Outlook on debt markets
15/08/2007. In March of this year, members of the Wharton Private Equity Club coordinated a roundtable discussion between four influential lenders to talk about the currently robust debt markets, trends in the sub-debt markets, mezzanine, the impact of hedge funds, and ways firms can differentiate themselves from the competition, among other topics.

Private equity versus mezzanine: tax structuring cross-border investments
26/07/2006. Cross-border private equity investments contain a variety of tax elements that complicate the structuring of those transactions. They also offer several opportunities to optimise the investors' and target's tax position after acquisition.

Filling the gap
13/07/2005. Asian mezzanine financing is demonstrating its value to private equity investors, as four of the five transactions that received this form of financing reported positive returns. The winds that come with a maturing buyout market have arrived in Asia, says the Asia Private Equity Review.

Business Development Companies and the new public market in mezzanine funds
17/06/2004. Several high-profile private equity firms have entered the public fund arena this year by sponsoring publicly offered funds focused on making mezzanine investments. Kenneth Berman, Colette Haider and Michael Whidden of Debevoise & Plimpton, address the question of what makes the BDC an attractive vehicle for mezzanine investment firms.

The future of mezzanine
03/12/2003. Mezzanine has become an increasingly popular area of private equity for investors over the last few years. But just how far can the market grow? And how will the rising levels of capital flowing into the market affect returns? Amy Carroll reports.

Mezzanine and high yield etc etc
02/04/2003. The mezzanine market is booming. Both mezzanine funds and the amount of money being allocated to mezzanine financing are increasing. But how does mezzanine debt compare to the high yield bond market? When is it best to use mezzanine rather than a high yield bond? Stephen Mostyn-Williams of Cadwalader Wickersham & Taft takes a look at some of the comparables.

Mezzanine Funds: Selected Tax Structuring Considerations
26/02/2003. The number of mezzanine funds and the amount of committed mezzanine capital have increased significantly in recent years. A growing number of sponsors are also involved in forming these funds and structuring their investments. Debevoise & Plimpton takes a look at some of the tax issues to be aware of in this burgeoning corner of private equity.

Mezzanine funds: in the spotlight
21/01/2003. In an environment in which investors are wary and need liquidity and in which senior debt lenders are cautious, mezzanine is becoming increasingly attractive. But for investors considering investment in mezzanine funds, there are various aspects to take into account, says Jennifer J Burleigh of Debevoise & Plimpton.

Mezzanine capital: closing the gap between debt and equity
05/11/2002. Mezzanine finance has come into its own over the last few months. Middle-market companies are finding it increasingly difficult to raise finance – new loans are harder to find and there is virtually no access to public capital markets. As a result, they are turning to mezzanine, says Fleet Capital, offering a wealth of opportunities for investors at this difficult point in the economic cycle.

Private Equity Dilemma
23/10/2002. Once a tiny sub-sector of the private equity financing industry, mezzanine is gaining momentum as a popular means of helping to fund buy-outs and development capital transactions. Gregory Smith of RBC Capital Partners gives an overview of the ways in which mezzanine transactions can be structured and the level of returns that can be expected.

Mezzanine: alive and kicking hard
15/10/2002. After a slow start, 2002 has proved to be an exciting one for the mezzanine investing community. Not bad for an asset class that was said to be dead in the water just a few short years ago.

What's up in mezzanine?
15/10/2002. Mezzanine is going through something of a renaissance at the moment: sponsors are increasingly turning towards it to help finance deals and cash-strapped investors are beginning to recognise some of its more attractive characteristics. We asked three specialists for their view on what is happening in the market.

Mezzanine Finance
25/06/2002. Once an obscure corner of the private equity market, mezzanine is coming of age. It offers investors a good balance of risks and rewards says Graham Sturrock at the Bank of Scotland. It is also increasingly being used as a flexible source of funding and its role in the leveraged loan market is growing.

The story of evolving risk/return tradeoffs
18/06/2002. Will we ever see a return to 40 per cent IRR and 5x returns – a benchmark by which success was measured prior to the recent downturn? David Woodward and Peter Arnstein of Woodward & Arnstein present a hypothetical model in response to this question, to better understand how the financial landscape has affected mezzanine and equity rates of return.

Mezzanine as expansion finance
03/04/2002. Mezzanine needs to be demystified if investors are to commit time and energy to this sector of the asset class. This paper, from Adrian Lurie at Indigo Capital, provides an introduction to mezzanine and the crucial role it can play in the capital structure of a company. It gives a description of its role as a financial product that bridges the funding gap that can occur between equity and bank debt, and provides investors with an understanding of this emerging investment opportunity.

Mezzanine v high yield
20/11/2001. The European buy-out market is growing rapidly and the number of larger deals is increasing steadily. These trends are creating a need for further funding. Carola Babcock from ICG argues that this can be met by using mezzanine and high-yield financing.

Understanding the risk-adjusted returns of mezzanine
03/09/2001. Mezzanine funds occupy a low-profile and little-understood corner of the private equity universe. This presentation from Mezzanine Management seeks to explain why mezzanine is growing as an asset class and why it is becoming increasingly popular with institutional investors.