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Thursday, 02 July 2015

Hot Story

CalPERS

CalPERS to sell $3 bln chunk of real estate portfolio

30 June 2015

The California Public Employees’ Retirement System tapped Park Hill Group to manage the sale of $3 billion worth of stakes in real estate funds on the secondary market, the public pension announced June 30.

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Top News & Analysis

smash, clobber, bricks, break, martial arts

Cargill's CarVal shatters target for third credit fund

02 July 2015

CarVal Investors closed on $3 billion for its third credit fund, capping off an effort that began in early 2014, after the unit of agribusiness giant Cargill expanded its team with an ex-Goldman Sachs executive and several others.

floodlights, lights, Panathenaic Stadium, Athens, Greece

Searchlight Capital nears $1 bln first close

02 July 2015

Searchlight Capital Partners is nearing a first close on its second fund on around $1 billion, which gets it close to its $1.5 billion target, according to a person with knowledge of the fundraising.

Scorecard, score card, golf

LP Scorecard: These 10 young funds are off to a fast start for Washington State

02 July 2015

Advisory shop Pantheon Ventures last fall released a study of buyout fund returns showing that a “deep J-curve, relative to vintage peers,” signals that a fund is more likely to be bottom-quartile than top-quartile.

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

Harvest Partners to target $1.5 bln for next flagship fund: Updated

01 July 2015

Harvest Partners is talking to limited partners about its next flagship fund, targeting $1.5 billion, according to three people with knowledge of the firm.

popcorn, circus, Cole Brothers Circus of the Stars, snacks

TA seeks buyer or IPO for SkinnyPop

01 July 2015

TA Associates, which is reportedly nearing the close of its 12th flagship fund, is running a dual-track process for SkinnyPop Popcorn LLC, sources said.

Indiana

Indiana bets $90 mln on energy with GSO, EnCap investments

01 July 2015

The Indiana Public Retirement System committed $90 million to energy-related private equity in April and May.

cardinal, red bird

TPG exec flies to RedBird Capital

01 July 2015

RedBird Capital Partners has hired former TPG Capital executive Jason Young as its chief financial officer and chief compliance officer.

Source of Capital by Geography

Chart of the week: United States accounts for more than half of money raised by these placement agents

01 July 2015

The United States accounted for more than half the money raised by 14 placement agents that raised a combined $12.7 billion last year, according to a survey conducted this spring by Buyouts Insider (see accompanying chart). Europe came in second place at 19 percent.

physical therapy, rehab, rehabilitation, soccer, Ronaldinho, sports medicine

Madison Dearborn pays $715 mln for Patterson's rehab business

01 July 2015

Medical device supplier Patterson Companies Inc said it would sell its business that makes products that assist in a patient’s recovery to private equity firm Madison Dearborn Partners for $715 million, Reuters reported

growth, growing, grow, gain, progress, up and away,

U.S. loan volume gains momentum, but trails year-ago pace

01 July 2015

U.S. syndicated loan issuance bounced in the second quarter from the two-and-a-half-year low set the prior quarter, driven by a renewed push by companies to refinance debt before borrowing costs increase, Reuters reported.

Stephen A. Schwarzman, Blackstone Group

Blackstone CEO says euro zone could contain 'Grexit' contagion

01 July 2015

The European Union should be able to contain the fallout if Greece were to leave the euro zone following a weekend referendum on a bailout programme, Blackstone chief Stephen Schwarzman said on Wednesday, Reuters reported.

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

David Fann, President and CEO, TorreyCove Capital Partners

New Jersey chooses TorreyCove as private equity consultant

30 June 2015

The New Jersey Division of Investment will use a new private equity consultant going forward.

Back by popular demand

Here are the 35 most sought-after U.S. LBO funds on secondary market

30 June 2015

The top 35 most sought-after U.S. LBO funds on the secondary market as of the second quarter priced at an average of 97.3 percent of net asset value, according to fresh analysis from intermediary Setter Capital. That is 8 percent higher than funds that are outside of the top 35 list, Setter found.

