UK

Limited partners in private credit take a hands-off approach when investing in direct lending funds. But they need to pay attention.

Direct lending funds are known for protecting their investments with leverage covenants, but the investors in these funds — known as limited partners (LPs) — may be overestimating how much protection they give, market sources warned this week. Silas Brown reports.

The Financial Conduct Authority has helped to put the UK at the forefront of financial innovation with its pioneering regulatory sandbox programme. While it has inspired similar schemes in various jurisdictions, its next big challenge is to implement this concept across borders.

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Bridgepoint Group, the UK private equity firm, has officially opened books on its London IPO. It has had a strong start, receiving huge demand from investors during the investor education process.

The success of Wise’s direct listing can be chalked up as a victory for a UK stock market that has undergone much soul searching about its ability to attract the hot companies of the future.

The UK impressed onlookers with its sale of the second syndicated conventional Gilt of its 2021/22 financial year on Tuesday.

Spanish football club Atlético Madrid has signed a €300m US private placement, following its rivals FC Barcelona into the market.

Bridgepoint Group, the UK private equity group, is garnering strong interest for its IPO on the London Stock Exchange. Sources close to the deal said that it coming so late in what has been a tricky summer deal window surprised some but that investors have warmed quickly to it.

Investec has hired two new staffers to its growth and leveraged finance team, after launching an inaugural direct lending fund at the start of 2021.

Barclays has hired a senior trader from JP Morgan in New York to replace Naseer Al-Khudairi as head of electronic trading and digital strategy for its markets division.

London’s booming investment trusts market is showing no sign of slowing down, with three new deals pricing on Monday including space-tech vehicle Seraphim Space Investment Trust.