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Fund Giants Muscle In on the $1.5 Trillion Private Credit Party

- Bloomberg

Investcorp SA’s Jeremy Ghose is a popular man. Ever since the $50 billion firm snapped up alternative-credit manager Marble Point late last year, he’s been juggling calls from bankers and firms pitching similar deals. “People know we’re in acquisition mode and they know we have the ability to write checks,” says Ghose, managing partner and chief executive officer of Investcorp Credit Management, the Bahrain-based firm’s lending arm. The $200 million purchase of Marble Point, a specialist in collateralized loan obligations, added $7.8 billion of assets-under-management to his division…

Novo Nordisk Owner to Plow Obesity Drug Profit Into Green Market

- Bloomberg

The shareholder that controls Novo Nordisk A/S is responding to a downturn in green assets by ratcheting up investments with profits from the obesity drugmaker. Novo Holdings, which controls 77% of the votes in what is now Europe’s most valuable company, will invest about 2 billion kroner ($290 million) in a new energy transition fund, expanding its portfolio of assets outside of health care. It’s also taken a 20% stake in the fund manager, Glentra Capital, it said on Thursday…

Tom Steyer Launches New Climate Tech Investment Fund With $1 Billion

- Bloomberg

Climate tech investments have dipped this year, but a new fund with more than $1 billion to spend is entering the sector. Galvanize Climate Solutions announced Thursday that it closed its Innovation + Expansion Fund, which will invest in startups aiming to provide climate benefits in the next decade. In doing so, the fund is looking for companies that can make a relatively immediate impact rather than asking if something is “going to work in the lab,” said Tom Steyer, Galvanize’s co-executive chair…

Ken Griffin Subpoenas ProPublica Over Secret Tax Returns Leak

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Hedge fund billionaire Ken Griffin has subpoenaed ProPublica and five of its journalists for documents related to the publication of reports that detailed his secret tax return information. The Citadel founder requested the information last month as part of his lawsuit against the Internal Revenue Service, according to a filing Tuesday in federal court in Miami. Griffin claims in the suit that the IRS failed to establish “appropriate administrative, technical, and/or physical safeguards” to protect his private data…

Bridgewater Widens Lead in China Race as Returns Beat Rivals

- Bloomberg

Bridgewater Associates LP’s flagship China fund is trouncing the performance of its peers, helping to expand the hedge fund’s leadership in the race among global firms looking to woo the nation’s wealthy investors. Onshore China assets under management at the Westport, Connecticut-based investment company climbed to more than 30 billion yuan ($4.1 billion) as of August…

Founders of Failed Crypto Hedge Fund Three Arrows Hit With 9-Year Ban

- WSJ

Singapore’s financial regulator has slapped a lengthy ban on the two founders of Three Arrows Capital, a hedge fund whose collapse last year fueled a wider crisis in the crypto market. Su Zhu and Kyle Davies, who ran the fund from Singapore, have been banned from conducting regulated activity in the city-state for nine years. They can’t take senior positions at capital markets firms, or be major shareholders…

Boaz Weinstein’s Saba Capital Scores Win in Fund Battle

- WSJ

Hedge fund manager Boaz Weinstein notched a victory in his ongoing fight against closed-end funds that trade for less than the underlying value of their assets. Weinstein’s Saba Capital Management employs a strategy known as closed-end fund arbitrage, which involves buying up shares of funds that trade at a significant discount to their net asset value and attempting to force changes that will drive the share price higher or allow investors to cash out…

Griffin of Citadel hedge fund lays out roadmap to future philanthropic giving

- Reuters

Ken Griffin, the world’s most successful hedge fund manager in terms of earnings, has already donated more than $2 billion to charity during his lifetime and on Wednesday laid out a roadmap for his future philanthropic giving to find faster solutions to the world’s biggest problems. Griffin, who laid the foundations for Citadel in his Harvard dormitory, launched Griffin Catalyst (GriffinCatalyst.org), a platform that illustrates how he thinks about giving and showcases his partner organizations and how they have put his money to work…

Blue Owl Eyes More Middle East Money With Plans for New Office

- Bloomberg

Private credit lender Blue Owl Capital Inc. is formalizing plans to open an office and hire a team in Dubai to focus on capital raising, according to a person with knowledge of the matter. The move is a stepping stone toward a broader Middle Eastern presence, said the person, who asked not to be identified as the details are private…

TwentyFour Asset Management Plans Debut Private Credit Fund

- Bloomberg

TwentyFour Asset Management LLP is set to become the latest investor to enter the burgeoning world of private credit, with a new Europe-focused fund launch planned for later this year. The British money manager, which specializes in fixed income, will target a mid-sized fund and will look to provide capital in niche areas such as for non-bank mortgage lenders, said Douglas Charleston, a partner at the firm who will head the new fund….

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