PE Funds Buying Citi Loans on the Cheap
| April 9th, 2008 | ||
| Private equity firms Apollo Management, TPG Capital, and the Blackstone Group are set to buy $12.5 billion dollars in loans from Citigroup. The loans will help the equity firms finance corporate buyouts. The leveraged loans are still trading for substantially less that what they were in 2007. Apollo is set to buy half of the loans while Blackstone and TPG will share the other half. According to Apollo founder Leon Black "You can get equity-type returns from debt instruments that may be a better play than pure equity right now, where you can't get leverage." This could mean the end of the freeze on capital markets as firms are beginning once again to take risks. | ||
For Detailed Investor Profiles on these Investors, click below: |
TPG-Axon Capital |
The Blackstone Group |
Apollo Capital Management |
Related People: Andrew Metcalf;
Related Entities: AP Alternative Investments;
Related Article Tags: Investment Management, Fund Manager and General Financial News
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