Stevenson and VSS settle with SEC over secondary deal; Carlyle’s 8th U.S. real estate fund raises $5.5 bln; GIC, GLP launch $2 bln China fund
It’s Sept. 11, Hubsters. Let’s take a moment and remember where we were 17 years ago. The world really changed that day.
Also, I’ll be heading over to the supermarket later this morning to stock up on bottled water and other fun things. (Candy, canned goods, candy, potato chips. Maybe I should get food?) Hurricane Florence is coming and I remember Sandy. She was pretty scary.
Add-ons: I’ve been told by several PE firms that one way they’re dealing with the high-priced deal market is by doing more add-ons. Nearly 30 percent of PE-backed companies now undertake at least one add-on, PitchBook said. This compares with less than 20 percent in the early 2000s. PE funds that complete more add-ons generate better cash-on-cash returns across most vintages, the data provider said.
Hubsters, does this strategy work for you and how well? Do you need add-ons to make it work and if so, how many? Email me your thoughts here at [email protected]
Not so fast: We have a column this morning from Patrick Crocker, of MHT Partners, who argues that rumors regarding the death of retail stores may be premature. Read his column here.
Funds: The economy is roaring, so it’s not surprising that we have lots of fund news. This is just from this morning:
- Carlyle‘s 8th U.S. real estate fund raised $5.5 billion
- Quad Partners V LP closed on $229 million.
- Capvis Equity V raised 1.2 billion euros ($1.4 billion)
- Westhook Capital’s debut fund raised $140 million
- Lightbox Ventures has raised $178.1 million of a targeted $200 million for its third venture fund.
- GLP and GIC have launched a $2 billion China fund that will focus on logistic facilities.
Big news: Chris has a really interesting story today. Jeffrey Stevenson, head of Veronis Suhler Stevenson, and the firm have settled with the SEC over lack of disclosure of rising valuations on assets he purchased in a secondary transaction out of one of the firm’s older funds. Find out how much VSS paid here.
SUBSCRIBE to get the Wire in your inbox every morning. It’s free.
Take your pick!
- Buyouts delivers exclusive news and analysis about private equity deals, fundraising, top-quartile managers and more. Get your FREE trial or subscribe now.
- VC Journal provides exclusive news and analysis about venture capital deals, fundraising, top-quartile investors and more. Get your FREE trial or subscribe now.