Intermediate Capital (ICP), the specialist investment firm with €12bn under management, says it saw depressed levels of private equity activity in Europe in the final quarter of 2011.
The firm also says leveraged buyouts are decreasing as European banks "retrench".
ICP says money is now flowing in to capital restructurings of "solid companies".
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The firm reports it has made its first transaction in Australia, in the form of a 45% investment in the acquisition of bus operator Grenda Motors by Ventura Motors.
ICP has seen no defaults in its credit funds and has won a contract to manage a €100m portfolio of senior loans on behalf of an unnamed European institution.
New investments for the first nine months of ICP's accounting year totalled £111m.
It raised £35m in December through a retail bond but has so far not needed to tap its £724m credit lines.
Today's trading update saw Intermediate Capital Group rise 2.43% by 10.46pm. Over the last 12 months the stock has fallen 29%.
BS
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
-
Why undersea cables are under threat – and how to protect themUndersea cables power the internet and are vital to modern economies. They are now vulnerable
