New York-based Paul Capital Partners has securitised most of the assets in a $300m drug-royalty fund.
Imported from the US, second lien strips are being increasingly used in leveraged finance transactions in Europe. Paul Mullen, partner in Lovell’s acquisition finance practice explains how they work and the structuring issues they present.
Understanding the legal framework surrounding shareholder issues in private companies is crucial to buy-out practitioners. Here, in an extract from The UK LBO Manual, a recently-published guide to structuring buy-outs in the United Kingdom, Charlie Geffen, Head of Private Equity at international law firm Ashurst, outlines issues surrounding income, capital and voting rights.
Harvest Partners takes money off the table in the $268m recapitalization of AMH Holdings, a manufacturer of exterior building products, less than one week after its acquisition of Levlad, a personal care products company.
The co-founder of The Carlyle Group said at a Yale University private equity event that hedge funds currently enjoy advantages over private equity firms in offering financing to companies.
Texas Pacific's quest to buy an Oregon electric utility has been hampered by politics, scandal and regulatory strife
Private equity securitisation as a fundraising technique had all but disappeared from view. Then two collateralised debt obligations, SVG's Diamond and Tenzing from Invesco Private Capital, braved the market in 2004. Will there be others, asks Philip Borel
In 2002, Guy Hands took his team of professionals at Nomura Principal Finance Group and spun out from the Japanese securities house. Since then, Terra Firma has raised a multi-billion Euro fund and been trawling Europe for assets. But for Hands there has also been the small matter of growing and managing the business. In January, Philip Borel stopped by the group's new home on the South Bank of the River Thames to ask how things were going
The Crocus Investment Fund, one of Canada's labour-sponsored investment funds, halted trading and suspended redemptions in December amid concerns about overvalued holdings and general mismanagement. As the fund conducts a controversial internal review, many critics are pointing to Crocus as an example of the ineffectiveness of Canada's LSIF programme
When dealing with their bankers, LBO firms are calling the shots – for now