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Monday, 14 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

Amount raised during 2014 by fund type ($B)

Oxygen flows freely to sub-$1 billion funds

Buyouts - July 14 2014

At the peak of the last fundraising boom six years ago, sponsors had reason to feel like small potatoes if they were targeting anything less than $1 billion. Today, with fundraising soaring again, such firms are playing a far larger role in the market.

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.

Deal News

Dutch software firm Exact in $1.4 bln buyout talks with Apax, KKR

14 July 2014

Dutch software company Exact Holding is in sale talks with a series of buyout shops, including Apax Partners and Kohlberg Kravis Roberts & Co, in a deal to take the company private that could be worth around one billion euros ($1.4 billion), sources said.

Fresh Capital

Florida commits $872.5 mln to alternatives in Q2

11 July 2014

The Florida State Board of Administration committed $872.5 million to alternative investments in the second quarter, including about $622.5 million to private equity, according to an investment summary provided by the pension system.

​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 7.14.14

MARKET AT A GLANCE

Buyouts - July 14 2014

U.S.-based buyout and mezzanine shops raised more than $103.3 billion in capital through July 4. The latest fundraising tally is significantly higher than the same time last year when buyout and mezzanine shops managed to raise only $79.1 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

Jonathan Friedlands of Levenfeld Pearlstein, LLC

JOBS Act update: what sponsors need to know

Buyouts - July 14 2014

Readers of Buyouts are familiar with the JOBS Act, which, among other things, lifted the ban against general solicitation for certain exempt offerings and will, once the U.S. Securities and Exchange Commission approves regulations, permit non-accredited investors to make investments into exempt offerings through crowdfunding “portals.”

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