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Blackstone's unique investment business Blackstone manages investments for big money managers, including pensionfunds and institutional investors, and its $1 trillion in AUM makes it one of the largest asset managers in the world. What sets Blackstone apart from competitors is its investing style.
OHA sourced this transaction through its strategic direct lending partnership with BMO Capital Markets (“BMO”), which includes over $1bn to invest in jointly originated senior secured private credit assets.
GREW: So, I got a call and this one was ultimately from a recruiter who’s working for Lehman Brothers, an investmentbank, a bond house. In part because I again benefited from being in the mix when we were the second bank that was raided by the Japanese regulators after they’d gone into Credit Suisse. RITHOLTZ: Uh-oh.
A broader worry is that while buyers’ hunger may be back for higher-quality companies, as shown by the uptick in investment-banking activity on Wall Street, the books of PE firms are stuffed with less attractive businesses snapped up at inflated prices. Some investors don’t want firms using such tools to flatter returns.
The pensionfund had solid returns from its portfolio of public stocks, which gained 10.4 But stocks make up only 19 per cent of the pensionfund’s assets after it shifted billions of dollars from equities into government bonds and credit investments, seeking to take advantage of high interest rates.
A higher cost of debt and slower economic growth have created a tough investing environment, pushing down the value of some private assets that pensionfunds own. Private credit has been one of the best-performing asset classes for some large pensionfunds in recent years, often earning double-digit percentage gains.
It was between corporate law and investmentbanking. RITHOLTZ: So even back then, when it was the size that you could take a Christmas picture with everybody in one room at Goldman, they’re still doing investmentbanking. It’s the sovereign funds around the world, in Europe and Asia. KLINSKY: Yeah.
In addition to BMW and Volkswagen AG , Northvolt’s top investors included Goldman Sachs’s asset management arm, Denmark’s biggest pensionfund ATP, Baillie Gifford & Co. funds and a number of Swedish entities. Northvolt will also have access to about US$145 million in cash collateral.
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