JPMorgan Chase & Co.’s July sale of a $1.3 billion fixed-income and loan portfolio from its Global Special Opportunities Group to Sankaty Advisors, the $24 billion credit affiliate of Boston-headquartered private equity firm Bain Capital, may be exactly what regulators (and Congress) wanted when they rewrote the rules governing the banking industry. Regulators envisioned a financial industry unable to rekindle another economic crisis like that in 2008–’09 and wanted the banks, with deposits insured by the government, to stop making risky investments. That, in turn, meant that other types of financial institutions would need to step up and take their place. Private equity firms have been happy to comply, building out credit businesses that were once the bailiwicks of the banks.
自1998年推出以来，为南施灯塔命名为灯塔的Sankaty已经增长，成为全球信贷和令人痛苦的债务的最大私人管理人员之一。该公司购买了JPMORGAN组合，该组合充满了特质的非资源体投资，为机构投资者的两个资金提供了：14亿美元的中间市场贷款基金和35亿美元的信用机会基金。亚博赞助欧冠Sankaty won the auction in part because it had the capability to assess illiquid investments, including private mezzanine, distressed and traditional securities, across 16 different industries in Asia, Europe and the U.S. According to several sources, Sankaty could also write a big enough check to buy the entire portfolio, which simplified the transaction for JPMorgan.
在摩根大通资产的审议课程中，Sankaty有大约40人在投资组合中审查个别学分。“在今天的市场中，您必须努力才能消除独特而有趣的投资理念，”杰纳森·莱茵州议长董事总经理兼首席投资官员Jonathan Lavine说。
在德塞尔·伯伯·兰伯特的并购部门开始他的职业生涯的奢侈品是在他推动贝恩的Sankaty时是一名替代信用的早期投资者。但他无法预见到金融危机后的信贷市场如何变革，为Sankaty等公司创造机会。由于资本收费更高，银行从冒险服的贷款中踩到冒险服 - 特别是减少对中型市场公司的贷款 - 金钱经理一直进入空白。Lavine已经预测了信贷市场的重新排序，Sankaty拥有业内最长的赛道记录，但该公司还越来越多的竞争对手，包括Apollo Global Management，Blackstone的GSO Capical Partners，Canyon Capital Partners，峡谷资本咨询J.P. Morgan Asset Management高桥资本管理。
他是拥有国家篮球协会的波士顿凯尔特人特许经营权的集团的一部分，因为他开始该公司，因为他认为债务是贝恩在杠杆公司股权投资的自然延伸。但信用仍然是当时发展的资产课程。“人们曾经将信贷视为机会主义。当你致力于你和你没有曝光的时候有时代，“他说。现在信贷包括各种证券，包括资本结构的不同部分，以及公共和私人债务。
奢侈相信可能会有更多的交易像JPMORGAN交易一样，但他还指出，他的公司看到了各种即将到来的机会，特别是在欧洲。但JPMORGAN的销售到Sankaty只是证实信用在这里留下来。“这被证明是有责任和一个重要的独立资产类别，”豪华说。
Follow Julie Segal on Twitter at@julie_segal。
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