Vulture funds from top: Blacktree; Hammerson, Oaktree, Deutsche and Cerebrus
The big five.
They own you.
Via Tom Lyons in yesterday’s The Sunday Business Post:
Just five so-called vulture funds have acquired tens of thousands of loans from Irish borrowers with a par debt of €24.95 billion.
United States fund Cerberus, which is embroiled in the Project Eagle controversy, is by far the largest acquirer of debt from Nama. It has taken control of loans with a par value of €14.4 billion.
Oaktree comes in second having acquired loans with par debt of €3.9 billion followed by Deutsche Bank at €2.45 billion.
Dundrum Shopping Centre Hammerson Allianz is in fourth position, having bought loans primarily associated with the developer Joe O’Reilly with a par value of €2.4 billion.
Blackstone, which bought debts associated with the developer Michael O’Flynn is in fifth position, having taken control of loans with a par value of €1.8 billion.
Cerberus acquired its €14.4 billion of debt at an undisclosed total discount from Nama in just four deals.
Cerberus paid €1.6 billion for Project Eagle, a transaction which is now being investigated by various parties including the National Crime Agency in Britain.