia, the credit crunch has had limited impact on debt markets so far. Buyout pros and leveraged finance specialists in Hong Kong and Singapore are nevertheless bracing for tricky times. By Patricia Lee.

Material adverse change clauses are in demand. Increasing tension between borrower and lender is the likely result, Mark Vickers points out.

Michael Nicklin and Emma Malkin report on a painful novelty for lenders – the so-called ‘reverse staple’.

In India, almost half of the population don't have access to mains electricity – a fact that brings the activities of the country's new generation of infrastructure investors into sharp focus. Andy Thomson recently met with Michael Queen in London to find out more about 3i's ambitious plans for India as well as his thoughts about the broader infrastructure opportunity.

The private equity ranks are being swelled by leveraged financiers.

Large-ish deals are still possible – with more equity, less debt and a crowded negotiating table.

Tougher times, tougher fundraising? Not if you're a European mid-market GP, it seems.

Lest anyone has forgotten, heavily leveraged buyouts aren't the only tool in the private equity box.

What's the real risk of private equity? Christian Diller and Ivan Herger test a number of different portfolios using historic performance data to arrive at an answer.