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Friday, 29 May 2015

Hot Story

Tom Byrne, Byrne Asset Management, New Jersey Investment Council

New Jersey goes big with Och-Ziff, commits to TPG and RRJ

28 May 2015

The New Jersey Division of Investment will move forward with more than $1 billion of commitments involving separate accounts for private equity, credit and real estate strategies, State Investment Council chairman Tom Byrne said at the council’s May 27 meeting.

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Top News & Analysis

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

CenterGate, with H.I.G. pedigree, launches debut fund

29 May 2015

CenterGate Capital, recently formed by former H.I.G. Capital executives to invest in lower middle-market companies, is in the market with its debut fund targeting $300 million, according to two people with knowledge of the fundraising.

Money

Graham Partners sells Infiltrator Water for more than $500 mln

28 May 2015

Graham Partners Inc has exited Infiltrator Water Technologies LLC after a near 10-year hold.

GE Capital CEO: Priority on sale of private equity-lending assets

28 May 2015

As General Electric Co seeks to unload most of its finance assets, it is prioritizing the sale of businesses that provide lending to U.S. and European private equity firms, and to healthcare-related businesses, GE Capital’s top executive said on Wednesday, Reuters reported.

Digital Health

Cinven to buy France’s Labco for $1.3 bln

28 May 2015

European private equity firm Cinven has agreed to buy French medical diagnostics provider Labco SA for 1.2 billion euros ($1.31 billion), a person familiar with the deal told Reuters.

The marquee sign at Caesars Palace displays a welcome to Celine Dion in Las Vegas, Nevada

Caesars fends off challenge to control of its huge bankruptcy

28 May 2015

The operating unit of sponsor-backed Caesars Entertainment Corp received court approval on Wednesday to remain in control of its bankruptcy for another six months, Reuters reported.

Andrew McCaffery

Aberdeen to gain Flag Capital co-investments, Asia, U.S. exposure

27 May 2015

Aberdeen Asset Management will add U.S. and Asia exposure to its private equity platform, as well as a favorable view toward co-investments, in its pending acquisition of Flag Capital Management, the head of alternatives for the U.K.-based asset manager said.

Exit sign, depart, leave

New Jersey explores exit of JLL fund with stake in payday lender

27 May 2015

The New Jersey State Investment Council tasked Director Chris McDonough to explore an exit of the state pension system’s commitment to a JLL Partners fund that owns payday lender ACE Cash Express.

hired, new employee, new job

Former H.I.G. executive Tim Armstrong joins Roark

27 May 2015

Tim Armstrong, a former managing director in the middle-market business at H.I.G. Capital, has joined Roark Capital Group, according to the firm’s website.

bull's-eye, target, dart board, bullseye, bulls-eye

Mesirow tops $600 mln for sixth fund-of-funds, lifts target

27 May 2015

Mesirow Financial reached $614 million for Mesirow Financial Private Equity Partners Fund VI LP, the Chicago firm’s fund-of-funds vehicle that initially launched in 2010, according to a filing.

American flag, United States, U.S., old glory, Washington Monument

Aberdeen Asset Management says to buy U.S. firm Flag Capital Management

27 May 2015

British fund manager Aberdeen Asset Management said on Wednesday it had agreed to buy U.S. private equity and real asset-focused peer Flag Capital Management for an undisclosed amount, according to news service Reuters.

Money

Apax to make back more than it invested in Epicor

27 May 2015

Apax Partners may have failed to sell Epicor Software Corp last year, but the private equity firm is getting more than its money back.

Sweden

Promise of fee discounts leads San Diego County to increase EQT commitment

27 May 2015

The San Diego County Employees Retirement Association gave its investment staff the authority to commit up to100 million euros ($108.8 million) to EQT Fund VII at its May 21 meeting, according to a recording available through the pension’s website.

A poker room at a casino in Las Vegas, Nevada

Study finds bribery is top LP concern, while social issues rank near bottom

26 May 2015

Are North American investors less progressive than European LPs?

Locks and a chain are pictured on the steel fence of a foreclosed home in Los Angeles

OpenGate-backed PennySaver USA ceases operations

26 May 2015

OpenGate Capital-backed PennySaver USA, a weekly advertising publication, ceased operations after a lender cut off funding, according to a statement from PennySaver USA Chief Executive Officer Ronald Myers.

Chips

Affinity Gaming rejects Z Capital buyout offer

26 May 2015

Affinity Gaming rejected an offer by Z Capital to purchase the portion of the casino operator it doesn’t already own for $9.75 a share, prompting the private equity firm to support an effort to sell the company.  

