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Probability Grows of Possible Unraveling in Continental Europe

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Italy has a much larger economic footprint than Greece, Ireland, and Portugal. The Southern European nation is a crucial member of the European Union. Many governmental investors hold Italian debt in their fixed income portfolios, directly or indirectly. For example, as of September 30, 2011, according to their 3Q report, Norges Bank Investment Management held around US$ 7.8 billion in Italian sovereign debt. Investors are changing their view on Italian debt as capital markets are moving quicker than the drawn out labored political consensus-building process. Investors across the spectrum unloaded Italian government bonds today, since Italian government bonds moved above 7% today. In general, investors are beginning to lack confidence in the Italian bond market. This week has brought substantial political change in Europe, including Italian Prime Minister Silvio Berlusconi planning to step down. Will a Greek tragedy play out in Italy?

Printing money to buy Italian bonds might seem like a way out.

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Antares Bain Capital Complete Financing Solution Backs symplr Deal

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On December 10, 2018, Antares Bain Capital Complete Financing Solution provided a senior secured unitranche credit facility for Clearlake Capital Group, L.P. to acquire symplr, a healthcare governance, risk, and compliance software-as-a-service platform from Pamlico Capital and The CapStreet Group. Golub Capital provided financing for the transaction as well.

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PSP Investments Exits Antelliq

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On December 14th, Private equity firm BC Partners, Public Sector Pension Investment Board (PSP Investments), and other minority co-investors have signed a definitive agreement with Merck, known as MSD outside the United States and Canada, to sell Antelliq Corporation, a Vitré, France-based provider of digital animal identification, traceability, and monitoring solutions. Upon close, Antelliq will be a wholly owned and separately operated subsidiary within the Merck Animal Health Division. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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JPMorgan Edges Out Hamilton Lane on Florida SBA In-State Mandate

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The Florida State Board of Administration (SBA) manages a plethora of Florida state funds, including the state’s defined benefit plans. Florida’s SBA awarded a private equity portfolio mandate which targets high-technology businesses in Florida to J.P. Morgan Asset Management. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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