LACERA to focus on ‘top tier’ venture funds

From the looks of it, the Los Angeles County Employees Retirement Association could be one of the busiest limited partners in the industry this year, with the potential to commit up to $1.8 billion. Its investment focus will include building exposure to smaller buyout managers, as well as ‘top tier’ venture funds.

Reuters – Indonesia IPO Train Derails

The spark that Matahari Department Store‘s $1.3 billion deal was meant to provide Indonesia’s IPO market has turned into a dud, writes Reuters. Bankers and issuers were anticipating a record $4.1 billion worth of initial public offerings in 2013, including $2.5 billion in the first half of the year, writes Reuters. The Matahari deal in March – in which private equity firm CVC Capital sold down its stake in Indonesia’s biggest stock sale since 2011 – was seen as a stage setter, writes Reuters.


Oregon Pledge Sets Stage For Close of KKR Flagship Fund

With a $250 million follow-up commitment from the Oregon Investment Council, Kohlberg Kravis Roberts & Co’s latest flagship fund is within reach of its $8 billion target, a fundraising goal the firm started pursuing nearly two and a half years ago, according to Buyouts, peHUB’s sister magazine…

Chairman of CVC Capital to Step Down in January

CVC Capital Partners, the London-based private equity firm, has announced that its chairman, Michael Smith, will retire in January. Smith will be succeeded by Donald Mackenzie, Rolly van Rappard and Steve Koltes, who will act as co-chairmen of the group.

Reuters – CVC Sells $1.6bn Stake in Formula One

Private equity firm CVC Capital has sold a $1.6 billion stake in Formula One to three investors including BlackRock ahead of the motor racing company’s planned $3 billion initial public offering in Singapore, writes Reuters. The pre-IPO deal cuts CVC’s stake in Formula One to about 40 percent from 63.4 percent. The two other investors […]

ConvergEx Group Ends CVC Deal

ConvergEx Group, a software provider for brokerage and investment technology firms, said it terminated its merger agreement with private equity firm CVC Capital, partly because of probes by U.S. regulators, Reuters reported Friday. CVC Capital was looking to buy ConvergEx, which is partly owned by Bank of New York Mellon, for $1.9 billion, Reuters wrote.


Private Equity Helps Q3 Tech M&A Jump 22%

Volatility may have slowed down M&A in third quarter but tech deals don’t seem to have been affected.

There were 759 tech deals worldwide from July to September, valued at $56.4 billion, according to Ernst & Young’s “Global Technology M&A Update.” This up 22% from the 700 deals that occurred in Q3 2010 that totaled $46.2 billion.

“Looking at the data, I would say that volatility did not [affect tech deals],” says Joe Steger, E&Y’s global technology transaction advisory services leader.

Samsonite Gets Nod for Hong Kong IPO

Luggage maker Samsonite, which is owned by buyout shop CVC Capital, has approval from the listing committee of the Hong Kong stock exchange for an initial public offering, Reuters reported. The IPO could raise as much as $1.5 million, Reuters said.

Slideshow: A Look at CalPERS’s Top-Performing Funds

The California Public Employees’ Retirement System is, as everybody knows, the nation’s largest public pension fund with $233.6 billion of assets as of March 31 (the latest figure available, reported today). It also has one of the industry’s largest portfolios of private equity investments; its $33.2 billion Alternative Investment Management program represents 14.2% of its total assets.

We thought it would be interesting to find some of the system’s top-ranking funds, which it reports on its Web site. The list that follows is current through Sept. 30. Sponsors report mark-to-market values on their portfolios quarterly, and they have 120 days to provide the information to their investors, so there is a two-quarter lag before CalPERS reports individual fund performance to the public.

This slide show is a countdown, presented ranked by investment multiple. (As a point of comparison, when sister publication Buyouts Magazine did its annual ranking of fund performance last fall, based on reports from multiple sponsors, we found that it required a 2.0 investment multiple to crack the top quartile.) We had one tie, at No. 8. There we ranked T3 Partners II LP higher than CVC European Equity Partners III LP because of its larger IRR.

Reuters: Asia Primed for PE Deals

HONG KONG, March 25 (Reuters) – Private equity deals in Asia got off to a steady start in 2011, as buyout funds provided capital to companies in rapidly growing China and India, and some analysts say competition is pushing up valuation in some Asian countries. Asia has traditionally been a growth market for PE funds, […]

CVC Hires Bankers for Samsonite IPO

Buyout shop CVC Capital Partners has hired Goldman Sachs, HSBC Holdings and Morgan Stanley as joint coordinators for the planned initial public offering of its portfolio company Samsonite, Reuters reported, citing an article in IFR. Royal Bank of Scotland and UBS were named joint book runners, the report said. Samsonite is expected to raise up to $1.5 billion in its Hong Kong IPO, planned for as early as June.

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