KKR & Co Inc
Private credit’s ‘zero-loss fantasy’ is coming to an end as defaults and fund exits rise
Deteriorating asset quality, collateral markdowns and a growing rush for the exits are rattling private credit markets and prompting comparisons to the Global Financial Crisis. But a spike in loan defaults, while painful, could help shake out pockets of stress from the $3 trillion sector and provide what one industry pro calls a “healthy reset” […]
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Stocks making the biggest moves premarket: Netgear, Jefferies Financial, Apollo Global & more
Check out the companies making headlines before the bell: Netgear — The San Jose, Calif.-based maker of WiFi routers and network switches surged 11% after the Federal Communications Commission (FCC) banned all imports of consumer routers made abroad, saying they pose national security risks. Jefferies Financial Group — Shares of the investment bank rallied nearly […]
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Moody’s cuts rating on private credit fund run by KKR and Future Standard to junk as bad loans grow
Key Points Moody’s Ratings downgraded a private credit fund run by KKR and Future Standard to junk amid rising bad loans and a string of weak earnings. The ratings firm lowered the debt ratings of FS KKR Capital Corp one notch to Ba1 from Baa3 — pushing it into “junk” territory. Moody’s said the fund’s […]
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Stocks making the biggest moves premarket: Delta Air Lines, Carnival, Chevron & more
Check out the companies making the biggest moves premarket: Airlines — Shares of Delta Air Lines , United Airlines and Southwest Airlines surged more than 4.5% on news that the U.S. strikes against key energy infrastructure in Iran would be halted. The group struggled after the war on concerns of what it would do to […]
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Bain Capital taps buyer interest for Bridge Data Centres, offering up to 70% stake, sources say
Bain Capital has started reaching out to potential buyers for its stake in Bridge Data Centers, according to two people familiar with the matter, as the private equity firm eyes exits amid rising demand for AI infrastructure. Citigroup and JPMorgan are running the sale process and have sent out preliminary marketing materials to investors to […]
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Orlando Bravo pushes back on private markets criticism: ‘Everybody’s extremely comfortable’
Key Points “We have been living in the details of the space for a very, very long time, not on a high level, not investing in stocks, [but] investing in companies, customer contracts, knowing the details. So, yes, as a sector specialist in private equity, our companies are very, very different,” Bravo said. His comments […]
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Orlando Bravo says some software names hit by AI deserve a valuation cut
Thoma Bravo co-founder Orlando Bravo on Tuesday said that artificial intelligence will disrupt software companies faster, and some of the hits to valuation are “very warranted.” “There are many, many software companies in the public markets that will be disrupted from AI,” he told CNBC’s Leslie Picker at Thoma Bravo’s investor meeting in Miami. “Those […]
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Private credit’s ‘off-ramp’ emerges as investors look to cash out and default fears grow
Key Points Semi-liquid private credit vehicles have curbed withdrawals as investors scramble to withdraw their money. A “robust and growing” secondaries market could help ease pressure amid concerns over squeezed liquidity. Private credit investors may have a potential “off-ramp” as pressure to cash out of the $3 trillion industry grows. Asset managers in the sector, […]
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Apollo’s John Zito questions private equity’s software valuations: ‘All the marks are wrong’
Key Points Apollo executive John Zito said private equity firms are broadly misstating the value of their software holdings, telling UBS clients last month that “all the marks are wrong.” Zito warned that lenders to smaller software companies could recover as little as 20 to 40 cents on the dollar, implying deep losses. Apollo sought […]
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Bosa/Wu: Private equity is about to eat its own software portfolio
Editor’s note: The following article is a commentary on some of the top trends in technology and its broader impact. The technology to disrupt enterprise software already exists. What’s been missing is the forcing function. A potential tie-up between artificial intelligence and private equity could be exactly that. The Information reported Wednesday that Anthropic is […]
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