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Monday, 25 May 2015

Hot Story

University of Michigan, President Barack Obama

University of Michigan backs former Cargill execs O'Brien and Staley

22 May 2015

The University of Michigan Board of Regents formed new relationships with two general partners at its May 21 meeting, according to endowment documents.

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Top News & Analysis

handgun, hand gun, Colt, revolver, guns, shooting range, bullets

Gunmaker Colt Defense in Chapter 11 talks with bondholders

22 May 2015

Colt Defense LLC failed to make a $10.9 million interest payment on its unsecured notes, moving it closer to bankruptcy, following a steep drop in revenue at the gunmaker.

out the door, exit, departure, leaving, quit, leave, depart

H.I.G. Capital private equity MD Tuch to leave firm

22 May 2015

Neil Tuch, a managing director on the private equity team at H.I.G. Capital, is leaving the firm after about 10 years, H.I.G. Executive Managing Director Doug Berman confirmed.

Wisonsin, dairy, corn stalk

Kentucky forms PE, private debt account for ag investments

22 May 2015

Kentucky Retirement Systems will move forward with a separate account to pursue private equity and private debt investments in the agricultural sector, chief investment officer David Peden said. Kentucky’s board of tustees approved the account at its May 21 meeting.

Univision logo

PE-backed Univision buys The Root

22 May 2015

Private equity-backed Univision Communications Inc, which is expected to go public, has acquired The Root, an African-American news site, from Graham Holdings Co.

University of Michigan, President Barack Obama

University of Michigan backs former Cargill execs O'Brien and Staley

22 May 2015

The University of Michigan Board of Regents formed new relationships with two general partners at its May 21 meeting, according to endowment documents.

Scorecard, score card, golf

LP Scorecard: CalSTRS collects more than $6 billion in distributions in recent 12-month period

22 May 2015

The California State Teachers’ Retirement System enjoyed a strong year of distributions in the year ending September 2014, realizing almost $6.1 billion from its private equity portfolio. 

Japan

Bain Capital to cut stake in Japanese restaurant chain Skylark to less than half

21 May 2015

Bain Capital will cut its 70 percent stake in Japanese restaurant chain Skylark Co Ltd to less than 50 percent.

Joseph Bae, Henry Kravis, Ken Mehlman, KKR, KKR Asia, Kohlberg Kravis Roberts

KKR Asia business architect Bae to return to U.S.

21 May 2015

Joseph Bae, the Korean-American dealmaker that KKR & Co LP sent to Hong Kong 10 years ago to set up its Asian operations from scratch, will move back to the United States, the private equity firm has told its fund investors, Reuters reported.

Magnifying glass

Market at a glance

21 May 2015

U.S.-based buyout and mezzanine fundraising had another lively two-week period, with the 2015 total growing by nearly $6 billion, to $102.2 billion. That is almost a full $26 billion ahead of where the tally stood at this time last year.    

Chart of the Week: Equity contribution in buyouts holds steady at just under 42 percent

Chart of the Week: Equity contribution in U.S. buyouts holds steady at just under 42 percent

21 May 2015

The percentage of equity used to finance U.S. leveraged buyout deals has plateaued the last two quarters at 41.7 percent. While that is down from the post-crisis highs, the market still hasn’t returned to the low 30 percent range seen from 2005 to 2007. 

Ancestry.com, ancestry, ancestors, gene, genes, genealogy, genetics, family tree

Permira explores sale of Ancestry.com for up to $3 bln

21 May 2015

Ancestry.com LLC, the world’s largest family history website helping users trace their heritage, is exploring a sale that could value it at between $2.5 billion and $3 billion, including debt, people familiar with the matter told Reuters.

Slovenia

Cinven raises offer for Telekom Slovenia, deal valued at $1.2 bln euros

20 May 2015

Buyout group Cinven has raised its offer for state-controlled Telekom Slovenia in an attempt to win over Slovenian authorities facing criticism they could be selling on the cheap, a person familiar with the transaction told Reuters.

