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Sunday, 26 April 2015

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

TA sees leadership changes as it moves forward with next flagship fund

23 April 2015

As TA Associates talks to limited partners about its next flagship vehicle, which is expected to target $4 billion, the firm is also informing LPs about some management changes going forward, sources said.

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Top News & Analysis

Scorecard, score card, golf

LP Scorecard: Lindsay Goldberg produces anything but small potatoes for Idaho

24 April 2015

Large and mega-sized funds dating back to right before the Great Recession led the way in year-over-year distribution for the Public Employee Retirement System of Idaho during a recent one-year period. Overall the pension enjoyed over $261 million in distributions from its private equity portfolio in the year ending September 2014, with the top five funds responsible for about $76 million of that. 

Shoppers, sale, store, crazy, frenzy, frenzied, shopping, nuts, retail,

Bidding frenzy for Russell Investments, some bids top $1.4 bln

23 April 2015

The London Stock Exchange received 20 bids for its asset management unit, Russell Investments, three sources said.

stumble, loss, lose, fall, decline

KKR’s first-quarter earnings drop 4.9 pct on credit losses

23 April 2015

KKR & Co LP on Thursday reported a smaller-than-expected 4.9 percent year-on-year drop in first-quarter profit, as proceeds from private equity asset sales offset most credit investment losses, Reuters reported.

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

European PE firms face competition from wealthy individuals

23 April 2015

Private equity firms are facing increasingly stiff competition from a growing breed of entrepreneurs and high-net-worth individuals as Nomad Holding’s acquisition of Europe’s biggest frozen foods business, Iglo Foods showed this week, Reuters reported.

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

Langdon to leave Hermes GPE as firm chooses NYC over Boston

23 April 2015

Alternative asset manager Hermes GPE is leaving Boston after only a few years and opening an office in New York as it continues to grow its presence in North America, sources told Buyouts.

Henry Kravis of Kohlberg Kravis Roberts & Co

KKR mulls launch of next flagship North America Fund this year

23 April 2015

Kohlberg Kravis Roberts & Co is on track to launch a major fundraising effort to follow up its $9 billion flagship North America Fund XI from 2012, as it continues to deploy capital in the high-priced deal environment.

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

TA sees leadership changes as it moves forward with next flagship fund

23 April 2015

As TA Associates talks to limited partners about its next flagship vehicle, which is expected to target $4 billion, the firm is also informing LPs about some management changes going forward, sources said.

Money

Materne-Mont Blanc completes 280 mln euro loan refinancing

22 April 2015

LBO France has concluded a 280 million euro ($300.24 million) loan refinancing of its food group Materne-Mont Blanc and paid a dividend to shareholders, the private equity group announced on Wednesday, Reuters reported.

compliance, regulation, government, regulator, rules, comply

Stone Point looks to sell RegEd

22 April 2015

Stone Point Capital is selling RegEd, an affiliate of portfolio company StoneRiver Group, three sources said.

SEC

Goldman-linked company settles SEC charges over going ‘dark’

22 April 2015

A company affiliated with Goldman Sachs Group Inc agreed to pay $640,000 to settle SEC charges that it failed to resume making public disclosures to investors after going “dark” for six years, Reuters reported.

Joint venture, handshake, shake hands, it's a deal, deal

Berkshire Partners nears deal for Trilantic-backed Implus

22 April 2015

Private equity firm Berkshire Partners LLC is close to an agreement to acquire footwear accessories maker Implus Corp in a deal that values it at more than $600 million, including debt, three people familiar with the matter told Reuters.

Sysco logo

Sysco opposes FTC challenge to its purchase of KKR-backed U.S. Foods

22 April 2015

No. 1 U.S. food distributor Sysco Corp has filed a memorandum opposing government efforts to block its proposed purchase of rival U.S. Foods Inc on Tuesday, Reuters reported, citing court records.

Henry Kravis, KKR

KKR secures $1.7 bln for special situations fund

22 April 2015

KKR & Co LP has secured $1.7 billion for its second special situations fund, which is seeking to raise as much as $3 billion in all to invest in distressed assets, people familiar with the process told Reuters.

departure, leaving, businessman, new opportunity, exit

KKR’s Americas capital markets head Rowbottom to leave: Bloomberg

22 April 2015

Jeff Rowbottom, KKR & Co LP’s head of capital markets for the Americas, will resign to join Israeli venture capital firm Pontifax Group, according to Bloomberg.

Fortune teller, cards, future, prediction,

Insurers expect PE to offer best returns in next 12 months

22 April 2015

Low or negative yields and surging equity markets are making insurers gloomy about the outlook for their investments, according to a Goldman Sachs Asset Management survey of nearly 300 senior insurance executives across the globe, Reuters reported.

courtroom, court, judge, jury, legal, law, justice, scales of justice

TPG launches search for new general counsel

22 April 2015

TPG Capital LP’s General Counsel Ronald Cami plans to leave the marquee private equity firm as it raises its targeted $10 billion TPG Partners VII.

strike, batter, baseball, catcher, bat, swing, fastball, breaking ball

Top-performing co-investments target GPs' 'strike zone'

21 April 2015

Limited partners can’t seem to get enough co-investment, but Cambridge Associates has some advice – maybe think about waiting until the market cools before deploying that co-investment capital.

Los Angeles, LA, Southern California

Ventura County approves $50 mln PE plan

21 April 2015

The Ventura County Employees’ Retirement Association plans to increase total commitments to private equity by more than 17 percent this year, retirement system administrator Linda Webb told Buyouts.

Jackpot

CCMP to get dividend from Milacron

21 April 2015

Milacron, which just filed to go public, plans to pay a dividend to its sponsor, CCMP Capital Advisors.

Focus Media Holding logo

Carlyle-backed Focus Media seals $1.4 bln loan ahead of Shanghai listing

21 April 2015

Focus Media Holding Ltd, a Chinese display advertising company backed by Carlyle Group LP and other private equity firms, has sealed a $1.4 billion loan from a group of three banks to refinance existing debt ahead of a planned listing in Shanghai, according to Reuters, citing a report by Basis Point.

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.

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.

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. 

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.

Cover Story

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.

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

Allan Holt, The Carlyle Group

Talking Top Quartile with Allan Holt of The Carlyle Group

Buyouts - Apr 6 2015

Carlyle Partners IV, the vintage 2005 fund from The Carlyle Group, rang up an IRR of 14.8 percent as of Dec. 31, 2013, for the California Public Employees’ Retirement System. 

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

Chris Witkowsky

Fenway would be a big trophy for SEC

Buyouts April 20, 2015

When I heard Fenway Partners got a Wells Notice from the SEC, indicating the agency was preparing an enforcement action against the firm, my first thought was: Yeah, so what?

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. 

Scott Case, Silicon Valley Bank

Need to Meet: Scott Case, Head of Global Private Equity Services, Silicon Valley Bank

Buyouts April 20, 2015

Bootstrapping itself from its origins 32 years ago as a lender for venture capital-backed firms, Silicon Valley Bank now ranks as the 40th largest bank in the United States with $39 billion in assets as of Dec. 31. 

Maurice Gordon, Managing Director, Head of Private Equity Investments, Guardian Life Insurance Company of America

Five Questions with Maurice Gordon, Managing Director, Head of Private Equity Investments, Guardian Life Insurance Company of America

Buyouts April 20, 2015

Jeffrey Chang, a former executive with fund of funds Performance Equity Management, joined your team in November as a senior director focused on PE funds and co-investments. How’s the co-investment effort going?