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

Ontario Teachers to buy royalty portfolio from oil producer Cenovus for $2.66 bln

30 June 2015

Cenovus Energy Inc, Canada’s second-largest independent oil producer, said on Tuesday it has agreed to sell its portfolio of oil and gas royalty properties to Ontario Teachers’ Pension Plan for about C$3.3 billion ($2.66 billion), Reuters reported.

Skyline

Ohio Police & Fire commits up to $40 mln to RRJ's third fund

30 June 2015

The Ohio Police & Fire Pension Fund committed up to $40 million to RRJ Capital’s latest private equity fund at its June 23-24 meeting.

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

California tribe eyes bid for Sciens Capital's Colt gun company

30 June 2015

A Native American tribe in California is looking to make a bid for Colt Holding Co, the 179-year-old gun manufacturer, a tribal attorney told Reuters.

Lynn Tilton

Financier Lynn Tilton loses bid to block SEC fraud case

30 June 2015

A U.S. judge on Tuesday rejected New York financier Lynn Tilton’s bid to block the U.S. Securities and Exchange Commission from trying her before an administrative judge for defrauding investors, Reuters reported.

shampoo, household products, consumer goods

Centerbridge in talks to buy KIK Custom Products

30 June 2015

Centerbridge Partners LP is in advanced talks to acquire household cleaning and personal care products maker KIK Custom Products Inc for around $1.6 billion, including debt, according to people familiar with the matter, Reuters reported exclusively.

The General Electric Co. logo is seen at the entrance to company's facility in Massachusetts

GE to sell Europe PE unit to Japan’s SMBC for $2.2 bln

30 June 2015

General Electric Co said it would sell its European private equity financing business to a unit of Japan’s Sumitomo Mitsui Banking Corp (SMBC) for $2.2 billion, Reuters reported.

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.

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 - April 6, 2015

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

chain, link, weakest links, broken, weak

Twenty PE-backed companies make S&P's 'weakest links' list

Buyouts - June 29, 2015

Twenty companies owned by buyout shops around the world made the mid-May “weakest links” list generated by ratings agency Standard & Poor’s, a low number by post-financial-crisis standards.

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

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.

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Talking Top Quartile

T.J. Maloney, chairman and CEO, Lincolnshire Management

Talking Top Quartile with T.J. Maloney of Lincolnshire Management

Buyouts - June 29, 2015

The vintage 2004 Lincolnshire Equity Fund III notched an internal rate of return of 34.7 percent for the Teachers’ Retirement System of the City of New York as of Dec. 31, 2013, the date used in an annual analysis of public pension fund data by Buyouts. The IRR beat the top-quartile threshold of 22.2 percent and the median of 12.9 percent for that vintage.

Market Intelligence

Market At A Glance

Market at a glance

05 June 2015

U.S.-based buyout and mezzanine fundraising experienced a comparatively slow two weeks. The total grew by about $3.3 billion, to $105.5 billion. Even though the deluge of fundraising loitered a bit in the past two weeks, this year’s aggregate sits a full $27 billion ahead of where it was a year ago.      

From the Editor

Chris Witkowsky

As CalPERS trims exposure to private equity, should GPs be worried?

Buyouts - June 29, 2015

If you’re a GP, you might be somewhat worried by recent word out of California that a certain pension is cutting back its private equity exposure.

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

Kelly Rodrigues of Pensco Trust

Need to Meet: Kelly Rodriques, CEO, Pensco Trust Co

Buyouts - June 29, 2015

As CEO of Pensco Trust Co, Kelly Rodriques figured the success of online brokers such as E-Trade could point the way for more rapid transactions in the private funding space for individuals with closely held shares in their IRAs, as well as sponsors on the fundraising trail.

William Spiegel

Five Questions: William Spiegel, founding partner and managing director, Pine Brook

Buyouts - June 29, 2015

1. What’s your thinking at Pine Brook around deal-making in the financial sector as it faces an evolving regulatory environment?