Platinum Equity’s latest buyout fund has attracted $12.5bn of investor interest, making it already the biggest ever for the Los Angeles-based private equity firm, as 9fin reported exclusively this week.

That outpaces the $10bn the firm raised for its last such vehicle in early 2020. More than that, it solidifies the sentiment that ultimately, there are very few consequences for private equity sponsors who are willing to be aggressive with the lenders to their companies.

It’s no secret that Platinum Equity companies are known by debt investors to come with significant risk of what many lenders see as aggressive use of leverage and financial engineering, often advised by Milbank and PJT Partners.