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Sunday, 03 May 2015

Hot Story

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. 

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Top News & Analysis

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.

oak tree

Oaktree holds $7 bln first close for flagship funds

30 April 2015

Oaktree Capital Group’s distressed credit funds drew in more than $11 billion in commitments in the first quarter, including a $7.1 billion first closing for Oaktree Opportunities Funds X and Xb, according to the firm’s latest earnings report.

candle, vigil, candlelight vigil, mourning, in memoriam

GoldPoint Partners moves forward after CIO’s untimely death

29 April 2015

Steve Benevento was a “consummate professional” and a “wonderful family man” and it was with great shock that the firm where he served as a senior executive learned of his death, GoldPoint Partners said.

hydro, water, electricity, hydro-electric, energy

Brookstone to invest $750 mln in Ivory Coast hydro project

29 April 2015

U.S. private equity firm Brookstone Partners plans to invest up to 450 billion francs CFA ($750 million) in three hydroelectric dams in Ivory Coast through its Moroccan arm Platinum Powers, a company executive told Reuters on Wednesday.

sale sign, big sale, discount, everything must go

UBM explores sale of PR Newswire for $700 mln

29 April 2015

British communications and events company UBM Plc is exploring a sale of PR Newswire Association LLC in a deal that could value the distributor of press releases at more than $700 million, people familiar with the matter told Reuters.

David Rubenstein, Carlyle Group,

Carlyle raises $4.4 bln for multiple funds, slows deal pace in Q1

29 April 2015

Carlyle Group said it raised $4.4 billion in new capital in the first quarter, led by an expected $3.9 billion for Carlyle Europe Partners IV and a final close on Carlyle-backed NGP Natural Resources XI at its $5.3 billion hard cap, among others.

Carl Thoma, Thoma Bravo

Thoma Bravo raises $1 bln for special opportunities

29 April 2015

Thoma Bravo amassed more dry powder for larger deals by quickly wrapping Thoma Bravo Special Opportunities Fund II at its cap of $1.07 billion. LPs piled into the latest pool from a firm that’s been aggressive on technology buyouts despite lofty deal prices.

Feeling the heat

Still hot for secondaries, NH commits $50 mln to Coller's latest fund

29 April 2015

The New Hampshire Retirement System re-upped $50 million to a Coller Capital secondaries fund at its April 24 investment committee meeting, spokesman Marty Karlon told Buyouts in an email.

A broker monitors share prices at a brokerage firm in Mumbai, ETF, exchange traded funds

ETF outfit F-Squared goes on the block

29 April 2015

F-Squared Investments Inc, the ETF strategist that paid $35 million to settle SEC fraud charges last year, is up for sale, two sources said.

Healthcare

Advent talking to Carlyle, others about selling stake in India hospital chain

29 April 2015

Advent International is in talks with Carlyle Group and three separate healthcare providers to sell its 72 percent stake in India’s CARE Hospitals for $250 million to $300 million, two sources with direct knowledge of the matter told Reuters.

Israel

Strong interest in Uzi maker: Israel privatization czar

29 April 2015

Israel’s planned sale of one of its largest defense contractors has received interest from more than 20 Israeli and foreign entities, the country’s privatization chief said on Wednesday, Reuters reported.

LSE

LSE in talks with six bidders for Russell Investment

29 April 2015

London Stock Exchange Group Plc is in talks with at least six parties interested in buying Russell Investment Management, the investment arm of LSE-owned Frank Russell Co, the Financial Times reported, citing people close to the process, according to Reuters.

Down

Carlyle’s first-quarter earnings drop on French tax ruling

29 April 2015

Carlyle Group LP reported a 13 percent year-on-year drop in first-quarter profit, as it was asked to pay $112 million in a French tax court case involving one of its real estate funds, yet it still beat most analysts’ expectations on performance, Reuters reported.

Henry Kravis, KKR

Individual investors to access KKR through new Altegris fund

28 April 2015

Altegris has been cleared by regulators to offer accredited individuals exposure to Kohlberg Kravis Roberts & Co private equity funds.

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. 

Deal News

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.

candle, vigil, candlelight vigil, mourning, in memoriam

GoldPoint Partners moves forward after CIO’s untimely death

29 April 2015

Steve Benevento was a “consummate professional” and a “wonderful family man” and it was with great shock that the firm where he served as a senior executive learned of his death, GoldPoint Partners said.

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

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.

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

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?