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☆ Ares Management CEO: The private equity industry is currently experiencing some difficulties
▼ + stars: | 2024-05-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAres Management CEO: The private equity industry is currently experiencing some difficultiesMichael Arougheti, Ares Management co-founder and CEO, joins CNBC's 'Money Movers' to discuss the forecast of the private credit market, state of the economy, real estate, and more.

Persons: Michael Arougheti, Ares Organizations: Ares Management

Cadre Holdings CEO Warren Kanders sold $50.3 million worth of stock. Ares Management CEO Michael Arougheti sold $32.7 million worth of stock. Cadence Design Systems CEO Anirudh Devgan sold $14.7 million worth of stock. AppLovin CFO Herald Chen sold about $9.5 million worth of stock. Cleanspark CEO Zachary Bradford sold nearly $9 million worth of stock.

Persons: Michael Dell, Verity Data, Mark Zuckerberg, Chan Zuckerberg, Zuckerberg, Priscilla Chan, Warren Kanders, Kanders, Jayshree Ullal, Michael Arougheti, Sytse Sijbrandij, Sijbrandij, Anirudh Devgan, Aneel Zaman, Herald Chen, Zachary Bradford Organizations: Dell Technologies, Dell, DELL, Securities and Exchange Commission, Chan Zuckerberg Initiative, Facebook, Cadre, VerityData, Arista Networks, Ares Management, Cadence Design, Herald Locations: 10b5

☆ Ares Management CEO Michael Arougheti: The worst of the higher rates is behind us
▼ + stars: | 2024-02-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAres Management CEO Michael Arougheti: The worst of the higher rates is behind usMichael Arougheti, Ares Management president and CEO, joins 'Money Movers' to discuss how borrowers are absorbing the environment's higher rates, stress in the real estate sector, and how Arougheti is considering the commercial real estate sector.

Persons: Michael Arougheti, Ares Organizations: Ares Management

☆ Commercial real estate is in big trouble — and the problems may have major financial fallout
▼ + stars: | 2024-02-16 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +7 min

Read previewThe tremors rattling US commercial real estate are spreading to other countries and sectors, and threaten to escalate into a financial earthquake as refinancing deadlines loom. There are growing signs that commercial real estate is in serious trouble. AdvertisementProspective losses, refinancing woes, international contagion, and panic selling combine to create a bleak outlook for the commercial property sector. The catalyst for both the banking and commercial real estate drama is deceptively dry: rising interest rates. AdvertisementMoreover, "Undercover Billionaire" star and real estate tycoon Grant Cardone has hailed the ongoing correction as a rare chance for everyday people to buy "trophy real estate" from institutional owners.

Persons: —, aren't, Barry Sternlicht, Pfandbriefbank, Warren Buffett, Ian Jacobs, Jacobs, Grant Cardone Organizations: Service, Business, Starwood Capital's, Bloomberg, European Central Bank, New York Community Bancorp, Investors, Silicon Valley Bank, Federal Reserve, Wall Street, Berkshire Hathaway, Ares Management Locations: Europe, Silicon, San Francisco, New York City, Manhattan, Los Angeles

☆ These stocks could be next to join the S&P 500, increasing demand for shares, says Bank of America
▼ + stars: | 2024-02-06 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

A slew of companies are primed to join the S & P 500 in the near future, and Bank of America thinks their shares could get a boost from it. The bank expects KKR could be the next investment management firm to join the S & P 500 over the six months following the addition of Blackstone to the index last year. An addition to the S & P 500 is likely to drive up the prices of each of the stocks. "Passive ETFs benchmarked to the S & P 500 are growing and getting inflows which will help support the share prices of the stocks in the index," Siegenthaler added. For KKR, the analyst has a $109 price objective, implying 23% upside from Monday's close.

Persons: Blackstone, Craig Siegenthaler, Siegenthaler Organizations: Bank of America, KKR, Apollo Global Management, Ares Management, APO

☆ Carlyle billionaire David Rubenstein is buying MLB's Baltimore Orioles: reports
▼ + stars: | 2024-01-31 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Carlyle Group cofounder David Rubenstein is fronting a group buying the Baltimore Orioles, reports say. Fellow private equity billionaire Michael Arougheti is also expected to be involved in the deal. AdvertisementFamed private equity investor David Rubenstein is reportedly planning to buy the Baltimore Orioles. Puck broke the news Tuesday that the Carlyle Group cofounder and Baltimore native is fronting a group expected to take a 40% stake in the Major League Baseball franchise. AdvertisementThe Orioles are owned by the Angelos family, who bought the MLB franchise in 1993.

