Chris Witkowsky
On this Christmas Eve Tuesday, First Read has news that incoming NYC mayor Bill DeBlasio has hired a Goldman Sachs executive to oversee business tax incentives, a breakdown of Tim Draper's plan to break up California and the FBI once considered the movie, It's a Wonderful Life, Communist propaganda.
To top off your Monday on this abbreviated holiday week, Second Opinion brings you a list of conspiracy theories that came true, news that CalPERS' plan to reduce its private equity GPs could benefit the biggest firms in the industry and the intensification of the War of the Suits.
Setter Capital estimates total deal volume on the secondaries market at $36 billion, breaking previous volume records and revealing an extraordinarily busy market this year.
Odyssey Investment Partners portfolio company Cross-Country Pipeline Supply Co., an equipment and supplies provider to the domestic oil and gas pipeline construction industry, has acquired Power Associates International, a hydrostatic equipment provider to the pipeline market. Financial terms were not disclosed.
Promotora Venture Capital Fund has invested in PrimeStone, a Colombia-based company that develops and supplies sophisticated smart grid applications and solutions for data collection, validation, management, control and data exchange. The company will use the investment for international expansion.
Ares Capital Corporation has acquired a diversified middle market corporate loan portfolio managed by a global banking institution for about $319 million. The portfolio is primarily comprised of first lien senior loans and to a lesser extent, second lien loans and small equity co-investments. The portfolio is comprised of 32 investments in 23 portfolio companies in industries generally similar to those in Ares Capital's portfolio.
John Koskinen has resigned from American Capital's board of directors after he was confirmed by the U.S. Senate as the new Commissioner of the Internal Revenue Service. Koskinen joined American Capital's board in 2007 and has been a member of the board's audit committee. From 2008 to 2012, he worked as the non-executive chairman of Freddie Mac and also was Freddie's interim chief executive in 2009.
Private equity platform Infinity Group has invested $4.2 million in green biotech company BotanoCap, which plans to use the investment for further business development in China, Europe and the U.S., patent applications, maintenance and regulatory affairs expenses. A little less than a quarter of the investment was made through a Chinese joint venture established under the Infinity-Harbin fund.
Southport Lane Management, a New York-based private equity firm, has acquired a majority stake in Massive Interactive, which provides platform software and design for multi-screen entertainment. Massive also announced that it is now trading on the OTCMarkets under the ticker symbol 'HUGE'.
LP Capital Advisors, a private equity advisory firm has hired Christopher Farrington as a director in the firm's Boston office. Farrington joins the firm with more than 20 years of Wall Street and private equity experience, including working on the domestic private equity portfolio at MetLife Investments and Centinela Capital Partners, an emerging manager-focused shop.