Some old, some new

Industrial players are profiting from the current situation. According to unquote's proprietary database, Private Equity Insight, of the 207 exits that were registered between January and May last year 94 were trade sales, representing 18% of the total value and 45% of the total volume for that period. So far this year, only 98 exits have occurred in the first five months of the year, with trade exits representing 28% of the value and 41% of the volume.

Another old face is mezz. Rid of the presence of cheap debt and second lien, it is ready to claim back its place in the capital structure; and with warrants restored to boot (see feature page 16). More recently, the European arm of Japanese investment bank Nomura has begun raising a new EUR400m mezzanine fund for Europe.

Infrastructure funds are also gaining notoriety as public works increase in times of recession. Global Infrastructure Partners and Morgan Stanley are just a couple of the secctor players that have recently closed infrastructure funds, reaching $5.64bn and $4bn respectively, the latter amply exceeding its $2.5bn target.

We are equally noticing local or European-based turnaround funds see the light as is the case with Thesan Capital in Spain (page 5) while earlier this year N+1 announced its intention to launch a EUR300m special situations fund by year end.

The re-emergence of some familiar faces as well as the springing up of news ones stress that adaptation is the key to survival.

Yours sincerely,

Francinia Protti-Alvarez

Editor, Southern Europe unquote"

Tel: +44 20 7004 7476

francinia.protti-alvarez@incisivemedia.com.

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• Topics
• Southern Europe
• Industrials