Private equity group Permira has cut its fundraising targets by nearly a quarter, amid a tough environment for private equity in the aftermath of the financial crisis, the Financial Times reported on Tuesday, writes Reuters. The company has informed investors it now plans to raise between 4 billion to 5 billion euros, down from the 6.5 billion euros ($8.47 billion) it was initially aiming to raise, writes Reuters.
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European powerhouse CVC Capital Partners takes the crown in this week’s battle of the U.S. and European mega-buyout houses, securing first place in our list of top 10 funds based on private equity performance figures from California State Teachers’ Retirement System. U.S. and European firms both account for five of the top-10 spots with The Blackstone Group coming in a close second place.
Spectrum Equity looks like it will make about 7x its investment in Ancestry.com. Yesterday, a group led by Permira agreed to buy Ancestry.com in a $1.6 billion deal. The company, whose website helps users trace their family roots, will be taken private at $32 per share.
U.S. genealogy website operator Ancestry.com agreed to be acquired by a group led by private equity firm Permira in a $1.6 billion deal, four months after it put itself up for sale following the cancellation of a TV show based on its research. The company, whose website helps users trace their family roots, will be taken private at $32 per share, a 10 percent premium to the stock’s Friday closing price of $29.18.
Japanese financial services firm Orix Corp and Australian bank Macquarie Group Ltd have emerged as leading candidates to buy the asset management arm of Dutch bank Rabobank, Robeco, writes Reuters. The Netherlands-based retail bank also received bids from a private equity consortium of Advent International and CVC Capital Partners and Boston-based asset manager AMG partnered with buyout firm Permira, Reuters previously reported.
Renaissance Learning, which is backed by Permira, said Wednesday that John Lynch was named CEO effective Nov. 5. Lynch succeeds Glenn James, who by mutual agreement with company’s board has left to pursue other opportunities. Steve Schmidt, Renaissance’s president and COO, will serve as interim CEO until Lynch joins.
The owners of the AA have hired accountants Ernst & Young to begin work on valuing the 107-year-old motoring services company, writes Reuters. The process could see the AA eventually sold or floated on the stock market for as much as 5 billion pounds ($8.1 billion), writes Reuters. Acromas is backed by Charterhouse, CVC and Permira and was formed in 2007 through a 6.1 billion pound merger of AA and Saga.
This week, peHUB thought it would be of interest to showcase the position of senior investment officer, private equity at the $49.2 billion Massachusetts Pension Reserves Investment Management Board (PRIM).
Euro-denominated buyout funds, which play a prominent role in CPP Investment Board’s portfolio, have provided some solid returns over the years. But there is one player that shines above the rest, according to the Buyouts performance database.