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Deutsche Bank is exploring interest in a $200 million loan to support Blackstone's bid for Trans Maldivian Airways (TMA), with potential interest rates around 10% or lower. Blackstone's offer is under $500 million, and terms of the loan remain negotiable. TMA, the world's largest seaplane operator, has seen improved travel demand post-pandemic, operating a fleet of 65 aircraft and over 400 daily flights.
Citigroup has shut down the Silverfern Equity Club, a private equity initiative launched in 2012 to connect wealthy clients with exclusive investment opportunities. The venture faced legal disputes and client dissatisfaction, particularly over poor performance in the oil-and-gas sector, leading to only $220 million in actual investments from an initial $470 million commitment. A New York court ruled that Silverfern owed Citigroup $9 million in unpaid fees, highlighting the challenges banks face in providing private market access to affluent investors.
Citi Private Bank's Silverfern club aimed to attract wealthy clients with private equity investments, but tensions arose over differing expectations and performance issues. A legal battle ensued after Citi distanced itself from Silverfern, leading to a ruling that favored Citi, highlighting the challenges of client relationships in private equity.
Citigroup's Silverfern Equity Club, launched to connect wealthy clients with private equity opportunities, has ended in disappointment after a decade, marked by poor performance and legal disputes. A recent ruling found Silverfern liable for unpaid fees to Citi, highlighting ongoing challenges in accessing private markets for elite investors. As Wall Street banks seek to tap into trillions in potential investments, Citi's experience serves as a cautionary tale in the competitive landscape of private equity.
Deutsche Bank will provide its asset management arm, DWS, with preferred access to private credit deals it originates, enhancing DWS's offerings in asset-based finance and direct lending. This move comes as demand for alternative assets surges, with DWS managing 110 billion euros in alternatives out of 1 trillion euros total assets. Patrick Connors from Deutsche Bank will join DWS as global head of private credit, reflecting the growing importance of origination in the competitive private credit market.
Deutsche Bank will provide its asset management arm, DWS, with preferred access to private credit deals, enhancing their competitive edge in the growing market. DWS will have the first look at various private credit opportunities, which it can then offer to clients. As part of this collaboration, Patrick Connors from Deutsche Bank will join DWS as the global head of private credit.
Deutsche Bank has partnered with DWS to enhance its position in the private credit market, responding to increasing investor demand for alternative assets. This alliance provides DWS with a competitive edge in asset-based finance and direct lending, as traditional banks face tighter constraints. As private credit becomes a key growth sector, regulatory concerns about the risks of 'shadow banking' are rising, highlighting the need for oversight in this evolving financial landscape.
Goldman Sachs Alternatives has raised $1 billion for a private credit strategy aimed at climate and environment-related businesses, focusing on senior loans while addressing a supply-demand imbalance in sustainable investments. The firm plans to raise up to $3 billion, targeting net returns of 8-10% for levered deals and 13% for unlevered deals, primarily in North America and Europe. This initiative follows a trend in sustainable credit, with other firms also raising significant funds for climate-focused projects.
Investmark Advisory Group LLC increased its stake in Blackstone by 2.4% in Q3, owning 2,608 shares valued at $399,000. McIlrath & Eck LLC raised its holdings by 6.5%, while Meiji Yasuda Asset Management grew its stake by 0.5% in Q4. Institutional investors own 70% of the stock. UBS upgraded Blackstone to a "buy" rating with a target price of $180, indicating a potential upside of 27.65%. The stock currently has a "Hold" rating from analysts, with a consensus price target of $172.38.
Deutsche Bank has partnered with DWS Group, granting the asset manager first refusal on private credit deals, including asset-based finance and direct lending. Patrick Connors will join DWS as global head of private credit, aiming to enhance the firm's growth strategy amid a competitive landscape. This collaboration reflects a trend among banks to align with asset managers to strengthen their private credit offerings.
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