VCJ Venture Money Growth

NEA heads for close of innovative secondary process

New Enterprise Associates is nearing a close for a process to spin out startup investments from older funds into a new pool managed by one of its executives. The process is one of several run by high-profile investment managers using the secondary market to provide liquidity to investors in older funds and sort out long-held […]

NEA Associates, venture capital, Ravi Viswanathan

NEA heads for close of innovative secondary process

New Enterprise Associates is nearing a close for a process to spin out startup investments from older funds into a new pool managed by one of its executives. The process is one of several run by high-profile investment managers using the secondary market to provide liquidity to investors in older funds and sort out long-held […]

EQT, Europe, Jannik Kruse Petersen, private equity
147 Views

EQT Europe mid-market chief to leave; triggers key-man in debut fund

Jannik Kruse Petersen, head of EQT’s European middle-market fund, is leaving the firm after a transition period, a spokeswoman confirmed for Buyouts. The leadership change at the fund tripped a key-man provision, which was resolved by the firm moving another executive into the leadership role, an LP with knowledge of the firm said. Harry Klagsbrun, partner, […]

Goldman Sachs, New Mainstream Capital, private equity
1041 Views

Leonard Green to target up to $2 bln for debut small-cap fund

Leonard Green & Partners is targeting up to $2 billion for its debut small-cap fund, which it will raise alongside its core fund, sources with knowledge of the process told Buyouts. The firm is expected to launch its next flagship in early 2019, Buyouts exclusively reported in September. The small-cap debut will launch alongside the main […]

private equity, San Bernardino, private equity, pension fund, Venezuela
103 Views

Editor’s Letter: Interest groups get aggressive approaching firms’ LPs

LP activism has recently taken on a lot more significance. I’ve often wondered why interest groups didn’t target a firm’s LPs if they wanted to get the firm to change its behavior. Simply going after the firm itself is not really effective; these days, GPs are used to negative publicity. But pushing for change through […]

Martis Capital, Capricorn Healthcare, private equity
319 Views

Martis Capital, the former Capricorn Healthcare, targets $450 mln

Martis Capital, a spinout from the investment firm of an eBay co-founder, is targeting $450 million for its third fund, according to two people with knowledge of the situation. Fund III will be Martis’s first fund under its new name. Martis was formerly part of Capricorn Investment Group, the family office of Jeff Skoll, a co-founder […]

Pine Street Capital, private equity
186 Views

Activists target Endeavour Capital’s LP Oregon for bail-bond investment

Another private equity firm has come under pressure from activists groups targeting its limited partners. Endeavour Capital, an Oregon-based firm, has caught the attention of activists mainly associated with a national campaign to reform the bail-bond industry. Supporters of reform believe bail bonds disproportionately affect low-income people, who can’t afford to pay and who remain […]

Owl Rock Capital Partners, private equity
926 Views

Owl Rock raising direct lending pool for tech companies

Owl Rock Capital Partners, led by former GSO and KKR executives, is targeting up to $5 billion to lend directly to middle-market technology companies, according to pension documents and a person with knowledge of the firm. The firm is raising Owl Rock Technology Finance Corp, a business-development company seeking an initial seed round of $1.5 […]

New Jersey State Investment Council, Lubert-Adler Real Estate, pension fund, private equity
143 Views

New Jersey to sell stake in Lubert-Adler fund as part of secondary process

New Jersey State Investment Council is selling its stake in an older Lubert-Adler Real Estate co-investment fund, pension system documents show. SIC, which invests the assets of the $78.6 billion state pension system, holds an interest in Lubert-Adler Real Estate Fund VI-B with net asset value of about $20 million, according to pension documents. Lubert-Adler is […]

New 2nd Capital, AlpInvest, Tjarko Hektor, private equity
334 Views

Ex-AlpInvest secondaries exec raises at least $175 mln for debut fund

New 2nd Capital, the secondaries firm launched by former AlpInvest senior executive Tjarko Hektor in 2015, has raised at least $175 million for its debut fund, sources told Buyouts. N2C Opportunities Fund had raised around $49 million as of May, according to a Form D. That filing did not list a target. Hektor formed New […]

Ardian, Manulife, power, energy, infrastructure, private equity, merger, M&A
590 Views

Innovative Ardian-led Manulife secondary keeps assets and team in-house

Ardian led a secondary transaction that transferred energy-and-power assets off Manulife’s balance sheet while enabling the investments and team to remain within the organization rather than spin out. The innovative transaction, which closed in June, was led by Ardian and syndicated out to additional investors, sources told Buyouts. Total deal value was about $2 billion — […]

Hycroft, private equity
379 Views

Hycroft brings in new president as it rebuilds

Hycroft, an advisory firm that some people believed was winding down because of staff turnover, has brought in a new president and is working to build the firm back up, sources told Buyouts. Hycroft over the summer hired Fred Wysk, previously a senior media banker at SunTrust Robinson Humphrey, as senior managing director and president. The […]

private equity, San Bernardino, private equity, pension fund, Venezuela
362 Views

Editor’s Letter: SEC targets a fund revamp. Are the floodgates open?

The SEC finally came out with an action against a secondary restructuring deal, something I’ve been waiting for since agency officials started making public noise about these deals years ago. In 2016, the agency’s co-head of its Private Funds Unit, Igor Rozenblit, said the opacity and complexity of PE-fund restructurings provided cover for a fraud tied […]

David Mussafer, Advent International
906 Views

Advent gears up for next flagship fund

Advent International is talking to limited partners about its next flagship fund, which may launch early next year and target the largest amount in the firm’s history, sources told Buyouts. Advent is expected to target at least $13 billion and maybe as much as $15 billion for Fund IX, sources said. In today’s fundraising environment, […]