Toby Mitchenall
Blackstone, Carlyle, Centerbridge and WL Ross have joined forces with several co-investors – including UK charity The Wellcome Trust – to buy failed Florida-based BankUnited. The FDIC is currently evaluating 'the appropriate terms' to let more private equity firms acquire failed depository banks.
The chairman of Permira says he has never experienced such a ‘lack of clarity’ over the economic outlook and has warned investors that things may get worse before recovery. Megadeals will be replaced by smaller investments for 'a very long time', he says.
A proposed European directive differentiates between private equity and hedge funds, but has sparked concern among the European mid-market that managers and portfolio companies will be burdened with ‘costly and unwarranted’ reporting standards.
Nick Gaynor, Deutsche Bank’s head of financial sponsor coverage for the EMEA region, has joined the subsidiary alternatives firm to lead its charge into private equity direct and co-investments.
Russian steelmaker Novolipetsk Steel will pay the buyout firm less than half the maximum possible damages for withdrawing from the $3.53bn acquisition of John Maneely, a deal struck last August.
The global buyout fund has closed its first MENA-focused fund, which had originally targeted up to $1bn. Among other sectors, the fund will invest in the industrial and infrastructure sectors.
New York firm SecondMarket says it has attracted more than $500m worth of secondaries for its new LP fund interest trading platform.
Europe’s private equity industry has submitted a 300-page document to the European Parliament to begin a debate on industry regulation without ‘political colour’. An enforced code of conduct has become a necessary step, according to EVCA secretary general Javier Echarri.
Borrowers in cyclical sectors, such as the motor trade, chemicals and the media, are likely to have difficulty restructuring their debt, according to recent data. Recovery rates for European buyout debt are likely to hit their lowest ever.
The French firm's consolidated revenues have surpassed €4bn for the first time. Debt levels are not a concern either at portfolio or group level, the firm has said.