Download PDF Origins and Historical Growth Beginning in the 1980s, Asian private equity (PE) was still in its infancy. It was supported only by a few hundred million dollars in AUM and had a heavy reliance on public funding. Private limited partners (LPs) were rare, and capital originated mostly from Read more…
Download PDF Introduction Private equity (PE) has long been a transformative force, driving innovation and growth across industries such as healthcare, technology, and real estate. With its vast capital reserves and strategic expertise, PE has reshaped traditional business models, often enhancing efficiency and profitability. PE has experienced massive growth since Read more…
Download pdf Introduction A few weeks ago, the German media conglomerate Axel Springer announced the split up of its media and digital classifieds assets. According to the firm, the demerger is to be signed in the coming months and completed by mid-2025 at the latest. The deal envisions Axel Springer’s Read more…
Download PDF Introduction When underwriting any debt investment, two fundamental questions must be asked: will the borrower be able to repay us? And if not, can we enforce claims over the debtor’s assets? In this article we will be discussing the increased aggression of claim enforcement- not on the company- Read more…
Download PDF Introduction Telecom Italia (TIM) [BIT: TIT], known for its excellence in telecommunications, is currently facing a challenging financial situation. With a staggering €27.5bn in net debt and a net debt ratio of 4.4x, TIM’s financial difficulties are substantial. Starting from October 2022, S&P downgraded TIM’s debt rating, a Read more…
Download PDF Introduction Following the recent re-opening of the IPO market, CVC Capital Partners, the venerable European private equity firm, is said to be preparing to go public. This raises the question of whether doing so is a good idea. It is easy to say that going public is just Read more…
Download PDF Introduction February 26th 2007 marked one of the peaks of the pre-financial crisis exuberance: KKR [NYSE: KKR] and TPG [NASDAQ: TPG], together with a number of banks including Goldman Sachs [NYSE: GS] and Lehman Brothers, announced the acquisition of the Texas power company TXU for an astounding $44.3bn Read more…
Download PDF The Telco Business The importance of the telecom industry has been brought to light in recent months as the global pandemic forced millions to work from home resulting in huge increases in reliance on mobile phone networks and broadband. The telecommunication sector, as a whole, can be Read more…
Download PDF Introduction After stalling in winter and spring 2020 due to the coronavirus, M&A activity picked up over the summer, fuelled by a bullish stock market. The situation remains dire however: according to MergerMarket data, companies have struck €620bn worth of M&A deals in the three months Read more…
EQT AB [STO:EQT] – Market Cap as of 04/10/2019 SEK 83.58bn (USD 8.49bn) Introduction On Tuesday, September 24th 2019, the Swedish group EQT— the second largest Private Equity group in Europe — listed on the Stockholm Nasdaq in what was the biggest Private Equity listing of the past decade and Read more…
Introduction The private equity industry has always had a special place in the financial world. Its competitive and dynamic nature has captivated the most talented businessmen, but what really allowed it to grow steadily over the past 40 years was the outstanding performance it granted to the investors willing to Read more…
BlackRock, Inc. (NYSE: BLK) – market cap as of 26/02/2019: $69.83 bn KKR & Co Inc Class A (NYSE: KKR) – market cap as of 26/02/2019: $18.97 bn Introduction On February 24th 2019,the Abu Dhabi National Oil Company (ADNOC) announced a landmarked partnership between the national state-owned oil company and Read more…
Private Equity Industry Overview Private equity is like home flipping, but with large corporations instead of dilapidated houses from the 1970’s. Only rather than having profits in the tens of thousands, it’s in the tens of millions. The private equity industry, pioneered in the 1970’s by the likes of KKR Read more…
Fiat Chrysler Automobiles NV (NYSE: FCAU) – market cap as of 31/10/2018: USD 23.978bn KKR & Co. Inc. (NYSE: KKR) – market cap as of: 31/10/2018: USD 19.176bn Introduction On October 22, 2018 Fiat Chrysler Automobiles N.V. announced the sale of its automotive components unit Magneti Marelli for a price Read more…
Toshiba Corporation (TYO: 6502) – market cap as of 30/09/2017: ¥1.33 trillion Introduction On September 28, 2017, Toshiba announced an agreement with Bain Capital to sell its memory chip business for $17.7bn. It was also announced that Bain Capital will create a special purpose entity to buy Toshiba’s division, which Read more…