Less than a year after leaving JLL Partners, Ramsey Frank has launched his own private equity firm. New York-based Amulet Capital Partners will focus on healthcare exclusively, Frank says in interview with peHUB. Amulet’s investments can include healthcare services, specialty pharma and outsourcing, he says.
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The New York City Bureau of Asset Management, which administers the city’s $119 billion pension system, is set to sell about $2 billion in private equity investments on the secondary market, according to a source not authorized to speak on the record.
Such a sale, which would represent about 15 percent of the system’s $13 billion in private equity commitments, is part of a repositioning of the portfolio to reduce the number of general partners and increase the portion of top-quartile funds, the source said. News of a possible secondary sale was first reported by Bloomberg. The city’s portfolio has $7 billion in invested private equity capital.
Diamond Castle said Monday that it has invested in Professional Directional Enterprises, a Conroe, Texas-based provider of directional and horizontal drilling services to oil and natural gas exploration and production companies. Financial terms weren’t announced. Diamond Castle is a New York PE firm.
Diamond Castle Partners has acquired Suture Express Inc. from Code Hennessy & Simmons and Linden LLC. No financial terms were disclosed. Suture Express is a Lenexa, Kansas-based distributor of sutures, endo-mechanical products and other disposable medical and surgical products.
Larry Schloss has agreed to become the next chief investment officer for New York City, peHUB has learned. He currently is chairman and CEO of private equity firm Diamond Castle Holdings, and previously ran CSFB Private Equity and DLJ Merchant Banking.
The CIO position is one of several not yet officially filled by new NYC Comptroller John Liu, who took office earlier this month. It is unclear if Rita Sallis — CIO under former NYC Comptroller William Thompson — will remain in any capacity.
Schloss did not return calls from peHUB, while a Liu’s spokeswoman declined to comment. We did reach one of Schloss’ Diamond Castle partners, but he simply said: “You’ll have to talk to Larry.”
While we wait for official word, it’s worth briefly discussing what this move could mean for both Diamond Castle and New York City:
York Label, an Omaha, Neb.-based provider of labeling and packaging solutions to the consumer products, has acquired Southern Atlantic Label, Chesapeake, Va.-based labeling company focused on the food packaging sector. No financial terms were disclosed, except that the deal was financed via an additional investment from existing York Label sponsor Diamond Castle Holdings.
York Label, an Omaha, Neb.-based provider of labeling and packaging solutions to the consumer products, pharma and food and beverage segments, said that it has purchased $32 million of its senior and subordinated debt, in partnership with existing sponsor Diamond Castle Holdings.
Quick info on a pair of private equity deals that haven’t been otherwise announced:
*** Marlin Equity Partners has acquired the Battery Systems business of Tyco Electronics Inc., for $25 million. Tyco had disclosed the sale in a May 10-Q filing, but without naming the buyer. No word yet on if Marlin paid the entire $25 million in cash, or if it secured leveraged financing.
The newly-independent company has been renamed Palladium Energy, and is based in Naperville, Illinois. It makes and tests custom battery packs for use in portable
William Drewry has joined Diamond Castle Holdings as an operating partner and chairman of media investments. He previously was a managing director in the global media group of UBS Investment Bank. Before that, he was global head of media equity research for Credit Suisse.
Diamond Castle Holdings has completed its acquisition of York Label from Wind Point Partners, for an undisclosed amount. York Label is an Omaha, Neb.-based provider of labeling and packaging solutions to the food, beverage, consumer products and pharmaceutical markets. PRESS RELEASE Wind Point Partners, a private equity investment firm based in Chicago, announced today that [...]