People look at the jet engine on Boeing's 787 Dreamliner aircraft during a media preview

Aerospace-focused Acorn Growth aims to take flight with first institutional fund

20 May 2015

Acorn Growth Companies, an Oklahoma firm that brings operating experience to aerospace deals, is planning to raise up to $300 million for its first institutional fund after investing with support from family offices for about a decade, according to a source.

hired, new employee, new job

Alcatel-Lucent PE official Anderson to join TIFF

20 May 2015

Chris Anderson, senior manager of private equity at Alcatel-Lucent Investment Management Corp, is leaving the company to take on a private equity role at The Investment Fund for Foundations (TIFF), according to a spokeswoman at TIFF and a “friends and family” email from Anderson.

Video cables

BC Partners eyes U.S. cable market mergers with Suddenlink deal

20 May 2015

BC Partners is hoping to participate in the consolidation of the U.S. cable telecoms market by maintaining a stake in Suddenlink after its sale to Altice SA, the private equity firm’s co-chairman told Reuters.

Brightoil

Deal-makers gripe as 'energy tourists' pour billions into oil companies

20 May 2015

U.S. oil companies, still smarting from the crude price rout, are attracting a wave of new investment from unlikely sources: hedge funds and private equity firms flocking to the energy market for the first time to bet on a rebound, Reuters reported.

Dangerous road, caution, warning, danger ahead

European lenders feel the pressure as leveraged loans dry up

19 May 2015

A lack of new European leveraged buyout loans is forcing banks to become increasingly competitive in order to win mandates, which is driving down underwriting fees and creating more risky loan structures, Reuters reported.

Cuba, Barack Obama, Raul Castro

Cuba debt holder hangs on as demand builds for defaulted loans

19 May 2015

A historic breakthrough in U.S.-Cuba relations has set investors clamoring to buy the Caribbean island’s long-defaulted debt but one of the biggest private holders of the distressed loans is refusing to cash in yet, Reuters reported.

departure, leaving, businessman, new opportunity, exit

Bielinski leaves CIT for AB Private Credit Investors

19 May 2015

Bob Bielinski has left the CIT Group Inc after seven years to join the middle-market lending team at AllianceBernstein.

gun, guns, rifle, assault, Bushmaster, NRA, National Rifle Association

Opinion: Why Remington’s investors shouldn’t sell

19 May 2015

Cerberus dodged a bullet with its recent decision to let investors sell out of one of the world’s biggest gunmakers, Remington Outdoor. It’s the company that made the assault rifle used to kill 20 children and six of their teachers in a Connecticut elementary school in December 2012.

Deval Patrick, Massachusetts, governor

Impact investing: Deval Patrick wants to leave a mark at Bain

Buyouts May 18, 2015

A growing number of limited partners want their private equity investments to do more than make money. They also want them to do good.

David Brackett, GE Antares CEO

GE Antares sale will shake up middle-market lending

Buyouts May 4, 2015

COVER STORY: The pending sale of General Electric Co’s massive GE Antares unit will likely determine the top player in the growing middle-market sponsored finance business. The deal for the marquee lender has been attracting strong interest at an expected price tag of at least $16 billion.

Whistleblower, whistle, blow, whistling

Blowing the whistle: Former employee's suit against TPG invokes whistleblower provision in Dodd-Frank

Buyouts April 20, 2015

TPG Capital’s legal fight with its former spokesman, Adam Levine, may seem a bit lopsided.

tortoise, Buyouts cover

Q1 2015 in review

Buyouts - Apr 6 2015

Here’s a quick guide to our coverage of Q1 2015 deals, exits and fundraising.

KPS Partners, Michael Psaros, Jay Bernstein, Raquel Palmer, David Shapiro

Deal of the Year 2015 Winners

Buyouts - Mar 23 2015

One of the great aspects of private equity is the industry’s dedication to companies that actually make stuff.

boiler burner, flames, flame, blue, gas

European Deal of the Year: The Carlyle Group

Buyouts - Mar 23 2015

Investing into the teeth of the global financial crisis was not an easy decision to make, but many times those with the fortitude to do it emerged with strong results.

quilt, quilting

Small Market Deal of the Year: High Road Capital Partners

Buyouts - Mar 23 2015

Targeting a niche market like quilting helped High Road Capital Partners sew up a profitable exit.

