Newsletter Edition 83
Sep 4, 2025
Thames Water Creditors Table £20.5B Rescue Plan
A consortium of Thames Water’s senior creditors, including Silver Point Capital and Apollo Global Management, has submitted a revised rescue plan to UK regulator Ofwat in a bid to stabilise the country’s largest water utility, Bloomberg reported.
Operating under the name London & Valley Water, the group has proposed a £20.5 billion operational spending and investment programme over the next five years, aligned with Ofwat’s expenditure framework. The plan includes large-scale mains replacement, infrastructure upgrades, and stricter pollution controls.
The creditors are also preparing a financial restructuring package that is expected to involve several billion pounds in debt write-offs alongside fresh equity and debt injections. Key negotiations remain focused on the extent of creditor equity commitments, debt haircuts, and regulatory agreement on operational and financial metrics.
The backers have positioned the proposal as a “market solution” intended to restore Thames Water’s financial health without resorting to taxpayer bailouts. However, political sensitivities loom large. Environment Minister Steve Reed has stressed that Thames Water must continue to face the same penalties for sewage violations as other utilities.
This marks the second iteration of the turnaround blueprint, following earlier feedback from Ofwat. If the plan is not approved, Thames Water could be placed into a special administration regime, a state-supervised insolvency-style process. The UK government has already appointed FTI Consulting to prepare contingency measures.
https://uk.finance.yahoo.com/news/thames-water-creditors-outline-20-230100714.html
Apollo Global Prepares $5B Sports Investment Fund
Apollo Global Management is preparing to launch a $5 billion sports-focused investment fund that will target both credit and equity opportunities across the sector, according to the Financial Times, citing people familiar with the matter.
The vehicle will provide financing to sports leagues and teams while also pursuing minority equity stakes in clubs. The fund represents Apollo’s first dedicated, permanent capital commitment to the global sports industry.
Apollo has already established a foothold in European football. Last year, the firm provided an £80 million loan to Nottingham Forest, secured against the club’s stadium and other assets – marking its first known Premier League transaction. More recently, it extended a £40 million loan to Sports Invest Holdings, the agency led by Kia Joorabchian, at a 10.25% rate, backed by racing and player management assets.
The firm has also explored larger equity opportunities, including talks with Atlético Madrid, and previously weighed backing bids for Manchester United. In 2022, it agreed a $1.25 billion financing deal with Mexico’s football league, though the transaction ultimately collapsed.
Apollo declined to comment on the report.
https://www.ft.com/content/e1b55c1a-a5f7-4d4d-b83a-5b668f7d806f
Neuberger Berman’s Global Private Equity Access Fund Tops $1B AUM
Neuberger Berman has announced that its Global Private Equity Access Fund has surpassed $1 billion in assets under management (AUM), marking a key milestone for the firm’s evergreen private equity platform. The fund has attracted backing from a mix of institutional, intermediary, and individual investors.
Alongside this achievement, the firm has completed the first close of its NB Private Equity Open Access Fund at €110 million. Launched in June 2025, the vehicle is Neuberger’s second ELTIF 2.0 fund, designed to broaden access to private equity for EU retail investors with minimum commitments of €10,000. The fund has already made commitments to 16 transactions alongside established managers, including stakes in Nord Anglia and Mariner Wealth Advisors.
Neuberger has also expanded its partnership with LIQID, raising €200 million since May 2024, bringing private equity exposure to mass affluent investors in Germany.
Both the Global Access and ELTIF strategies leverage Neuberger’s $140 billion private markets platform, which reviews around 20 direct opportunities per week, with a focus on buyouts across Europe, North America, and Asia. The approach provides investors with fee- and capital-efficient access to private equity, co-investing alongside leading managers.
Globally, Neuberger manages more than $140 billion in private markets, spanning primaries, secondaries, co-investments, direct lending, and other strategies. In 2024, the firm deployed over $17.5 billion across 300+ transactions, supported by a dedicated team of 450 professionals.