PE Steps Into Direct Competition With Investment Banks

With Kohlberg Kravis Roberts (KKR) securing its first capital markets mandate in Europe, for English Premier League football club Manchester United's US$800mn high-yield bond issue, we have now seen the biggest sign yet that private equity (PE) firms may emerge as significant competitors to investment banks as deal underwriters. The deal marks a significant step for KKR and its nascent Capital Markets unit, with its first venture outside of its home market of the US. Owing to the prestige of Manchester United, the New York city-based PE firm would have had a hard time trying to score a deal more high-profile.

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