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Tuesday, 28 July 2015

Hot Story

New York State Comptroller Thomas DiNapoli

State treasurers to call on SEC to push for more PE transparency

21 July 2015

A coalition of state treasurers and elected officials will soon submit a letter to the SEC calling on the regulator to push for greater transparency and fee disclosures from private equity managers, Buyouts has learned.

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Top News & Analysis

Canadian venture capital, private equity deals surge in 2015

28 July 2015

Deal-making activity in Canada’s venture capital and private equity arena surged in the first half of 2015, driven by a spate of financings in the tech start-up space and large investments in energy assets, data from Thomson Reuters showed this week.

Money suitcase

New Mountain Capital reaps more than 65% IRR on SNL Financial sale

27 July 2015

New Mountain Capital is exiting SNL Financial after four years during which the firm multiplied its investment by more than 6x.

New Jersey, map, Trenton, state, United States, U.S.

NJ approves $300 mln separate account tagged for distressed assets; to pay just 17% carry

27 July 2015

The New Jersey Division of Investment is continuing effort to reduce costs and boost returns through separate accounts with the formation of a new vehicle designed to invest in distressed assets.

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

After flurry of re-ups, MassPRIM has $700 mln left to commit in 2015

27 July 2015

The Massachusetts Pension Reserves Investment Management Board (MassPRIM) has allocated almost $1 billion to private equity and venture capital funds through the first six months of 2015, according to state documents, suggesting it has roughly $700 million left for fresh commitments this year if it adheres to its expected commitment pace.

Gao Mingyuan, 66, stretches himself with a team of Chinese martial arts fans during a morning exerci

Planet Fitness expected to be valued at about $1.58 billion in IPO

27 July 2015

Planet Fitness Inc, known for its “judgment free zone” fitness centers and low prices, is expected to be valued at nearly $1.58 billion in its initial public offering, according to Reuters news service.

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

McGraw Hill to buy SNL Financial for $2.23 bln

27 July 2015

McGraw Hill Financial Inc, the parent of the Standard & Poor’s ratings agency, said it would buy financial data and information company SNL Financial LC for about $2.23 billion, according to Reuters news service.

New life for frail assets

Secondaries players debate ‘third option’ in fund restructurings

Buyouts - July 27, 2015

Should limited partners have a “third option” in a fund restructuring beyond selling or rolling over on new terms? 

Nikolaos Perros of Citco

Need to Meet: Nikolaos Perros, global head of private equity and real estate fund services, Citco Fund Services

Buyouts - July 27, 2015

Citco Fund Services started out as a hedge fund administrator in the late 1960s with George Soros as a noted early client. As hedge funds diversified into other asset classes in the mid-1990s, Citco morphed with them and began servicing a broad variety of alternative fund managers, including private equity and real estate managers. 

Growing

GP Profile: Crestline-Kirchner staffs up to address growing secondary market

Buyouts - July 27, 2015

Crestline-Kirchner Private Equity Group sees has been staffing up to tackle the burgeoning secondary market for private equity funds.

Antonio Gracias

Talking Top Quartile with Antonio Gracias of Valor Equity Partners

Buyouts - July 27, 2015

Valor Equity Partners II LP generated an IRR of 15.4 percent for investor GCM Grosvenor DEM LP as of Dec. 31, 2013, the benchmark date in a survey of fund performance data by Buyouts. The performance of the vintage 2007 fund matched the top-quartile threshold of 15.4 percent and beat the median of 9.4 percent for that vintage, according to the study. Antonio Gracias, CEO and CIO of Valor Equity Partners, spoke with Buyouts at the firm’s Chicago office.

Andrew Richards

Five Questions with Andrew Richards, managing director, Swander Pace Capital

Buyouts - July 27, 2015

1. Your firm just sold Applegate Farms LLC to Hormel Foods Corp for about $775 million in a deal that closed on July 13. Why did you decided to sell?

rocket, SpaceX, lift off, blast off,

Lift off! How to launch a debut fund

Buyouts - July 27, 2015

Their flight to New York was canceled. In fact, with a blizzard making its way up the East Coast, every flight to New York was canceled. 

Christopher Ailman, CalSTRS, California State Teachers' Retirement System, CIO

CalSTRS preps PE program for 'hard choices'

Buyouts - July 27, 2015

The California State Teachers’ Retirement System is bracing for hard choices as it readies its private equity portfolio for the top of the fundraising cycle, according to an investment plan released by the retirement system in advance of its July 9 meeting.

Stephen A. Schwarzman, Blackstone Group

Club deals return as LPs, GPs pool capital for buyouts

Buyouts - July 27, 2015

The Blackstone Group recently heralded the return of the club-style deals that peaked prior to the 2008 financial crisis. But instead of working with other GPs, the largest private equity firm by AUM is tapping into a stream of capital from its larger fund investors in the face of higher deal prices.

Chris Witkowsky, Private Equity Editor, Buyouts Insider

Who should pay restructuring fees?

Buyouts - July 27, 2015

There’s an aspect of a recent restructuring deal that is ticking off some limited partners.

kid bankers, money, rich, kids, wealthy, stinking rich, counting money, cash, wealth, profits

Unable to buy, PE firms find rich exits with corporate buyers

24 July 2015

Strategics have emerged as the buyer of choice for private equity firms looking to sell their investments, according to Pitchbook Data Inc.

Texas

Exclusive: Texas firm Sterling Group raises $1.25 bln for Fund IV in three months

24 July 2015

Sterling Group, the Houston-based middle-market firm, took about three months of formal fundraising to raise the largest buyout pool in its history, with $1.25 billion in commitments for Sterling Group Partners IV.

