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Sunday, 01 February 2015

Lead Story

Buyouts Deal of the Year Awards

Calling all entries! Buyouts 'Deal of the Year' Awards 2015

09 December 2014

Buyouts is now accepting applications for its fifteenth annual Deal of the Year awards, honoring exceptional buyouts that were fully or mostly realized in 2014. Winners will be selected in seven categories:

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Top News & Analysis

chess, chess board, chess piece, pieces

Unusual deal: Crestline-Kirchner takes over management of hedge fund

30 January 2015

Crestline-Kirchner Private Equity Group recently stepped in as manager for an underwater hedge fund launched by the late Richard Medley, in an unusual transfer of control to run the portfolio as a private equity pool.

A judge's gavel

Court rules Permira paid fair price for Ancestry.com

30 January 2015

(Reuters) - A Delaware judge ruled on Friday that Permira Advisors paid a fair value of $32 per share to acquire Ancestry.com Inc and rejected hedge fund claims the price should have been as high as $47 per share.

Scorecard, score card, golf

LP Scorecard: 3 Apollo funds generated $1.4 bln in distributions for CalPERS over 12-month period

30 January 2015

Like many big investors, California Public Employees’ Retirement System has been rolling in distributions these last few years, and Apollo Global Management was one of the biggest contributors from the June 2013 to June 2014 period.

U.S. Republican Presidential candidate Mitt Romney

Count Mitt out: Romney says he won't run again

30 January 2015

(Reuters) - Republican Mitt Romney opted out of the 2016 presidential race on Friday after considering whether to run for a third time, telling supporters it is time for the next generation of Republican leaders to seek the White House.

Shake Shack

Shake Shack IPO is sweet treat for backer Leonard Green

30 January 2015

(Reuters) - Shares of trendy hamburger chain Shake Shack Inc soared 150 percent in their first few minutes of trading on Friday, valuing the company that grew out of a hotdog cart in New York’s Madison Square Park at nearly $2 billion.

Chris Christie, New Jersey

NJ finds no pay-to-play violation in General Catalyst commitment

30 January 2015

New Jersey state Treasury investigators found no wrongdoing in venture firm General Catalyst’s decision to not report a political contribution from one of its executives-in-residence – now Massachusetts Gov. Charlie Baker – months before the state pension committed millions to the firm.

big air, snowboarder, snow, snowboarding, Olympics

Breaking: New Jersey goes big with Blackstone

29 January 2015

The New Jersey Division of Investment will move forward with more than $1 billion of new commitments to The Blackstone Group, including $750 million to separate accounts, according to spokesman Chris Santarelli.

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

Wealthy individuals pile into Blackstone's new retail effort

29 January 2015

The Blackstone Group raised about $500 million last year for a new strategy aimed at individual investors, part of a huge fundraising year for the world’s largest private equity firm.

Tony James of Blackstone speaks at Buyouts Insider's LP-GP Summit in 2014

Blackstone to share all deal fees with Fund VII LPs

29 January 2015

The Blackstone Group will share 100 percent of any deal or monitoring fees with limited partners in its seventh flagship fund, which is in the market targeting at least $16 billion.

New Mexico SIC bets on Western U.S. growth

29 January 2015

The New Mexico State Investment Council approved $200 million of commitments to private equity funds at its Jan. 27 meeting, including $50 million for a Utah-based fund manager that specializes in Western U.S. companies.

Chart of the week: Have leverage multiples for mid-market LBOs topped out?

Chart of the week: Have leverage multiples for mid-market LBOs topped out?

29 January 2015

Last year saw total leverage multiples rise for the fifth consecutive year on average, but they’ve actually been tailing off over the last few quarters. Analysts point to several reasons, including outflows from loan funds, a number of BDCs trading below book value, and widespread exposure among lenders to the struggling oil & gas sector.

Los Angeles

West Coast firm Transom Capital raises $44 mln

29 January 2015

Transom Capital Group has sealed about $44 million in LP commitments for its second middle-market fund, which is targeting $125 million. 

Carlyle hires head of consultant relations from Morgan Stanley

29 January 2015

Carlyle Group has named Jonathan Seidman head of consultant relations for its Solutions Group, the private equity firm’s $54 billion unit that includes AlpIvest, Metropolitan Real Estate and hedge fund specialist Diversified Funds Solutions.

Blackstone Group office

Blackstone 4th-quarter earnings drop 6 percent

29 January 2015

Blackstone Group LP, the world’s largest alternative asset manager, reported a 6 percent decline in fourth-quarter profit on Thursday as its real estate funds appreciated less than they did a year ago, according to Reuters news service.

TPG sues ex-spokesman, claims he stole documents in extortion plot

29 January 2015

The private equity firm TPG Capital LP has sued former spokesman Adam Levine, accusing him of taking confidential documents and distributing them to the New York Times and other media after being denied a promotion to a partnership position, according to Reuters news service.

Henry Kravis of Kohlberg Kravis Roberts & Co

KKR leads $35 mln round in Israel's ClickTale

29 January 2015

(Reuters) - ClickTale, whose software enables website owners to see how people behave on their sites, has raised $35 million in a funding round led by KKR, marking the U.S. private equity firm’s first investment in Israel’s tech sector.

London Stock Exchange, LSE

LSE to put Russell Investments up for sale for $1.4 bln

28 January 2015

(Reuters) - The London Stock Exchange Group Plc plans to put Russell Investments up for sale in mid-February and hopes to fetch around $1.4 billion for the unit, two sources told Reuters Wednesday.

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.

Lexington tops $7 bln for eighth flagship fund

27 January 2015

Secondary specialist Lexington Partners has topped $7 billion in commitments for its eighth flagship fund, with expectations of wrapping up the effort in April.

Launch, rocket, blast off, SpaceX

Siris Capital blows past hard cap

27 January 2015

Siris Capital is wrapping up its third flagship fund with $1.75 billion in commitments, above its $1.5 billion hard cap, according to a source.

Cover Stories

Year in Review: M&A exits decline in Q4, but dollar figures rise; PE-backed IPOs stay strong

15 December 2014

U.S.-based financial sponsors saw a lull in exit activity in Q4 by number of M&A exits, but the dollar amount outpaced Q3 despite nearly 50 fewer deals. 

Pay for performance

Buyouts December 8 2014

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

Fund News

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

Wealthy individuals pile into Blackstone's new retail effort

29 January 2015

The Blackstone Group raised about $500 million last year for a new strategy aimed at individual investors, part of a huge fundraising year for the world’s largest private equity firm.

Deal News

chess, chess board, chess piece, pieces

Unusual deal: Crestline-Kirchner takes over management of hedge fund

30 January 2015

Crestline-Kirchner Private Equity Group recently stepped in as manager for an underwater hedge fund launched by the late Richard Medley, in an unusual transfer of control to run the portfolio as a private equity pool.

Fresh Capital

New Mexico SIC bets on Western U.S. growth

29 January 2015

The New Mexico State Investment Council approved $200 million of commitments to private equity funds at its Jan. 27 meeting, including $50 million for a Utah-based fund manager that specializes in Western U.S. companies.

Digital Edition

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Market Intelligence

Market At A Glance

Market at a Glance

12 December 2014

U.S.-based buyout and mezzanine firms raised an estimated year-to-date amount of $200.2 billion through December 11. That figure is up from $168.7 billion at this time a year ago and has surpassed 2013’s total by nearly a full $10 billion.

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

The pension and the placement agent

Jan. 26 2015 Buyouts

Two things happened shortly before we went to press with this issue in mid-January that seemed almost symbolic of some larger truth.