The Joe Biden-Xi Jinping meeting in San Francisco on the occasion of the APEC summit did not signify any meaningful breakthrough in their increasingly adversarial relationship. To alter the dynamics behind the deterioration of their ties, a redefinition of their interests and policies is needed. This is not on the cards.

The US sees China as a rival, the only real one that can counter US global power, politically, economically and technologically. If the Chinese political and economic system was compatible with that of the West and China was seen as willing to become a part of the West dominated global system without challenging it as it became more powerful itself, its rise would not have been considered threatening the way it is today. In fact, this was the US expectation when China was admitted to the WTO, the West made massive investments in China, and gave access to its advanced technology.

The public and political mood in the US has become antagonistic towards China. The Biden government has taken steps to deny advanced technologies to China, including advanced semi-conductors, put restrictions on Chinese investments in sensitive sectors, monitor more closely academic interactions between the two countries, promote on-shore manufacturing, develop trustworthy and resilient supply chains to reduce dependence on China, compete with China in connectivity projects to give more options to developing countries, pay more attention to Africa, promote the Indo-Pacific concept, the Quad as well as AUKUS to deter China, and so on.

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China’s determination to build its comprehensive national power, rapidly enhance its military capacities, discard the concept of its peaceful rise, declare openly its time-lined ambitions to be at the centre of global governance by 2049, and discuss openly the dangers of China and the US getting locked into a Thucydides Trap, explains its ties with the US moving from partnership to rivalry.

The tone and substance of the Antony Blinken-Yang Jiechi meeting in Alaska in 2021 showed a more confident and combative China. Since then, China’s Wolf Warrior diplomacy and the unsparing comments by Chinese spokespersons on US policies represent a change in equations between the two countries.

China makes no secret of its intention to end the US hegemony over global affairs. In the first instance it seeks to counter America’s strong military presence in the western Pacific. Apart from developing naval, missile and nuclear capacities of its own, this includes reclaiming and militarising islands in the South China Sea. At the centre of this strategy are serious differences over the future of Taiwan. China considers Taiwan as an integral part of China and expresses its clear intention to either achieve reunification peacefully or by force, if necessary.

China’s Belt and Road Initiative, its connectivity projects, the strategy of gaining control over critical raw materials and technologies, strengthening ties with Iran, brokering reconciliation between Saudi Arabia and Iran, entry into Middle East politics at the expense of the historic US influence in the region, increasing its presence in Africa, role in the SCO, the push for expansion of BRICS, are various ways in which it seeks to challenge what it sees is a declining US.

A key part of this evolving strategy is strengthening strategic ties with Russia, and together with it promoting a multipolar world.

At his meeting with Xi, Biden, according to the White House readout, registered the various US concerns about China and was unapologetic about the steps taken to redress the balance in America’s favour. He made it clear that the two countries were in competition but that the US would want to manage this competition responsibly in order to prevent conflict and avoid confrontation. This nuances the earlier enunciation of US policy towards China which laid out that the US will compete, cooperate, and where necessary, confront China.

Biden made it plain that the US will invest in sources of strength at home and align with allies and partners. Not that China is not aware of this, but the point in emphasising this was to draw limits to the engagement that the US seeks with China. With this in view, Biden reaffirmed support for a free and open Indo-Pacific, peace and stability in the South China Sea and the East China Sea, and freedom of navigation and overflight. He underlined America’s iron-clad commitment to defending its allies, which was a signal also to its allies that this US overture towards China would not be at the cost of its commitment to its allies. On the very sensitive issue of Taiwan, he warned against any unilateral change of status quo in Taiwan and called for Chinese restraint.

The US president also mentioned China’s unfair trade practices and non-market economic practices. He was clear on preventing advanced US technologies from being used to undermine America’s national security, though this would be without unduly limiting trade and investment, he said.

Biden also spoke of America’s international human rights commitments and its concerns about human rights in Xinjiang, Tibet and Hong Kong. At the Blinken-Yang Jiechi meeting in Alaska, the Chinese diplomat had hit back hard at the US on this point, but this time, in China’s read out of the meeting this US critique was not directly rejected.

