Anastasia Donde
The BDC said that any below book equity issuance would be driven by acquisition(s). Ares Capital’s fourth quarter earnings revealed unrealised mark-to-market losses and yield compression caused by the wind-down of its GE Capital JV, SSLP.
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The real estate investment management business of the US insurer is targeting 12 percent returns for its sixth European real estate debt vehicle.
The US asset manager plowed more than $12 billion into corporate credit last year across bank loans, high-yield and bridge financings, $4.5bn of that total went into directly negotiated investments.
The firm’s credit business has told clients it is evaluating a number of increasingly attractive investment options, such as European NPLs, BDC portfolios and energy credit.
The US pension fund is investing $50m a piece with Alcentra’s latest European direct lending fund and an energy credit fund from Riverstone.
The timing of several new, high-profile credit platform launches will shape their respective growth rates and development.
The $9 billion Ares BDC has scheduled a special meeting of stockholders where it will seek their permission to issue new shares as it trades at around 0.8x book value, a move that would be dilutive to existing investors.
The firm is raising $1.3bn for its third senior debt fund, a much larger target than the $400m predecessor.
Stacia Kopplin, who has been running risk management at NXT Capital since 2011, has been promoted to managing director.
Centerbridge Special Credit Partners III is gathering money from LPs and will have a 25/75 percent split for a regular and “flex” account.