Fund News

People look at the jet engine on Boeing's 787 Dreamliner aircraft during a media preview

Aerospace-focused Acorn Growth aims to take flight with first institutional fund

20 May 2015

Acorn Growth Companies, an Oklahoma firm that brings operating experience to aerospace deals, is planning to raise up to $300 million for its first institutional fund after investing with support from family offices for about a decade, according to a source.

Fresh Capital

Wisonsin, dairy, corn stalk

Kentucky forms PE, private debt account for ag investments

22 May 2015

Kentucky Retirement Systems will move forward with a separate account to pursue private equity and private debt investments in the agricultural sector, chief investment officer David Peden said. Kentucky’s board of tustees approved the account at its May 21 meeting.

Meet the LP: Neha Markle, Morgan Stanley Video

29 August 2014

In this video from the PartnerConnect Midwest 2014 conference in Chicago, Neha Markle, executive director of the Morgan Stanley Alternative Investment Partners PE Fund Group, discusses the firm’s third party fund of funds business, which has more than $35 billion of assets under management, including $12 billion in private equity investments.

money, cash, dollars, pile, currency, U.S., profit, funds, Benjamin Franklin, $100 bills, pay, payoff

Get your 2015 employee compensation data here!

20 April 2015

Looking for great employee compensation data? If you take part in this year’s Holt-MM&K-Buyouts Insider PE/VC compensation survey, you will get a FREE executive summary, plus a 35 percent discount off the cover price if you purchase the full report.

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Cover Story

Deval Patrick, Massachusetts, governor

Impact investing: Deval Patrick wants to leave a mark at Bain

Buyouts May 18, 2015

A growing number of limited partners want their private equity investments to do more than make money. They also want them to do good.

data, database concept, ones and zeros, computers, cyberspace, intellectual property

Performance data for more than 2,000 funds

15 December 2014

Download the latest “Returns Database” table from the Related Files tab below to see how more than 2000 funds have been performing.

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Talking Top Quartile

John A. Hill, First Reserve, energy, oil

Talking Top Quartile with John Hill, vice chairman, First Reserve Corp

Buyouts May 4, 2015

How did First Reserve Corp’s Fund X generate an IRR greater than 36 percent? Buyouts talked to firm co-founder, Vice Chairman and Managing Director John Hill to find out.

Market Intelligence

University of Texas takes over second place in endowment size, with 24 percent surge

Chart of the week - University of Texas endowment, with 24 percent surge, takes over second place from Yale

15 May 2015

Between fiscal years 2013 and 2014 ended June 30, U.S. and Canadian institutional endowments grew by 15 percent on average. 

From the Editor

Editor's Letter: The pendulum swings back

18 May 2015

General partners are flexing their muscles again.

Power Score front cover

For effective leadership, improve your power score

12 May 2015

Abraham Lincoln is considered to be one of the country’s greatest leaders. But he was inadvertently flirting with a depressed “power score” when he stuck with an overly cautious George B. McClellan as commander of the Army during the early years of the Civil War.

Rahul Kanwar, SS&C Technologies

Need to Meet: Rahul Kanwar, Managing Director, SS&C Technologies

Buyouts May 18, 2015

As a fund administrator with decades of experience in cloud computing and fund accounting, Rahul Kanwar sees a market opportunity tied to the diversification of private equity as an asset class.

John Rompon, Managing Partner, McNally Capital LLC

Five Questions with John Rompon, Managing Partner, McNally Capital LLC

Buyouts May 18, 2015

John Rompon is a managing partner with Chicago-based McNally Capital, which partners with family offices and high-net worth investors on direct investments. Buyouts asked him about why family offices are so eager to go direct these days.