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Sunday, 19 April 2015

Hot Story

The US Capitol Dome and the entrance to the US Senate on Capitol Hill in Washington

BDCs try again for two-to-one leverage

16 April 2015

A “fly-in” organized by the Small Business Investor Alliance and slated for this Tuesday in Washington aims to revive a legislative proposal to let business development companies raise their debt-to-equity ratio to two to one from one to one. The law would make BDCs a more competitive force in the fast-changing mid-market lending landscape.

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Top News & Analysis

Stephen A. Schwarzman, Blackstone Group

Washington goes large with $500 mln to Blackstone VII

17 April 2015

The Washington State Investment Board approved the largest commitment it has ever granted to Blackstone Group on April 17, committing $500 milliion to Fund VII, spokeswoman Liz Mendizabal said in an email.

US dollar bills

Monroe Capital targets $600 mln for second private credit fund

17 April 2015

Monroe Capital LLC plans to hold a first close on Monroe Private Credit Fund II LP by the end of April toward a target of $600 million, as the firm continues to bulk up its headcount, according to a source.

Prescription

Former Bush official’s healthcare fund gets new life with HarbourVest

17 April 2015

HarbourVest Partners acquired CalPERS’ stake in a one-investor healthcare fund run by a former George W. Bush Administration official the system decided to offload, three sources confirmed.

Al-Hada mountain, top of the world,

Ares hits hard cap on fourth special situations fund

17 April 2015

Distressed debt specialist Ares Management has hit the hard cap for its fourth special situations fund, raising $1.5 billion from 68 investors, according to a Form D filing.

TPG Capital logo

TPG appoints Sisitsky head of North American private equity: Reuters exclusive

17 April 2015

TPG Capital LP has named Todd Sisitsky its new North American private equity head, people familiar with the matter told Reuters on Friday, as the firm seeks to secure money from investors for its next flagship private equity fund with a target of $10 billion.

GE Capital logo

GE Capital sale shakes up U.S. middle-market lending

17 April 2015

General Electric Co’s plans to sell most of its finance unit, GE Capital, will create opportunities for new lenders in U.S. middle-market leveraged loans as a dominant player in commercial lending and sponsor finance leaves the field, Reuters reported.

Waupauca Foundry, foundry, worker, steel, metal, industrial

Lindsay Goldberg buys VDM from ThyssenKrupp

17 April 2015

ThyssenKrupp agreed to sell its loss-making alloys business VDM to private equity firm Lindsay Goldberg Vogel, taking a 100 million euro ($108.13 million) write-down on the asset as a result, Reuters reported.

Blackstone Group office

Blackstone raises $30 bln in Q1 fundraising bonanza

17 April 2015

Blackstone Group polished off $14.5 billion for its Blackstone Real Estate Partners Fund VIII as part of a whopping $30 billion in fresh capital in a strong first-quarter fundraising effort.

Mountain of money, cash, dollar signs, pile of money, U.S. dollars, $

KSL raises three-quarters of Fund IV

17 April 2015

KSL Capital Partners, a Denver-based private equity firm that backs high-end resorts, has raised more than three-quarters of the $2.25 billion target for its fourth fund, according to a Form D filing.

Argentina

Does Roark want to buy Pet Supermarket? Woof!

16 April 2015

Roark Capital Group is in talks to buy Pet Supermarket Inc, according to a source and an FTC filing.

Tony James of Blackstone speaks at Buyouts Insider's LP-GP Summit in 2014

Tony James: Blackstone scales through new ideas, products

16 April 2015

Limited partners these days are a finicky bunch.

Kentucky Derby, Kentucky, horses, jockeys

Kentucky Retirement Systems plots move into co-investments

16 April 2015

Kentucky Retirement Systems will explore launching a private equity co-investment program in the next 12 months, CIO David Peden told Buyouts.

University of Michigan, President Barack Obama

University of Michigan backs Athyrium, Emergence Capital

16 April 2015

The University of Michigan Board of Regents disclosed $55 million of new commitments to private equity funds in its April meeting materials.

Leon Black, Apollo Management LP

Apollo could take control of UK’s Stemcor

16 April 2015

Steel trading firm Stemcor, one of the UK’s largest private companies, could be taken over by U.S. distressed investment fund Apollo, as part of a $2 billion debt restructuring, according to banking and industry sources who spoke to Reuters.

Party City store sign

THL-backed Party City’s shares jump 22.6 pct in debut

16 April 2015

Shares of Party City Holdco Inc , backed by buyout firm Thomas H. Lee Partners LP, jumped as much as 22.6 percent in their debut on Thursday as initial public offerings of private-equity backed companies as continued to draw investors, Reuters reported.

Virgin Active, Richard Branson, exercise equipment, gym, gymnasium, South Africa

Brait bids $1 bln for control of CVC-backed Virgin Active

16 April 2015

South African investment house Brait SE offered $1 billion for a controlling stake in gym group Virgin Active on Thursday, seeking to tap the growing health-conscious middle classes particularly in Africa and Asia, Reuters reported.

Stephen A. Schwarzman, Blackstone Group, happy, CEO

Blackstone’s first-quarter earnings soar on asset sales

16 April 2015

Blackstone Group LP, the world’s largest alternative asset manager, said on Thursday that its first-quarter profit doubled from a year ago, as strong asset sales generated by its private equity and real estate units brought in record cash, Reuters reported.

whale, big, massive, huge, giant, ocean, sea, collosal

CalPERS splashes market with $1 bln private equity portfolio

15 April 2015

The California Public Employees’ Retirement System shook up the industry earlier this year when it said it would dramatically slash its number of private equity relationships.

