Laura Benitez
@lauralevfinanceReporter @Bloomberg. Views are my own
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NEW: Private equity dealmakers are being told to put more of their own assets on the line -- including homes and art collections -- as they struggle to wring cash from their increasingly wary backers. Today's @Bloomberg Big Take bloomberg.com/news/articles/… via @markets
NEW: A London-based investment firm backed by a trust of Russian tycoon Boris Mints, is carving out a niche in arranging financing for the kinds of deals that traditional lenders tend to avoid. Story here w/@ManySundays @JackSidders bloomberg.com/news/articles/… via @business
"A lot of the people who are hosed by these maneuvers instead say “I had better start doing these maneuvers to hose everyone else instead,” and an ecosystem of mutual one-upmanship develops". A great take from @matt_levine on our piece about capital (sometimes violent) solutions.
Whatever your desires are that you need to come in every day in Money Stuff, have at it. bloomberg.com/opinion/articl…
Seven months after @business story, investment bank B. Riley confirms that SEC is probing its ties to businessman Brian Kahn - who B. Riley helped take over US retail business called Franchise Group a year ago. bloomberg.com/news/articles/…
THE BIG TAKE: Hedge funds smell blood as lenders are pitted against each other in so-called “creditor on-creditor violence”. Story with @lauralevfinance, @ElizaHannon & Reshmi Basu bloomberg.com/news/features/… via @markets
Creditor on creditor violence has reached such a pitch that funds are wagering tens of billions to capitalize on the mayhem. It's also been a decade in the making. The Big Take, with @ElizaHannon, @nishantkumar07, Reshmi Basu, edited by @jiboxell bloomberg.com/news/features/…
Hamza Lemssouguer’s hedge fund shrugged off a mediocre first half with gains of about 7% in July. At $5.2 billion, he now runs one of the fastest growing hedge funds in at least Europe and is preparing to spin out of Squarepoint by the end of the year bloomberg.com/news/articles/…
The golden age doesn't look so golden at Prospect Capital, an $8 billion private credit fund that's facing a surge in borrowers paying interest with more debt. @JohnBSage & @Ell_Schneider spent months digging into why analysts are getting worried. $PSEC bloomberg.com/news/features/…
“They’ve really been trying to be this respected investor” in Europe, said one person who has worked with Mubadala. “It’s very ruthless the way they act.” @IvanLevingston takes you inside Mubadala’s messy bets in Europe technology on.ft.com/4dPoLbJ
More details of Thames Water debt trading, who sold at and which cost, with @lauralevfinance & @ManySundays bloomberg.com/news/articles/…
Russia is releasing Wall Street Journal reporter Evan Gershkovich and former US Marine Paul Whelan in a major multi-country prisoner swap trib.al/HM9mDMz
Thames Water's trading activity is heating up.. With @lauralevfinance bloomberg.com/news/articles/…
New: UK fund manager Terry Smith is moving his huge car collection, which includes a rare McLaren F1, to Mauritius after a law change exempts it from import duty. W/ @jonny_browning @EamonFarhat bloomberg.com/news/articles/… via @business
NEW: How private equity tangled banks in debt. Our visual story tackles GPs, LPs, subscription lines and more, using a network diagram to reveal the layers of leverage worrying regulators. W/ @OrtencaAl @sam_learner @inari_ta @kayewiggins @william_louch ig.ft.com/private-equity/
Sam Bankman-Fried goes to jail and hedge fund Diameter does well. Buying up FTX claims after its collapse is set to be one of the all-time great distressed trades. Diameter is one those making money on it
Our deep dive on Clearlake Capital Group, the California-based private equity firm known outside financial circles for its Chelsea FC investment. bloomberg.com/news/articles/…
Follow me and @FTAlphaville down a pink-slime coated rabbit hole into the Wild West of the internet - complete with AI generated “authors”, a Tory donor and international intrigue. ft.com/content/6172ee… #AI #HerreraVelutini #PinkSlime
Stumbled across this last night. The (recent) past may be another country, but this is like a despatch from another universe. Come for a roll call of revered directors defending Polanski, stay for the inevitable spectacle of Weinstein rallying the troops theguardian.com/film/2009/sep/…
NEW: Billionaire Bernard Arnault is bidding on a storied Venice hotel, one of the trophy assets put on the market in the messy fallout from the implosion of Rene Benko’s Signa Group. W/@arascouet, @LibbyCherry98 and team bloomberg.com/news/articles/… via @markets
NEW: John Aylward's Sona Asset Management has raised $800 million for capital solutions, in a bid to provide custom financing to businesses struggling to access cash. It's the latest firm to capitalize on the retreat by conventional banks. bloomberg.com/news/articles/… via @business
When Blackstone put some student dorms up for sale, it worked behind the scenes to make the BREIT deal more attractive to buyers. bloomberg.com/news/articles/… @natalexisw
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