Large arrangers have gained enough confidence to arrange and syndicate second lien facilities this quarter in the leveraged loan market. So far in 2Q16, US$2.4bn in second lien tranches have closed, a 60% improvement from the US$1.52bn last quarter. And several second liens have even been used to finance dividend recaps – a testament to…
Median healthcare buyout size surges in 1Q In the first quarter of 2016, the median private equity buyout in the U.S. healthcare sector hit $139.3 million in size, topping the previous high of $123 million in 2012. Even if 2016’s numbers slide as the year goes on, transaction sizes shouldn’t decline by much, owing to…
This week we chat with William G. Winterer, partner, Parthenon Capital Partners. Bill is head of capital markets and a member of Parthenon’s investment committee. Parthenon is a private equity investment firm that has managed funds with over $3.5 billion in total capital commitment with offices in Boston and San Francisco and approximately 20 investment…
Private Debt Firms Maintain Lower Management Fees Negotiating appropriately structured fund terms and conditions has long been a key issue for investors across all alternative asset classes. Until recently, the traditional “2 & 20” fee structure for private equity funds has been widely used, but in the past several years these arrangements have become less…
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Contact: Timothy Stubbs timothy.stubbs@spglobal.com
Brexit fears jolt sterling bond liquidity As the UK’s EU referendum approaches, associated uncertainty has seen risk in the sterling corporate bond market rise, with liquidity taking a blow. Sterling corporate bonds have seen credit spreads underperform euro peers so far this year Sterling corporate bond liquidity deteriorated in March, at the height of Brexit…
According to Thomson Reuters LPC’s year-end survey, the majority of buyside and sellside institutions surveyed estimated that roughly 40% of managers had a Risk Retention solution in place. Maybe not quite put the structure and funding in place but as we approach December 24th, managers have not just been evaluating the various solutions out there,…
It was the medical equivalent of winning the lottery. Patty Ris, an 87 year old resident of a Cincinnati nursing home, began to choke on her hamburger. A man seated next to the woman, seeing her distress, smoothly performed the Heimlich as if he had invented it. The piece of meat popped right out. Turns…