Private equity fund investors turn to debt-like deals in downturn - FT中文网
登录×
电子邮件/用户名
密码
记住我
请输入邮箱和密码进行绑定操作:
请输入手机号码,通过短信验证(目前仅支持中国大陆地区的手机号):
请您阅读我们的用户注册协议隐私权保护政策,点击下方按钮即视为您接受。
商业快报

Private equity fund investors turn to debt-like deals in downturn

Backers of buyout funds agreed $9bn worth of ‘alternative’ transactions last year, up from $6bn in 2024
00:00

{"text":[[{"start":7.1,"text":"Investors in private equity funds are increasingly turning to creative debt-like deals to generate cash amid a dearth of payouts, as the sector’s dealmaking downturn stretches on."}],[{"start":18.15,"text":"Backers of buyout funds agreed $9bn worth of “alternative”, structured transactions last year to bring in cash from their stakes in the vehicles, up from $6bn in 2024, investment bank Jefferies told the FT."}],[{"start":31.15,"text":"The bank predicted the trend would continue this year, with some investors seeking to avoid selling stakes in funds at a loss and because of growing demand for creative deals, including from credit funds."}],[{"start":43,"text":"The newfound popularity of these preferred equity deals for stakes in private equity vehicles marks the latest evolution in the secondary market, where investors back ageing assets rather than new deals or funds. Supply from sellers has ballooned as buyout firms have sold fewer companies and returned less cash to their original fund backers."}],[{"start":63,"text":"“All of this is driven by the fact that private companies are being held for longer, there have been persistent low levels of distributions now for several years,” said Scott Beckelman, co-head of private capital advisory at Jefferies."}],[{"start":75.65,"text":"The mainstream secondary market sees backers, such as pension plans or endowments, of existing buyout funds selling their stakes in those vehicles to dedicated so-called secondaries investors at a discount."}],[{"start":88.25,"text":"Preferred equity deals, meanwhile, involve the buyer handing the seller a cash advance and the buyer receiving all cash distributions from the underlying funds until their advance and a minimum return are paid back. After that, the seller enjoys most or all of any remaining upside."}],[{"start":107.85,"text":"“[Fund investors] are now being proactive and they’re using all the tools available to them,” Beckelman said, adding that clients were using that cash to invest in newer buyout funds rather than turning to other asset classes."}],[{"start":121.44999999999999,"text":"He and another leading adviser said fund backers such as family offices and insurers, rather than large institutions, were typically cutting such deals. "}],[{"start":130.85,"text":"A recent “dramatic” expansion in the buyer universe had driven demand, Beckelman said. “There’s been a convergence of secondary investors, preferred equity specialists and alternative credit managers [buying them].”"}],[{"start":144.5,"text":"Opportunistic credit funds such as those run by BlackRock’s HPS invest in preferred equity deals for fund stakes, as do equity and credit secondaries funds such as those managed by Goldman Sachs Asset Management. "}],[{"start":158.3,"text":"Last year a Carlyle AlpInvest team focused on structured secondaries deals agreed to buy, as preferred equity, $600mn-worth of fund interests from Federated Hermes, which had originally invested in those funds on behalf of the UK’s BT Pension Scheme. "}],[{"start":175.25,"text":"Beckelman added that slow distributions had also triggered for the first time significant standalone secondary sales of co-investments, industry speak for direct holdings in companies that buyout backers can own alongside funds. "}],[{"start":196.29999999999998,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1782809869_3629.mp3"}

版权声明:本文版权归FT中文网所有,未经允许任何单位或个人不得转载,复制或以任何其他方式使用本文全部或部分,侵权必究。

Z世代用TikTok拯救父母的时装店

Z世代用TikTok等社交媒体为父母经营的时装店吸引年轻顾客,帮助其走出困境。

加拿大企业担心特朗普关税引发“下行压力漩涡”

美加贸易战再起,与美国有业务往来的加拿大企业承受痛苦,面临不确定性。

FT社评:美财政部干预债券市场只是权宜之计

贝森特在日元和长期债券方面的举措,只能暂时缓解问题,无法解决政策可信度不足和债务过高的问题。

Lex专栏:希音首次公开募股推介应更多借鉴Meta而非H&M

它的竞争对手不只是服装零售商,还应包括任何为沉迷屏幕的用户带来多巴胺刺激的企业。

气候如何推动新的地缘战略?

环境变化正在重塑贸易、商业、物流和地缘政治。

“全民分担”的金融危机仍是危机

私募信贷与保险业的联姻热潮可能暗藏代价。
设置字号×
最小
较小
默认
较大
最大
分享×