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Friday, 27 March 2015

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Brooks Zug, HarbourVest Partners, Chris Witkowsky, Buyouts East, 2015

HarbourVest's Zug foresees lackluster returns for vintage 2015 funds

25 March 2015

Private equity veteran Brooks Zug said high purchase price multiples in the face of “enormous competition” for deals may limit the returns from vintage 2015 top-quartile funds to a less-than-dazzling net IRR of about 15 percent.

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Top News & Analysis

Scorecard, score card, golf

LP Scorecard: TPG, PAI Partners generate highest cash-on-cash returns for Pennsylvania PSERS

27 March 2015

TPG Capital and PAI Partners lead the way in generating the highest cash-on-cash returns for Pennsylvania Public School Employees’ Retirement System’s portfolio as of June 30. 

Chart of the week - Many portfolio companies getting long in the tooth

Chart of the week: Many portfolio companies getting long in the tooth

27 March 2015

A lot of portfolio companies are showing their age, according to PitchBook research on about 7,800 U.S.-based portfolio companies. True, a shade over half of the deals date from within the past five years. But more than a third date from the 2005-2009 period, and more than 10 percent are even older.

Chart of the week - Hold periods stretch out

Chart of the week: Hold periods stretch out

27 March 2015

It’s getting harder and harder to find good deals. So once sponsors do find companies they like they are holding on to them for longer than in the past. Six years was the median hold period for U.S. portfolio companies last year among nearly 7,800  looked at by data provider PitchBook.

Rolls Royce, Phantom III, car, automobile, English, England, UK, U.K., United Kingdom, Continental Automobile dealership, Villeneuve sur Lot, Southwestern France

CD&R to make about 3x its money with BCA sale

26 March 2015

Clayton, Dubilier & Rice LLC expects to roughly triple its money with the sale of British Car Auctions (BCA), a person familiar with the matter said.

Metinvest, iron and steel plant, steel, metal, billets

American Industrial Partners gears up for Fund VI

26 March 2015

One of the highly anticipated names in the private equity fundraising market this year is American Industrial Partners, which is expected to come back to market with its sixth fund.

Carlyle Group offices in Washington

Kewsong Lee: Carlyle has $9 bln-plus for energy

26 March 2015

The Carlyle Group has more than $9 billion of dry powder at its disposal for opportunities in the energy sector, said Deputy Chief Investment Officer and Managing Director Kewsong Lee.

chalkboard, chalk board, teacher, French, France, school,

Back to School: IPOs more common for PE-backed companies

26 March 2015

Private equity made a strong showing in the IPO market during the past two years, according to a new study.

Shoppers, sale, store

LSE sends out 50-plus books for Russell Investments

26 March 2015

The London Stock Exchange is conducting a “broad sales process” for Russell Investments, four sources said.

Pizza, slice of pizza, Pizzeria Uno

Victory Park Capital sets $45 mln dividend recap for Giordano's

25 March 2015

Victory Park Capital is close to announcing a $45 million dividend recapitalization of Giordano’s, the Chicago-based maker of deep dish pizza and other Italian food, roughly four years after the company was bought out of bankruptcy, according to a source.

Wall Street bull, IPO, NYSE, New York Stock Exchange, bullish, stock market

Bain sees IPO potential for $2.4 bln Blue Coat Systems buyout

24 March 2015

Bain Capital sees an IPO in the cards for cybersecurity company Blue Coat Systems Inc, according to a deal-maker for the marquee private equity firm.

out the door, exit, departure, leaving, quit, leave, depart

LPs unlikely to head for the energy exits: Buyouts East panelists

24 March 2015

One question (among many) around the collapse of oil prices is whether limited partners will flood the market with stakes in energy funds.

Magnifying glass

LPs say SEC scrutiny aids push for transparency

24 March 2015

SEC scrutiny of the private equity industry has aided limited partners seeking greater transparency and reduced fees from fund managers, LPs said at the Buyouts East conference on March 24.

GoDaddy

KKR and Silver Lake look to double money after GoDaddy IPO

24 March 2015

After four years, the private equity firms that acquired GoDaddy Inc stand to double their money when the Web hosting company goes public.

globe, global, globalization, international, world, worldwide, earth

Siguler Guff draws $260 mln for first trade-opportunities fund

24 March 2015

Siguler Guff & Co has drawn in $260 million for an inaugural fund aimed at financing cross-border trade, in a move to tap into global deal-making, according to a filing.

chess, chess board, chess piece, pieces

Venor plans April first close for special situations fund

23 March 2015

FundsVenor Capital Management plans to hold a first close for its second special situations fund on between $200 million and $250 million in April, according to Pennsylvania Public School Employees’ Retirement System documents and a market source. The firm set a $300 million target and a $500 million hard cap for Venor Special Situations Fund II.

