Credit
Key takeaways: Apollo Global Management’s Marc Rowan
High valuations, pursuing complexity, and eradicating write-offs were on the agenda when Marc Rowan, co-founder and CEO of Apollo Global Management, spoke at the AVCJ Forum. Here are some highlights
Apollo prioritizes yield, hybrid strategies in Asia - AVCJ Forum
Apollo Global Management’s yield and hybrid businesses – rather than private equity – are likely to account for the bulk of its activity in Asia, with Marc Rowan, the firm’s co-founder and CEO, saying he has no desire to “add to the growing...
Carlyle leads restructuring of Trans Maldivian Airways
The Carlyle Group’s credit platform has led a restructuring of Trans Maldivian Airways (TMA), a Bain Capital-owned seaplane operator whose fortunes are tied to those of the Maldives tourism industry.
Korea's IMM makes debut credit investment
IMM Private Equity has made the first investment under its newly launched credit strategy, picking up a 40% stake in SK Lubricants, which is controlled by Korean conglomerate SK Group, for KRW1.09 trillion ($984 million).
China direct lending: Creative credit
A combination of improved collateral, rising yields and robust demand is drawing investors to China’s direct lending space. Opportunities abound, but local execution remains critical
Ares & SSG: Scale proposition
The merger of Ares Management and SSG Capital is among the largest ever seen in Asian alternatives. They are now pushing into new markets and segments, leveraging the combination of size and local resources
Q&A: OMERS’ Ani Deshmukh
Ontario Municipal Employees Retirement System (OMERS) recently backed a spinout of Olympus Capital Asia’s credit team as Orion Capital Asia. Ani Deshmukh, a director with the Canadian pension fund, explains its regional strategy
Private equity & credit: Seeking synergies
GPs are placing greater emphasis on Asia private debt strategies to capture deals that don’t work as private equity. Much can be achieved by pooling ideas and resources, but collaboration isn’t as straightforward as it seems
China EV maker WM Motor gets $1.7b in debt financing
Chinese electric vehicle (EV) manufacturer WM Motor has secured RMB11.5 billion ($1.78 billion) in debt from domestic banks. It follows a RMB10 billion equity funding round featuring several government investors.
Deal focus: Olympus credit team spins out, gets OMERS backing
Olympus Capital Credit has rebranded as Orion Capital Asia, with OMERS replacing Olympus as the firm’s equity partner. The strategy is unchanged, with COVID-19 helping to drive deal flow
COVID-19 credit strategies must be flexible – AVCJ Forum
COVID-19 has emphasized the need for patience and mandate flexibility in private credit, industry participants told the AVCJ Forum.
India's Finova gets $55m in equity, debt funding
Finova Capital, an Indian small business lending start-up, has raised $55 million in equity and debt, including $35 million in equity from Sequoia Capital India and Faering Capital.
Singapore auto marketplace Carro raises $110m
Singapore used car marketplace Carro has raised S$150 million ($110 million) in debt and equity, including an unspecified equity contribution from Japan’s MS&AD Insurance and Mitsubishi Corp.
Apollo, ICICI Venture end India special situations partnership
Apollo Global Management and India’s ICICI Venture have agreed to terminate Aion Capital Partners, a joint venture that manages a special situations fund in the country.
China mezzanine: Not the norm
China’s local currency mezzanine capital space is underpenetrated, underpopulated and different to comparable strategies elsewhere. A handful of domestic GPs have begun to get traction. Will others follow?
Asia private debt: Inflection point?
With other pools of capital running dry for many companies, private debt has become a more appealing proposition. Institutional funds have a chance to impose themselves on a bank-driven market
Zerobridge highlights Asia distress opportunities
Distress and special situations investors will see plenty of opportunities in Asia’s middle market as companies struggling with coronavirus-driven liquidity issues consider restructuring options, according to debt advisory firm Zerobridge Partners.
Private credit: Untapped market
Recent industry feedback suggests middle-market companies across Asia will increasingly look to private credit to support future growth. Europe may offer clues as to how the expected uptake will unfold
LP interview: Manulife Investment Management
Manulife Investment Management is easing into its first Asian private markets drive with a focus on optionality. Private credit, infrastructure, and real estate are early areas of interest
Q&A: Oaktree Capital's Raj Makam
Raj Makam, co-portfolio manager for Oaktree Capital’s middle-market finance group, discusses the dangers that may await investors in the overheating US direct lending space
LPs and infrastructure: Custom connections
LPs are mixing up their approaches to infrastructure as shifts in supply-demand dynamics converge with increased specialization requirements in next-generation projects. Asia remains the unproven goldmine
BlackRock, CLSA invest $53m in India's GoWork
Indian co-working space provider GoWork has raised a $53 million round of debt financing led by BlackRock’s private credit team, with participation by CLSA Capital Partners’ special situations group.
Global credit: Speed or scale?
The winners from a widely anticipated shakeout in global credit markets will be defined by different qualities. Direct lenders expect size to be a decisive factor, while distress players prioritize nimbleness
SSG pursues recapitalization of Australia’s Retail Food Group
Australia’s Retail Food Group (RFG) has received a A$160 million ($111 million) recapitalization proposal from Asia-focused special situations investor SSG Capital Partners.
