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Monday, 02 March 2015

Hot Story

Hollywood payroll company Cast & Crew up for sale

26 February 2015

Cast & Crew Entertainment Services LLC, a private equity-owned company that helps make sure that everyone in Hollywood movie and television crews, from actors to cameramen, gets paid, is exploring a sale, people familiar with the matter told news service Reuters.

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Top News & Analysis

Columbia, South Carolina, S.C.

South Carolina drafts plan for $750 mln of PE commitments

02 March 2015

A draft of the South Carolina Retirement System Investment Commission’s investment plan indicates the retirement system will have to commit $750 million to private equity during its next fiscal year to maintain its allocation, according to Feb. 26 meeting materials.

James Coulter, TPG Capital

TPG reaches $6.5 bln for Fund VII's first close

02 March 2015

TPG Capital LP drew in $6.5 billion in commitments for its first close on TPG Partners VII, its newest flagship fund that offered discounts on management fees for early investors, according to a person familiar with the firm.

oil derrick, oil derricks, pump jacks, pump jack, oil well, production

Canada's ARC Financial near $800 mln first close

02 March 2015

ARC Financial Corp, the Calgary-based investor in Canadian oil and gas projects, is approaching a first close on about $800 million for its eighth buyout fund, according to a source familiar with the firm.

Scorecard, score card, golf

LP Scorecard: Vista, Warburg generated best cash-on-cash returns for New Jersey

02 March 2015

Vista Equity Partners and Warburg Pincus share honors as co-leaders in generating the highest cash-on-cash return multiple for the $81.2 billion New Jersey Division of Investment. 

New job, time for something new, career change, job change

Patricia Grad jumps to Actis after 5 years with Irving Place

02 March 2015

Patricia Grad has left Irving Place Capital after nearly five years, two sources said.

Lasso, roundup, horses, cowboy, horse, Wild West

Weekly deal roundup, 2.23 - 2.27

28 February 2015

The following bids, mergers, acquisitions and disposals were reported by Reuters for Feb. 23 through Feb. 27, 2015.

roundup, horses, lasso, lassoing, cowboy, cowboys, Wild West

Deal roundup, 2.27.15

28 February 2015

The following bids, mergers, acquisitions and disposals were reported by Reuters as of 2100 GMT on Friday, Feb. 27.

Chart of the week - Mega-secondary vehicles of $4B+ dominated transactions in 2014

Chart of the week: Mega-secondary vehicles of $4B+ dominated transactions in 2014

27 February 2015

Buyers with investment vehicles of $4 billion or more accounted for some two-thirds of transaction volume last year, according to a survey by advisory shop Evercore. The result is based on a survey of more than 70 secondary buyers, including pension funds with a dedicated allocation to secondaries.

Chart of the Week: Secondary market has huge momentum heading into 2015

Chart of the week: Secondary market has huge momentum heading into 2015

27 February 2015

Secondary market volume continues to soar as investors get more used to the idea of selling holdings as part of routine portfolio trimming and management. Transaction volume for 2014 nearly doubled from the prior year (see accompanying chart at right).

Hollywood payroll company Cast & Crew up for sale

26 February 2015

Cast & Crew Entertainment Services LLC, a private equity-owned company that helps make sure that everyone in Hollywood movie and television crews, from actors to cameramen, gets paid, is exploring a sale, people familiar with the matter told news service Reuters.

Vogue to pay dividend to Carlyle; Moody's calls move "aggressive"

26 February 2015

A year after investing in hair-care company Vogue International, the Carlyle Group is getting paid.

US dollar bills

Twin Brook Capital eyes $500 mln lending fund as new Angelo Gordon unit

26 February 2015

Twin Brook Capital Partners is seeking $500 million for a middle-market direct lending fund as it kicks off as a new unit of Angelo Gordon & Co headed by two former executives from Madison Capital Funding, according to sources familiar with the firm.

roundup, horses, lasso, lassoing, cowboy, cowboys, Wild West

Deal roundup, 2.26.15

26 February 2015

The following bids, mergers, acquisitions and disposals were reported by Reuters as of 2100 GMT on Thursday, Feb. 26.

An activist for the legalization of marijuana

Salveo Capital seeks up to $25 mln to invest in legalized marijuana

26 February 2015

Salveo Capital, which is targeting investments in the legal marijuana industry, is out fundraising for its debut fund.

Bob Grady, New Jersey Investment Council

Former NJ chairman Grady joins Gryphon Investors

26 February 2015

Former New Jersey State Investment Council Chairman Robert Grady will join Gryphon Investors as a partner on March 2. Grady will lead the firm’s general industries group.

Brazil

Fundraising in Latin American breaks records

26 February 2015

Capital rushed back into private equity funds in Latin America last year, with fundraising breaking all previous records with a full-year tally of $10.39 billion, according to the Latin American Private Equity and Venture Capital Association.

roundup, horses, lasso, lassoing, cowboy, cowboys, Wild West

Deal roundup, 2.25.15

25 February 2015

The following bids, mergers, acquisitions and disposals were reported by Reuters as of 2100 GMT on Wednesday, Feb. 25.

floodlights, lights, Panathenaic Stadium, Athens, Greece

Searchlight gets ready to launch Fund II

25 February 2015

Searchlight Capital Partners, which started life with much fanfare in 2010, has been talking to potential limited partners about targeting up to $1.5 billion for its second fund, according to three people with knowledge of the firm. 

