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S&P Global Market Intelligence offers our top picks of global private equity news stories and more published throughout the week.
All hands on deck
Alternatives giants The Blackstone Group Inc. and Carlyle Group Inc. have ramped up efforts to quell the impact of coronavirus uncertainty on their portfolio companies.
Fear around the outbreak's impact on markets ramped up this week. Government and central bank responses failed to lift sentiment as U.S. equities dived March 12 with all three indexes falling more than 9% to close.
News emerged this week that both Blackstone and Carlyle were calling on portfolio companies to tap credit lines to weather the storm, Bloomberg News reported.
Blackstone said in a statement to the outlet that there was no firmwide directive, but it is evaluating the financing requirements of certain companies "directly impacted by COVID-19." Carlyle is reportedly recommending portfolio companies draw credit lines in certain instances. Peer firms are also weighing similar options, sources told Bloomberg.
Despite firms having record amounts of dry powder to spend, there is expected to be a pause on M&A, but in Europe, at least, the industry is not expected to pull the breaks on deal-making for a prolonged period of time. Speaking on the back of a run of sizeable deals in Europe over the past year, advisers S&P Global Market Intelligence spoke with said they anticipate a break while markets digest the impact of the coronavirus, which they hope will be short-lived,...