Christopher Witkowsky

A 1% management fee on invested capital was one of several choice economic terms that New Jersey's alternatives chief Christine Pastore helped build into customised funds managed by Blackstone.

The $66bn pension projects saving $120m in fees over the life of the partnership, in which the system will allocate capital to traditional Blackstone funds and customised accounts with ‘1% and 15%’ term structures.

The bankrupt parent company of American Airlines had $389m-worth of unfunded exposure to private equity funds as of 31 December. It’s not clear if the company will continue to meet capital calls through bankruptcy proceedings.

The firm has agreed to acquire a portfolio of consumer credit debt from Bank of America’s MBNA unit -- one of the largest issuers of credit cards. AnaCap is positioning to take advantage of banks’ divestment of non-core assets.

The UK-based firm has built a large consumer debt collection platform which positions it to buy portfolios of consumer credit card debt from banks that don’t have the resources to service it.

Blackstone-affiliate GSO Capital Partners has collected more than $2bn for its second mezzanine fund. GSO's fund will compete with other mega-firms that have raised capital to take advantage of the tight credit markets.

The Stockholm-based firm, which is approaching the end of fundraising for its sixth fund, has hired Christian Broberg from CD&R.

As distressed investment managers around the globe prepare for opportunities in the sinking markets, PAG has closed its first-ever distressed fund for Asian assets from distressed sellers.

As distressed investment managers around the globe prepare for opportunities in the sinking markets, PAG has closed its first-ever distressed fund for Asian assets from distressed sellers.

Christine Vanden Beukel, a former Clayton Dubilier & Rice credit-focused executive, will open a London office for Crescent Capital at a time of tremendous opportunity for firms with capital in the region.