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Dan Primack

New Fund Performance Data from UTIMCO

Posted on: February 9th, 2010

A large number of public pension funds now report fund-by-fund private equity performance (if you ask nicely), but they also report on a lag. The CalSTRS website, for example, only reports data through the end of March 2009. CalPERS does one quarter better, while Mass PRIM only releases 12/31 data – which means we won’t see those numbers until May or June. Oregon and Washington are among the best, with their websites currently showing data through the end of Q3 2009.

But Oregon and Washington are not the gold standard. That would be the University of Texas Investment Management Co. (UTIMCO), which seems to operate on one of those calendars that begins being sold around Halloween. You know, the ones with November, December and then all of next year…

Yesterday I asked UTIMCO for its most current PE performance data, and it sent a file that includes numbers through the end of November 2009. That makes it the most current sheet out there, and I’ve posted it after the jump. I’ve also posted UTIMCO’s performance data through November 2008, for the sake of comparison.

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Erin Griffith

Divestitures and Carve-Outs in the Oil and Gas Industry

Posted on: February 9th, 2010
A new white paper from Deloitte indicates that O&G divestitures and carve-outs could be on the rise. Several "supermajors" in the industry have announced divestiture plans in order invest in E&P activities. Meanwhile, independent oil and gas companies are looking to exit non-core domestic, international and offshore portfolios to streamline their operations. The same thing is happening in oilfield services companies.

Download the white paper below:

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Dan Primack

10 Years of Vicissitudes: A Review of China’s VC Sector by Size

Posted on: February 8th, 2010
Zero2IPO, a research company focused on the Chinese IPO market, has released a new white paper called: Ten Years of Vicissitudes: A Review of China’s VC Sector by Size. It's authored by Qian Yang.

Download it here.

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Erin Griffith

PE Debt Watch (Upgrades & Downgrades)

Posted on: February 5th, 2010
As usual, we have a week’s worth of ratings actions on the debt of LBO-backed companies from ratings agencies Standard & Poor’s Ratings Services and Moody’s Investors Service.

Company: Hexion Specialty Chemicals Inc.
Sponsor: Apollo Management
Action: S&P raised its ratings, including its corporate credit rating to 'B-' from 'CCC+', on the company.
Highlight: "The upgrade reflects an improvement in credit quality following the successful completion of Hexion's financing transaction including amendments to its senior secured credit facilities, and our expectation that an ongoing trend of improving operating results will continue into 2010," said Standard & Poor's credit analyst Paul Kurias.


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Dan Primack

China VC Confidence Index

Posted on: February 5th, 2010
The quarterly China Venture Capitalist Confidence Index is based on an ongoing survey of Mainland China and Hong Kong venture capitalists, and released each quarter by University of San Francisco (USF) professor Mark Cannice. Get the latest data here.

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Dan Primack

New FTC Endorsement/Advertising Guidelines Create Risks

Posted on: February 5th, 2010
Law firm Edwards & Angel has published a clinet advisory on new FTC rules for advertising, endorsements, etc. in new media (blogs, etc.). Download it here.

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peHUB

Neuberger Berman PE Outlook

Posted on: February 5th, 2010
Neuberger Berman today sent over its 2010 private equity outlook. Download it here.

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Erin Griffith

PE-Backed Bankruptcies Off to a Slow(er) Start

Posted on: February 3rd, 2010

One year ago today, 11 PE-backed companies had bitten the dust. In 2008, we kicked off the year with eight PE-backed companies. Not the case in 2010.

This January, only two (two!) companies filed for Chapter 11 bankruptcy protection. Atrium Companies, backed by Kenner & Co. and Golden Gate Capital, and Uno Restaurant Holdings, owned by Centre Partners Management. Is this a sign of things to come? A continuation of the downward trend in portfolio company filings that began last year?

Last year’s bankruptcies topped the prior two years, but 2010 may reveal that ‘09 was the p...

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Erin Griffith

PE Debt Watch (Upgrades and Downgrades)

Posted on: January 29th, 2010
As usual, we have a week’s worth of ratings actions on the debt of LBO-backed companies from ratings agencies Standard & Poor’s Ratings Services and Moody’s Investors Service. This week is a...


Erin Griffith

It’s Riches to (Really Nice) Rags for Private Equity, Informal Survey Finds

Posted on: January 22nd, 2010
Following this week's report that private equity compensation is sputtering to a standstill, it's no surprise an annual informal survey from PE advisory Semaphore would concur. Semaphore runs an ...



If you’re in the mood for a really enjoyable film, I recommend Guy Ritchie's Sherlock Holmes. In it he uses the latest movie-making technologies to animate 19th century London in all its dark immensity and brooding menace- from the elegant halls of parliament to the ornate rooms of masonic temples to the labyrinthine sewers beneath the city. The sets and staging in and of themselves are a masterpiece and are simply breathtaking. I think the production designer should be nominated for yet another Academy Award.

I also came to this film with a sensibility that I did not have when I first encountered Holmes as a young boy reading Conan Doyle. I was of course neither an entrepreneur nor an early-stage investor. Not surprisingly, this time, soon after leaving the theater something I had never considered before really hit me. I was struck by the realization that Sherlock would have made an amazing venture capitalist!

"What a perfectly silly notion my dear Watson!", he would no doubt have replied. But I would have to insist and say that VC's and Angel Investors young and old would do well to emulate some of Sherlock’s best qualities. Here they are as I see them:

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Venture Capitalist Accused of Blackmail Posted on: February 3rd, 2010
New York Shindig Photos Posted on: February 4th, 2010
Curt Schilling Earns (an Expensive) Harvard MBA Posted on: February 5th, 2010






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