Western Europe

Albion Ventures triples money with Opta exit

UK-based Albion booked a return of more three times its investment following the £40m sale to Perform Group.

Moody’s: Quarter of unrated European LBOs risk default

Thanks to a buoyant high-yield market, the overall refinancing burden of unrated PE-backed companies has largely decreased – but the weakest borrowers remain highly vulnerable, says the rating agency.

Apax’s Cengage files for Chapter 11

The educational publisher, acquired by Apax and OMERS for $7.7bn in 2007, has entered bankruptcy protection to eliminate $4bn of its $5.8bn outstanding debt - just ten days after Apax closed its new buyout fund.

Terra Firma abandons Deutsche Annington IPO

The postponement of the IPO, which had originally been expected to generate proceeds of €1.2bn, is a setback for Terra Firma as it looks to return cash to investors ahead of a return to the fundraising market next year.

Germany roundtable: Europe’s engine room

PEI flew to Frankfurt last month to find out why Germany is now, as one LP calls it, ‘one of the most attractive private equity markets to be in’

UK refinancing hits record highs

Open debt markets have allowed PE-backed companies to refinance £7.6bn worth of loans so far this year, according to fresh research, in a period that has also seen a marked revival of the IPO market.

First Round: Say hello to my little friend

An evening with Al Pacino. Or not, as the case may be.

LISTED PE: In Better shape

The outlook for listed private equity is healthier than it has been for some time. So why aren’t more investors buying? And is there anything managers can do about it?

Off offshore

In June, EQT said it was bringing its various funds onshore under a new holding company. But what’s the benefit? And could it be the first step towards a listing?

Local or global?

In a world where more LPs seem to be accessing emerging markets through local managers, do firms with global footprints still have any sort of competitive edge?