Chris Witkowsky
Private equity has more than $1 trillion in unspent committed capital as fundraising has remained steady but deal volume has stayed relatively flat for three consecutive years, according to fresh research from private equity data provider Preqin. The aggregate value of buyout investments globally totaled $264.4 billion in 2011, $263.8 billion in 2012 and $265.8 billion year to date in 2013. More than 9 percent of dry powder is attributed to funds with vintages prior to 2008.
Ripplewood Holdings has distributed all of its 27.6 million shares in its portfolio company Gogo, which provides in-flight connectivity, to limited partners in its funds. Along with the distribution, three Ripplewood directors -- Tim Collins, Lawrence Lavine and Christopher Minnetian -- resigned from the Gogo board.
American Capital Energy & Infrastructure has partnered with a veteran industry management team to create BMR Energy, a new energy company focused on developing and investing in power and related energy infrastructure throughout Central America and the Caribbean. BMR, led by industry veteran Bruce Levy, has committed $25 million to its first project, a 34 MW wind farm in Malvern, St. Elizabeth Parish, Jamaica.
Viamedia, the cable industry's independent cable rep firm and provider of online advertising services, has closed on a $40 million bank financing package led by PNC Bank and U.S. Bank. The $40 million facility will replace Viamedia's prior bank facility. Lake Capital is Viamedia's private equity sponsor.
RLJ Equity Partners has acquired Naylor, which provides outsourced business and communication services for the North American association marketplace. RLJ Equity Partners was joined in the transaction by RLJ Credit Opportunities; Brookside Mezzanine; NewStar Financial and Madison Capital Funding. Naylor was advised in the transaction by Piper Jaffray & Co.
The California Public Employees’ Retirement System has put together a panel of financial industry veterans, as well as member of its own investment staff, to help the system review its emerging manager program.
Citigroup, citing the Dodd-Frank financial regulation that severely restricts the ability of financial institutions to own and operate private equity businesses, has sold its Metalmark Capital private equity group.
Well-timed bullish option bets on specialty finance company KKR Financial Holdings, placed a month before a takeover announcement, have generated big paper profits for a number of call positions.
Sierra Maya Ventures is partnering with Packard Place, Charlotte, North Carolina's entrepreneurial hub and startup incubator, to launch and expand the next class of RevTech Labs, which will start in 2014. RevTech Labs is a 12-week program focused on early-stage mobile, software and web companies.
Presidio Residential Capital, a real estate investment firm, has hired John Burns Real Estate Consulting executive Paul Faye as an asset manager. Faye will be responsible for a portfolio of existing joint venture and owned assets that Presidio has invested in.