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peHUB Second Opinion

In Second Opinion, buyout shops can’t even agree on how to resolve the collusion case, why HBO and Netflix are so obsessed with each other and what it’s like raising money as a woman in Silicon Valley.

Cerberus pulls out of Seibu IPO as pricing slashed – Reuters

Japanese railway and property conglomerate Seibu Holdings slashed the price of its initial public offering and said its largest shareholder, US private equity firm Cerberus, would not participate in one of Japan’s biggest IPOs this year, writes Reuters. Seibu dropped the tentative price of its IPO by as much as 30 percent to 1,600 to 1,800 yen per share from the initial estimate of 2,300 it had announced in March.

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peHUB First Read

This Monday morning First Read brings you tips on how to value pre-IPO portfolio companies, the various sources of finance in the clean tech sector and news of NYSTRS committing over a billion to real estate and PE.

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peHUB First Read

Kick off Thursday morning with the latest on Cerberus’ new fund; Zombies taking advantage of PE’s weakness and Yahoo’s acquisition of to-do app maker Astrid.

Reuters – Cerberus Closes on SDIC German Property Deal

Private equity investor Cerberus has agreed to acquire roughly 22,000 German flats from insolvent Speymill Deutsche Immobilien, writes Reuters. As part of the deal, Cerberus is restructuring 985 million euros ($1.25 billion) in SDIC’s debt and will inject an undisclosed sum of fresh capital, according to Reuters. Reuters – Private equity investor Cerberus has agreed […]

Goldman, Cerberus Exit GSW Immobilien

Golman Sachs and Cerberus have exited German property company GSW Immobilien, Reuters reported, by placing a 20% stake on Thursday. The firms sold 7.9 million shares at 22.18 euros a share, Goldman Sachs said in a statement on Friday.

PE Investments in FIG On Pace for Strongest Year Since Crisis, Freeman Says

This year should be the best for PE investments in financial services since the financial crisis, according to Freeman & Co.

So far in 2011, there have been 69 PE transactions in financial services. But only 48 disclosed their valuations, Freeman said. Whatever the number, the deals totaled $14.9 billion during the first half of 2011, said Freeman, a New York IB that focuses mainly on financial services.

Last year, there were about the same number of deals, 70, valued at $10.1 billion, Freeman said. The average deal size this year was $309.4 million, a 39% increase from the $222.7 million posted during the first half of 2010.

Cerebus, Chatham Nix Innkeepers Buy Plans

(Reuters) – Chatham Lodging Trust and Cerberus Capital Management LP CBS.UL said on Monday they had ended their $1.1 billion commitment to buy 64 hotels owned by the bankrupt Innkeepers USA Trust. The real estate investment trust and the investment company cited the occurrence of a “material adverse” condition for pulling out of the deal. […]

Top 10 Hub Posts this Week Feature Compensation Data, Lynn Tilton, VC Returns

Catch up on what your colleagues found most interesting on peHUB this week. Posts that garnered the most pageviews from regular readers from June 6 to June 10 focused on compensation data; venture returns at UTIMCO; most active PE buyers for Q2; Austin Ventures decision to hire a chief compliance officer; Gridiron Partners holding a first close; outrage over Lynn Tilton’s plans to take one of her companies into bankruptcy; and more.

1. Slideshow: Who Makes The Most Money Of All?, by David Toll

2. Slideshow: UTIMCO’s Top 5 Venture Capital Investments, by Mark Boslet (subscribers only)

3. Slideshow: Q2’s Most Active Buyers, by Bernard Vaughan (subscribers only)

4. Excerpt: Sub Debt Coming in More Flavors, by Steve Bills

5. TPG Capital Is Planning $1B BDC, by Steve Bills

6. Why Did Austin Ventures Hire A Chief Compliance Officer?, by David Toll

7. Job Moves: Kleiner Lures Huang from Vivo, CalPERS Gets Real, Founders Fund CFO Moves On, More, by Joanna Glasner (subscribers only)

8. Lynn Tilton Blasted for Bankruptcy Conflicts, by Tom Hals, Reuters

9. Conn. Firm With Ties To Pro Sports Holds $147M First Close: Source, by Bernard Vaughan

10. Cerberus’ Feinberg Foresees Smaller Funds, by Megan Davies, Reuters

PE Firms Eyeing Spain’s Ailing Banks

A long list of U.S.-based private equity firms – including Apax, Cerberus, Mason Capital and Amber Capital – are eyeing opportunities in Spain’s ailing savings banks, Reuters reported, citing a report by financial daily Expansion. The savings banks are being forced by the Spanish government to boost their capital after years of heavy lending in the country’s decade-long property boom, Reuters wrote.

Cerberus Wins Innkeepers Hotel Auction

NEW YORK, May 3 (Reuters) – Private equity firm Cerberus Capital Management and Chatham Lodging Trust won an auction for the bulk of the hotels owned by bankrupt Innkeepers USA Trust, according to sources familiar with the matter. The pair will pay $1.12 billion for 64 of the chain’s hotels, according to two of the […]

PE Shops Cerberus, TPG Are Among 5 Finalist To Bid For Takefuji – Reuters

Five companies have made it to the final round to submit proposals for Takefuji Corp., Reuters reported. Four sources with direct knowledge of the deal said Cerberus Capital Management , TPG, Tokyo Star Bank, J Trust Co. and Korea’s A&P Financial are the finalist for Takefuji. Takefuji is a Japanese consumer lender that filed for bankruptcy in September.

Cerberus Inks Deal to Sell Chrysler Financial: UPDATED

Christmas came early for Cerberus, the once mighty PE firm that has gotten nailed by some bad bets.

Today, Cerberus agreed to sell Chrysler Financial for $6.3 billion to Toronto Dominion Bank. The deal is short of the $7.4 billion Cerberus invested in Chrysler back in 2007. The deal will help burnish Cerberus’s series of auto-related investments, Dealbook says. Also, Cerberus is retaining about $1 billion in assets.

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