UK

HIG Capital has appointed a new head of HIG WhiteHorse Europe, the private equity firm’s European direct lending affiliate.

Hipgnosis Songs Fund, the FTSE 250 investment company focused on music royalties, has completed its latest capital increase, as it gears up for a spree of acquisitions.

Segro, the FTSE 100 UK real estate investment trust, has entered the private placement market with an initial target of €250m.

UK chancellor of the exchequer Rishi Sunak announced a stimulus package totalling up to £30bn on Wednesday, driving a wedge between some bankers and investors about how big an impact the measures will have on the capital markets.

In a response to feedback from UK financial institutions, the Prudential Regulation Authority has said it will assess the appropriateness of any reduction in Pillar 2A (P2A) requirements so that the buffer provides a fair measure of the risks facing banks as the UK prepares to leave the EU.

UK home emergency and repair company Homeserve has entered the US private placement market, according to sources, looking for at least £125m.

Equity capital markets are gearing up for a busy autumn and UK companies have been at the forefront of activity in Europe since the coronavirus pandemic began. Bankers and investors have said they fear the disruption a second wave of Covid-19 and volatility surrounding November's US election could bring, but they should not forget either that the UK is edging towards a no-deal Brexit at the end of 2020.

The UK has been at the forefront of Europe’s equity capital raising wave, as companies respond to the Covid-19 pandemic. De La Rue, which makes passports and banknotes, became the latest UK firm to do so with a £100m raise on Monday — and sources believe there is plenty more to come.

Apollo Global Management announced on Monday a new private credit unit aiming to provide $1bn direct loans to larger firms, in the first instance of a direct lending fund with its eyes only fixed on big business.

Investors in UK universities are struggling to work out just how risky the sector is, as its lucrative international student intake as well as pension liabilities are still unclear. A report published by the Institute for Fiscal Studies (IFS) on Monday estimated that 13 universities may go bust if they do not either carry out debt restructurings or receive government bailouts.

Rolls-Royce, the UK maker of aircraft engines, may soon launch a share sale as part of an effort to repair its balance sheet, following a huge downturn in the aviation industry caused by the Covid-19 pandemic.

Hipgnosis Songs Fund, the London-listed investment trust focused on song royalties, has announced a fresh £200m share sale as it prepares to acquire up to £1bn of additional music catalogues.