James Coulter, TPG Capital

Flush with cash, private equity faces $1 trillion headache

25 February 2015

Private equity funds are sitting on record levels of cash. And yet delegates at an industry conference in Berlin are feeling the pressure to generate adequate returns and offer value for money to investors, Reuters reports.

model, fashion model, makeup, New York Fashion Week

Sycamore abandons pursuit of apparel retailer Chico’s: WSJ

25 February 2015

(Reuters) - Sycamore Partners has abandoned its attempt to buy apparel retailer Chico’s FAS Inc after failing to secure financing on acceptable terms, the Wall Street Journal reported quoting a person familiar with the matter.

limo, limousine, open door, car, door, invitation

Private equity opens door to retail investors

Feb. 23, 2015 Buyouts

Big private equity players are pursuing different paths to scale a mountain of capital offered by wealthy individuals and other retail investors, with fresh initiatives under way this year.

Business traveler, passports, travel

Pack your bags

Feb. 9 2015 Buyouts

International LPs have billions of dollars to put to work – and a growing appetite for private equity. Here are some key players to visit on your next fundraising trip.

Jeb Bush and Mitt Romney

The politics of private equity, round 2

Jan. 26 2015 Buyouts

A presidential bid by Jeb Bush – and maybe another by Mitt Romney – puts PE back in the hot seat.

Sebastian Rath poses with his AR-15 rifle

CalSTRS gets tough on guns

January 12 2015 Buyouts

Large public pension adds opt-out agreement for PE investments in makers of banned guns.

Tightrope walker Jay Cochrane

Balancing Act

Buyouts Dec29-Jan1 2014

High prices have made deal-making as tricky as walking a tightrope.

Money, U.S. dollars, hundred dollar bills, Benjamins, Benjamin Franklin, $100, pile of money

Pay for performance

Buyouts December 8 2014

Public pensions like CalSTRS are scrambling to find the right bonus structure to retain talent.

Stephen A. Schwarzman, Chairman and CEO of The Blackstone Group

Land grab

Buyouts December 8 2014

Steve Schwarzman’s Blackstone and rivals are poised to post their best year for real estate fundraising since 2010.

Deal News

Lasso, roundup, horses, cowboy, horse, Wild West

Weekly deal roundup, 2.23 - 2.27

28 February 2015

The following bids, mergers, acquisitions and disposals were reported by Reuters for Feb. 23 through Feb. 27, 2015.

Fresh Capital

Columbia, South Carolina, S.C.

South Carolina drafts plan for $750 mln of PE commitments

02 March 2015

A draft of the South Carolina Retirement System Investment Commission’s investment plan indicates the retirement system will have to commit $750 million to private equity during its next fiscal year to maintain its allocation, according to Feb. 26 meeting materials.

Cover Story

limo, limousine, open door, car, door, invitation

Private equity opens door to retail investors

Feb. 23, 2015 Buyouts

Big private equity players are pursuing different paths to scale a mountain of capital offered by wealthy individuals and other retail investors, with fresh initiatives under way this year.

Digital Edition

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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

Jim Snyder, HKW Capital Partners

Talking Top Quartile with Jim Snyder, partner, HKW Capital Partners

Feb. 9 2015 Buyouts

Jim Snyder explains why HKW Capital Partners’ fund III was so successful, generating an IRR of more than 15 percent after six years. 

Inside the Deal

John LeClaire

The Up-C IPO: a structure that keeps on giving

27 January 2015

In 2006, Hellman & Friedman acquired a minority interest in Artisan Partners, a Wisconsin-based investment management firm. Artisan was organized as a partnership at the time of the investment. Hellman & Friedman and Artisan opted to leave Artisan’s partnership structure in place following the investment rather than converting the company to a C corporation.

From the Editor

Chris Witkowsky

Skipping the energy revolution

Feb. 23, 2015 Buyouts

Would you find it odd if a major U.S. pension system completely skipped out on energy private equity funds for the last seven years?

David Toll, Executive Editor, Buyouts Insider

Many lenders see cracks appearing in mid-market loan market: survey

28 January 2015

A significant percentage of mid-market lenders predict leverage multiples will continue their recent descent while yields will continue to rise in 2015, tossing more cold water on a credit party that sponsors have enjoyed for most of the post-financial-crisis years.

Norman Leben, Gen II Fund Services

Need to Meet: Norman Leben, managing principal, Gen II Fund Services LLC

20 February 2015

Norman Leben said the business of outsourcing private equity fund administration has been picking up steam as a more prudent practice than building in-house teams from scratch.

Rob Morris

Five questions with Robert Morris, managing partner, Olympus Partners

20 February 2015

Since closing your last buyout and growth equity fund, Olympus Growth Fund VI, at $2.3 billion in 2013, any deals you’ve done that jump out at you?