Beers

NYC investment officials to get pay increases

24 July 2015

Here’s some good news for hard-working investment officials in the New York City Bureau of Asset Management.

scorecard, score, card, golf, golfing, par, under par

LP Scorecard: Ten young funds bloom in paradise

24 July 2015

In the Crossroads of the Pacific, the Employees’ Retirement System of the State of Hawaii reigns over $1.4 billion in committed capital across 167 active funds. To get a picture for what the future of its private equity portfolio holds, we pulled out the top funds by IRR from 2009-14 from Hawaii’s latest performance data. The accompanying table shows the top 10. 

David Brackett, GE Antares CEO

Antares Capital shops $13.9B loan deal for sale to CPPIB

24 July 2015

Antares Capital is lining up a $13.9 billion financing package that backs General Electric Capital Corp’s sale of the middle-market sponsor finance platform to Canada Pension Plan Investment Board (CPPIB) and raises funds for future growth, sources told Reuters.

rocket, SpaceX, lift off, blast off,

Lift off! How to launch a debut fund

Buyouts - July 27, 2015

Their flight to New York was canceled. In fact, with a blizzard making its way up the East Coast, every flight to New York was canceled. 

confounded, shocked, surprised, not sure what to do, confused, freaked out, high prices, overvalued, overpriced, too expensive

Deal-making remains 'choppy' in face of lofty prices

Buyouts - July 13, 2015

Deal-making by U.S. sponsors in the second quarter lagged behind the year-ago period, as frothy prices kept many players on the sidelines. 

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

Co-investing conundrum: Good idea or too risky?

Buyouts - June 29, 2015

Limited partner interest in co-investments and direct investments fell off a cliff in the second half of 2014, according to Preqin survey data. The percentage of investors who categorized themselves as active co-investors fell to 18 percent, roughly half of what it was six months earlier.

Chicago, Illinois, windy city, skyline, Midwest U.S., gold, golden, all the glitters is gold, city of gold

Midwest buyout shops seize golden opportunity

Buyouts - June 15, 2015

Our regional report on Midwest buyout deals and fundraising shows Illinois and Minnesota are prime destinations.

Income inequality, pay, wages, protest, debate, hourly wage, fast food, McDonald's

LPs wade into income inequality debate

Buyouts - June 1, 2015

“It’s not a minimum wage, it’s a starving wage.” New York City Comptroller Scott Stringer paused for a round applause from the 15,000 protestors crowded on the north side of Columbus Circle in Manhattan. “If you raise the wage to $15 [an hour] you will pump $10 billion into the hands of 1.5 million struggling New Yorkers. This makes economic sense for our city. Do you agree?”

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.

Money

Guide to Secondary Buyers & Placement Agents 2015

15 July 2015

Download our Buyouts “Guide to Secondary Buyers & Placement Agents 2015” to see the latest secondary market trends, fundraising statistics and listings. It is based on a survey of 85 secondary buyers and 92 placement agents. 

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.

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Cover Story

rocket, SpaceX, lift off, blast off,

Lift off! How to launch a debut fund

Buyouts - July 27, 2015

Their flight to New York was canceled. In fact, with a blizzard making its way up the East Coast, every flight to New York was canceled. 

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Talking Top Quartile

Antonio Gracias

Talking Top Quartile with Antonio Gracias of Valor Equity Partners

Buyouts - July 27, 2015

Valor Equity Partners II LP generated an IRR of 15.4 percent for investor GCM Grosvenor DEM LP as of Dec. 31, 2013, the benchmark date in a survey of fund performance data by Buyouts. The performance of the vintage 2007 fund matched the top-quartile threshold of 15.4 percent and beat the median of 9.4 percent for that vintage, according to the study. Antonio Gracias, CEO and CIO of Valor Equity Partners, spoke with Buyouts at the firm’s Chicago office.

Market Intelligence

market at a glance, data

Market at a glance

17 July 2015

U.S.-based buyout and mezzanine fundraising had a prolific two-week period, seeing its burgeoning 2015 aggregate expand by $13.1 billion. This year’s total sits $20.6 billion ahead of where it was at the same time last year. 

From the Editor

Chris Witkowsky, Private Equity Editor, Buyouts Insider

Who should pay restructuring fees?

Buyouts - July 27, 2015

There’s an aspect of a recent restructuring deal that is ticking off some limited partners.

Stock broker, stressed out, stress, falling prices

Valuations rebound to near pre-crisis levels, putting pressure on sponsors

01 July 2015

Brooks Zug, senior managing director and co-founder of funds-of-funds manager HarbourVest Partners, this spring told an audience of deal-makers about a buyout opportunity some of his associates had recently pitched with a price tag of 23.5x of trailing EBITDA

Nikolaos Perros of Citco

Need to Meet: Nikolaos Perros, global head of private equity and real estate fund services, Citco Fund Services

Buyouts - July 27, 2015

Citco Fund Services started out as a hedge fund administrator in the late 1960s with George Soros as a noted early client. As hedge funds diversified into other asset classes in the mid-1990s, Citco morphed with them and began servicing a broad variety of alternative fund managers, including private equity and real estate managers. 

Andrew Richards

Five Questions with Andrew Richards, managing director, Swander Pace Capital

Buyouts - July 27, 2015

1. Your firm just sold Applegate Farms LLC to Hormel Foods Corp for about $775 million in a deal that closed on July 13. Why did you decided to sell?