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It has been buying loans at a discount from other private credit funds as well as loans from collateralized loan obligations, which repackage them and sell them as bonds. The new credit fund will invest in loans of companies with an enterprisevalue of between $150m and $3bn, one of the people said.
This misalignment is visible if we look at the enterprisevalue-to-EBITDA (EV/EBITDA) ratios of the deals done in 2022 compared to prior years (after removing key outliers in those years under consideration). EV/EBITDA fell between 25% to 30% in 2022 vs 2021, with lower valuations across the board, with few exceptions.
PE has acquired companies in the past three to four years at very high enterprisevalues, and it’s a question of if this is sustainable on exit now given market conditions,” says Tara Moore, head of European originations at Golub Capital, a US private credit firm. Some investors don’t want firms using such tools to flatter returns.
Given the strong interest to partner with ETM and the high caliber of potential partners, we, together with our board, decided to accommodate a greater share of investors and increased the equity capitalization to 13%, considering an enterprisevalue of $26 billion. The implied pre-money equity value for Vale was $25.1
And the equity checks being written by these private equity firms are larger than they’ve ever been as well, greater than 50% usually of the enterprisevalue of the transaction that they’re, they’re taking on that, [ Ritholtz 00:14:56 That, that’s big. And they’re being bought out by private equity firms.
In the history of our private equity effort, we’ve generated over $70 billion of enterprisevalue gains without one missed interest payment, and added over 61,000 jobs without one missed interest payment. My firm has never had a bankruptcy, never missed an interest payment. And that’s like another high version of you know.
And as of July 31st, we now hold a total of 152,800 bitcoins on our balance sheet, of which 15,731 bitcoins are held at MicroStrategy, the parent, and are pledged as collateral securing our 2028 secured notes. Subsequent to the end of the quarter, we acquired an additional 467 bitcoins or $14.4
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