In his meeting with Biden and with the US CEOs, Xi chose to adopt a conciliatory, non-combative but quietly firm tone in response to the US’s more explicitly blunt positions. He made it clear that Taiwan was non-negotiable and that it would inevitably become part of China. He asked the US to stop arming Taiwan and support peaceful reunification. He also cautioned that military communication between the two countries would be on the basis of equality and mutual respect. He noted that US actions were stifling China’s development and that the US should not scheme to suppress or contain China. Both sides should understand each other’s bottom lines, he said, and asked the US not to interfere in China’s internal affairs. In other words, the differences in the positions of the two countries were not eluded.

The US seems to have in mind the Cold War model of its engagement with the Soviet Union on military matters while making the resumption of high-level military-to-military cooperation with China virtually the central goal of the Biden-Xi summit. The US and the Soviet Union despite being adversaries wanted nonetheless to agree to some confidence building measures, avoid the danger of a direct conflict, besides preventing an unbridled arms race. These were the guardrails that the US put in place with the Soviet Union, and a version of these the US wants to establish with China.

The US has succeeded in restoring the high level military-to-military cooperation with China, which the latter cancelled in August 2022. This is the kind of guardrails the US wanted to avoid tensions escalating into an actual military conflict. The US-China Defence Policy Coordination talks, the Maritime Consultation Agreement meeting, and telephone communication between theatre commanders will be resumed. The aim is management of conflict, not elimination of conflict. Xi has warned though that military communication between the two countries would be on the basis of equality and mutual respect. This caveat suggests that China can walk away again if it sees US actions in the region as unacceptably provocative, such as the US continuing to arm Taiwan.

The fundamental question Xi asked in San Francisco was whether the US and China were rivals or partners. Xi knows the answer but still chose to ask it rhetorically. A top level meeting as part of diplomatic management does not overcome fundamental differences. Biden and Xi have met before, but US-China relations have continued to deteriorate. Russian president Vladimir Putin and Biden, for instance, met in Geneva in June 2021 but we see how any hope that ties would improve has been totally belied.

Xi said that If the US considered China as its biggest rival, the most significant geopolitical challenge and an ever pressing threat, then wrong policies, wrong actions and wrong results will follow. Xi expressed China’s willingness to be a partner and a friend to the US. He spoke of win-win cooperation, meeting each other half way and handling differences calmly. He denied any intention to challenge the US or unseat it. None of this will convince the Americans or materially change negative perceptions about China in the US. This will be taken by the American policy makers as a political “soft-sell”.

It is argued that with China’s economy becoming sluggish, the seriousness of the real estate crisis in the country, rising youth unemployment, the realisation that China needs the world as much as the world needs China, Xi Jinping was compelled to adopt a conciliatory discourse and do an image-restoring exercise. The US corporate and financial sector is a powerful pro-China lobby in the US and sending a comforting message to it was important. However, the fundamentals of Chinese political, economic and military strategy can hardly change.

The Biden-Xi summit sends a signal to Russia too. Russia’s relations with the US are at an impasse, but China, while joining hands with Russia to counter US hegemony, is also seeking engagement with the US. In the China-Russia-US triangle China is giving itself more flexible diplomatic options.

The author is a former Indian Foreign Secretary. He was India’s Ambassador to Turkey, Egypt, France and Russia. Views expressed in the above piece are personal and solely that of the author. They do not necessarily reflect Firstpost’s views.

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Ted McKlveen, the co-founder of Verne, stands next to hydrogen storage tanks on Thursday, May 11, 2023, in San Francisco, California. McKlveen’s company is developing hydrogen technology that enables heavy-duty trucks, ships and airplanes to operate with zero emissions. (Photo: Aric Crabb/Bay Area News Group)

California has long been at the forefront of promoting renewable energy, and Governor Gavin Newsom has earmarked billions of dollars to support and accelerate the state’s clean energy transition.

San Francisco-based Verne wants to capitalize on that goal with technology that will help shift heavy-duty transportation from polluting diesel and gasoline powertrains. We spoke to co-founder Ted McKlveen about what they’re up to.

Q: How did you and co-founders Bav Roy and David Jaramillo come together to create Verne?