Persons: David Rubenstein, Angelos, Puck, Michael Arougheti, —, Cal Ripken, Jr, Rubenstein, he'll, Peter Angelos, John, Carlyle, Josh Harris Organizations: Carlyle, Baltimore Orioles, Major League Baseball, Service, Carlyle Group, Baltimore, Ares Management, Orioles, MLB, Financial, National Basketball Association, Apollo Global, National Football League's

☆ Baltimore Orioles agree to be sold to a group led by David Rubenstein for $1.7 billion
▼ + stars: | 2024-01-30 | by ( Matt Egan | David Goldman | ) edition.cnn.com time to read: +2 min

The Orioles have been mediocre — or straight-up awful — throughout most of Angelos’ ownership. The new owner, Rubenstein, is a Baltimore native and co-founder of The Carlyle Group, a Washington, DC-based private equity giant. If the sale is approved, Rubenstein will become the controlling partner in the ownership group, the key decision-maker. After the 94-year-old Angelos dies, the Rubenstein group will own all 100% of the club. The Orioles’ $1.7 billion valuation is nearly triple what the team was worth in 2014, according to Forbes.

Persons: Peter Angelos, David Rubenstein, Angelos, Hall, Cal Ripken, Jr, Rubenstein, Angelos ’, Michael Arougheti Organizations: CNN, Baltimore Orioles, Orioles, Major League Baseball, Baltimore, Hall of Famer, American League East, AL, The Carlyle Group, longtime Orioles, Ripken, Ares Management, Forbes, Milwaukee Brewers, Colorado Rockies Locations: Baltimore, Washington, DC

☆ How private credit became one of the hottest investments on Wall Street
▼ + stars: | 2024-01-22 | by ( Christian Nunley | ) www.cnbc.com time to read: +1 min

Private credit has quickly become one of Wall Street's most popular investment classes in 2023. It also has roots in the Federal Reserve's monetary policy of holding interest rates near 0% for a decade. You won't find private credit funds on Robinhood. "It comes from pension funds, endowments and foundations, insurance companies, retail investors, sovereign wealth investors," Dwin said. Watch the video above to learn more about what private credit is, how it has changed debt markets and the risks involved.

Persons: Damien Dwin, Dwin Organizations: Apollo, Ares Management, Federal, Fed, Lafayette Capital Locations: Robinhood

☆ Saks and Neiman Marcus are better together
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

The signage outside the Neiman Marcus store is seen during the outbreak of the coronavirus disease (COVID-19) in New York City, U.S., April 19, 2020. REUTERS/Jeenah Moon Acquire Licensing RightsNEW YORK, Dec 1 (Reuters Breakingviews) - Saks Fifth Avenue and Neiman Marcus might be headed down the aisle. The two luxury retailers are in talks to merge, according to the Wall Street Journal on Friday. By joining forces, Saks and Neiman would have more power negotiating with vendors and ability to control costs. Saks and Neiman are destined to match up.

Persons: Marcus, Neiman Marcus, Neiman, Jennifer Saba, Robert Cyran, Aditya Sriwatsav Organizations: REUTERS, Reuters, Saks Fifth, Wall, Saks, HBC, Dallas, Ares Management, Plan Investment Board, Bain, Neiman, X, Barclays, Thomson Locations: New York City, U.S, Canada

☆ Economy and markets could actually experience trouble going forward: Oaktree's Armen Panossian
▼ + stars: | 2023-09-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEconomy and markets could actually experience trouble going forward: Oaktree's Armen PanossianMichael Arougheti, Ares Management Corporation co-founder and CEO, Damien Dwin, Lafayette Square founder and CEO, and Armen Panossian, Oaktree incoming co-CEO, join CNBC's Delivering Alpha 2023 conference to discuss why investors should get involved in private credit amid the possibility of a recession, how returns are being generated despite economic volatility, and more.

