Credit/Special Situations
Fortress raises $1.1b for third Japan special situations fund
Fortress Investment Group has closed its third Japan-focused special situations fund at the hard cap of $1.1 billion. Ten deals have already been completed with more than JPY17 billion ($140 million) deployed.
VIDEO: Oaktree's Howard Marks
Oaktree Capital Management has been following a mantra of “move forward, but with caution,” since 2011, and Howard Marks, the firm’s chairman, told AVCJ earlier this year that he has seen no reason to change this outlook
China shadow lending: In from the dark
China’s shadow lenders are an often-misunderstood part of the private debt sector. Investors say these unregulated institutions are not necessarily a threat, but they are hard to account for
ADV in $545m final close on debut Asia fund
ADV Partners has reached a final close of $545 million on its debut pan-regional fund, exceeding the $500 million target. Approximately 30% of the corpus has already been deployed.
Allegro fully exits Australia's TSC Group to Engie
Allegro Funds has exited its majority stake in Australia-based industrial services provider TSC Group to multinational energy player Engie.
Oaktree supports bankrupt Australian surfwear brand Quiksilver
Oaktree Capital Management will contribute to a $175 million restructuring package for Australian surfwear brand Quiksilver, which has voluntarily taken its US business into bankruptcy.
China distress: After the boom
China’s slowing growth has created a wave of corporate defaults, and these bad debts should be put up for sale. Not all foreign investors are ready to jump in, though, conscious of the difficulties in extracting value
KKR to invest $150m in Indian polyester manufacturer
KKR has agreed to invest $150 million in JBF Industries, an India-based polyester products manufacturer, with a portion of the capital going to the company’s international subsidiaries.
Worst case scenarios: How GPs recover value
There are various ways for PE investors to seek legal recourse against portfolio companies that have behaved improperly – provided they have structured deals properly and don’t mind getting their hands dirty
Allegro buys controlling stake in New Zealand’s Carpet Court
Australasia distress specialist Allegro Funds has announced the third investment from its second fund with the acquisition of a controlling stake in Carpet Court, a New Zealand-based flooring retailer.
Q&A: Allegro Funds' Chester Moynihan
Australia’s Allegro Funds has been dealing in distress for 10 years – as advisor, replacement GP and now manager of its own fund. Founding partner Chester Moynihan explains how the firm’s approach has evolved
Q&A: Clearwater Capital Partners' Robert Petty
Robert Petty, managing partner and co-founder at Clearwater Capital Partners, explains why a strong credit and special situations investment strategy in Asia often involves going against the grain
Allegro closes Australia distress fund at $139m
Australian turnaround specialist Allegro Funds has closed its second vehicle at A$180 million ($139 million) and expects to see plenty of deal flow from domestic banks seeking alternative solutions to pushing distressed companies into insolvency.
Fund focus: Shoreline rides the China credit cycle
Ben Fanger, co-founder and managing director at China distress specialist Shoreline Capital, divides credit cycles into four phases: a credit boom or misallocated lending; decelerating growth or credit tightening; the recognition that someone has to take...
Japan to lead boom in Asia restructuring activity - survey
Corporate restructuring activity in Japan should lead to a broader rise in the number of distress opportunities in Asia, as a result of both regulatory change and added pressure from investors.
India's Edelweiss reaches $205m first close on credit fund
India's Edelwiess Alternative Asset Advisors has reached a $205 million first close on its second credit vehicle, EW Special Opportunities Fund II (ESOF II).
China distress specialist Shoreline closes Fund III at $500m
China-focused distressed debt and special situations investor Shoreline Capital has closed its third fund at $500 million. The GP has also reached a first close of $115 million on an overflow vehicle.
Japan Industrial Solutions backs beleaguered Sharp
Turnaround specialist Japan Industrial Solutions (JIS) has invested JPY25 billion ($208 million) in ailing electronics group Sharp as part of JPY225 billion bailout.
Integral, ANA agree joint sponsorship of Japan's Skymark
Tokyo-based private equity firm Integral Corp. has reached an agreement with local airline operator ANA Holdings to invest JPY18 billion ($150 million) in ailing Japanese carrier Skymark.
Clearwater's Petty becomes EMPEA chairman
Robert Petty, managing partner and co-founder of Asia-focused special situations and credit investor Clearwater Capital Partners, has been elected chairman of EMPEA.
Japan's Integral to refinance bankrupt airline
Japanese GP Integral Corp. has agreed to refinance ailing domestic airline Skymark which filed for bankruptcy protection this week.
KKR’s McVey expects China restructuring, recapitalization opportunities
KKR expects to see increasing restructuring and recapitalization opportunities in China as the country’s role in the global economy adjusts, resulting in a sustained period of slower growth.
SSG buys stake in India distressed assets specialist
Asia special situations investor SSG Capital Partners has acquired a 49% stake in Asset Care & Reconstruction Enterprise (ACRE), which acquires distressed debts from Indian banks, for INR410 million ($6.6 million).
Q&A: Oaktree's Howard Marks
Howard Marks, chairman of Oaktree Capital Management, gives his appraisal of the current investment and economic environments, and explains how his firm is developing its Asia strategy