North America

Moody’s: 25% of European leveraged loans face default

At least a quarter of companies in Europe whose collective €133bn debt is due to mature within the next two to three years will default, warns Moody’s Investor Services, despite efforts to refinance the sizeable loan book.

Selling China’s macro dream alone is not enough

Of more than a thousand managers active in China to chose from, one experienced LP estimates there are fewer than a dozen genuinely worthy of a commitment. GPs looking for funding will need to do more to point to China’s growth story.

Mercury agrees Daewoo tie-up and plans Dubai launch

The New York-headquartered placement agent is partnering with Korean bank Daewoo Securities to access LPs in the country. In a further sign of its desire to expand geographically, it is also planning to open a Dubai office next month.

Buyout pair seal retail exit to Madison Dearborn

Bruckmann Rosser Sherrill & Company and GB Merchant Partners have exited their investment in gift chain Things Remembered, ‘an extremely complicated transaction’ according to GBMP partner Jamie Dworkin.

KPS sees ‘unbelievable’ deal flow in Germany

The firm has found a number of investment opportunities in Germany following the opening of its Frankfurt office last year.

Warburg reaches $5.1bn for Fund XI

Warburg Pincus has received commitments from about 50 partners and will offer a fee break to LPs committing $200m or more.

Mega-firms in $2.6bn cinema exit

Five private equity firms will sell interests in movie chain AMC following an initial investment by Apollo Global Management in 2001.

Former Carlyle exec named to Federal Reserve

Jerome Powell, who founded and led The Carlyle Group’s industrial division within its US buyout fund, has been named to the Federal Reserve Board of Governors.

River Associates beats target for Fund VI

The $222m fund marks the first time River Associates Investments has received commitments from pensions, insurance companies and endowments, says RAI partner Mark Jones.

GPs to dominate ‘robust’ renewable sector

Private equity and infrastructure funds are expected to be the main buyers and investors in the sector, according to a recent study.