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Wednesday, 04 March 2015

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PE owners to show tiny gain on Freescale's $16.7 bln sale

04 March 2015

The private equity firms that acquired Freescale Semiconductors in a mammoth $17.6 billion deal nearly nine years ago are finally getting their money back.

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Top News & Analysis

Magnifying glass

Global regulators publish revised proposals to supervise top funds

04 March 2015

Global regulators published revised proposals on Wednesday for supervising the world’s biggest mutual funds – as well as private funds – following fierce industry pushback in the United States and elsewhere, Reuters reported.

Familiar models, new fashions

Bain Capital, Golden Gate vying for Ann Taylor parent

04 March 2015

Bain Capital LLC and Golden Gate Capital Corp are competing to acquire Ann Inc, the struggling U.S. women’s retailer and owner of the Ann Taylor brand, people familiar with the matter told Reuters.

Credit cards

Hellman & Friedman, Fortress prepare joint bid for Italy’s ICBPI

04 March 2015

U.S. private equity firm Hellman & Friedman and U.S. asset manager Fortress Investment Group are lining up a joint bid for Italian bank services provider ICBPI, ahead of a March 23 deadline, two sources familiar with the matter told Reuters.

roundup, horses, lasso, lassoing, cowboy, cowboys, Wild West

Deal roundup, 3.2.15

04 March 2015

The following bids, mergers, acquisitions and disposals were reported by Reuters as of 2100 GMT on Tuesday, March 2, 2015:

data on computer screen

PE-backed Novetta Solutions on block for up to $650 mln

03 March 2015

Novetta Solutions LLC, a provider of software and IT services to the U.S. intelligence community, is exploring a sale which could value it at more than $650 million, including debt, people familiar with the matter told Reuters.

tanker, ship

Shipping industry faces shake up as private equity unwinds bets

03 March 2015

As global shipping grapples with its worst downturn in 30 years, private equity firms are unwinding massive bets made on the sector in a move set to accelerate a restructuring of the shipping industry, Reuters reports.

Retired General David Petraeus

KKR stands by its man: Petraeus to remain at KKR Global Institute after guilty plea

03 March 2015

Kohlberg Kravis Roberts & Co will continue to employ David Petraeus after the retired U.S. Army general who led the Central Intelligence Agency pleaded guilty to a federal charge of unauthorized removal and retention of classified information. 

Warren Buffett, Berkshire Hathaway, Oracle of Omaha

Buffett attacks PE in annual letter to investors

03 March 2015

The “Oracle of Omaha” has no love for private equity.

Win the race, beat, beat the competition, finish line, cross the line first, first place, winner

Spanos Barber Jesse & Co's inaugural fund beats $150 mln target

03 March 2015

Spanos Barber Jesse & Co has beaten its $150 million target for its inaugural private equity fund and may be close to inking its first deals.

plastic spoons and forks, tableware, plastic

Olympus explores sale of disposable tableware maker Waddington

03 March 2015

The Waddington Group, a private equity-owned manufacturer of plastic plates, cups and cutlery, is exploring a sale that could value the company at around $1.5 billion, including debt, people familiar with the matter told Reuters.

Hurdles, runners, running, hurdling

Warburg Pincus, Hellman & Friedman among few to resist hurdles

03 March 2015

Warburg Pincus and Hellman & Friedman remain among the most high-profile firms to resist providing investors with a priority return before taking carried interest. Limited partners are not well-served by priority returns, the two firms can argue, but can they hold out much longer?

Philips, lighting, LED, light emitting diode, Gerard Kleisterlee, Pierre-Jean Sivignon

Buyout groups line up bids for Philips’ lighting business

03 March 2015

Philips’ sale of the majority of its lighting components business is nearing an end as buyout groups are lining up final bids, three sources said on Monday.

Fashion

Fashion group Bogner gets interest from Permira, Bridgepoint, others

03 March 2015

The proposed sale of German fashion group Bogner has attracted interest from several private equity groups, but at a lower valuation than that initially sought by the owner of the winter clothing specialist, three sources familiar with the deal said.

Stephen A. Schwarzman, Blackstone Group, happy, CEO

Blackstone’s Schwarzman tops 2014 private equity earnings with $690 mln

03 March 2015

Blackstone Group LP Chief Executive Stephen Schwarzman took home $690 million in 2014, more than any other private equity executive, as his firm and the wider industry benefited from the favorable conditions for cashing out on investments.

roundup, horses, lasso, lassoing, cowboy, cowboys, Wild West

Deal roundup, 3.2.15

03 March 2015

The following bids, mergers, acquisitions and disposals were reported by Reuters as of 2100 GMT on Monday, March 2, 2015

bored, boring, bored businessman, boredom, yawn, yawning

Fortress’ Briger: Credit environment remains ‘less interesting’

03 March 2015

Fortress Investment Group credit guru Peter Briger believes the credit investment environment remains uninteresting even though the firm is closing in on $5 billion for its next flagship credit fund.