Hank Paulson, Henry Paulson, U.S. Treasury Secretary

Paulson: Carried interest should be taxed as ordinary income

15 April 2015

Former U.S. Secretary of the Treasury Henry “Hank” Paulson wants the government to tax carried interest as regular income, rather than as a capital gain, he said at a Politico event hosted by Nasdaq in New York City on April 15.

copper, alloy, shipment, refinery, Codelco Ventanas, Santiago, Chile

ThyssenKrupp nears VDM sale to Lindsay Goldberg Vogel

15 April 2015

ThyssenKrupp is nearing a sale of its loss-making alloys unit VDM to private equity firm Lindsay Goldberg Vogel for about 500 million euros ($530 million), German business daily Handelsblatt reported on Wednesday.

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.

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.

truck cover, Tectum Holdings, Kinderhook

Middle Market Deal of the Year: Kinderhook Industries

Buyouts - Mar 23 2015

If people can’t buy something new, they accessorize what they have.

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.

Dangerous road, caution, warning, danger ahead

Danger ahead? LPs push pace of commitments

Buyouts - Mar 9 2015

Several major limited partners finalized plans to ramp up their commitment pacing in 2015 recently, setting the stage for another banner year for fundraising. But with general partners coming off the strongest fundraising year since 2008, a fresh outpouring of commitments could push dry powder levels to uncomfortable heights. 

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

Private equity opens door to retail investors

Buyouts - Feb 23 2015

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.

Fund News

US dollar bills

Monroe Capital targets $600 mln for second private credit fund

17 April 2015

Monroe Capital LLC plans to hold a first close on Monroe Private Credit Fund II LP by the end of April toward a target of $600 million, as the firm continues to bulk up its headcount, according to a source.

GE Capital logo

GE Capital sale shakes up U.S. middle-market lending

17 April 2015

General Electric Co’s plans to sell most of its finance unit, GE Capital, will create opportunities for new lenders in U.S. middle-market leveraged loans as a dominant player in commercial lending and sponsor finance leaves the field, Reuters reported.

TPG Capital logo

TPG appoints Sisitsky head of North American private equity: Reuters exclusive

17 April 2015

TPG Capital LP has named Todd Sisitsky its new North American private equity head, people familiar with the matter told Reuters on Friday, as the firm seeks to secure money from investors for its next flagship private equity fund with a target of $10 billion.

kid, boy, question, question mark, curious, wondering, unsure, uncertain, uncertainty

Take our 5-minute survey on deal pricing and be first to see results

09 April 2015

Curious where deal prices are heading in the coming months? Want to know how sponsors are reacting to high prices? Take our five-minute survey on deal pricing and be the first to get the results. The deadline to participate: Friday, May 1.

Cover Story

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.

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

Allan Holt, The Carlyle Group

Talking Top Quartile with Allan Holt of The Carlyle Group

Buyouts - Apr 6 2015

Carlyle Partners IV, the vintage 2005 fund from The Carlyle Group, rang up an IRR of 14.8 percent as of Dec. 31, 2013, for the California Public Employees’ Retirement System. 

Market Intelligence

Market At A Glance

Market at a glance

02 April 2015

U.S.-based buyout and mezzanine fundraising has gotten off to a rapid start in 2015 thanks in part to a number of firms opening up new funds. This year’s tally remains more than $14 billion ahead of last year’s total at this time.   

Inside the Deal

A car enters the Freescale Semiconductor Inc plant in Toulouse, southwestern France

How to save a company: An inside look at Freescale's turnaround

Buyouts - Mar 23 2015

Freescale Semiconductors’ private equity sponsors will barely make money on the company’s sale to NXP Semiconductors NV for $16.7 billion. But considering Freescale’s troubled history, sources close to the deal consider that an accomplishment.

From the Editor

Chris Witkowsky

Life at the top

Buyouts - Apr 6 2015

If in five years the U.S. economy emerges from another downturn and we all look back to 2014/2015 as the height of the exuberance, at least we can say – this time – we saw it coming.

Steve Burns of Quad-C

Steve Burns of Quad-C: It's as firm as I've seen prices in the middle market

Buyouts - Apr 6 2015

How mid-market buyout firms are contending with historically high prices has turned into one of the year’s biggest themes. Recently I caught up with Steve Burns, a senior partner at Charlottesville, Va.-based mid-market shop Quad-C, to find out how firm is coping. 

James Cassel, investment bank, Cassel Salpeter & Co

Need to Meet: James Cassel, Chairman and Co-Founder, Cassel Salpeter & Co

Buyouts - Apr 6 2015

Steeped in the lower middle-market as co-founder of Miami-based investment bank Cassel Salpeter & Co, James Cassel’s deal backlog has grown as more families put businesses up for sale.

John Gripton, Capital Dynamics

Five Questions with John Gripton, Head of Global Investment Management, Private Equity, Capital Dynamics

Buyouts - Apr 6 2015

We catch up with John Gripton, Head of Global Investment Management, Private Equity, for Capital Dynamics, the $19 billion Swiss private asset manager.