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

KKR's MMI Technologies tests waters for up to $300 mln IPO

26 May 2015

Singapore’s MMI Technologies, an electronics parts company owned by private equity firm KKR & Co LP, has started meeting with investors for an initial public offering worth between $200 million and $300 million, IFR reported, according to Reuters.

Abe, screens, Japanese election

Cerberus, Bain sell stakes in Japanese companies as market soars

26 May 2015

U.S. buyout funds Bain Capital and Cerberus Capital Management sold big stakes in two Japanese companies as the stock market surges – taking profits and avoiding an expected bout of volatility if the U.S. Federal Reserve raises rate later in the year, investors told Reuters.

Spanish flag

Carlyle hires Goldman for possible Telecable stake sale

26 May 2015

Carlyle Group has hired Goldman Sachs to advise it on the possible sale of its controlling stake in Spanish telecoms operator Telecable, two sources with knowledge of the deal told Reuters on Tuesday.

handgun, hand gun, Colt, revolver, guns, shooting range, bullets

Gunmaker Colt Defense in Chapter 11 talks with bondholders

22 May 2015

Colt Defense LLC failed to make a $10.9 million interest payment on its unsecured notes, moving it closer to bankruptcy, following a steep drop in revenue at the gunmaker.

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

H.I.G. Capital private equity MD Tuch to leave firm: Updated

22 May 2015

Neil Tuch, a managing director on the private equity team at H.I.G. Capital, is leaving the firm after more than 10 years, H.I.G. Executive Managing Director Doug Berman and Tuch confirmed.

Deval Patrick, Massachusetts, governor

Impact investing: Deval Patrick wants to leave a mark at Bain

Buyouts May 18, 2015

A growing number of limited partners want their private equity investments to do more than make money. They also want them to do good.

David Brackett, GE Antares CEO

GE Antares sale will shake up middle-market lending

Buyouts May 4, 2015

COVER STORY: The pending sale of General Electric Co’s massive GE Antares unit will likely determine the top player in the growing middle-market sponsored finance business. The deal for the marquee lender has been attracting strong interest at an expected price tag of at least $16 billion.

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.

Meet the LP: Neha Markle, Morgan Stanley Video

29 August 2014

In this video from the PartnerConnect Midwest 2014 conference in Chicago, Neha Markle, executive director of the Morgan Stanley Alternative Investment Partners PE Fund Group, discusses the firm’s third party fund of funds business, which has more than $35 billion of assets under management, including $12 billion in private equity investments.

money, cash, dollars, pile, currency, U.S., profit, funds, Benjamin Franklin, $100 bills, pay, payoff

Get your 2015 employee compensation data here!

20 April 2015

Looking for great employee compensation data? If you take part in this year’s Holt-MM&K-Buyouts Insider PE/VC compensation survey, you will get a FREE executive summary, plus a 35 percent discount off the cover price if you purchase the full report.

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.

Cover Story

Deval Patrick, Massachusetts, governor

Impact investing: Deval Patrick wants to leave a mark at Bain

Buyouts May 18, 2015

A growing number of limited partners want their private equity investments to do more than make money. They also want them to do good.

data, 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

John A. Hill, First Reserve, energy, oil

Talking Top Quartile with John Hill, vice chairman, First Reserve Corp

Buyouts May 4, 2015

How did First Reserve Corp’s Fund X generate an IRR greater than 36 percent? Buyouts talked to firm co-founder, Vice Chairman and Managing Director John Hill to find out.

Market Intelligence

University of Texas takes over second place in endowment size, with 24 percent surge

Chart of the week - University of Texas endowment, with 24 percent surge, takes over second place from Yale

15 May 2015

Between fiscal years 2013 and 2014 ended June 30, U.S. and Canadian institutional endowments grew by 15 percent on average. 

From the Editor

Editor's Letter: The pendulum swings back

18 May 2015

General partners are flexing their muscles again.

Power Score front cover

For effective leadership, improve your power score

12 May 2015

Abraham Lincoln is considered to be one of the country’s greatest leaders. But he was inadvertently flirting with a depressed “power score” when he stuck with an overly cautious George B. McClellan as commander of the Army during the early years of the Civil War.

Rahul Kanwar, SS&C Technologies

Need to Meet: Rahul Kanwar, Managing Director, SS&C Technologies

Buyouts May 18, 2015

As a fund administrator with decades of experience in cloud computing and fund accounting, Rahul Kanwar sees a market opportunity tied to the diversification of private equity as an asset class.

John Rompon, Managing Partner, McNally Capital LLC

Five Questions with John Rompon, Managing Partner, McNally Capital LLC

Buyouts May 18, 2015

John Rompon is a managing partner with Chicago-based McNally Capital, which partners with family offices and high-net worth investors on direct investments. Buyouts asked him about why family offices are so eager to go direct these days.