Kaye Wiggins

China’s anti-espionage and data laws, as well as raids on US consultancies, have rattled investors.

A hidden US-China decoupling in private equity

US hospital staffing company Envision Healthcare, owned by private equity firm KKR, has the lowest possible junk-grade credit rating and is at risk of bankruptcy, according to Moody’s. But an ownership stake in Envision, bundled with stakes in hundreds of other PE-owned companies, has been transformed into a financial security marketed to ordinary savers as a safe investment with a stellar credit rating.

Collateralised fund obligations: How private equity securitised itself