A: I met David in college and Bav in business school. We are all passionate about tackling climate change and excited about the potential to reduce emissions in transportation with hydrogen. We are a great team and bring complementary skills. David received his PhD from UC-Berkeley and leads our technical innovations, Bav has a technical background and an MBA and leads operations, and I previously held a strategy role at a renewable energy start-up and led our sales and partnerships .

Q: What made you decide to use clean energy technology for heavy-duty transport instead of, for example, consumer vehicles?

A: We wanted to solve a “hard to decarbonize” problem. We wanted to address a sector that currently doesn’t have a good alternative to fossil fuels. There is a solution for passenger cars: battery-electric vehicles work well, are economical and are gaining traction. Heavy-duty haulage is a whole different story. These vehicles must carry very heavy payloads, travel long distances, and refuel quickly to get back on the road. While battery electric trucks will be suitable for some applications, many trucks will need new technology to become completely emission-free.

Q: They received support from Stanford, CalTech and MIT, as well as Bill Gates’ Breakthrough Energy Network and Amazon’s Climate Pledge Fund, and were featured in Forbes’ 30 under 30. How could Verne create such a stir with a young company in such a niche area?

A: Heavy-duty transportation may seem like a niche, but transportation is the largest source of emissions in the United States, producing more greenhouse gases than electricity generation. These institutions know what a huge problem transportation is as we collectively strive to achieve net zero emissions and have been incredibly supportive of our efforts to make a difference.

Q: What are the benefits of hydrogen propulsion for heavy transport?

A: Electric batteries required to power a semi-truck over 500 miles would weigh over 10,000 pounds and cost over $150,000. The weight of the battery significantly reduces the cargo that the truck operator can haul, which has major implications for economy and profitability. Hydrogen is a very light gas, much lighter than batteries. For the same 500-mile range, a hydrogen system could be about a quarter the weight, similar to the weight of a current diesel system. Hydrogen trucks can also be built to achieve a range of 1,000 miles or more without the need for refueling.

The major truck manufacturers including Freightliner, Peterbilt, Volvo, Kenworth and others are all starting to develop hydrogen trucks. Battery electric is generally a more advanced technology today, but the future of trucking will involve a lot of hydrogen.

Q: How accessible is hydrogen?

A:One advantage is on the tank side. Hydrogen can be delivered to gas stations, just like diesel fuel today. Compare this to battery charging, which requires a connection to the mains.

Converting a single rest stop to battery charging would require more electricity than a small town, which is the same electricity as six professional sports stadiums. With hydrogen, you can deliver the fuel to the gas station by truck or pipeline. Second, hydrogen vehicles can be refueled in the same time as a standard diesel vehicle. This means the trucks can get back on the road to continue their service.

Q: Wasn’t hydrogen used to make bombs? Is it safe?

A: Hydrogen has been used safely in a number of industries for decades. Like any fuel, it requires proper engineering and handling. All fuel burns: Diesel and petrol also burn when ignited. The high energy content makes them good fuels. Hydrogen has different properties that require special technology for safe operation.

Q: Verne develops low-cost, high-density, and lightweight hydrogen storage systems for use in trucks. What is it and what advantages does it offer?

A: We manufacture hydrogen tanks that can store twice as much hydrogen as the tanks available today by storing hydrogen as a cold, compressed gas. Today’s hydrogen trucks store hydrogen as a compressed gas, but by adding additional cooling to the hydrogen, we can fit twice as much hydrogen into the same tank space.

Q: Gov. Newsom said California applied for federal funding last month to become a national hydrogen hub. If granted, how could Verne possibly fit into this effort?

A: The idea of ​​hydrogen hubs is to combine hydrogen supply and hydrogen demand. If more hydrogen were produced and available here in California, it would certainly help fuel the growth of the hydrogen-powered truck market. Federal funding would also lower the cost of hydrogen and ease fleets’ transition to zero-emission hydrogen vehicles. Verne would ride this wave, supplying fleets here in California with more powerful vehicles and further increasing their economic efficiency with our high-performance hydrogen storage systems.

Q: When is Verne expected to launch products?

