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Wednesday, 17 September 2014

Lead Story

Seen from above, a girl runs through a hedge maze with a gazebo at the centre

CalPERS, citing cost, to dump $4 bln of hedge funds

16 September 2014

The California Public Employees’ Retirement System, the largest U.S. pension fund, has decided to pull all $4 billion it has invested in hedge funds because it finds them too costly and complicated.

Cover Stories

cover image 9.15.14

Odyssey Fund IV performance climbs on recent exits

Buyouts - September 15 2014

Odyssey Investment Partners faced the worst economic downturn since the Great Depression when it launched fundraising for Odyssey Investment Partners IV in 2008. But the New York firm led by Chairman Stephen Berger, a leader in the New York political arena, barely missed a beat.

CEO of Olympus-owned company resigns over dog-kicking incident

Buyouts - September 15 2014

Demonstrating how portfolio company problems can quickly become sponsor problems, Desmond “Des” Hague, the Centerplate Inc CEO caught on tape kicking a one-year-old dog in his care, resigned amid a public outcry earlier this month.

Fund News

Bridge Growth holds first close on $1 bln inaugural fund

16 September 2014

Bridge Growth Partners LLC has held a first closing on about $250 million toward its $1 billion target on its inaugural buyout fund, as the firm founded by veterans of Vestar Capital Partners and New Mountain Capital gains traction with some recent additions to its team, according to a source.

Deal News

Energy Future to offer auction amid bidding war

16 September 2014

Texas’s biggest power company, the bankrupt Energy Future Holdings, soon will present plans to auction its majority stake in its Oncor power distribution unit, a business that could be worth $20 billion or more including debt.

Fresh Capital

CalPERS hires Hossain to lead co-invest team

15 September 2014

The California Public Employees’ Retirement System, which manages some $300 billion in assets, has hired Mahboob Hossain as a senior portfolio manager to oversee co-investments made alongside private equity fund managers, Joe DeAnda, a spokesman for the system, confirmed. Hossain started in the role Sept. 1

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.

Market Intelligence

MARKET AT A GLANCE

Buyouts - September 15 2014

Buyout and mezzanine funds based in the United States have raised $136.3 billion in capital commitments from institutional investors through Aug. 5. Overall fundraising continues to outpace the amount raised this time last year, when buyout and mezzanine funds managed to collect $100.5 billion in commitments.

From the Editor

Thomson Reuters venture capital performance data from 1997 to 2009

LBO funds have been strong performers; venture has momentum

28 August 2014

In picking strategies within private equity, investors largely got it right betting heavily over the last three decades on leveraged buyout funds. That said, venture capital firms have staged a significant comeback since the woebegone years following the Internet bubble, and they could pose competition for dollars in the months ahead.

Inside the Deal

Sanjay Gupta of Adveq

Co-Investments attractive if done for the right reasons

Buyouts - September 15 2014

Co-investing has gained popularity amongst investors who are looking for a stronger alignment of interest, more control and, ultimately, an amplification of the outperformance that is possible through investing in private equity.

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