Persons: Oaktree's Armen Panossian Michael Arougheti, Damien Dwin, Armen Panossian Organizations: Ares Management Corporation, Lafayette Square, CNBC's, Alpha Locations: Lafayette

☆ Good companies are staying private longer, says Ares Management CEO Michael Arougheti
▼ + stars: | 2023-09-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGood companies are staying private longer, says Ares Management CEO Michael AroughetiMichael Arougheti, Ares Management Corporation co-founder and CEO, Damien Dwin, Lafayette Square founder and CEO, and Armen Panossian, Oaktree incoming co-CEO, join CNBC's Delivering Alpha 2023 conference to discuss why investors should get involved in private credit amid the possibility of a recession, how returns are being generated despite economic volatility, and more.

Persons: Ares, Michael Arougheti Michael Arougheti, Damien Dwin, Armen Panossian Organizations: Ares Management Corporation, Lafayette Square, CNBC's, Alpha Locations: Lafayette

☆ Private credit returns are 'very attractive' given the risk, says Oaktree's Armen Panossian
▼ + stars: | 2023-09-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPrivate credit returns are 'very attractive' given the risk, says Oaktree's Armen PanossianMichael Arougheti, Ares Management Corporation co-founder and CEO, Damien Dwin, Lafayette Square founder and CEO, and Armen Panossian, Oaktree incoming co-CEO, join CNBC's Delivering Alpha 2023 conference to discuss why investors should get involved in private credit amid the possibility of a recession, how returns are being generated despite economic volatility, and more.

Persons: Oaktree's Armen Panossian Michael Arougheti, Damien Dwin, Armen Panossian Organizations: Ares Management Corporation, Lafayette Square, CNBC's, Alpha Locations: Lafayette

☆ The Sharpe angle: Sizing up the private credit market with Michael Arougheti
▼ + stars: | 2023-09-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Sharpe angle: Sizing up the private credit market with Michael AroughetiCNBC's Leslie Picker sits down with Ares Management CEO Michael Arougheti just a year after their first conversation for the Delivering Alpha Newsletter. In this interview, Arougheti addresses the boom in private credit, points to opportunities in the banking space after the March turmoil, and explains how a higher-for-longer interest rate regime could impact his industry.

Persons: Michael Arougheti CNBC's Leslie Picker, Michael Arougheti Organizations: Ares Management, Alpha

The logo for Morgan Stanley is seen on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 3, 2021. The plaintiffs said Morgan Stanley convinced them to invest about $281 million, but hid details of a Brightline preferred share transaction that should have required the loan be prepaid at a "make-whole" amount they estimated at $750 million. Morgan Stanley was also accused of having swapped out one document with the signature of a Certares affiliate, to make it seem like the affiliate had read and agreed to the preferred share transaction. In a statement, Morgan Stanley said "the firm does not believe the claims have merit and will defend itself vigorously." The case is CK Opportunities Fund I LP et al v Morgan Stanley Senior Funding Inc et al, New York State Supreme Court, New York County.

Persons: Morgan Stanley, Andrew Kelly, Morgan, Brightline, Tatiana Bautzer, Jonathan Stempel, Rosalba O'Brien Organizations: New York Stock Exchange, REUTERS, Certares Management, Knighthead Capital Management, Brightline Holdings, Fortress Investment Group, Las, New York, Court, Thomson Locations: Manhattan , New York City, U.S, New York, Manhattan, Florida, Los Angeles, Las Vegas, Brightline, New, Court , New York County

☆ Virgin Voyages raises $550 mln in Ares Management-led fundraise
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +1 min

The Virgin Voyages Scarlet Lady cruise liner sits docked at Dover Port in Dover, Britain, February 21, 2020. REUTERS/Simon Dawson Acquire Licensing RightsSept 8 (Reuters) - Virgin Voyages, the cruise brand from Richard Branson's Virgin Group, said on Friday it has raised $550 million in fresh capital to expand into new international markets. The funding was led by Ares Management (ARES.N) with participation from existing investors, including British conglomerate Virgin Group and venture capital firm Bain Capital. Launched at the end of 2021, Virgin Voyages operates three ships servicing the Caribbean and the Mediterranean. It plans to operate in Australia and New Zealand by the end of the year.

