I have written many articles over the years about crazy private equity machinations. Today’s installment, however, might be the craziest:

on.ft.com/3PT5pbN

re-signing KAT will be left up to Carlyle private credit VP and their cash sweep model:

forget private schools, the Miami/ Palm Beach nouveau riche can’t find a golf club as Madison Darbyshire discovers in this investigation:

‘Billionaires’ playgrounds’: high six-figure fees upend Florida’s golf clubs on.ft.com/3PVMBZG

Professional news—psyched to join the excellent folks at EIG! Today is my first day, assuming I can find the office and defeat the battalion of Sardaukar that guards it. Can’t wait to get started.

FT job alert: We're hiring on the Lex column for a writer in San Francisco. Come and lead coverage of the tech sector for the FT's flagship business and investment column. Get in touch to discuss the role.

Deadline April 18th: boards.eu.greenhouse.io/financialtimes…

private equity version of no cover charge for women at the club:

1. I just read this book which is 3 years old so may be late to the party. It is a bit technical with many players so a tough slog if you are not familiar with credit markets but a must read for anyone involved in credit.

some thoughts below:
amazon.com/Caesars-Palace…

Thrilled to share I’m joining the Financial Times as U.S. deals and activism correspondent, starting later this month.

the vibe at Maxwell is apparently… hedge fund:

nytimes.com/2024/03/29/rea…

Shams and Woj, get ready to learn Delaware Chancery Court, buddies

NEW: Our look at how Amazon joined with a bunch of vulture funds to prevent a liquidation and become kingmaker in one of the messiest bankruptcies of the moment:

on.ft.com/3VrDinV

$3mn UES co-op requires proof of $9mn in cash/ marketable securities:

on.ft.com/49bufKW

NEW: At the beginning of 2023, Carvana was a $4 stock and circling bankruptcy. 15 months later it’s at $86. Founder and CEO, Ernie Garcia tells the FT about the wild ride of selling fewer cars to make more money:

on.ft.com/3x7b7Av

NEW: The Goldman alumni running Hertz gave 2% of the car rental company’s equity to GS CFO Stephen Scherr that could have vested at $498mn.

Instead, he leaves after 2 years with $30mn and… free car rentals for life.

Our look at the GS/Hertz nexus:

on.ft.com/3TFI3J4

pretty good tbh

would you rather have $1 of cash bonus or $8 of illiquid enterprise value? The dilemma of professional services partnerships:

on.ft.com/3ICnAid

BANK: Please estimate how much $$$ in fees you brought in this year

MANAGING DIRECTOR: [fills in crazy number not aware that this is easily verifiable]

on.ft.com/43e3YKK

that would be the Apollo-owned Venetian