A: Next year we will have an articulated lorry with our technology in use. Truck fleets are already lining up to try it out. After these initial trials, we will move to pilot trials with several trucks over the next few years before full-scale production.

Q: If Verne’s products work in the truck space, what does the company have in store – ships, trains, airplanes?

A: The truck market is huge, there are millions of heavy duty trucks on the road in the US alone, so we would all be busy just focusing on that. However, our technology could also offer added value in other sectors: in off-road vehicles such as mining trucks, as well as in certain types of ships and aircraft. Our mission is to reduce CO2 emissions. That is why we want to support as many of these heavy-duty sectors as possible in the transition to zero-emission operations.

Q: There is a lot of gloomy and gloomy talk about the climate problem. Do you think it can be solved effectively and economically in the years to come?

A: We have many of the technologies we need to make a big impact on emissions and we need to accelerate their adoption: think solar, wind and battery electric vehicles. We need more of these on the market. Many new technologies are also being developed rapidly, from geothermal energy to new fertilizers to CO2 capture from the air.

But we have to move even faster. We’re already seeing the effects of climate change here in our California backyard, with all the extreme weather conditions: wildfires, droughts, floods. We can solve this, but it won’t happen by itself.

Ted McKlveen

• Position: CEO and co-founder of Verne
• Age: 30
• Place of birth: Minneapolis, MN
• Residence: san francisco
• Education: Bachelor’s degree in chemistry from Harvard University, MBA from Stanford University

Five interesting things about Ted McKlveen

• His favorite season is winter because he loves snowy landscapes and cross-country skiing.
• Spent six weeks backpacking in northern Alaska one summer and saw no one outside of his group.
• Loves exploring new places, especially new ecosystems with unique flora and fauna.
• He enjoys endurance sports such as running, cycling and cross-country skiing.
• At age 14, he began his efforts to combat climate change by writing a letter to his congressman.

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Scientists have questioned whether a “breakthrough” Alzheimer’s drug will ever make it to patients after more details of its side effects have been released.

Final clinical trial results for lecanemab show that the drug was able to slow the rate of decline in people’s memory and thinking as well as function over 18 months, and also helped people with day-to-day activities. Dementia experts hailed a potential “historic moment” when some of the final results were published in September, but questions remained about lecanemab’s side effects.

The full results, published at the Clinical Trials on Alzheimer’s Disease conference in San Francisco overnight, confirm a “robust effect” of slowing of cognitive decline of 27 per cent compared to those people in the study who were not given the drug. The trial, known as Clarity AD included 1,795 people with early-stage Alzheimer’s and mild cognitive impairment (MCI) due to Alzheimer’s, who received a bi-weekly infusion of either lecanemab or a placebo.

The paper, published in the New England Journal of Medicine, gave more details of a prominent side effect of lecanemab known as amyloid-related imaging abnormality (Aria), which involves a bleed or build up of fluid in the brain. It can vary from mild and negligible to quite severe.

Some 12.6 per cent (or 1 in 8) of those who received lecanemab developed Aria, while 1.7 per cent (less than 1 in 50) developed it in the placebo group. Although there were a similar number of deaths in both groups – eight in the lecanemab group and seven in the placebo group – scientists said further follow up is needed to understand whether Aria in certain patients is life threatening.

If so, it may be that patients receiving such treatments need to be excluded. Further studies will be able to identify the patients at risk and those patients who will maximally profit from the treatment.

The paper also suggests further studies to evaluate how effective and safe lecanemab is ongoing, as a key question is whether clinical benefits are progressive in that they continue beyond the 18 months, and whether they are sustained.

Rob Howard, professor of old age psychiatry at UCL, asked whether the drug was safe. He said: “Recent reports of two deaths from strokes, attributed to a side-effect of the drug, are concerning. The data published on Wednesday indicates that six lecanemab-treated patients suffered strokes during the trial compared with two in the placebo group. Treatment therefore does carry risks, and in some rare cases this can be severe or life-threatening.

“I suspect that the lack of demonstrable clinical effectiveness will mean that lecanemab will not be taken up widely within healthcare systems around the world, although there will always be those whose heart rules their head. We need to keep looking for better and safer dementia treatments and today’s results show that we are now on a believeable path to doing so.”

