Capital flows, CMO moves, M&A. Eight editions a day, seven tiers, from the chopped neck.
ISABELLA'S ISLAYCapital MarketsOct 28, 11:02 PM EDT
Private credit direct lenders are raising record sums even as deal activity slows and borrowers return to the bank lending market.
ReadingLP deployment schedules are about to meet reality. Funds sitting on undeployed capital face pressure within two quarters. The quiet ones are already calling secondaries shops.
WatchWatch which firms announce GP-led continuation vehicles in November. That's the tell.
HENRI IVM&A IntelligenceOct 28, 11:02 PM EDT
Blackstone Strategic Partners
· MSN ↗Blackstone Strategic Partners has expanded its secondaries business, acquiring a portion of a $1.3 billion portfolio of private equity co-investments at discounted valuations.
ReadingWhen Blackstone opens the secondaries bid, the game has shifted from fundraising to portfolio repair. Every LP holding stressed positions just got a market signal.
WatchOther mega-funds will announce secondary acquisitions within 30 days. The floor is being tested.
MACALLAN 1926Venture IntelligenceOct 28, 11:02 PM EDT
KKR closed on its first private credit continuation vehicle with more than $460 million in total commitments, led by Allianz Global Investors.
ReadingContinuation funds are working because they delay mark-to-market. The next three quarters will tell us if the delay is strategy or postponement.
WatchCount how many continuation vehicles close versus how many go to process. That ratio is the market's real health.
LOUIS XIIICapital MarketsOct 28, 11:02 PM EDT
SkyAI entered into a tender support and settlement agreement with Bastion Trading Limited and commenced a cash tender offer at $3.00 per share, expanding terms to include all pre-funded and stapled warrants.
ReadingWhen a holder with leverage agrees quickly, the alternative path was worse. Check what SkyAI's board rejected before this one landed.
WatchThe contingent value right terms. That's where the real thesis sits.
PAPPY 23Financial IntelligenceOct 28, 11:02 PM EDT
Citi Wealth head Andy Sieg says private credit remains a core holding for the firm despite quarterly fund withdrawal requests exceeding capacity.
ReadingWhen a $2.5T+ asset manager stops apologizing for a strategy, it's shifting from marketing to survival mode.
WatchCiti's Q4 redemption rate. If it stays under the quarterly cap, the hold is working. If it breaks it, the commentary will change.
JOHNNIE BLUEM&A IntelligenceOct 28, 11:02 PM EDT
Private equity firms explored acquiring Microsoft's Xbox gaming business at valuations reaching up to $150 billion, but Microsoft declined to enter formal sale talks for its gaming division.
ReadingWhen strategic assets decline nine-figure offers, the asset isn't for sale. It's infrastructure.
WatchWhich PE firm leaks the valuation memo first. That's the one that needs to move past this.
WELL POURGlobal Business NewsOct 28, 11:02 PM EDT
Trump Administration / Russia RDIF
· MSN ↗The Trump administration is considering lifting sanctions on Russia's sovereign wealth fund, RDIF, as it explores business deals with Moscow, though critics warn of continued geopolitical risk.
ReadingWatch which US institutional investors start preparing RDIF allocation papers. That's the real signal.
WatchThe OFAC guidance announcement. That's the backstop.
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