Tiger Alternative to offer $167 mn debt financing to US PEF
Oct 30, 2019 (Gmt+09:00)
Samsung shifts to emergency mode with 6-day work week for executives
CJ CheilJedang to sell feed, livestock unit for $1.4 bn
Samsung Electronics' key M&A man returns; big deals in the offing
Affinity to buy SK Rent-a-Car at $572 mn, more deals expected
Keppel REIT to sell Seoul-based prime office T Tower
South Korean private equity firm Tiger Alternative Investors Co. Ltd. will offer a 150 million euro ($167 million) senior loan to Advent International Corp. for the acquisition of a German chemical company, following a string of debt financing it has provided to global private equity houses so far this year.
Tiger Alternative recently launched a domestic vehicle with a seven-year term to sell down the debt investment to domestic investors, according to investment banking sources on Oct. 27. Its target yields and other details were not immediately available.
In March, Advent International, a US private equity firm, announced that it had signed a definitive agreement to acquire Evonik Industries AG’s methacrylates business for 3 billion euros.
The products of Evonik’s methacrylates business are used in paints and coatings, construction, automotive and healthcare.
Tiger Alternative, with 2.4 trillion won ($2 billion) in capital commitments, has been aggressively chasing financing deals with global private equity firms since its inception in 2018.
In August, it reaped a 26.7% IRR on $35 million investment in a warehouse facility sold by the Carlyle Group.
After currency hedging and other expenses, Tiger Alternative pocketed more than 1.6 billion won ($1.4 million) in cash from the four-month investment, in addition to the principal.
A warehouse facility is short-term financing provided before the launch of a collateralized loan obligation.
In July, it joined in the acquisition financing for Sweden’s construction products and tools distributor Ahlsell by providing an undisclosed amount of mezzanine financing to CVC Capital Partners.
The Swedish company was then valued at around $2.65 billion.
By Jinsung Kim and Hyun-il Lee
jskim1028@hankyung.com
(Photo: Getty Images Bank)
Yeonhee Kim edited this article
-
Private equityPrivate markets open to more high-net-worth individuals: Hamilton Lane
Apr 16, 2024 (Gmt+09:00)
-
InfrastructureInfrastructure secondaries continue to rise amid inflation: Stafford
Apr 09, 2024 (Gmt+09:00)
-
Private equityCarlyle’s Rubenstein sees commercial real estate undervalued
Apr 08, 2024 (Gmt+09:00)