Persons: Simon Dawson, Richard Branson's, Tom McAlpin, Nirmal Saverimuttu, Manya Saini, Arun Koyyur Organizations: REUTERS, Richard Branson's Virgin Group, Ares Management, Virgin Group, Bain Capital, Virgin Voyages, Caribbean, Thomson Locations: Dover Port, Dover, Britain, British, Australia, New Zealand, Bengaluru

☆ Ares Management CEO: A 'false narrative' that the private credit market will get overheated
▼ + stars: | 2023-08-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAres Management CEO: A 'false narrative' that the private credit market will get overheatedAres Management CEO Michael Arougheti joins 'Squawk on the Street' to discuss whether things will get overheated in the private credit market, how the chief executive differentiates their underwriting standards from others, and more.

Persons: Michael Arougheti Organizations: Ares Management

☆ How lip fillers and laser hair removal are plumping up private equity
▼ + stars: | 2023-07-31 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +8 min

Sixth Street, Blackstone, and Ares have backed providers of treatments like laser hair removal. Laser hair removal, body contouring, filler injections — it's not just TikTok and Instagram where people are talking about their latest treatments. The space is another consumer-focused vertical, like dentistry and dermatology, that private equity firms, big and small, are aggressively pushing into. Christian Karavolas, who owns laser hair removal specialist Romeo & Juliette in New York City, said he's turned away offers by private equity investors. Laser hair removal, for instance, isn't considered a medical procedure in every state.

Persons: Ares, It's, Levine, Leonard Green, Blackstone, Levine Leichtman, Christian Karavolas, Juliette, he's, Karavolas, Alex Thiersch, Thiersch, Chanel, Dior, David Yurman, Louis Vuitton, isn't, Sevana Petrosian, Eva Longoria Bastón, SEV, Andrew Schwartz, Schwartz, Heravi Organizations: Sixth, Blackstone, Levine Leichtman Capital Partners, Leonard Green & Partners, Boston Consulting, Industry, KKR, SkinSpirit, Walmart, ORIX Venture Finance, TPG, General Atlantic, Wax Center, Med Spa Association, Getty, Consumers Locations: Blackstone, Milan, LaserAway, California, New York City, H.I.G, Manhattan, Burbank , California

☆ On tap this week: Jobs report plus 10 key earnings. Here's what we want to see
▼ + stars: | 2023-07-29 | by ( Zev Fima | ) www.cnbc.com time to read: +18 min

All three major averages advanced for the week, powered by strong mega-cap earnings and favorable inflation data. Looking to next week, earnings season enters its second half with the last of our mega-caps — Apple (AAPL) and Amazon (AMZN) — set to report on Thursday. We'll get a better read on the employment picture on Wednesday with the ADP report and then, more importantly, on Friday's nonfarm payrolls report for July. Thursday after the close brings us to the main events of the week: Earnings from Apple and Amazon. For those looking to review first quarter performance ahead of these releases, be sure to keep our first-quarter earnings report card handy.

