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High-yield rated US companies have issued a record amount of debt in the first quarter to take advantage of low funding costs to put cash on the balance sheet and refinance existing debt.
With over two weeks still to go, US junk borrowers have already raised US$118.4bn in the primary market in the first quarter, making it the busiest on record, according to IFR data. The previous record was US$97bn set in the first quarter of 2013.
While rising US Treasury yields have caused heavy outflows from high-yield bond funds into floating-rate products such as leveraged loans, investors are taking courage from improving economic data and a massive stimulus package.
Dealmaker One Rock Capital raises biggest ever flagship fund at $2bn hard cap Thursday, March 11, 2021
Laxman Pai, Opalesque Asia:
One Rock Capital Partners, the middle-market buyout shop, held a final close of its third middle-market buyout fund, One Rock Capital Partners III, at its $2 billion hard cap.
The firm, which focuses on manufacturing, chemicals, and auto-retail companies, exceeded its $1.5 billion target with commitments from institutional investors including pensions, insurers, and health organizations.
The latest fund, the largest fund to date, is more than twice the size of its predecessor, the $964 million One Rock Capital Partners II, said a press release from the New York-based private equity firm.
One Rock Capital hits $2 billion hard cap with third buyout fund
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One Rock Capital Partners held a final close of its third middle-market buyout fund, One Rock Capital Partners III, at its $2 billion hard cap, a spokesman said in an email.
The latest fund is more than twice the size of its predecessor, the $964 million One Rock Capital Partners II.
One Rock makes control investments in companies in sectors, including manufacturing, chemicals, business services and auto retail.
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