When granny gets LBO’d

Private equity’s unhealthy relationship with care
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Buffett’s favoured advisory firm takes stake in Italian machinery maker IMA

BDT & MSD Partners’ investment values company at about €6.5bn and provides exit for private equity backer BC Partners
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Private debt capital: sharp-elbowed players are happy to clip coupons

Companies with challenged business models that take on expensive debt can be good bets
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Has the golden age of private equity come to an end?

Plus, Carlyle throws a lifeline to iRobot and Jeffrey Epstein continues to haunt Wall Street
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Singapore’s GIC warns of the end of an era for private equity

Sovereign wealth fund says high valuations, lower leverage costs and low interest rates are ‘not coming back any time soon’
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Apollo embraces its softer side

Plus, a private equity who’s who gathers in China and one of Deutsche Bank’s most troubled acquisitions finds light at the end of the tunnel
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China sounds out foreign buyout groups over boosting inward investment

Rare symposium in Beijing part of concerted effort to re-engage with foreign investors and businesses
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How debtors and creditors steered Carvana away from bankruptcy

Restructuring deal at the online used automobile marketplace shows debt talks do not need to be a car crash
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Lars Windhorst discloses multimillion loss on sale of Berlin football club

Private equity group 777 bought the struggling team for a fraction of the financier’s original €374mn investment
http://dlvr.it/SsZ5MD

Private equity veteran Hands to step down at Terra Firma

Executive cites The Beatles in memo that brings an end to three-decade career
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EU tightens rules on leverage for private credit funds

Restrictions come amid worries about financial stability risks posed by fast-growing $1.5tn industry
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Private credit’s special sauce

Plus, does private credit lower systemic risk?
http://dlvr.it/SsVxR9

Where Blackstone will hunt for its next trillion

Plus, CVC has broken a buyout record. Now what?
http://dlvr.it/SsVdvg

Blackstone: seeking out the next trillion dollars

Much of the group’s successful history coincided with declining interest rates and rising asset values
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CVC raises €26bn for largest buyout fund in history

Fund raise defies broader drought that has left many rivals struggling to raise cash
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Perlman replaces Geithner as president in Warburg Pincus succession plan

Head of firm’s south-east Asia operations takes on new role as former US Treasury secretary becomes chair
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Private equity’s growing leverage hack

Plus, GQG continues to bet on India, and Evergrande reveals its long-anticipated financial results
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Buyout groups raise debt against portfolios to return cash as dealmaking slows

Net asset value financing adds new layer of debt amid surging borrowing costs
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UK pension reform push relies on a big bet

Jeremy Hunt’s plans to increase allocations to private equity assume returns will stay high with fees falling
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Goldman agrees to take edtech Kahoot private

Transaction that includes private-equity investors General Atlantic values Norwegian group at $2bn
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How to opt out of Hunt’s risky plans for your pension

Your money will be in peril in UK private equity boost scheme
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Does private equity improve companies?

The answer may surprise you. Or not. It really all depends on what you think about PE
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KKR buyout shows modern dilemmas boards face

Private equity group wins auction with lower bid by claiming financing and competition risks from rival
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Buyout group Francisco Partners to acquire Macrobond for almost €700mn

Acquisition from rival private equity firm Nordic Capital is the latest financial data deal
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Dealmakers target UK mid-market as larger transactions prove scarce

Persistent inflation and regulatory uncertainty mean more manageable deals are attractive
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Man Group moves into private credit with US fund Varagon purchase

Private credit market continues to grow as interest rates rise and companies seek alternatives to bank finance
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CVC raises $800mn loan fund in sign of thaw for corporate borrowers

New vehicle will back $10bn in collateralised loan obligation issuance after slowdown in market
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The latest obstacle to private equity dealmaking

Plus, private equity circles Worldpay and the big winner from Mizuho’s Greenhill acquisition
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Eurovita/Cinven: flop raises concerns on buyout push into insurance

Regulators are right to focus on medium-term investors with responsibility for long-term liabilities
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US private equity faces extra scrutiny under new merger review rules

Antitrust agencies’ overhaul adds to growing checks on sector and will delay deals, say lawyers
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