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2 days ago | 
news.bloomberglaw.com | Olivia Fishlow |Kat Hidalgo |Francesca Veronesi |Ellen Schneider
Private credit firms are flooding the market with continuation funds, as a lack of mergers and acquisitions, a fundraising drought and US tariff-induced volatility force them to find other ways to return cash to investors. These vehicles are a type of secondary transaction, once reserved for private equity firms that needed to hold on to their investments longer. Managers can roll over an existing portfolio of assets into a new fund with new investors.
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2 days ago | 
news.bloomberglaw.com | Olivia Fishlow |Kat Hidalgo |Francesca Veronesi |Ellen Schneider
Private credit firms are flooding the market with continuation funds, as a lack of mergers and acquisitions, a fundraising drought and US tariff-induced volatility force them to find other ways to return cash to investors. These vehicles are a type of secondary transaction, once reserved for private equity firms that needed to hold on to their investments longer. Managers can roll over an existing portfolio of assets into a new fund with new investors.
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2 weeks ago | 
news.bloombergtax.com | Aashna Shah |Ellen Schneider
Private credit firms are seeing an opportunity to finance everything from public transit systems to local utilities as the federal government and banks pull back on funding. US state and local infrastructure is in need of alternative funding sources as pandemic-era stimulus funds wane and the Trump administration seeks to cut costs. As inflation drives up construction costs and government balance sheets are pressured by higher expenses, there are fewer dollars to be allocated to projects.
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2 weeks ago | 
bloomberg.com | Aashna Shah |Ellen Schneider
Workers pave a state highway in Streator, Illinois. (Bloomberg) -- Private credit firms are seeing an opportunity to finance everything from public transit systems to local utilities as the federal government and banks pull back on funding. US state and local infrastructure is in need of alternative funding sources as pandemic-era stimulus funds wane and the Trump administration seeks to cut costs.
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2 weeks ago | 
news.bloomberglaw.com | Aashna Shah |Ellen Schneider
Private credit firms are seeing an opportunity to finance everything from public transit systems to local utilities as the federal government and banks pull back on funding. US state and local infrastructure is in need of alternative funding sources as pandemic-era stimulus funds wane and the Trump administration seeks to cut costs. As inflation drives up construction costs and government balance sheets are pressured by higher expenses, there are fewer dollars to be allocated to projects.
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2 weeks ago | 
news.bloomberglaw.com | Ellen Schneider |Davide Scigliuzzo
Clearlake Capital Group has secured $5.5 billion of private debt to support its acquisition of Dun & Bradstreet Holdings Inc., marking one of the largest private credit deals on record, according to people with knowledge of the matter. Ares Management Corp. led the financing, which consists of a $5 billion funded term loan and a $500 million revolver, said the people, who asked not to be identified discussing private information.
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2 weeks ago | 
news.bloombergtax.com | Ellen Schneider |Davide Scigliuzzo
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2 weeks ago | 
bloomberg.com | Ellen Schneider |Davide Scigliuzzo
The Manhattan skyline. (Bloomberg) -- Clearlake Capital Group has secured $5.5 billion of private debt to support its acquisition of Dun & Bradstreet Holdings Inc., marking one of the largest private credit deals on record, according to people with knowledge of the matter. Ares Management Corp. led the financing, which consists of a $5 billion funded term loan and a $500 million revolver, said the people, who asked not to be identified discussing private information.
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2 weeks ago | 
bloomberg.com | Olivia Fishlow |Ellen Schneider
A pedestrian holding a smartphone in front of the New York Stock Exchange (NYSE) in New York, US, on Friday, June 7, 2024. US stock futures gave turned lower Friday after the economy added 272,000 jobs in May, renewing concerns that the Federal Reserve will stick to its plan to keep interest-rates higher for longer. Photographer: Michael Nagle/Bloomberg(Bloomberg) -- A group of private credit firms led by HPS Investment Partners provided more than $3 billion of debt to Consumer Cellular Inc.
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2 weeks ago | 
news.bloomberglaw.com | Olivia Fishlow |Ellen Schneider
A group of private credit firms led by HPS Investment Partners provided more than $3 billion of debt to Consumer Cellular Inc. to refinance its broadly syndicated loans and pay a dividend to its private equity owner GTCR, according to people with knowledge of the matter. Blackstone Inc. and Public Sector Pension Investment Board also participated in the financing for the US mobile network operator, according to the people, who asked not to be identified discussing private information.
