Ares Battles Borrower In High-Stakes Football Bet
Spat with sports mogul leads to hefty loan markdown
Welcome to Going Private, I’m Sinead Cruise and this is Bloomberg’s twice-weekly newsletter about private markets and the forces moving capital away from the public eye. Today, we look at another collaboration between banks and private capital and one celebrated fund manager’s bet that BDCs will survive their present struggles. But first, we bring you a sorry tale of a borrower-lender relationship under severe strain. If you’re not already on our list, sign up here. Have feedback? Email us at goingprivate@bloomberg.net
In private credit, a happy relationship between lender and borrower can be almost as important as asset quality. Just ask Ares Management, the global investment firm in a row that that could cost them millions of dollars.