Persons: We'll, that's, Stanley Black, Decker, Emerson, Bausch, Leggett, Platt, SIRI, Ares, COLM, PERI, Kraft Heinz, Phillips, Ferrari N.V, Johnson, Robinson, COOK, BUD, Kellogg, Papa, Pitney Bowes, Parker, Trimble, Ziff Davis, Nonfarm, Jim Cramer's, Jim Cramer, Jim, Apple Tim Cook, Kevin Dietsch Organizations: Nasdaq, Dow, Federal Reserve, Federal, ISM Manufacturing, Services PMI, Investors, Caterpillar, Devices, Starbucks, Natural Resources, AMD, Management, Emerson Electric and, Humana, Bausch Health, Apple, Microsoft, Resource Partners, AerCap Holdings, CNA Financial Corp, CNA, Apellis Pharmaceuticals, Bank, SJW, Hutchison China MediTech, Camtek Ltd, Silvercrest Asset Management, Loews Corp, Oxford Lane Capital Corp, Banco Santander, Silicom Ltd, SuperCom Ltd, Arista Networks, Avis Budget Group, Diamondback Energy, Lattice Semiconductor Corp, Republic Services, Yum China Holdings, Western Digital Corp, Power Systems, Tenet Healthcare Corp, Vornado Realty, BioMarin Pharmaceutical, PetMed, SBA Communications Corporation, Brixmor, Snack Foods Corp, Cushman & Wakefield, Sanmina Corporation, TFI, PMI, Cruise Line Holdings Ltd, Uber Technologies, Pfizer, Enterprise Products Partners, Merck, JetBlue Airways Corporation, Allegro MicroSystems, Altria, SunPower Corp, SiriusXM Holdings, Molson Coors Beverage, Marriott International, Toyota Motor Corp, BP, SYSCO Corp, Marathon Petroleum Corp, Ares Management, Equitrans Midstream Corporation, Game Technology, Illinois Tool, IDEXX Laboratories, Rockwell Automation, Packaging International Corp, Gartner, Zebra Technologies Corp, IQVIA Holdings, Oshkosh Corporation, Leidos Holdings, Eaton Corp, yte Corp, Lear Corp, Starbucks Corp, Devon Energy Corp, SolarEdge Technologies, Lumen Technologies, Virgin Galactic Holdings, Caesars Entertainment, VF Corp, Sciences Corp, Paycom, Vertex Pharmaceuticals, Suncor Energy, Holdings, Chesapeake Energy Corp, Boston Properties, American International Group, AIG, Allstate Corp, Aspen Technology, Electronic Arts, EA, Flowserve Corporation, Denny's, Corp, Prudential Financial, Store, Ternium S.A, Vimeo, Emerson, Lomb, CVS Health, Generac Holdings, Cameco Corp, Perion Network Ltd, Builders, Carlyle Group, Scorpio, Teva Pharmaceutical Industries, Ltd, Rithm Capital Corp, AeroSystems Holdings, Vertiv Holdings Co, Johnson Controls, CDW Corp, DuPont, Brands Holdings, Scotts Miracle, Gro, SMG, Brands, Allegheny Technologies, AmerisourceBergen Corporation, ABC, Real Estate Corporation, Adient plc, Editas, Garmin Ltd, WWE, Bunge Ltd, Criteo S.A, PayPal, QUALCOMM, Occidental Petroleum Corp, Apache Corp, Albemarle Corp, MGM Resorts International, MGM, Marathon Oil Corp, Joby Aviation, Industrial, CF Industries Holdings, Goodyear Tire &, Realty ome Corp, Metlife, Pacific Biosciences of, Rush Street Interactive, Zillow, JFrog Ltd, Herbalife Nutrition Ltd, Simon Property Group, McKesson Corp, Storage, Cerus Corporation, GXO Logistics, MAX Holdings, Health, Anheuser, Busch InBev, Warner Bros ., Cheniere Energy, ConocoPhillips, Hasbro, CIGNA Corp, Lantheus Holdings, Regeneron Pharmaceuticals, Fiverr International, Air Products & Chemicals, TopBuild Corp, EPAM Systems, Lightspeed Commerce, Aurinia Pharmaceuticals, Cummins, CMI, Slair Corporation, Starwood Property Trust, Vulcan, Alnylam Pharmaceuticals, New Energy Corp, Cedar Fair Entertainment, Intellia Therapeutics, Lending, Privia Health, Dickinson, Chimera Investment, CIM, Hyatt Hotels Corp, Lion Electric, LEV, Deluxe Corp, Murphy Oil Corp, PBF Energy, Papa John's, Targa Resources Corp, Wix.com Ltd, Apollo Global Management, LLC, Butterfly, Sempra Energy, Aptiv PLC, Brookfield Infrastructure Partners, Canada Goose Holdings, Hannifin Corporation, WESCO International, WCC, Arrow Electronics, Constellation Energy Group, Midstream Partners, Coinbase, Petroleo Brasileiro SA Petrobras, Gilead Sciences, Opendoor Technologies, Booking Holdings, Atlassian Corporation, International, Redfin Corporation, Motorola Solutions, Monster Beverage Corporation, Consolidated Edison, Rocket Companies, Apple Hospitality, Cirrus, Resources, Universal Display Corporation, Chesapeake Utilities Corp, Social, Defense, Security Solutions, Post Holdings, Tandem Diabetes Care, Nikola Corporation, Magna International, Dominion Energy, ACM Research, Frontier Communications, Brookfield Renewable Partners, inTEST Corporation, American Pipeline, TELUS International, XPO Logistics, Fluor Corp, Gray Television, Cboe, LyondellBasell Industries, Twist Bioscience, Global, Jim Cramer's Charitable, CNBC, Allen & Company Sun Valley, Getty Locations: U.S, China, India, Oxford, Chile, Illinois, Columbia, Pacific, Pacific Biosciences of California, Southern, PBI, Gilead, Sun Valley , Idaho

