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As funds swell, pressure to deploy rises and managers can stray from their expertise
The era of pure-play private equity is over. Banks are pulling different divisions together to serve the complex needs of global asset managers
Specialist moves after 18 years in the market
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PARIS PRIVATE DEBT ROUNDTABLE European private debt markets are developing fast and diversifying — although many market participants would rather they became standardised. The Euro Private Placement market, founded in France, has not blossomed into a rival to the US PP. Many French issuers now travel to Germany’s larger Schuldschein market.
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Adam Forchheimer, previously head of US high yield bridge financing at Credit Suisse and a managing director in the bank’s leveraged finance division, has left the bank after 13 years to join Owl Rock Capital, a New York-based direct lending fund that targets the US middle market. -
German agriculture, energy, logistics and services group BayWa printed a €500m five year green bond on Monday, building a strong €750m book — despite some ambiguity about how to treat the unrated corporate.
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CLO activity continued unabated last week despite the three day Global ABS conference in Barcelona, with Napier Park, CIFC and Tikehau offering up deals.
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Patrick Drahi’s BidFair USA vehicle has agreed to take auction house Sotheby’s private for $3.7bn, a premium of 61% to Sotheby’s closing share price on Friday. BNP Paribas has provided committed debt financing for the all-cash deal, with Morgan Stanley joining as financial advisor.
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Germany’s Rodenstock has agreed €415m of bank debt, as the eyeglasses company’s financial metrics show sharp improvement following a recent strategic restructuring.
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