Lecanemab, produced by Tokyo-based pharmaceutical company Eisai and US biotech firm Biogen, is the first drug that provides a real treatment option for people with Alzheimer’s, experts said. While the clinical benefits appear somewhat limited, it can be expected that they will become more apparent if the drug is administered over a longer time period.

Prof Tara Spiers-Jones, deputy director at the University of Edinburgh’s Center for Discovery Brain Sciences, said: “While [the results are] good news from a well-conducted trial, it is important to note that this is not a cure. Both groups in the trial had worsening symptoms, but people taking the drug did not decline as much in their cognitive skills.

“As the authors point out, there is not an accepted definition of clinically meaningful effects in the cognitive test they used, and it is not clear yet whether the modest reduction in decline will make a big difference to people living with dementia. Longer trials will be needed to be sure that the benefits of this treatment outweigh the risks.

“As a scientist working on Alzheimer’s disease for many years, it is wonderful news that years of fundamental neuroscience research have resulted in a treatment can slow the progression of Alzheimer’s disease and reverse some of the pathological changes in the brain. This result will boost research and gives hope that the treatments based on ongoing neuroscience research will be even better. ”

Professor Bart De Strooper, director of the UK Dementia Research Institute, said: “The overall conclusion is extremely positive. This trial proves that Alzheimer’s disease can be treated. I hope we will start to see a reversal in the chronic underfunding of dementia research. I look forward to a future where we treat this and other neurodegenerative diseases with a battery of medications adapted to the individual needs of our patients.”

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This story about Lin-Manuel Miranda and “Mary Poppins Returns” was taken from an interview conducted by TheWrap for the January issue of Oscar magazine.

Lin-Manuel Miranda is breaking new ground in the theater with his Broadway hit “Hamilton”, which recast the founding fathers with hip-hop music and non-white actors. But these days, the self-proclaimed New York City “Puerto Rican” is especially happy that Mary Poppins Returns director Rob Marshall cast him as the title character’s pal, a job Dick Van Dyke took on in the 1964 original film.

Miranda plays a lamp lighter named Jack, who was an apprentice to the chimney sweep, Bert, played by Van Dyke. Like its predecessor, Miranda influences a Cockney accent – but its race and background are never mentioned and never an issue.

Also read: Lin-Manuel Miranda is sick that he was sick that night Jay-Z and Beyonce watched ‘Hamilton’ (video)

“It feels meaningful, just like it felt to me when I saw Raúl Juliá as Gomez Addams in The Addams Family,” said Miranda of his casting. “This character wasn’t a Latino guy in the original Nick at Night series when I saw this show. Or seeing Rita Moreno in ‘The Electric Company’ when I was a kid.

“Not only do we play unquoted Latino roles, but we also play great roles where race is just part of it. I think it’s a step forward for representation, ”he said.

Miranda said his casting in a major Disney movie also felt like the culmination of something that began when he appeared on a hip-hop comedy troupe as a student at Wesleyan University in Connecticut and did the first draft of a musical wrote that it should become Broadway Click “In the Heights”.

Also read: ‘Mary Poppins Returns’ film review: Emily Blunt, Lin-Manuel Miranda Languish in the shadow of the giants

“I started writing ‘In the Heights’ because I really wanted to be in musicals and I didn’t see any role in what was out there,” he said. “You know, I don’t have the ballet experience to play Bernardo or Paul on ‘A Chorus Line’ – and if you were a Puerto Rican it was. So it was in canon.

“And so I started writing ‘In the Heights’ at the age of 19 because I saw no other way for me. I wrote In the Heights and Bring It On and Hamilton to open up opportunities as an actor. That these incredible talents would come to me with ‘Mary Poppins Returns’ and write these songs that fit me like a tailor-made suit – it felt like the result of all the hard work I started when I was 19. “

What can “Hamilton” creator Lin-Manuel Miranda not? (Photos)

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  The all-rounder Lin-Manuel Miranda has done everything from Broadway to the White House performing. Here’s a look at his accomplishments over the years.

