Ex-energy capital partner launches SER Capital; Court Square puts National Seating & Mobility up for sale; What’s the real impact of credit lines on fund performance?
Morning, Hubsters. I’m still recovering from the tennis weekend. Who were you happy to see win or lose?
Lots of news this morning but one of the biggest items is Symantec. Shares of the antivirus software brand rose nearly 5 percent on news that Permira and Advent International had made a joint approach to buy Symantec for more than $16 billion, according to press reports. See our brief here.
Credit lines continue to be a big deal in private equity right now. Some LPs believe credit lines are a way for GPs to artificially enhance performance to push a fund over its pref, Chris Witkowsky has reported. Christoph Jackel of Montana Capital Partners has written a column for PEI on the impact credit lines have on net total value paid in and IRRs. The results will surprise you.
James Maloney, the former VP of public affairs at the American Investment Council, has penned a column for us on how private equity should embrace the “perfect storm” of controversy that awaits the industry this year. This includes the continued vilification of PE. See his column here. (Maloney is now founder and president of JHM Group.)
This is also near to my heart. VCJ has a story on how VC-backed startups are combating student debt. At $1.5 trillion and growing, student loan debt is now the largest consumer debt in the U.S., larger than mortgages, larger than credit cards, Tom Stein is reporting.
A former partner at Energy Capital Partners has launched SER Capital Partners to invest in sustainable, environmentally focused and renewable energy. Read Chris’s story here.
Deals: Francisco Partners has put Capsilon, which provides cloud-based document and data management solutions for the mortgage industry, up for sale. Read my story about the sale here.