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.