Amanda Janis
Struggling small- to mid-cap European companies in need of convertible debt and structured equity will bet the focus of the Marwyn Alternative Capital Fund, which will be chaired by UK business grandee Nigel Rudd.
The European mezzanine veteran will evaluate credit opportunities for Clayton, Dubilier & Rice.
The publicly listed alternative investment firm will sell Class A shares to repay a portion of its outstanding debt as well as generate working capital that may be used to fund GP contributions to Fortress funds.
The global mid-market firm has done Brazil’s biggest private equity deal this year with the purchase of a 30% stake in CETIP, the largest central depository for private fixed income securities and over-the-counter derivatives in Latin America.
Private equity veteran Tom Lee said his firm is looking to invest without leverage in both 'good' and 'bad' banks. Meanwhile, Apollo is eyeing various credit opportunities including providing DIP financing and LBO loans, as well as buying debt in companies it 'knows well' like former portfolio company Intelsat.
GPs must aggressively analyse and restructure portfolio companies' capital structures before they reach emergency stages, Marc Rowan said at a conference in Los Angeles yesterday. The private equity industry will be one of the most challenged during this economic cycle due largely to the 'looming' maturity of debt for levered companies, he added.
The Blackstone spin-out has already held a first close on its second fund to focus on direct venture capital secondaries. It recently acquired stakes in nine new companies including Facebook, Zappos and eHarmony.
Lower fees, smaller funds and lots of GP communication top LP wish lists, writes Amanda Janis.
CapDyn’s choice to acquire HRJ expands its products, while helping the fund of funds out of hot water, writes Amanda Janis.
Senior managing director Christine Vanden Beukel has ended a 10-year career leading GSC’s European mezzanine business. Her role is now filled in part by managing director Nick Petrusic, who joined the credit-focused alternative asset manager in 2000.