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Monday, 20 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

Los Angeles, California, L.A., LA, poppies, Southern California

LP Profile: Los Angeles County aims to diversify portfolio

Buyouts April 20, 2015

The Los Angeles County Employees Retirement Association spent the last several years building a private equity portfolio with plain vanilla buyout funds, committing heavily to large and middle-market vehicles managed by established domestic managers. Now, the $47.7 billion pension wants more of a swirl.

Scott Case, Silicon Valley Bank

Need to Meet: Scott Case, Head of Global Private Equity Services, Silicon Valley Bank

Buyouts April 20, 2015

Bootstrapping itself from its origins 32 years ago as a lender for venture capital-backed firms, Silicon Valley Bank now ranks as the 40th largest bank in the United States with $39 billion in assets as of Dec. 31. 

Texas

Texas TRS forms $4 bln worth of separate accounts for credit, PE

Buyouts April 20, 2015

The Teacher Retirement System of Texas’ board of trustees cleared the way for two new $1 billion separate accounts managed by Kohlberg Kravis Roberts & Co. and Apollo Global Management in March.

Maurice Gordon, Managing Director, Head of Private Equity Investments, Guardian Life Insurance Company of America

Five Questions with Maurice Gordon, Managing Director, Head of Private Equity Investments, Guardian Life Insurance Company of America

Buyouts April 20, 2015

Jeffrey Chang, a former executive with fund of funds Performance Equity Management, joined your team in November as a senior director focused on PE funds and co-investments. How’s the co-investment effort going?

Jim Snyder, HKW Capital Partners

Talking Deal Prices: Middle-market GPs see better deals below $5 mln EBITDA

Buyouts April 20, 2015

GPs speaking on a panel at the recent Buyouts East conference said they’re still able to close deals at prices that should assure strong returns, even at levels over 10x EBITDA in some cases.

Which way, direction, business decision, choices, too many choices, options, change, new direction

Placement agents adapt to shifting industry

Buyouts April 20, 2015

With recent seismic shifts in the private equity placement business, the niche market of raising LP commitments for buyout, mezzanine and other alternative investment funds continues to take disruption in stride, even while challenges loom.

David Toll, Executive Editor, Buyouts Insider

Proprietary deals exist, but be careful what you wish for: RCP Advisors

Buyouts April 20, 2015

A study of North American portfolio companies tracked by funds-of-funds manager RCP Advisors finds that lower-mid-market and mid-market sponsors are still finding and closing a healthy percentage of proprietary deals. But such deals exhibit a wider spread of performance than auctioned deals without necessarily providing better returns, at least by one measure.

The US SEC logo adorns an office door at the SEC headquarters in Washington, June 24, 2011. REUTERS/Jonathan Ernst

SEC probes consulting fees and clawback at Fenway Partners

Buyouts April 20, 2015

Fenway Partners is the latest private equity firm to come under the scrutiny of the SEC.

Fracking, drilling, natural gas

New fracking rules could cost portfolio companies $11k per well

Buyouts April 20, 2015

On June 12, 2014, Denham Capital Management portfolio company Ursa Resources Group II placed a $280 per-acre bid to lease 884 acres of public land in Rio Blanco County, Colo., through a U.S. Bureau of Land Management (BLM) auction.

Stephen A. Schwarzman, Blackstone Group, happy, CEO

Blackstone mixes discounts with higher management fee on Fund VII

Buyouts April 20, 2015

Blackstone Group is off to a strong start with its latest flagship fund, with plans to hold a first close on about $10 billion this month, according to limited partner documents and market sources.

young professionals, investment bankers, private equity professionals, pros, executives

On the move, 4.20.15

Buyouts April 20, 2015

The following hires, promotions and appointments are for the April 20, 2015, issue of Buyouts.

chain, link, weakest links, broken, weak

Number of 'weakest link' portfolio companies drops sharply

Buyouts April 20, 2015

The number of private equity-backed companies listed in Standard & Poor’s “weakest links” report published in the beginning of April dropped to 19 from 35 when the list was last reviewed by Buyouts about three months ago. The year’s first quarter saw one portfolio company receive a default rating and another file for bankruptcy. 

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.

Chris Witkowsky

Fenway would be a big trophy for SEC

Buyouts April 20, 2015

When I heard Fenway Partners got a Wells Notice from the SEC, indicating the agency was preparing an enforcement action against the firm, my first thought was: Yeah, so what?

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.

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.

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. 

Fund News

Los Angeles, California, L.A., LA, poppies, Southern California

LP Profile: Los Angeles County aims to diversify portfolio

Buyouts April 20, 2015

The Los Angeles County Employees Retirement Association spent the last several years building a private equity portfolio with plain vanilla buyout funds, committing heavily to large and middle-market vehicles managed by established domestic managers. Now, the $47.7 billion pension wants more of a swirl.

Fresh Capital

Los Angeles, California, L.A., LA, poppies, Southern California

LP Profile: Los Angeles County aims to diversify portfolio

Buyouts April 20, 2015

The Los Angeles County Employees Retirement Association spent the last several years building a private equity portfolio with plain vanilla buyout funds, committing heavily to large and middle-market vehicles managed by established domestic managers. Now, the $47.7 billion pension wants more of a swirl.

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.

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

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.

Digital Edition

To read a digital copy of our latest magazine click here.

Forget your password or want to learn more about Buyouts? Please click here to email Bob Raidt.

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

Fenway would be a big trophy for SEC

Buyouts April 20, 2015

When I heard Fenway Partners got a Wells Notice from the SEC, indicating the agency was preparing an enforcement action against the firm, my first thought was: Yeah, so what?

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. 

Scott Case, Silicon Valley Bank

Need to Meet: Scott Case, Head of Global Private Equity Services, Silicon Valley Bank

Buyouts April 20, 2015

Bootstrapping itself from its origins 32 years ago as a lender for venture capital-backed firms, Silicon Valley Bank now ranks as the 40th largest bank in the United States with $39 billion in assets as of Dec. 31. 

Maurice Gordon, Managing Director, Head of Private Equity Investments, Guardian Life Insurance Company of America

Five Questions with Maurice Gordon, Managing Director, Head of Private Equity Investments, Guardian Life Insurance Company of America

Buyouts April 20, 2015

Jeffrey Chang, a former executive with fund of funds Performance Equity Management, joined your team in November as a senior director focused on PE funds and co-investments. How’s the co-investment effort going?