It will be based in Los Angeles and led by Banc of California CEO Jared Wolff. Shares of PacWest surged 34% after the market close, while Banc of California jumped 9%. PacWest stockholders will receive 0.6569 Banc of California shares for each PacWest share they currently own. Meanwhile, the two private equity firms will be issued new Banc of California stock worth $400 million at a price of $12.30 per share. PacWest had total assets of $44 billion at the end of March, while Banc of California had assets of $10 billion, according to separate company filings.

Persons: Warburg Pincus, Centerbridge, Jared Wolff, PacWest, Timothy Coffey, Janney Montgomery Scott, Janet Yellen, Ares Management, Wolff, We've, David Smith, Nomura, Niket, Nupur Anand, David French, Pete Schroeder, Tatiana Bautzer, Megan Davies, Lananh Nguyen, Arun Koyyur, Jonathan Oatis, Sonali Paul Organizations: PacWest Bancorp, Warburg, Centerbridge Partners, midsize, RARE, Bank, Pacific Western Bank, Federal Deposit Insurance Corporation, Autonomous Research, U.S, Thomson Locations: Banc, California, Los Angeles, U.S, Bengaluru, New York

July 26 (Reuters) - PacWest Bancorp's (PACW.O) shares rose nearly 38% in premarket trading on Wednesday, a day after smaller rival Banc of California (BANC.N) agreed to buy the lender for $1.1 billion in an all-stock deal. Banc of California's shares jumped nearly 13% after the lender said it would pay 0.6569 share to PacWest stockholders for each share they own. PacWest stock was trading at $10.47, higher than the offer price of $9.60 per share, per calculations based on Banc of California's closing price on Tuesday. "The deal marks a structural transformation for BANC and accelerates its evolution, with a much improved profitability profile exiting 2024." Private equity firms Warburg Pincus and Centerbridge Partners have agreed to invest $400 million in Banc of California's buyout deal.

Persons: Raymond James, David Long, Long, Ares Management, PacWest, Omar Fahmy, Fahmy, Warburg Pincus, Niket Nishant, Manya, Shinjini Organizations: Reuters, PNC, Western Alliance, Warburg, Centerbridge Partners, Manya Saini, Thomson Locations: California, Banc, U.S, Los Angeles , California, Bengaluru

☆ Banc of California in talks to buy PacWest Bancorp - WSJ
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +1 min

July 25 (Reuters) - Banc of California (BANC.N) is in advanced talks to buy PacWest Bancorp (PACW.O) and a deal could be announced as soon as Tuesday, the Wall Street Journal reported, citing people familiar with the matter. Shares of PacWest were down 27%, while Banc of California gained 10% in afternoon trading. PacWest has been signing deals to shed some assets and strengthen its balance sheet. PacWest had a market capitalization of $1.24 billion as of Monday, almost 63% higher than that of Banc of California, according to Refinitiv data. Private equity firms Centerbridge and Warburg Pincus are planning to contribute equity to help fund Banc of California's acquisition of PacWest, the Journal report said.

Persons: Janet Yellen, PacWest, Ares Management, Warburg Pincus, Niket, Arun Koyyur Organizations: PacWest Bancorp, Wall Street Journal, midsize, PacWest, Thomson Locations: California, Banc, Bengaluru

☆ Man mixes risk and reward in private credit bet
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 6 (Reuters Breakingviews) - Man Group (EMG.L) is getting into the hot private credit market, by buying a majority stake in lender Varagon Capital Partners for $183 million. Private credit, which involves managers like Ares Management (ARES.N) or Blackstone (BX.N) making bilateral loans to mostly private equity buyouts, has been one of the hottest areas in fixed income. Low rates encouraged investors to hunt for yield, and has seen mainstream managers like T. Rowe Price (TROW.O)join the fray. They will be rewarded with further payments if they extend their commitments, and Man hopes to use its network to broaden Varagon’s investor base. Given private credit managers like Fortress have traded at more than double that multiple, it looks like a relatively savvy deal.

