The real risk of private credit does not lie in misbehaviour on Wall Street

We are only just discovering the risks and rewards of this new force in finance
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Buyout groups weigh bids for majority stake in FIS-owned Worldpay

Private equity firms explore deal that would value payments provider at more than $15bn
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Bankers’ fees plunge to near-decade low owing to deal drought

Industry suffers from wave of job cuts as prolonged M&A slowdown takes its toll
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Buyout funds/AI: robotic word nerds may make LPs better investors

External investors that back private equity funds need all the help they can get
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US banks step up sales of loan portfolios to private lenders

PacWest’s $3.5bn deal with Ares is latest after industry turmoil this spring
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Managed by Macquarie: the Australian group with a grip on global infrastructure

The investment management company was a pioneer in turning public utilities into lucrative assets, but does that model make for good policy?
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Ardian raises $20bn to buy stakes in buyout funds

French group establishes vehicle designed to capitalise on investors selling stakes in private equity funds early
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Moody’s warns of ‘serious challenge’ to $1.4tn private credit market

Debt rating agency singles out Ares and Owl Rock funds for scrutiny after interest rates rise
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KKR’s €22.5bn Telecom Italia offer gets tested

Plus, a German tech entrepreneur cashes in and Singapore’s GIC bolsters its bets on US private assets
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Should private equity own Simon & Schuster?

Financial buyers look to have advantages in the battle to acquire the storied book publisher
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Alfa Financial Software/EQT: six little tech companies could become five

FTSE All Share Software index will lose another member if Swedish private equity firm takes over UK software maker
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Apollo’s mission in finance

Marc Rowan talks up the firm’s strategy that is challenging the traditional Wall Street powerhouses
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Tiger Global falling short in latest fundraising push

Group has raised just over $2bn for a vehicle targeting $6bn amid scepticism over tech valuations
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TA Associates bucks private equity trend with $16.5bn fundraising

Record sum from investors comes as larger listed managers pare goals and delay closings
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Calpers plans multibillion-dollar push into venture capital

Portfolio shake-up for biggest US public pension scheme aims to make up for ‘lost decade’ of returns
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Italy’s Serie A draws private equity interest for media rights stake

Previous talks were derailed by opposition from individual clubs and their executives
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General Atlantic says China remains strong bet despite US tensions

US private equity firm is seeking new investments on the mainland even as some other western groups retreat
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Private equity hit by Earth, Wind and Fire in Berlin

Also in today’s newsletter, 13 women accuse Crispin Odey of harassment, abuse and fostering a toxic workplace
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BlackRock grows private credit business with Kreos acquisition

Move will allow clients of world’s largest money manager to tap into venture debt sector
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Private equity: tax reform is a job for MPs, not campaigners

Broader ramifications of tax treatment change cannot be properly assessed in judicial review
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Labour donor to challenge UK tax authority over private equity payouts

Dispute is part of long-running debate over treatment of so-called carried interest
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Hedge fund Marshall Wace picks KKR executive to run US business

London-based group’s assets have almost tripled since alternatives giant bought a stake eight years ago
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Asda’s owners recycle proceeds of earlier deal to fund EG takeover

Promised £450mn of extra equity comes from a warehouse sale and leaseback that was part of the original Asda buyout
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Dechra agrees £4.5bn takeover offer from buyout group EQT

Move for veterinary pharma company would represent one of biggest UK private equity deals this year
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Why private capital flows in the EU remain sluggish

Now is the time for the bloc to complete its banking and capital markets union
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Dr Martens shares tumble as bootmaker warns on margins

UK company hit by marketing and distribution problems in US
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