LPs started the year defaulting on capital calls and sending letters to GPs asking (or demanding) they refrain from drawing money. What a difference a year makes - now most are honouring their commitments (though the calls are admittedly few and far between) and some are even actively looking to put more money to work by providing debt for deals. The Public Sector Pension Investment Board and OMERS Private Equity have teamed up with European mid-market player TowerBrook Capital Partners to launch a $700m independent commercial lending unit to be known as Haymarket Financial. The money, a permanent pool of equity capital, will provide credit to companies in the European mid-market.
Transaction also financed with a €10m senior debt from LCL, BNP Paribas, Bred Banque Populaire and CIC
GP acquires a 49% stake in the company for €1.06bn, while the reminder is retained by current owner Atlantia
LDC invested £20m in Mitrefinch in 2016 for a minority stake and has supported the company in doubling revenues
Omega managing director Claudio Nessi and principal Francesco Draetta will join the company's board