Surfer rides past setting sun along California coastline

Santa Barbara plans up to $70 mln for PE in 2015

03 March 2015

Santa Barbara County Employees’ Retirement System approved an investment plan that calls for $50 million to $70 million of new commitments across six to eight funds in 2015, Investment Officer Eli Martinez said in an email.

The logo of Freescale Semiconductor Inc

NXP to buy PE-backed Freescale

02 March 2015

Chipmaker NXP Semiconductors NV has agreed to buy Pep-backed Freescale Semiconductor Ltd and merge operations in a deal valuing the combined company at over $40 billion, Reuters reported.

Columbia, South Carolina, S.C.

South Carolina drafts plan for $750 mln of PE commitments

02 March 2015

A draft of the South Carolina Retirement System Investment Commission’s investment plan indicates the retirement system will have to commit $750 million to private equity during its next fiscal year to maintain its allocation, according to Feb. 26 meeting materials.

James Coulter, TPG Capital

TPG reaches $6.5 bln for Fund VII's first close

02 March 2015

TPG Capital LP drew in $6.5 billion in commitments for its first close on TPG Partners VII, its newest flagship fund that offered discounts on management fees for early investors, according to a person familiar with the firm.

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.

Jeb Bush and Mitt Romney

The politics of private equity, round 2

Jan. 26 2015 Buyouts

A presidential bid by Jeb Bush – and maybe another by Mitt Romney – puts PE back in the hot seat.

Sebastian Rath poses with his AR-15 rifle

CalSTRS gets tough on guns

January 12 2015 Buyouts

Large public pension adds opt-out agreement for PE investments in makers of banned guns.

Tightrope walker Jay Cochrane

Balancing Act

Buyouts Dec29-Jan1 2014

High prices have made deal-making as tricky as walking a tightrope.

Money, U.S. dollars, hundred dollar bills, Benjamins, Benjamin Franklin, $100, pile of money

Pay for performance

Buyouts December 8 2014

Public pensions like CalSTRS are scrambling to find the right bonus structure to retain talent.

Stephen A. Schwarzman, Chairman and CEO of The Blackstone Group

Land grab

Buyouts December 8 2014

Steve Schwarzman’s Blackstone and rivals are poised to post their best year for real estate fundraising since 2010.

Fresh Capital

Surfer rides past setting sun along California coastline

Santa Barbara plans up to $70 mln for PE in 2015

03 March 2015

Santa Barbara County Employees’ Retirement System approved an investment plan that calls for $50 million to $70 million of new commitments across six to eight funds in 2015, Investment Officer Eli Martinez said in an email.

Cover Story

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.

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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

Jim Snyder, HKW Capital Partners

Talking Top Quartile with Jim Snyder, partner, HKW Capital Partners

Feb. 9 2015 Buyouts

Jim Snyder explains why HKW Capital Partners’ fund III was so successful, generating an IRR of more than 15 percent after six years. 

Inside the Deal

John LeClaire

The Up-C IPO: a structure that keeps on giving

27 January 2015

In 2006, Hellman & Friedman acquired a minority interest in Artisan Partners, a Wisconsin-based investment management firm. Artisan was organized as a partnership at the time of the investment. Hellman & Friedman and Artisan opted to leave Artisan’s partnership structure in place following the investment rather than converting the company to a C corporation.

From the Editor

Chris Witkowsky

Skipping the energy revolution

Feb. 23, 2015 Buyouts

Would you find it odd if a major U.S. pension system completely skipped out on energy private equity funds for the last seven years?

David Toll, Executive Editor, Buyouts Insider

Many lenders see cracks appearing in mid-market loan market: survey

28 January 2015

A significant percentage of mid-market lenders predict leverage multiples will continue their recent descent while yields will continue to rise in 2015, tossing more cold water on a credit party that sponsors have enjoyed for most of the post-financial-crisis years.

Norman Leben, Gen II Fund Services

Need to Meet: Norman Leben, managing principal, Gen II Fund Services LLC

20 February 2015

Norman Leben said the business of outsourcing private equity fund administration has been picking up steam as a more prudent practice than building in-house teams from scratch.

Rob Morris

Five questions with Robert Morris, managing partner, Olympus Partners

20 February 2015

Since closing your last buyout and growth equity fund, Olympus Growth Fund VI, at $2.3 billion in 2013, any deals you’ve done that jump out at you?