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PE rethinks NAV loans as investors push back

Private Equity Wire

Bryan Barreras, Counsel at Cadwalader, Wickersham & Taft, who represents NAV lenders, argues that the debt carries less risk than many assume, as loans are typically secured by collateral valued at three times their amount.

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Blackstone Nears Completion of $400m Private Credit Fund Raise

Private Equity Insights

The New York-based investment manager is planning to raise funds through collateralized loan obligations (CLOs) secured by the loans held by its flagship $52bn private credit fund, the report added, citing documents viewed by the newspaper. Blackstone did not immediately respond to Reuters’ request for comment.

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EIG explores Maverick’s sale valuing it at $3bn

Private Equity Insights

Potential buyers, such as oil & gas producers and other investment firms, would have to take on nearly $800 million of Maverick’s debt, including the outstanding amount on an asset-backed securitization tied to some of its assets, the sources said, cautioning that no deal is guaranteed. Source: Reuters Can’t stop reading?

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Angelo Gordon Raises $1bn for Asset Based Specialty Private Credit Opportunities

Private Equity Insights

The Fund received significant support from existing Angelo Gordon clients, as well as new institutional investors attracted to the firm’s demonstrated ability to generate value through private credit strategies globally.

Assets 130
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Carlyle Raises Over $600 Million for its First CLO Captive Equity Fund

Private Equity Insights

Global investment firm, Carlyle (NASDAQ: CG) today announced the final close of its inaugural collateralized loan obligation (“CLO”) captive equity fund, CLO Partners. per share, private equity firm Sycamore Partners. The fund raised more than $600 million, exceeding its initial $500 million target.

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Pemberton holds first close of NAV strategy at over $1bn

Private Equity Wire

European private credit manager Pemberton Asset Management has held the first close of its new NAV strategic financing strategy at over $1bn of investible capital. The strategy, which provides financing solutions to private equity firms, secured investment from Abu Dhabi Investment Authority as anchor investor, Legal & General and others.

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Charlesbank Targets $1.25bn for Third Opportunistic Credit Fund

Private Equity Insights

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 enterprise value of between $150m and $3bn, one of the people said.

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