Episode 11: How a Los Angeles Fund Took Inter Milan on a Loan Agreement.

22 April 2024. Inter Milan win the Derby della Madonnina and seal their 20th scudetto. 75.000 people in tears at San Siro. Exactly 1 month later, in a quiet Luxembourg office, a Los Angeles private credit fund called Oaktree Capital triggers a covenant default and takes control of the club. Steven Zhang is out. A 116-year-old Italian institution changes hands on a loan agreement, not on a match.
In Episode 11 of Ask Carlo, we trace the Inter story from the 2021 pledge to the 2024 takeover, and we ask the question that follows naturally from it: if this is how the private markets work, could ordinary Europeans ever sit at that table? The answer is yes, quietly, and since January 2024.
We cover: how Suning borrowed 275 million euros from Oaktree against Inter’s shares, why private credit lends where banks refuse, how ELTIF 2.0 opened European private markets to retail investors, why private equity funds lose money before they make money (the J-curve), and the 3 tests every investor should pass before going near a retail PE fund.
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TIMESTAMPS
0:00 Hook: Two ceremonies, 1 month apart
1:00 The scudetto and the silent handover
1:30 Introduction: Ask Carlo, Private Equity, Simplified
2:05 Disclaimer
2:15 Act One: The Pledge, May 2021
3:00 Why private credit lends where banks refuse
3:45 Oaktree, Howard Marks, and the 275 million euros loan
4:30 Act Two: Spring 2024, Inter on the march
5:15 Derby della Madonnina, 22 April 2024
6:00 The Luxembourg accountant counts days
6:45 The refinancing scramble
7:30 20 May deadline, 22 May handover
8:00 Act Three: The wall, and the door
8:45 40 years of minimum tickets
9:30 14% vs 8-9%, the 2-speed world
10:15 ELTIF 2.0 arrives, January 2024
11:00 Every major European house launches retail
11:30 Jargon Buster: The J-Curve
12:30 A football season as a small J-curve
13:30 Ask Carlo: Marco in Rome, 20.000 euros
14:00 The three-test framework
15:15 The Numbers: lock-up and illiquidity premium
15:45 The Oaktree spread: 12% vs 3-4%
16:45 Closing: The fans could not save Inter
17:20 Next week tease: EP012 Versace
17:40 Disclaimer and sign-off
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LINKS & RESOURCES
https://www.tiktok.com/@ask.carlo
https://linktr.ee/askcarlo
Instagram: @travel.renaissance.man
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DISCLAIMER
This content is educational only. Not investment advice. Carlo Schneider is not recommending any fund or product. Always consult qualified professionals before making investment decisions.

Видео Episode 11: How a Los Angeles Fund Took Inter Milan on a Loan Agreement. канала Ask Carlo - Private Equity, simplified.