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ArchiMed nears fundraising target

ArchiMed’s first fund, Med I FIA, has reached a first close with 15 international institutional and private investors. Triago acted as ArchiMed’s placement agent. Based in Lyon, ArchiMed is focused on the healthcare sector in Europe.

Palico Signs up 750th Member

Palico, an online private equity fund marketplace, has signed up its 750th member. Palico, which has offices in Paris, New York and London, was co-founded by Antoine Dréan, who is also the founder of Triago, the global placement agent.

Week’s Top 10 Hub Posts Feature Year’s Most Prolific PE Buyers, Biggest PE Fundraisers and Millions Still Flowing to Romney from Bain

Trying to get away from relatives this Christmas weekend? Tell them you need to catch up on your reading. Here are the past week’s top 10 posts based on number of pageviews from peHUB’s regular readers.

1. Slideshow: The Year’s Most Prolific PE BuyersBernard Vaughan
2. Slideshow: Top 10 PE Fundraising Successes of 2011Gregory Roth
3. Romney Still Making Millions from BainReuters
4. A Look At The Angel Market And The Fall In Average Deal Size: SlideshowMark Boslet
5. Slideshow: Someone Send Some Love To These Unwanted, CalPERS-Backed Funds (subscribers only) – David Toll
6. U.S. Investor Hellman Dies at 77Reuters
7. Triago Claims Le Febvre, Who Is Launching a Competitor, Was TerminatedLuisa Beltran
8. Providence Equity’s Fund VII Hits Fundraising Problems, May Fall Short of $6B Target (subscribers only) – Luisa Beltran
9. Biofuels Winners And Losers: A Look At The Market By LuxMark Boslet
10. Remembering Warren Hellman: ‘An Openness To Ideas And To People’David Toll

Triago Claims Le Febvre, Who Is Launching a Competitor, was Terminated

Jérémie Le Febvre’s split from Triago has definitely gotten more interesting.

Triago, on Saturday, issued a statement about Le Febvre’s departure that wasn’t the typical corporate happy speech that we’re used to getting. In fact, Triago was downright hostile.

“Mr. Le Febvre did not ‘decide to leave Triago’ in order to pursue new career opportunities,” the statement said. “Triago terminated Mr. Le Febvre’s employment with the company.”

Le Febvre Doesn’t Believe in the Traditional Placement Agent Model Anymore–UPDATED

We finally found out what’s going on with Jérémie Le Febvre.

Yesterday, we reported that Le Febvre had left Triago, a global placement, after three years. Le Febvre, who was calling from Paris, says his separation from Triago was amicable. “And likewise, I wish them the best of success,” he says.

He plans to launch his own consulting firm, TBG Capital Advisors, in 2012. It’s unclear where the firm will be based, but TBG Capital will be private equity-focused.

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Le Febvre Departs Triago After More than Three Years

Jeremie Le Febvre has left Triago, a spokesman confirmed Thursday.

Le Febvre joined Triago in 2008 and was a managing partner at the global placement agent. “We decided to part ways because the relationship wasn’t working for us,” the Triago spokesman says.

It’s not clear what Le Febvre’s future plans are. His bio and picture are no longer on the Triago web site. Le Febvre is currently a managing partner at TBG Capital Advisors, according to LinkedIn.

Up to Half of PE General Partnerships Could Disappear in Next Five Years: Report

One-quarter to one-half of today’s private equity general partnerships could disappear over the next half decade or so, predicts a new report from Triago, a placement agent. Poor returns from credit bubble vintages and smaller commitments to few managers are expected to drive this attrition, the firm states in its Triago Quarterly publication. Any long-term shakeout […]

Triago Report: NAV Soars for PE Portfolios But Trouble Looms

Triago has come out with its latest quarterly report.

Among the noteworthy finds, the net asset values across all categories of PE funds soared 7% late last year (from October to December 2010), the report says.

This marks a 40.1% cumulative gain over seven consecutive quarters and puts PE portfolio values nearly on par with the prefinancial crisis peak, Triago says. Net asset values will likely rise for an eighth consecutive quarter. But before you jump for joy, Triago warns that funds from 2005 to 2008 remain far from the hurdle rates that will trigger carried interest for GPs. This means trouble for exit volumes, cash distributions and fundraising in the second half of 2011, Triago says.

Triago: Secondary Fundraising to Hit $22 Bln in 2011

Triago, the global placement agent, is out with its quarterly report.

The publication is usually good for some noteworthy finds. This time, Triago doesn’t fall short.

  • Deal multiples, which were up in 2010, may top out or decline going forward if the economy doesn’t improve, Triago said. Current high multiples (large corporate buyouts were going for an average of 9.1X EBITDA in third quarter, according to S&P LCD) are being fed by GP’s belief that profit levels will rise as the economy rebounds. But a near record amount of dry powder–$433 billion for buyouts as of February—and GP’s strong incentive to invest may also be driving up competition for assets, Triago said.

Triago Quarterly Report: Megabuyout Funds To Return to Market

Triago, the global placement agent, has issued its quarterly report.

Among the notable finds are:

    Megabuyout funds are expected to return to the fundraising market. Triago estimates that as many as seven $5 billion-plus funds will launch over the next year with a collective fundraising target of $50 billion.

Secondaries Seeing a Rebound

After a surprisingly sluggish 2009, secondary dealmaking is on the rise.

The latest deal comes from Bank of America, which reportedly is selling $1.2 billion of commitments made to various Warburg Pincus funds. Around half of it will go to Lexington Partners and China Investment Corp. This comes just a couple of months after BoA sold a $1.9 billion portfolio of PE fund interests to the secondary arm of AXA Private Equity.

Earlier this month, Citigroup agreed to sell $900 million of PE interests to Lexington Partners, while RBS reportedly is close to selling a $500 million portfolio to Alpinvest.

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Triago CEO: PE Shakeout “Will Be Huge”

Antoine Dréan, founder and CEO Triago, expects a shakeout in the PE world that could see as much as half of buyout funds disappear.

There were roughly 250 U.S. focused private equity funds raised between 2005 and 2007, raising $222 billion, according to data from Preqin. This compares to only 38 U.S. focused funds raising $32.1 billion in 2009.

Dréan says that many of the new entrants were “me too” operations raised by institutional investors with little direct investing experience, and whose returns have been dreadful.

“Most of these funds will have a tough time going forward. It will be difficult as to their next fundraising,” he says.

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