Connect with us

CLO Hunger, LibreMax Capital Acquires Trimaran Advisors

Published

on

As global institutional investors thirst for yield, asset managers are gladly supplying more collaterized loan obligation (CLO) opportunities. These CLO managers divide the loans into pieces and sell the parts to match the buyer’s appetite for risk. The Carlyle Group, noted for its private equity prowess, is increasing resources to the profitable CLO space and has no plans to slow down its fundraising efforts.

On November 9, 2018, New York-based LibreMax Capital, LLC, an asset management firm specializing in structured credit, disclosed that an affiliate has entered into a definitive agreement to acquire Trimaran Advisors, LLC, a U.S.-based investment manager with expertise in managing CLOs, and certain affiliated companies, from KCAP Financial Inc. Trimaran Advisors currently oversees six CLOs with approximately US$ 3 billion of assets under management. The transaction is subject to customary closing conditions and is expected to close by year end. Schulte Roth & Zabel LLP served as legal counsel for LibreMax on the transaction.

LibreMax Capital received capital investment from Neuberger Berman’s Dyal Capital Partners. Dyal Capital Partners takes stakes in investment management companies.

On another note, the Financial Stability Board will no longer define lending through hedge funds and private credit managers as shadow banking. The board is referring the lending class as non-banking financial intermediation.

KIC to Manage a Portion of Korea Post Assets

Published

on

In late February, the Korea Investment Corporation (KIC) inked an agreement to manage some of Korea Post’s global assets. KIC also seeks to provide investment training and research to Korea Post.

“As part of effort for Korea Post to allocate part of global investment assets to KIC, both agencies agreed to discuss details during the first half of this year, including the manner in which joint investment and asset allocation will be made,” KIC said in a statement.

Continue Reading

Singaporean Sovereign Wealth Capital Participates in DoorDash Series F Round

Published

on

San Francisco-based DoorDash Inc., a food delivery company, raised US$ 400 million in a Series F investment round. The investment round was led by Singapore’s Temasek Holdings and San Francisco-based Dragoneer Investment Group, LLC. Post-raise, DoorDash has raised US$ 1.4 billion in equity capital. This gives DoorDash a post-money valuation of US$ 7.1 billion. DoorDash competes against publicly-traded company Grubhub, Postmates, and UberEats, a service of Uber Technologies.

Other investors in the Series F round include SoftBank Vision Fund (managed by SoftBank Group), DST Global, Coatue Management, Singapore’s GIC Private Limited, Sequoia Capital, and Y Combinator.

Continue Reading

CPPIB and Sterling Partners Exit Livingston International

Published

on

Canada Pension Plan Investment Board (CPPIB) and U.S. private equity firm Sterling Partners are exiting their investment in Livingston International Inc., an international trade-services firm based in Toronto, Ontario, which specializes in customs brokerage, freight forwarding, and trade consulting. Livingston International is Canada’s largest customs broker and third-largest entry filer in the United States.

U.S. private equity firm Platinum Equity is buying Livingston International from CPPIB and Sterling Partners. Platinum Equity is a private equity firm founded by Tom Gores in 1995.

Livingston International was founded in 1945 by Gerry Livingston. In 2002, the company went public after backing from CAI Capital Partners. In 2010, CPPIB and Sterling Partners acquired the company for US$ 324 million. On May 8, 2012, Livingston International acquired New Orleans, Louisiana-based M.G. Maher & Company, Inc. and MCLX, Inc. Maher is an international freight forwarder, customs broker and logistics provider. In 2013, the owners of Livingston International refinanced debt raising US$ 555 million in senior secured credit facilities.

Continue Reading

Popular

© 2008-2018 Sovereign Wealth Fund Institute. All Rights Reserved. Sovereign Wealth Fund Institute ® and SWFI® are registered trademarks of the Sovereign Wealth Fund Institute. Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. No affiliation or endorsement, express or implied, is provided by their use. All material subject to strictly enforced copyright laws. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. SWFI facilitates sovereign fund, pension, endowment, superannuation fund and central bank events around the world. SWFI is a minority-owned organization.