Earlier this year, I opined that CalPERS’s tough stance on fees would limit its selection of quality GPs. The theory goes like this: The best GPs in the business don’t need to concede on terms and conditions; they can dictate terms. Lesser GPs need to offer a buffet of sweeteners to persuade LPs to come […]
Longtime LP Linda Calnan, a senior investment officer in private equity with Houston Firefighters’ Relief and Retirement Fund, left the system and joined insurer Sentry, according to sources. Calnan updated her LinkedIn profile, which shows she left Houston Firefighters in June after more than 14 years. She ran the PE and real estate portfolios at Houston Firefighters’. Calnan […]
Peak Rock Capital sold Advanced Alloy Processing Holdings, parent of Main Steel, to Samuel, Son & Co. Main Steel is a processor and polisher of stainless steel, aluminum and nickel alloys. Peak Rock acquired Main Steel in 2014 in a carve-out from Shale-Inland.
Robert “Bo” Ramsey, former head of public and private equities at Indiana Public Retirement System, recently left the pension system to join family office Pendyne Capital, according to a person with knowledge of the move. Ramsey updated his LinkedIn profile to reflect the change. Jalissa Hill, a spokeswoman for Indiana PRS, confirmed that Ramsey left the […]
Traub Capital, formed by executives with private equity and industry experience, is targeting $250 million for its debut fund focused on consumer and retail investments, sources told Buyouts. Traub Capital is the PE group of Marvin Traub Associates, a global business-development firm in the consumer and retail sector. The firm is run by Brian Crosby, Mortimer […]
BlackRock has seeded a new firm, launched by the former co-head of its alternatives group, that invests in financial services, according to sources and regulatory documents. Matthew Botein, BlackRock’s former chief investment officer and co-head of its alternatives group, and former Treasury official Lewis Sachs formed Gallatin Point Capital earlier this year. The firm is in […]
Strategic Value Partners-backed Aromair Group sold its U.S. subsidiary Aromair Fine Fragrance Company Inc. to Knowlton Development Corp. The deal closed on Nov. 8 and terms were not disclosed.
Eaglehill Advisors, formed by bankers from Citigroup, closed its debut middle-market lending fund on $250 million, according to a person with knowledge of the process. Eaglehill got a big boost in 2015 when it launched the fund from Koch Industries, which kicked in a $100 million commitment to the fund. Fund I closed last month. […]
TPG Capital plans to come back to market with its next flagship fund in the first half of 2018 and possibly as early as Q1, according to two people with knowledge of the firm. The target on TPG Fund VIII is unclear; the two people said they expected the fund to target at least as […]
A source asked me the other day why I like gossip so much. Aren’t reporters supposed to be solely dedicated to the facts? The danger of gossip is that much of it is false or half right. It’s the reporter’s job to vet all the information coming in and separate the signal from the noise. […]
One of the biggest stories of the past few years has been the rise of first-time fund managers, including high-profile GPs who spin out of larger shops. While first-time fundraising is on the rise, fresh research shows first-time funds across the globe are showing early signs of outperforming follow-on funds for the vintage years 2012 to […]
Glendon Capital Management closed its second fund on its $2.5 billion hard cap for distressed and special-situation investments after about six months in market, according to people with knowledge of the process. Glendon Opportunities Fund II, Santa Monica, California, officially hit the market in March and just closed, the people said. Park Hill Group was placement agent. […]
Glenn Hutchins, former co-chief of Silver Lake, and Robert Greifeld, who once ran Nasdaq, are raising as much as $2 billion for longer-hold fintech investments. Several GPs including Blackstone Group, Carlyle Group, CVC Capital Partners and Cove Hill Partners have raised funds that enable them to hold investments longer than the PE standard of five to […]
Fifteen anchor donors joined Private Equity for Puerto Rico, formed by a group of private equity firms, in bringing relief to the island ravaged by Hurricane Maria. Donors include the National Association of Investment Companies, New American Alliance and firms like ICV Partners, Reservoir Capital Group, Reverence Capital Partners and Landmark Partners. PE for PR is targeting $10 million to aid victims of Hurricane Maria in Puerto Rico, and has raised $1.2 million so far. PE for PR calls on its diverse network, including legal and accounting firms, banks and advisers, and friends and family, to donate via its Classy page, at https://give.classy.org/peforpr.
Linden Capital Partners, a healthcare- and life-sciences-focused firm, will enter the market with its largest fundraising effort to date without one of its founders and senior leaders, Eric Larson. Larson, who co-founded Linden, retired from the firm over the summer, according to Linden’s Form ADV. He most recently held the titles of chairman and managing […]
A specialized group of private equity firms target the restaurant industry, and now a new firm is joining the ranks. Hargett Hunter Capital Partners, formed in 2015, is in the market with its debut fund targeting $100 million, sources with knowledge of the process told Buyouts. The firm, based in Raleigh and Dallas, has commitments […]
A contractual provision GPs are slipping into fund contracts prohibits limited partners from discussing details of the fund with other LPs, according to Svetlana Loshakov, managing director at Moreland Management Co. Loshakov said she uses her judgment in selecting when to adhere to the provision. “It’s important for us to carry out our duty as […]
There has been a ton of spinout activity over the past few years, more than some industry veterans have seen since the halcyon days of the market peak. At that time, sources told me, every investment professional with an inkling of talent was at least considering making a moving and starting his or her own […]