PE HUB Wire Highlights, 7.13.18


Eric Saucedo, private equity, suicide, mental health, Tricap Partners, National Alliance for Mental Illness
Private Equity Editor Chris Witkowsky reflects at home. Photo by Wendy Witkowsky

Siguler Guff names new chief of distressed opportunities business, Minority-run ICV raises at least $570 mln for Fund IV

Happy Friday!

It’s been a busy week here, Hubsters. Could be because along with doing our regular work of generating scoops and analysis you can find nowhere else, I’m also looking to fill a few open roles we have here. Nothing like recruiting to fill the day. (You know any aspiring reporters who want to cover PE? LMK.)

Anyway, how’s your week been?

Late-breaker: Platinum closed its debut small-cap fund on its $1.5 billion hard cap, the firm said this morning. The typical small-cap fund portfolio company will have less than $450 million of revenue or $45 million of Ebitda, Buyoutspreviously reported.

Management changesJust got word yesterday that Siguler Guff named Bradley Bennett head of the distressed opportunities program. That program has raised around $5.8 billion in total, according to Siguler Guff’s website. The most recent Distressed Opportunities fund of funds – Fund V – closed on $524 million last year.

Bennett steps into the lead role for James Gereghty, who led the Distressed Opportunities program since 2010. Gereghty left in June after his contract expired. His departure triggered key-man provisions in both Funds IV and V (Fund IV, which closed on $1.3 billion in 2011, is out of its investment period).

Siguler Guff will be meeting with the Fund V limited partner advisory committee over the key-man issue. Generally, LPs can vote to immediately end a fund’s investment period after a key-man trigger, though usually such incidents are avoided through negotiations between GP and LP.

What have you heard? Hit me up at [email protected].

Ethics slap: Commerce Secretary Wilbur Ross got a tongue lashing from the Office of Government Ethics for failing to sell interests in assets that could pose a conflict of interest, Bloomberg reported. Ross said he would divest all his remaining equity holdings, including all his holdings in Invesco, which owns the private equity firm he created, WL Ross & Co. Read more here.

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