  
  

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  During his sophomore year in college, Miranda began writing what would eventually become the Tony-winning best musical, In the Heights. What did you do when you were 20?

  
  

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  Miranda is such a big deal that he got the chance to voice the Loud Hailer during a performance of Broadway’s “Les Miserables” just because he’s a huge fan and it was a lifelong dream of his. Check that from the bucket list.

  Youtube
  

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  Miranda and the cast of “Hamilton” were not only allowed to perform in the White House, but the creator / writer / star was then able to make friends with the president himself by rapping the union’s status from cues held high by Barack Obama himself.

  Youtube
  

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  “Hamilton” became such a big deal that the Treasury Department put plans to replace Alexander Hamilton with a woman on the $ 10 bill on hold. Instead, the $ 10 father will be left without a father, while Harriet Tubman will instead replace Andrew Jackson on the $ 20 bill.

  
  

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  “Hamilton” made Grammy history because it was so popular it wanted to be the first Broadway show to appear during the music industry’s biggest awards show. Immigrants, we do the job!

  
  

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  Even Disney and JJ Abrams are huge Miranda fans. He has done cantina music for Star Wars: The Force Awakens, will compose for the animated Moana, and will star in Mary Poppins with Emily Blunt. And of course to continue to play in “Hamilton”.

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  To underline how big the phenomenon “Hamilton” really is, the musical Miranda has already won a MacArthur “Genie” scholarship and the Pulitzer for Best Drama. In June it will also win the Tony Awards. And good luck buying your tickets. Still.

  
  

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  Miranda’s latest goal is to get Congress to allow Puerto Rico to declare bankruptcy amid a major economic crisis. John Oliver devoted an entire section to “Last Week Tonight” and then invited Miranda, who had already spoken about the subject in DC, to come on stage and do what he does best. “Hamilton” tickets and even private performances are on the table. Paul Ryan, your move.

  HBO
  

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The creator of “Hamilton” urges Congress to act on Puerto Rico’s economic crisis and there is a precedent that says it will succeed

The all-rounder Lin-Manuel Miranda has done everything from Broadway to the White House performing. Here’s a look at his accomplishments over the years.

