1) It’s Not a Bubble, People; It’s a Pyramid Scheme, by Connie Loizos

2) Scoop: Peter Wagner Parts Ways With Accel After Nearly 15 Years, by Alastair Goldfisher

3) Halsey Minor Sticks It To Virginia, Again, by Connie Loizos

4) ‘Goldfinger’ Hits $732M On 2nd Mount Kellett Fund, by Gregory Roth

5) Oak Hill To Make Back 40% of Dave & Buster’s Investment in Nine Months–UPDATED, by Luisa Beltran

6) Riding High On Q4 Profit, KKR Expects To Fully Deploy ’06 Fund, by Luisa Beltran

7) J-Dubs Redux: Beaten Abandoned, & Left For Dead, J.W. Childs Is Back, by Bernard Vaughan

Private equity shop Apax Partners will acquired a majority stake in Advantage Sales & Marketing, a marketing agency owned currently by J.W. Childs Associates and BAML Capital Partners. Financial terms of the deal, which is expected to close by the end of this year, were not disclosed. Irvine, Calif.-based Advantage Sales & Marketing has more than 1,200 clients and 66 offices across the U.S. Under the terms of the acquisition, Advantage’s current management team will continue to lead operations. Apax Partners is based in New York.

West Hill Partners has ended 18 months of fundraising for what would have been its debut vehicle, according to an LP source. The firm failed to approach its $500 million goal, leading its existing investors to terminate their commitments.

West Hill Partners, based in Boston, was founded in mid-2007 by alums of buyout firm J.W. Childs. The firm had secured commitments from Ontario Municipal Employees Retirement System and Adams Street, among others. OMERS had committed $75 million, a source said. The total amount raised was $120 million, according to

As usual, I have a week’s worth of Moody’s and S&P downgrades on PE-backed companies. Repeat offenders include Apollo Management, KKR, Carlyle Group and Bain Capital.

We’ve also got one upgrade, which is Carlyle Group and Fenway Partners’ American Achievement Group. It’s basically an upgrade from the default rating after AAC’s parent company purchased some of its own senior PIK notes at a massive discount.

Anyways, on to the list of 16:

J.W. Childs has acquired Refrigerator Manufacturers Inc., a Santa Fe Springs, Calif.-based provider of large cooler and freezer rooms for major U.S. entertainment destination facilities. No financial terms were disclosed for the deal, which was a restructuring prompted by RMI’s former parent sought creditor protection.