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Tuesday, 28 April 2015

Hot Story

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

GE limits bidders for sponsored finance business to 12

27 April 2015

General Electric has sent out nondisclosure agreements (NDAs) to potential bidders of its sponsored finance business, which includes Antares, three sources said. The company is limiting the field to 12 interested buyers, sources said.

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Top News & Analysis

Carlyle Group, AlpInvest Partners, private equity

Carlyle has no plans to directly replace AlpInvest secondaries head

28 April 2015

A major figure in the private equity secondary world has left his post. Tjarko Hektor, head of secondaries at Carlyle Group-backed AlpInvest Partners, has left the firm, Carlyle spokesman Randy Whitestone told Buyouts. 

Flu shot, H1N1 swine flu, vaccination, nurse

Carlyle to pay $600 mln for stake in Brazil’s largest hospital

28 April 2015

Carlyle Group LP agreed on Monday to pay 1.75 billion reais ($600 million) for a stake in Rede D’Or São Luiz SA, Brazil’s largest hospital chain, a source with direct knowledge of the deal told Reuters.

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

IPO market springs to life, led by PE-backed Tallgrass Energy

28 April 2015

The U.S. initial public offering market sprang to life Monday with eight deals launched, adding to a calendar that could see as many as 14 companies go public in the next two weeks.

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

GE limits bidders for sponsored finance business to 12

27 April 2015

General Electric has sent out nondisclosure agreements (NDAs) to potential bidders of its sponsored finance business, which includes Antares, three sources said. The company is limiting the field to 12 interested buyers, sources said.

Euro debt, Yankee appeal

New York State Teachers' commits $255 mln to PE in Q1

27 April 2015

The New York State Teachers’ Retirement System allocated about $255 million to private equity in the first quarter, including more than $180 million for euro-denominated funds, according to documents released in advance of the retirement system’s April 28-29 meetings.

New join old in growing pipeline

First Reserve explores sale of pipeline company Caliber

27 April 2015

Caliber Midstream Partners LP, the owner of an oil and gas pipeline network in North Dakota, is exploring a sale that it hopes could value it at as much as $1 billion, including debt, according to people familiar with the process.

Columbia, South Carolina, S.C.

South Carolina moves into core RE with $300 mln Blackstone commitment

27 April 2015

The South Carolina Retirement System Investment Commission committed up to $300 million to an open-ended Blackstone Group real estate fund at its April 24 meeting, spokesman Danny Varat said in a statement.

A model presents a creation at the Burberry Prorsum 2012 Autumn/Winter collection show

Sycamore pays dividend recap with $205 mln in fresh Talbots debt

27 April 2015

Sycamore Partners-backed The Talbots Inc has floated about $205 million in debt to fund a dividend recapitalization, prompting a slight downgrade by Standard & Poor’s Rating Services of the women’s retailer.

Clessidra, private equity, Italy, Roberto Cavalli

Clessidra nears 500 mln euros for first close on Fund III

27 April 2015

Clessidra Capital Partners, an Italian manager that has been in talks to buy a majority stake in fashion house Roberto Cavalli, is approaching 500 million euros ($543.6 million) for a first close for its latest flagship fund, according to a person with knowledge of the fundraising.

2015 U.S. private equity fundraising has a New York State of mind

Chart of the week: U.S. private equity fundraising this year has a New York State of mind

27 April 2015

From the beginning of the year 57 U.S. LBO and mezzanine funds have so far closed on capital, according to Thomson One, a product of Thomson Reuters. Of the 57, 19 (33%) were sponsored by firms based in New York. This is more than the next three states combined, and more than doubled second-place California. 

Billion-dollar-plus funds take center stage this year

Chart of the week: Billion-dollar-plus funds take center stage this year

27 April 2015

Of the 57 U.S. buyout and mezzanine funds that have closed on capital since the onset of 2015, about a quarter of them, 14, have so far closed on at least $1 billion. The second tallest pole in the tent is the $100 to $300 million range, with 13 funds, or about 23 percent. While the results are diverse, investors appear to be trending towards the safety of larger funds.

Scorecard, score card, golf

LP Scorecard: Lindsay Goldberg produces anything but small potatoes for Idaho

24 April 2015

Large and mega-sized funds dating back to right before the Great Recession led the way in year-over-year distribution for the Public Employee Retirement System of Idaho during a recent one-year period. Overall the pension enjoyed over $261 million in distributions from its private equity portfolio in the year ending September 2014, with the top five funds responsible for about $76 million of that. 

Shoppers, sale, store, crazy, frenzy, frenzied, shopping, nuts, retail,

Bidding frenzy for Russell Investments, some bids top $1.4 bln

23 April 2015

The London Stock Exchange received 20 bids for its asset management unit, Russell Investments, three sources said.

stumble, loss, lose, fall, decline

KKR’s first-quarter earnings drop 4.9 pct on credit losses

23 April 2015

KKR & Co LP on Thursday reported a smaller-than-expected 4.9 percent year-on-year drop in first-quarter profit, as proceeds from private equity asset sales offset most credit investment losses, Reuters reported.

wealthy, rich, woman, cigar, high net worth, retail investor

European PE firms face competition from wealthy individuals

23 April 2015

Private equity firms are facing increasingly stiff competition from a growing breed of entrepreneurs and high-net-worth individuals as Nomad Holding’s acquisition of Europe’s biggest frozen foods business, Iglo Foods showed this week, Reuters reported.

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

Langdon to leave Hermes GPE as firm chooses NYC over Boston

23 April 2015

Alternative asset manager Hermes GPE is leaving Boston after only a few years and opening an office in New York as it continues to grow its presence in North America, sources told Buyouts.

Henry Kravis of Kohlberg Kravis Roberts & Co

KKR mulls launch of next flagship North America Fund this year

23 April 2015

Kohlberg Kravis Roberts & Co is on track to launch a major fundraising effort to follow up its $9 billion flagship North America Fund XI from 2012, as it continues to deploy capital in the high-priced deal environment.

change, fresh start, old, new, ocean, wave, new day, moving ahead, leaving past behind

TA sees leadership changes as it moves forward with next flagship fund

23 April 2015

As TA Associates talks to limited partners about its next flagship vehicle, which is expected to target $4 billion, the firm is also informing LPs about some management changes going forward, sources said.

Money

Materne-Mont Blanc completes 280 mln euro loan refinancing

22 April 2015

LBO France has concluded a 280 million euro ($300.24 million) loan refinancing of its food group Materne-Mont Blanc and paid a dividend to shareholders, the private equity group announced on Wednesday, Reuters reported.

compliance, regulation, government, regulator, rules, comply

Stone Point looks to sell RegEd

22 April 2015

Stone Point Capital is selling RegEd, an affiliate of portfolio company StoneRiver Group, three sources said.

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.

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.

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.

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

Clessidra, private equity, Italy, Roberto Cavalli

Clessidra nears 500 mln euros for first close on Fund III

27 April 2015

Clessidra Capital Partners, an Italian manager that has been in talks to buy a majority stake in fashion house Roberto Cavalli, is approaching 500 million euros ($543.6 million) for a first close for its latest flagship fund, according to a person with knowledge of the fundraising.

Carlyle Group, AlpInvest Partners, private equity

Carlyle has no plans to directly replace AlpInvest secondaries head

28 April 2015

A major figure in the private equity secondary world has left his post. Tjarko Hektor, head of secondaries at Carlyle Group-backed AlpInvest Partners, has left the firm, Carlyle spokesman Randy Whitestone told Buyouts. 

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

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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

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?