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Bloomberg

With $ 1 trillion in hardship, debtors find junk

(Bloomberg) – For investment firms profiting from buying the debt of troubled companies, this seemed like a once-in-a-lifetime opportunity: a pile of $ 1 trillion in bad bonds and loans in America alone when the pandemic hit the markets broke down in March last year. But after a massive federal bailout and rock-bottom interest rates kept even some of the shakiest companies afloat, those juicy targets have shrunk to less than $ 100 billion. The bad debt specialists, who once had to spend $ 131 billion last year, are rummaging through bargains that are always elusive. Even the real estate sector, which has been ravaged by offices, hotels and shops after the pandemic, has managed to avoid an epic wipe for the time being. How do distressed investors – often among the most savvy in the markets – get involved? all that money? Some, like Caspian Capital, decided to give some money back to investors as the rewards would no longer justify the high risks. Others look further afield. Olympus Peak Asset Management addresses unpaid supplier claims in companies that are already bankrupt. Arena Investors looks for convertible bonds and real estate loans that have been issued by banks. And business giants like Oaktree Capital Management are looking for opportunities in Asia: “People don’t invest, they just hunt,” said Adam Cohen, Caspian’s Managing Partner. This comes with an added dose of risk, according to Howard Marks, co-founder of Oaktree, the dean for distressed investments. “To get higher returns these days, you have to be willing to give credit to someone who isn’t clearly coming back,” Marks said in a Bloomberg television interview. The money continues to flow nonetheless, and the managers have made some progress in finding new places to express it. According to advisors at Preqin.For Arena Investors, a $ 2.2 billion investment firm that has gotten smaller and nimble, around 40 funds – from Oaktree to Angelo Gordon & Co. – have around 35 billion between this year and last year US dollars collected. said the chairman of the board, Dan Zwirn. That’s because 80% of troubled companies owed less than $ 1 billion in early April, and about 60% of companies that filed for bankruptcy last year owed less than $ 500 million. That leaves too many larger firms chasing after the few big situations that are left. “When you write checks for $ 100 million, the competition is excessively high,” said Zwirn. Arena wagered almost all of the $ 519 million it raised on a Special Opportunity Strategy last year that targets industries displaced by the pandemic. Among other things, they worked in the following areas: real estate loans, loans for special situations in the areas of energy and aviation as well as litigation financing. Closer LendingFund managers like Olympus Peak are also looking for companies too small to capitalize on the seemingly limitless bond and equity markets that were boosted by the unprecedented wave of federal incentives last year. Large borrowers in the public market have now largely been taken over. Smaller companies, on the other hand, have relied more on banks for liquidity. And the percentage of banks making it harder to get a loan is still high at 11.4%, according to the Federal Reserve, well above the 1.9% average since the great financial crisis you need your position hold because if you sell them there is nothing else to buy, ”said Jason Dillow, chairman of the board of $ 8.4 billion Bardin Hill Investment Partners, according to those familiar with the portfolios, Bardin Hill is trying various tactics to drive returns To Boost: In early February, Bardin Hill raised $ 600 million on privately negotiated loans and deployed about 78% of that. The money went to high-end cruise lines, fitness, technology, healthcare, and education, as well as alternative assets like insurance-covered receivables. Olymppus Peak, which operates a $ 1.4 billion hedge fund, launched a $ 300 million fund this month in bankruptcy claims. So-called trade receivables are often small, illiquid and labor-intensive and therefore less attractive for a larger fund. Angelo Gordon raised $ 3.5 billion at the start of the pandemic and invested everything plus $ 1 billion in recycled capital. The company preferred high-yield, privately-negotiated financing with strong protections for its investments identified in its agreements. Centerbridge Partners’ Special Credit III strategy invested $ 1.8 billion in March and April 2020. Since then, 90% of these positions have been negotiated. The money has been redeployed into growth companies like HCI Group Inc. and bailout funding for companies like cinema chains like AMC Entertainment Holdings Inc., UK subsidiary Odeon and Cineworld Group Plc. In February, Monarch Alternative Capital had invested more than 60% of the $ 3 billion it raised last year for its latest distressed loan fund. The company lent bankrupt companies after the pandemic temporarily closed them. The plan included a franchisee for Wendy’s and Pizza Hut, Ann Taylor’s parent company Ascena Retail Group, and the owner of Chuck E. Cheese. Monarch looked beyond the pandemic, stepping up investments at times to keep the companies alive. DE Shaw & Co. The company on Tuesday raised $ 1 billion for its latest private loan fund targeting stressed assets and financing with a 5-year investment window. For Cohen’s $ 3.5 billion Caspian capital, NPL investing is too tight a mandate in today’s world. The firm expanded into stressed-out firms. The company is aiming for returns of 10% to 15% or loans that trade between 70 and 90 cents on the dollar but are not in arrears. Investors got $ 565 million back. “Money always burns a hole in your pocket,” said Cohen. “The best you can do now is not to make a mistake. This can save you a lot more money than mediocre trades can bring you. “Of course, companies with patient capital don’t have to invest right away, and there could be a bigger wave of opportunity after policymakers scaled back economic support. Meanwhile, Oaktree intends to raise $ 15 billion for its latest distressed fund and its cash to be used outside the USA. So far, according to public documents, only about 10% of the committed capital has been drawn as of February. Oaktree’s pitch to investors cited nearly $ 5 trillion in opportunities across Asia, mainly China, including bad loans, bonds, shadow bank loans and leveraged loans. The remaining question is whether the remaining distressed assets are for recovery or whether they are simply being kept afloat by a historic dead cat leap that does not last. “If you had a fundamentally strong business, you would have found the liquidity to meet the challenges of 2020,” said Chris Acito, chief investment officer of Gapstow Capital Partners, a New York-based firm focused on the selection of loan fund managers. “Many of the distressed companies have flawed business models that are difficult to revive.” (Updates with DE Shaw on last point. Arena Investors’ name was corrected in an earlier version.) Other articles such as Find it with us at bloomberg.com. Sign up now to stay up to date with the most trusted business news source. © 2021 Bloomberg LP

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