KPS Partners, Michael Psaros, Jay Bernstein, Raquel Palmer, David Shapiro

Deal of the Year 2015 Winners

March 23, 2015 Buyouts

One of the great aspects of private equity is the industry’s dedication to companies that actually make stuff.

Ready set, on your marks, race, foot race, start

Firms race to raise capital for energy credit opportunities

March 23, 2015 Buyouts

There is a mini-race of sorts in the private equity fundraising market: At least five firms of varying sizes have launched, or are preparing to launch, funds focused on energy credit investments.

Rich Lawson, HGGC

Five Questions with Rich Lawson, CEO, HGGC

March 23, 2015 Buyouts

HGGC held a final close on $1.33 billion on March 4 for its second fund. Steve Gelsi asked HGGC CEO Rich Lawson five questions.

David Barkus, Greenberg Traurig

Need to Meet: David Barkus, Shareholder, Greenberg Traurig

March 23, 2015 Buyouts

Long-time mergers and acquisitions lawyer David Barkus has seen a surge in demand for a certain type of insurance that proivdes dealmakers coverage in case of a breach of contract.

Computer Software

Talking Deal Prices: Vector Capital to pay 2.5x projected revenue for Saba Software

March 23, 2015 Buyouts

It’s pretty rare for any private equity firm to take a company private nowadays because of lofty stock market prices and competition from cash-laden strategic buyers.

KPS Partners, Michael Psaros, Jay Bernstein, Raquel Palmer, David Shapiro

Deal of the Year 2015 Winners

March 23, 2015 Buyouts

One of the great aspects of private equity is the industry’s dedication to companies that actually make stuff.

truck cover, Tectum Holdings, Kinderhook

Middle Market Deal of the Year: Kinderhook Industries

March 23, 2015 Buyouts

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

quilt, quilting

Small Market Deal of the Year: High Road Capital Partners

March 23, 2015 Buyouts

Targeting a niche market like quilting helped High Road Capital Partners sew up a profitable exit.

boiler burner, flames, flame, blue, gas

European Deal of the Year: The Carlyle Group

March 23, 2015 Buyouts

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

March 9, 2015 Buyouts

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

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.

Coin

Add-ons add up in Europe’s leveraged loan market

20 March 2015

Some 1.4 billion euros ($1.52 billion) of add-on loans backing bolt-on acquisitions have sold successfully in Europe’s leveraged loan market, attracting investors with the opportunity to invest new money amid a lack of large scale buyout activity, Reuters reported.

Cover Story

KPS Partners, Michael Psaros, Jay Bernstein, Raquel Palmer, David Shapiro

Deal of the Year 2015 Winners

March 23, 2015 Buyouts

One of the great aspects of private equity is the industry’s dedication to companies that actually make stuff.

Digital Edition

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

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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

Terry Garnett, Dave Helfrich, Garnett & Helfrich Capital, venture buyouts

Talking Top Quartile with Terry Garnett of Garnett & Helfrich

March 9, 2015 Buyouts

How did Garnett & Helfrich produce an IRR of more than 23 percent for its debut fund? We talked to co-founder Terry Garnett to find out.

Market Intelligence

Market at a glance

16 March 2015

The private equity markets continued to cruise in 2015 as deal-making and fundraising both kept charging ahead toward the end of the first quarter. Over the past two weeks, deals done by U.S.-based buyout and mezzanine firms have added nearly $11 billion to the year-to-date total. As it currently sits, the 2015 sum is about $13 billion ahead of where it was at this point in time last year.  

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

March 23, 2015 Buyouts

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

Fireworks

Let's see some fireworks

10 March 2015

A high-profile sexual discrimination trial happening right now pitting Ellen Pao against her former employer, Kleiner Perkins Caufield & Byers, has turned a spotlight on what many believe is a culture of sexism in Silicon Valley.

Doug Ryder, corporate partner, Kirkland & Ellis LLP

Get your fully diligenced bids in early: Doug Ryder, Kirkland & Ellis

09 March 2015

Late last month I caught up with Doug Ryder, a corporate partner in the New York office of Kirkland & Ellis LLP, for a discussion about what he’s seeing in the sponsor-backed deal market. 

David Barkus, Greenberg Traurig

Need to Meet: David Barkus, Shareholder, Greenberg Traurig

March 23, 2015 Buyouts

Long-time mergers and acquisitions lawyer David Barkus has seen a surge in demand for a certain type of insurance that proivdes dealmakers coverage in case of a breach of contract.

Rich Lawson, HGGC

Five Questions with Rich Lawson, CEO, HGGC

March 23, 2015 Buyouts

HGGC held a final close on $1.33 billion on March 4 for its second fund. Steve Gelsi asked HGGC CEO Rich Lawson five questions.