Persons: Rowe Price, Neil Unmack, Aimee Donnellan, Streisand Neto Organizations: Reuters, Man, Capital Partners, Ares Management, AIG, Fortress, Twitter, KKR, Thomson Locations: Varagon’s, China

[1/3] Mark Walsh, CEO of Savers Value Village, celebrates his company's IPO on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 29, 2023. REUTERS/Brendan McDermidJune 29 (Reuters) - Thrift store operator Savers Value Village (SVV.N) fetched a market capitalization of nearly $4 billion in a strong debut on the New York Stock Exchange on Thursday, underscoring a resurgence in the IPO market as investors lap up new listings. Savers Value, owned by private equity firm Ares Management (ARES.N), joins a host of companies that have enjoyed a warm reception in recent months, reviving hopes the frosty IPO market has begun to thaw. So really this (an IPO) was the right smart option for us to move forward," said Savers Value CEO Mark Walsh. Savers Value and Ares raised over $401 million in the share sale on Wednesday.

Persons: Mark Walsh, Brendan McDermid, Avery Spear, Johnson, Ares, Niket Nishant, Sri Hari, Echo Wang, Krishna Chandra Organizations: New York Stock Exchange, REUTERS, Ares Management, U.S, U.S . Federal, Renaissance, Rivian, Kodiak Gas Services, Fidelis Insurance Holdings, Canada's Healthcare, Ontario, Norway's Norges Bank Investment Management, Thomson Locations: New York City, U.S, U.S ., Sri, Bengaluru, Echo, New York

SL Green announced on Monday that it had sold the building at 245 Park Avenue to a U.S. subsidiary of Japanese real estate developer Mori Trust Co Ltd at a $2 billion valuation, sending its stock up nearly 20%. The transaction is a "significant milestone" for SL Green given that it represents nearly half of the planned asset sales for 2023 and more than covers the company's share of redevelopment costs, said BTIG analysts, who reiterated their "buy" rating. Analysts at Scotiabank, who rate SLG a "sector underperform", hiked their price target for the company's shares, calling the transaction "positive." SL Green's stock jumped 11% on Tuesday to a high of $31.35 per share. SL Green took control of 245 Park Avenue last year after lenders seized the building from HNA Group.

Persons: Angelo Gordon, Chibuike Oguh, Lisa Shumaker Organizations: YORK, Green Realty, SL Green, Mori Trust, Barclays, Green, Scotiabank, Grand, Ares Management, Societe Generale, HNA Group, Thomson Locations: New York City, U.S, Manhattan, New York

Adding to uncertainty was the start of the second quarter's final week on Monday, weeks ahead of the financial reporting season. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 15, 2022. But Carnival (CCL.N) slumped 7.6% after the cruise operator forecast third-quarter earnings below Wall Street expectations. The S&P 500 posted 18 new 52-week highs and two new lows; the Nasdaq Composite recorded 53 new highs and 154 new lows. On U.S. exchanges 9.28 billion shares changed hands compared with the 11.62 billion average for the last 20 sessions.

Persons: Tesla, Aston Martin, Vladimir Putin's, Putin, Jerome Powell, Carol Schleif, they've, Schleif, Chris Zaccarelli, Zaccarelli, Brendan McDermid, Powell, Goldman Sachs, UK's Aston Martin, decliners, Sinéad Carew, Sruthi Shankar, Johann M, Shinjini Ganguli, Richard Chang Organizations: Pfizer, Aston, Dow, Nasdaq, Monday, U.S . State Department, Meta Platforms Inc, Inc, Tesla Inc, BMO, Investors, Independent, Alliance, Dow Jones, New York Stock Exchange, REUTERS, University of, Pfizer Inc, UBS, Ares Management, NYSE, Thomson Locations: Russia, Minneapolis, Charlotte, North Carolina, New York City, U.S, New York, Bengaluru

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