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Tuesday, 05 May 2015

Hot Story

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.

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Top News & Analysis

PAI-backed Perstorp mulling refinancing options

05 May 2015

Perstorp is sounding out investors on a potential bond refinancing of costly outstanding debt, according to sources, as the Swedish chemicals firm looks to build on a recent revamp of its business, Reuters reported.

Gavel

Judge orders mediation in Energy Future bankruptcy

04 May 2015

A U.S. bankruptcy judge ordered mediation to try to resolve how creditors of Texas’ largest power company, Energy Future Holdings Corp, will divide payments that are a key part of ending its year-long bankruptcy, Reuters reported.

Henry Kravis, KKR, Kohlberg Kravis Roberts & Co

KKR merges teams after more leaders step down

04 May 2015

KKR & Co LP said it would merge some of its private equity industry teams in the United States after two more of its leaders stepped down, and as it prepares the ground for raising its next flagship North American buyout fund, Reuters reported exclusively.

Solomon Owayda

Solomon Owayda leaves Siguler Guff, to remain in industry

04 May 2015

Solomon Owayda, who in the late 1980s and 1990s led the private equity program at California State Teachers’ Retirement System, and who played a seminal role in the founding of the Institutional Limited Partners Association, has left Siguler Guff & Co as managing director in its Boston office. 

kid bankers, money, rich, kids, wealthy, stinking rich, counting money, cash, wealth, profits

Rich people can make smaller PE investments through KKR-backed Artivest

04 May 2015

Artivest, a startup that gives individual investors access to private equity funds, hedge funds, and other alternative investments, said Monday it has raised $15 million in a funding round led by private equity firm KKR & Co, Reuters reported.

David Weild, Weild & Co

Need to Meet: David Weild, Chairman, Weild & Co

Buyouts May 4, 2015

David Weild, an expert on market structure and a public proponent of the 2012 Jumpstart Our Business Start-ups Act, or JOBS Act, continues his work to develop the products, services and policies to improve the level of capital-creation in U.S. stock markets.

Paul Levy, JLL Partners

Five Questions with Paul Levy, Managing Director, JLL Partners

Buyouts May 4, 2015

Buyouts sits down with Paul Levy, managing director of JLL Partners, to get insights into portfolio company Builders FirstSource.

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

Retail success: CPG Carlyle fund tops $550 mln from individuals

Buyouts May 4, 2015

Carlyle Group is finding strong interest from wealthy individuals in a fund in which they can invest a minimum of $50,000. The fund, CPG Carlyle Private Equity Fund LLC, tips the scales at more than $550 million since Carlyle teamed up with Central Park Group to launch the vehicle.

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.

CalPERS

Costs fall at CalPERS as PE portfolio matures

Buyouts May 4, 2015

The California Public Employees’ Retirement System’s private equity management fee costs amount to only two-thirds of what they were in 2010, according to retirement system documents.

Andreas Beroutsos, Caisse de dépôt et placement du Québec

LP Profile: Caisse de dépôt pivots further toward direct investing

Buyouts May 4, 2015

The Caisse de dépôt et placement du Québec plans to commit billions of dollars more to direct deals in the years ahead, signalling a continuing shift in strategy for one of the world’s largest private equity investors.

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.

Big ducks, little ducks

What about the little guy?

Buyouts May 4, 2015

There was a moment, a golden, shining moment in the private equity industry, when the LP community seemed to come together as one. Big institutions and small ones, and everything in between, suddenly were on the same page, directing their significant leverage toward GPs to get some heft at the bargaining table when talking fees and other terms.

Elderly couples view the ocean and waves along the beach in La Jolla

Soundcore Capital launches to invest in Baby Boomer-run companies

01 May 2015

Jarrett Turner, who recently launched Soundcore Capital Partners, believes there are “tremendous opportunities” to invest in companies owned by Baby Boomers.

A woman walks her bike on an island in the Florida Keys

Florida commits nearly $1 bln in Q1, gives TPG big vote of confidence

01 May 2015

The Florida State Board of Administration made a big bet on TPG Capital in the first quarter, committing $300 million across two funds, part of a larger set of commitments totalling nearly $1 billion.

Gavel

NY PE fund president pleads guilty to fraud scheme

30 April 2015

The president of a firm that claimed it was investing in personal injury lawsuits pleaded guilty on Thursday to engaging in a conspiracy to defraud investors out of $11 million, Reuters reported.

Daniel Agroskin of JLL Partners

DPx to pay $550 mln dividend to JLL Partners and Royal DSM

30 April 2015

JLL Partners said it’s funding a $550 million dividend recap through high-yield debt for portfolio company DPx Holdings, just one year after forming the pharmaceutical services platform in a deal with Royal DSM. 

relax, vacation, sitting, watching, waiting

Oaktree cools heels waiting for markets to turn

30 April 2015

Oaktree Capital Group is sitting back, raking in commitments, sending money back to limited partners, and pining for those grand old years of distress when the world made sense.

Stephen A. Schwarzman, Blackstone Group, happy, CEO

Oregon commits $500 mln to Blackstone VII

30 April 2015

Blackstone Group continues to roll through fundraising for its seventh flagship fund. The Oregon Investment Council committed up to $500 million to Blackstone Capital Partners VII at its April 29 meeting, Oregon spokesman Michael Cox told Buyouts in an email. 

smartphone, phones, Micromax, India,

TA-backed smartphone maker Micromax looking for capital

30 April 2015

Indian smartphone maker Micromax Informatics Ltd is looking to raise capital from private investors or through a stock market listing, as it expands into new business segments including personal computing, its co-founder told Reuters.

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

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

Retail success: CPG Carlyle fund tops $550 mln from individuals

Buyouts May 4, 2015

Carlyle Group is finding strong interest from wealthy individuals in a fund in which they can invest a minimum of $50,000. The fund, CPG Carlyle Private Equity Fund LLC, tips the scales at more than $550 million since Carlyle teamed up with Central Park Group to launch the vehicle.

Deal News

kid bankers, money, rich, kids, wealthy, stinking rich, counting money, cash, wealth, profits

Rich people can make smaller PE investments through KKR-backed Artivest

04 May 2015

Artivest, a startup that gives individual investors access to private equity funds, hedge funds, and other alternative investments, said Monday it has raised $15 million in a funding round led by private equity firm KKR & Co, Reuters reported.

Solomon Owayda

Solomon Owayda leaves Siguler Guff, to remain in industry

04 May 2015

Solomon Owayda, who in the late 1980s and 1990s led the private equity program at California State Teachers’ Retirement System, and who played a seminal role in the founding of the Institutional Limited Partners Association, has left Siguler Guff & Co as managing director in its Boston office. 

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.

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.

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Cover Story

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.

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

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

Big ducks, little ducks

What about the little guy?

Buyouts May 4, 2015

There was a moment, a golden, shining moment in the private equity industry, when the LP community seemed to come together as one. Big institutions and small ones, and everything in between, suddenly were on the same page, directing their significant leverage toward GPs to get some heft at the bargaining table when talking fees and other terms.

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. 

David Weild, Weild & Co

Need to Meet: David Weild, Chairman, Weild & Co

Buyouts May 4, 2015

David Weild, an expert on market structure and a public proponent of the 2012 Jumpstart Our Business Start-ups Act, or JOBS Act, continues his work to develop the products, services and policies to improve the level of capital-creation in U.S. stock markets.

Paul Levy, JLL Partners

Five Questions with Paul Levy, Managing Director, JLL Partners

Buyouts May 4, 2015

Buyouts sits down with Paul Levy, managing director of JLL Partners, to get insights into portfolio company Builders FirstSource.