Mortgage Companies Look Ripe for Deals

Several private equity firms have lined up to invest in mortgage providers and servicers in recent weeks, suggesting more firms are eager to get back into a much maligned sector as it staggers out of the Great Recession,Buyouts reports in its March 26 edition. In less than a week, between March 9 and March 14, […]

Bids Received for BankUnited

BB&T Corp and the TD Bank unit of Canada’s Toronto-Dominion Bank have submitted preliminary bids to buy BankUnited Inc, the Wall Street Journal reported, writes Reuters. PNC Financial Services Group Inc, considered a potential bidder for the Florida bank, did not submit an offer, the report said. The private equity owners of BankUnited include Wilbur […]

WL Ross Puts $62.5M into Navigator Holdings

WL Ross & Co. is buying up to 19.4% of Navigator Holdings Ltd.‘s common stock for a total of $62.5 million. Navigator Holdings provides international seaborne transportation services to producers, traders and consumers of liquefied petroleum gas, petrochemical gases and ammonia.

Amalgamated Consolidates Cash-Flow, Asset-Backed Lending

Amalgamated Bank has begun to go to market with a unified financing program for buyout sponsors that includes both cash flow lending and asset-based loans, the New York labor bank plans to announce on Tuesday. “Now I feel confident we have the underwriting and the account management capability” to serve both groups of borrowers, Robert […]

Kennedy Wilson Buying Portfolio from Bank of Ireland

Kennedy Wilson Holdings Inc., an international real estate investment and services company, said it and its institutional partners have agreed to buy a loan portfolio from Bank of Ireland for $1.8 billion, Reuters reported Monday. In July this year, the Irish government halved its stake in Bank of Ireland. Canada’s Fairfax Financial Holdings, buyout firm WL Ross & Co., Fidelity Investments, investment firm The Capital Group and Kennedy Wilson were named as the investors by Bank of Ireland, Reuters wrote.

Surge In Deals For Banks? Probably Not

Don’t expect a couple of recent big investments of private money into the banking industry to signal a resurgence of dealmaking in the sector, market watchers say. A pair of buyout funds, WL Ross & Co. LLC and The Yucaipa Companies, have made commitments to invest $50 million apiece in Amalgamated Bank, a $4.4 billion […]

Amalgamated Bank to Get $100 Mln Investment from WL Ross, Yucaipa

Amalgamated Bank said Monday it expects to receive about $100 million in equity investments from two investors, WL Ross & Co. LLC and The Yucaipa Companies. Each are putting in around $50 million. Once the deal closes, which is expected in fourth quarter, Yucaipa (which is led by Ron Burkle) and WL Ross will each own approximately 20% of Amalgamated’s common stock.

WL Ross Ups Stake in Exco Resources

Buyout shop WL Ross & Co. has increased its stake in Exco Resources by 2%, and now owns about 12% of the Dallas-based oil and gas producer, Reuters reported Monday. WL Ross is the second largest shareholder in Exco. The company recently said that Ross could not own more than 20% of outstanding shares. Exco has been a takeover target since last fall, when oilman T. Boone Pickens and other investors bid $4.36 billion for it, Reuters wrote.

Ross Interested In Other Shipping Segments

Fresh off his firm’s first foray into the shipping business, turnaround guru Wilbur Ross (pictured) said his firm is interested in other segments of the industry as well, Buyouts reported Monday. WL Ross & Co. joined a consortium of investors that has agreed to help Diamond S Shipping buy 30 vessels that carry refined oil […]

WL Ross, Others Put $1B into Diamond S Shipping

Investors including First Reserve Corp., WL Ross & Co., China Investment Corporation, Fairfax Financial Holdings, Morgan Creek Capital Management and PPM America Capital Partners are putting more than $600 million in equity into Diamond S Shipping, the company announced Monday. Additional debt funding will come from Nordea Bank Finland and DnB Nor Bank ASA. The money is being used to fund the acquisition of 30 medium-range refined product carriers to add to the company’s fleet of ten tankers under construction in Korean shipyards.

Fairfax Financial, WL Ross Take 18% of Bank of Ireland

Fairfax Financial Holdings and WL Ross & Co. will each grab a 9% interest in the Bank of Ireland, following their investments this week, Reuters reported Thursday. The two firms were among the group of investors who bought a 1.1 billion euro ($1.58 billion) stake in the bank. Other investors include Boston-based Fidelity Investments and the California-headquartered firm The Capital Group.

Fairfax Financial Leads $1.6B Investment in Bank of Ireland

Canada’s Fairfax Financial Holdings is leading a group of investors, which also includes New York buyout firm WL Ross & Co., paying 1.1 billion euro ($1.6 billion) for a stake of up to 37 percent in Bank of Ireland, Reuters reported Tuesday, citing Irish media accounts. The deal is aimed at keeping the struggling bank out of state hands.

Slideshow: A Look at CalPERS’s Top-Performing Funds

The California Public Employees’ Retirement System is, as everybody knows, the nation’s largest public pension fund with $233.6 billion of assets as of March 31 (the latest figure available, reported today). It also has one of the industry’s largest portfolios of private equity investments; its $33.2 billion Alternative Investment Management program represents 14.2% of its total assets.

We thought it would be interesting to find some of the system’s top-ranking funds, which it reports on its Web site. The list that follows is current through Sept. 30. Sponsors report mark-to-market values on their portfolios quarterly, and they have 120 days to provide the information to their investors, so there is a two-quarter lag before CalPERS reports individual fund performance to the public.

This slide show is a countdown, presented ranked by investment multiple. (As a point of comparison, when sister publication Buyouts Magazine did its annual ranking of fund performance last fall, based on reports from multiple sponsors, we found that it required a 2.0 investment multiple to crack the top quartile.) We had one tie, at No. 8. There we ranked T3 Partners II LP higher than CVC European Equity Partners III LP because of its larger IRR.

Air Lease IPO Raises $802.5M

Air Lease Corp., an aircraft leasing company backed by Leonard Green & Partners, Ares Management and Wilbur Ross’s WL Ross & Co., raised $802.5 million in its initial public offering Monday, Reuters reported. The company sold 30.3 million shares, for $26.50 each, which was more than expected. Air Lease had planned to sell 25 million shares for $25 to $28 each, Reuters wrote. The company is based in Los Angeles, and will use the proceeds to complete roughly $6.8 billion in aircraft purchases.

Being a Bank Holding Company is No Fun

Pacific Investment Management Co. is raising billions of dollars for a fund that will behave similar to those managed by WL Ross & Co., the private investment firm that, since the recession’s onset, has been buying into community banks with expectations that the industry will consolidate. Like WL Ross & Co., Pimco is not going […]

Oh, No! PE Firms May Lowball Citi for OneMain

Citi is finally getting some traction in its sale of OneMain Financial.

Several PE firms are interested in the unit, which lends money to low-income borrowers. Blackstone, the Carlyle Group, WL Ross & Co., Thomas H. Lee and Brysam Group Partners are part of a large group that are pursuing a bid, according to The Wall Street Journal. Warburg Pincus and J.C. Flowers & Co. are also exploring a deal separately, the story says.

Forstmann, Milken, Icahn Take Philanthropic ‘Giving Pledge’

When another 17 billionaires joined the campaign by bridge partners Bill Gates and Warren Buffett to commit to give at least half their fortunes away to philanthropy, it got us to wondering about the participation by the dealmakers from our world.

So we ran a little crosstab between the names on The Giving Pledge site against the buyout and VC dealmakers on the Forbes 400.

We thought we would share with you those who are participating, and equally interesting, those who are not yet. (Wanna guess which list is longer?)

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