USA Herald reported:
Renovo Home Partners, a private equity–backed roll-up of home improvement businesses, has filed for Chapter 7 bankruptcy in Delaware federal court, declaring as much as $500 million in debt across nearly 20 affiliated entities.The equity loss goes to Boston headquartered Audax, a private equity underwriter (PEU).
The private credit hit goes to BlackRock at "more than $100 million." BlackRock recently took a beating on First Brands and Carriox Capital.
Should anyone want to search BlackRock's various reports for their stated exposure, use HomeRenew Buyer, Inc. Renovo Home Partners is a dba name for HomeRenew Buyers.
Below is the list of BlackRock Credit Strategies Fund's holdings of HomeRenew Buyer debt as of 12-31-24.
News stories state most of BlackRock's exposure to Renovo/HomeRenew is under BlackRock TCP Capital.
The cockroaches are swarming...
Financial crises start when the big money boys no longer trust each other to make good on their debts.
Update 11-10-25: Another disturbing PEU tale:
The Brinton's family feels similarly after The Carlyle Group took over their company in an underhanded manner, laid off staff and dumped the pension onto British taxpayers.
