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Thursday, 10 July 2014

Lead Story

The 10/110 freeway interchange in Los Angeles

CalSTRS to target small, mid-market firms

09 July 2014

The California State Teachers’ Retirement System is planning to put more emphasis on small and middle-market buyout, debt-related and emerging market funds during the 2015 fiscal year end June 30 according to an investment plan released by the retirement system in advance of its July 11 board meeting.

Cover Stories

Bart Osman of Lexington Partners

Co-investments surge; LP challenges multiply

Buyouts - June 30 2014

United Parcel Service wants to co-invest in deals for the first time alongside sponsors, while Guardian Life Insurance Company of America is shopping for a separate-account manager to re-energize its co-investment program. Together they are part of a post-crisis boom in co-investing that is presenting fresh challenges for limited partners. These include side letters that give an edge to certain LPs on opportunities, heated competition for equity allocations, research showing co-investments underperform, and even the prospect of regulation by the U.S. Securities and Exchange Commission.

Number of closed Midwest deals by quarter, U.S. sponsors

Industrial, tech deals lead Midwest renaissance

Buyouts - June 16 2014

With opportunities in the Midwest on the rise, executives at Miami-based H.I.G. Capital decided to get closer to the action by opening a new office in Chicago less than a year ago.

Fund News

Byron Trott's BDT Capital lifts Fund II target by 2.5x to $5 billion

09 July 2014

Riding its Peet’s Coffee & Tea Inc exit and ownership of hot fashion brand Tory Burch among other deals, BDT Capital Partners has closed on about $3.5 billion for BDT Capital Partners Fund II, already $1.5 billion more than its $2 billion debut fund from 2011.

Fresh Capital

Former Davidson investment officer joins Wake Forest endowment spin-out

03 July 2014

Christopher Culbertson, an investment director at the Davidson College Endowment, has joined Verger Capital Management to focus on asset allocation and manager due diligence, according to the endowment’s website.

​Meet the LP: Michael Felman, MSF Capital Advisors Video

02 July 2014

In this video from the PartnerConnect East conference, Michael Felman, the president of MSF Capital Advisors, a a global multi-family office, discusses the opportunities for direct investing and fund investments, in both venture capital and buyouts.

Market Intelligence

Market at a glance 6.30.14


Buyouts - June 30 2014

Buyout and mezzanine funds based in the Unites States raised more than $84.58 billion in capital commitments from institutional investors through June 20, 2014. The latest fundraising figure is over twice the amount raised this time last year when firms managed to raise $41.9 billion.

From the Editor

David Toll, Editor, Buyouts

Indiana illustrates how quickly LPs can ramp up, ramp down

09 July 2014

Many advisers preach to their clients the importance of maintaining a steady commitment pace to alternative investments, in part to ensure money gets deployed during both good times and bad. In practice, limited partners often fall short of this ideal.

Inside the Deal

Essent Group’s insurance in-force ($ bln)

Mortgage insurance meltdown generates opportunity

Buyouts - June 30 2014

As the mortgage market began to hiccup in 2007, many investors ran away from the housing sector. At  Pine Brook, however, we leveraged our expertise to identify market and capital dislocations for which our business-building investment approach was well-suited. So began our five-year effort to grow—from scratch—residential mortgage insurer Essent Group Ltd., which hit a milestone with its successful October 2013 IPO.

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