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Thursday, 02 April 2015

Hot Story

Mountain of money, cash, dollar signs, pile of money, U.S. dollars, $

MVision execs launch Acalyx Advisors

30 March 2015

Jennifer Rinehart, an MVision veteran who focused on first-time funds, is launching Acalyx Advisors in New York City with at least three other colleagues from her previous employer, according to her LinkedIn profile.

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Top News & Analysis

Sebastian Rath poses with his AR-15 rifle, guns, gun, weapon, weapon, assault rifle,

California Treasurer turns up heat on Cerberus, urges CalSTRS divestment from gunmaker

01 April 2015

California’s state treasurer sent a stern letter to the state’s teachers’ pension fund on Wednesday, asking that the fund’s managing partner, Cerberus Capital Management, fully divest from the assault weapon manufacturer, Freedom Group, Reuters reported.

Commercial real estate

TPG-backed DTZ, PE shops bid for Cushman & Wakefield

01 April 2015

Private equity is dominating the auction of Cushman & Wakefield, according to two sources.

End of the road

OpenGate shuts another portfolio company

01 April 2015

OpenGate Capital, which is out raising its debut fund, is shutting down portfolio company Hamilton Scientific, which makes equipment for laboratories, according to documents seen by Buyouts and sources close to the company.

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

Deal roundup, 4.1.15

01 April 2015

The following bids, mergers, acquisitions and disposals were reported by Reuters as of 2000 GMT on Wednesday, April 1, 2015.

Rapid growth, fast, breakthrough

Preqin: GPs hit targets in shortest amount of time since 2008

01 April 2015

Private equity firms are hitting their fund targets in a shorter amount of time than at any other point since 2008, according to data released by Preqin on April 1. 

Fireworks

Get your 2015 first-quarter PE slide show

01 April 2015

Download the “Buyouts Insider Q1 2015 Highlights” slide show from the “related files” tab to see the latest trends and statistics in private equity fundraising, deals and exits.

AM Conservation showers 4x return on Trivest

01 April 2015

Trivest Partners LP earned roughly a 4x cash-on-cash return in less than five years on its sale of AM Conservation Group Inc to Kohlberg & Co, according to a source.

Dollars

Origami presses forward with Opportunities Fund III

01 April 2015

Origami Capital Partners, a 7-year-old Chicago firm founded by a veteran of Lakeview Capital Management, has raised at least $47 million toward a $450 million target for Origami Opportunities Fund III LP, a private equity pool focused on assets trapped in illiquid ownership structures, according to a Form D filing.

GoDaddy, NASCAR, Danic Patrick, IPO

KKR, Silver Lake poised for richer return from GoDaddy IPO

01 April 2015

Web hosting company GoDaddy Inc has priced its initial public offering at $20 per share, above its previously indicated $17 to $19 per share range, valuing it at around $4.5 billion, including debt, underwriting sources told Reuters.

Passersby walk in front of the main branch of Standard Chartered in Hong Kong.

Standard Chartered exec quits, plans $1 bln private equity fund

01 April 2015

Asia-focused bank Standard Chartered Plc said senior executive Viswanathan Shankar has resigned as chief executive of Europe, Middle East, Africa and Americas, and will now look at setting up a private equity firm, Reuters reported.

American Airlines airplane

First Reserve's marketing director exits

31 March 2015

Caitlyn MacDonald, director of marketing and communications at First Reserve, has left the firm, according to three people with knowledge of the situation.

Texas

Texas TRS pumps $4 bln into Apollo, KKR accounts

31 March 2015

The Teacher Retirement System of Texas (TRS) allocated $2 billion each to separate accounts with Apollo Global Management and Kohlberg Kravis Roberts & Co at its March 26 meeting, spokeswoman Juliana Fernandez Helton said in an email.

Christopher Ailman, CalSTRS, California State Teachers' Retirement System, CIO

CalSTRS commits $1.4 bln to PE in H2 2014

31 March 2015

The California State Teachers’ Retirement System committed more than $1.4 billion to private equity during the second half of 2014, according to a Pension Consulting Alliance report included in the retirement system’s April 3 meeting materials.

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

CEO Minella leaves GTCR-backed Aligned Asset Managers

31 March 2015

The status of GTCR-backed Aligned Asset Managers is unclear after the departure of CEO Dave Minella, who the firm hired to build the company.

Friends, friendship, friendly, dog, cat, pets

Chicago Growth-spinout goes ultra LP-friendly with debut fund

31 March 2015

ParkerGale LP, a spinout from Chicago Growth Partners, is in the market with its debut fund that offers a buffet of LP-friendly terms, sources with knowledge of the fund said.

Dollar bills

Revamped KRG eyes $500 mln for Fund V after fresh exits

31 March 2015

KRG Capital Partners is launching a $500 million fundraising effort behind KRG Capital Fund V, after some fresh exits, along with several personnel changes in the eight years since its predecessor fund drew in $2 billion.

Bob Grady, New Jersey Investment Council

NJ panel clears former investment council Chair Grady of ethics allegations

30 March 2015

The New Jersey State Ethics Commission dismissed pay-to-play allegations by the AFL-CIO against Robert Grady, stemming from his term as chairman of the New Jersey State Investment Council, according to the panel.

Lynn Tilton,  Patriarch Partners

SEC slams Tilton, Patriarch with fraud allegations: Updated

30 March 2015

 The SEC accused Lynn Tilton and her firm Patriarch Partners of fraud Monday, alleging the firm and its outspoken founder misled investors by assigning false valuations to loans held by three of its CLO funds.

Mountain of money, cash, dollar signs, pile of money, U.S. dollars, $

MVision execs launch Acalyx Advisors

30 March 2015

Jennifer Rinehart, an MVision veteran who focused on first-time funds, is launching Acalyx Advisors in New York City with at least three other colleagues from her previous employer, according to her LinkedIn profile.

France, high-speed trains, Alstom, train

Trainline buyout loan signals middle-market shift

28 March 2015

KKR’s decision to finance its acquisition of British rail ticket website thetrainline.com with a 275 million pound ($409.48 million) loan provided by a club of 12 lenders shows the changes afoot in European middle-market lending as multiplying loan providers reduces the traditional need to syndicate loans widely, Thomson Reuters Loan Pricing Corp reported.

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.

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.

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.

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.

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. 

limo, limousine, open door, car, door, invitation

Private equity opens door to retail investors

Buyouts - Feb 23 2015

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

Buyouts - Feb 9 2015

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.

Fund News

Dollars

Origami presses forward with Opportunities Fund III

01 April 2015

Origami Capital Partners, a 7-year-old Chicago firm founded by a veteran of Lakeview Capital Management, has raised at least $47 million toward a $450 million target for Origami Opportunities Fund III LP, a private equity pool focused on assets trapped in illiquid ownership structures, according to a Form D filing.

France, high-speed trains, Alstom, train

Trainline buyout loan signals middle-market shift

28 March 2015

KKR’s decision to finance its acquisition of British rail ticket website thetrainline.com with a 275 million pound ($409.48 million) loan provided by a club of 12 lenders shows the changes afoot in European middle-market lending as multiplying loan providers reduces the traditional need to syndicate loans widely, Thomson Reuters Loan Pricing Corp reported.

Cover Story

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.

Digital Edition

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

Forget your password or want to learn more about Buyouts? Please click here to email Bob Raidt.

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

Buyouts - Mar 9 2015

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

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

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

Buyouts - Mar 23 2015

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

Buyouts - Mar 23 2015

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.