The Rated Exit | Turning ageing buyout-fund stakes into bonds for insurers

The Rated Exit | Blackstone, Carlyle,& Coller are turning ageing buyout-fund stakes into bonds for insurers.

Blackstone is marketing more than $2bn of limited-partner stakes in other managers' leveraged buyout funds as a collateralised fund obligation — a rated, tranched bond sold to insurers. The headline reads as a large deal in a frozen market. The number that matters is buried at the bottom of the page: the equity tranche is taking longer to place. That is the whole story.

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