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GTCR Busts Up Fundtech, S1 Merger Without Going Hostile

GTCR has apparently busted up a merger between Fundtech and S1 Corp.

How did the Chicago PE firm accomplish this? Today, GTCR offered to buy Fundtech for about $400 million, or $23.33 a share cash. At $23.33, the offer is a near 33% premium to Fundtech’s closing share price Wednesday. GTCR said it plans to combine Fundtech, a provider of transaction banking software and services, with portfolio company BankServ.

Fundtech already has a merger agreement on the table. In June, S1 inked a deal to buy Fundtech, offering 2.27 shares of S1 stock for every Fundtech share. The deal, which was all stock, was reportedly valued at about $320 million at the time of the announcement.

Slideshow: Top 10 Buyout/Mezzanine Funds Raised in Q1

Just as VC fundraising roared back to life in Q1, so did fundraising on the buyout and mezzanine side of the private equity market. Sister magazine Buyouts this week reported that U.S.-based buyout and mezzanine firms raised $18.3 billion in Q1, up 79 percent from $10.2 billion during the same period last year. Fundraising also grew sequentially, up 36 percent from the Q4. Kohlberg Kravis Roberts & Co. took in a tad over $1 billion for its latest effort in Q1, according to our calculations–but that was only good for seventh place among buyout and mezzanine shops that closed on capital last quarter. Click through for a slideshow leading you throught the top 10.

By The Numbers: Washington State Investment Board’s Buyout Portfolio Performance

It’s earnings season in private equity land, and by that I mean the time of year when the dozen or so pension funds that disclose their return data update their quarterly numbers. The latest round of updates generally brings the return figures current as of September 30 2010.

We don’t have the resources at sister magazine Buyouts to compile all the numbers and generate overarching statistics, as we do once a year in the fall. But I thought it still would be interesting to produce statistics for one of the oldest and largest PE portfolios in the country–that managed by Washington State Investment Board. So, below follow some statistical highlights for the state’s buyout portfolio, as of September 30. The performance numbers (including median, bottom-quartile, top-quartile return data for small, mid-sized, large and mega-firms) were generated using only numbers from the 85 vintage 2005 and older buyout funds in the portfolio to avoid the J-curve effect:

Could Carlyle Ownership Hurt AlpInvest Co-Invest Opps?

If The Carlyle Group buys AlpInvest Partners, as has been widely reported, it would put the Washington, D.C.-based firm in the odd position of being an indirect investor in more than 100 private equity funds. Many of these include mid-market funds managed by the likes of Catterton Partners, GTCR Golder Rauner and Sentinel Capital Partners. But it […]

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