PE firms dump UK mortgage risk as Brexit nears

Major private equity firms, including Blackstone, CarVal, Cerberus and TPG, are selling control rights to the giant UK mortgage portfolios they bought three or four years ago, rather than waiting to call and refinance the deals. Is the rush to the exits a sign of Brexit trouble to come, or a way to make space for a bigger prize in the shape of the final mortgage sales from UK government crisis-era rescues? Owen Sanderson investigates.

  • By Owen Sanderson
  • 07 Feb 2019
A consortium of Blackstone, TPG and CarVal are the joint owners of the first lien non-conforming mortgages written by General Electric’s UK Finance arm, which were sold in a £3.9bn package dubbed “Project Virage” in late 2015, as part of the firm’s turn back to industrial manufacturing and ...

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2 Morgan Stanley 2,420 6 13.57
3 Goldman Sachs 2,096 5 11.75
4 BNP Paribas 1,686 6 9.45
5 Barclays 1,565 4 8.78

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