Gamut Capital, Stan Parker, Jordan Zaken, private equity
562 Views

Gamut’s Stan Parker sees worst market since he started in PE

Ex-Apollo Global Management executive Stan Parker, co-founder of Gamut Capital Management, says the current environment is the worst he’s seen for buyers since he started in the business in 1998. People were complaining about deal multiples at the end of 2007, and the market is running about 15 percent above that today, he said. “I […]

Oncap, Onex, Evan Hershberg, private equity
1009 Views

Oncap executive Evan Hershberg to join Leonard Green

Evan Hershberg, a managing director at Onex Corp’s middle-market platform, Oncap, will leave the team and join Leonard Green & Partners, sources told Buyouts. Hershberg is expected to join Leonard Green in early 2019. Whether he is still at Oncap is unclear. At Oncap, Hershberg focuses on automotive/heavy duty aftermarket and building products, according to […]

424 Views

Park Hill’s secondaries dean, Larry Thuet, to retire

Larry Thuet, vice chairman at Park Hill Group, who for a long time led the firm’s secondary advisory business, will retire, sources told Buyouts. Thuet co-founded Park Hill, prior to which he worked at Atlantic-Pacific Capital.  Thuet has gradually been stepping back from the business. Last year, he moved into the vice chairman role after […]

Yellow Wood promotes Jennifer Roach Pacini to vice president

Yellow Wood Partners promoted Jennifer Roach Pacini to vice president. Roach Pacini joined the firm in 2014 as an associate. She was promoted to senior associate in 2016. Prior to Yellow Wood, Roach Pacini worked as a senior analyst at Analysis Group and before that, she worked at JP Morgan in the commercial banking division.

Pomona Capital, private equity
160 Views

GP-led secondaries help drive deal volume in first half: Greenhill Cogent

GP-led secondary activity like restructurings and tender offers hit an estimated $7 billion in the first half, representing a record 26 percent of total secondary volume so far this year, according to Greenhill Cogent’s first-half secondary volume report. GP-led secondaries have grown in popularity among managers and limited partners as a way to deliver liquidity […]

Los Angeles County, Lacera, private equity, Greenhill Cogent
348 Views

LACERA hires Greenhill Cogent to sell private equity stakes

Los Angeles County Employees Retirement Association hired Greenhill Cogent to help it sell a portfolio of private equity interests, Chris Wagner, senior investment officer in private equity at the system, confirmed for Buyouts. LACERA ran a competitive process for the secondaries mandate that included Greenhill Cogent, Evercore and Campbell Lutyens, pension documents say. Greenhill Cogent […]

1621 Views

Soundcore Capital closes first institutional fund on $350 mln cap

Soundcore Capital Partners has made the important transition from operating deal by deal basis to managing a closed-end fund. The firm, formed in 2015, last week closed its first institutional fund on its hard cap of $350 million, sources told Buyouts. The pool is called Soundcore Capital Partners II to reflect that the firm made […]

private equity, Justin Ishbia, Shore Capital
574 Views

Spinout activity remains strong even as first-time fundraising drops

The depths of the great financial crisis do not seem like the optimal time to launch a new firm. Yet, that’s exactly when Justin Ishbia and his partners chose to launch Shore Capital Partners. The firm started out in 2009 by investing deal by deal, pooling money in minifunds for each investment. Shore Capital completed five investments […]

private equity, emerging manager
265 Views

Editor’s Letter: Going fundless to raise a fund

It’s interesting to go back to my reporting on new-firm formation and find out who managed to reach final close on their first-time fundraising — and who is still out there raising. A crop of strong shops formed over the past year have blown through their fundraising and finished the marathon — a feat that seems like […]

333 Views

New Harbor-backed Wedgewood Pharmacy merges with Diamondback Drugs

New Harbor Capital-backed Wedgewood Pharmacy merged with Diamondback Drugs to form a combined animal-health business with more than 500 employees serving 40,000 prescribers and hundreds of thousands of animal-owners. Marcy Bliss, Wedgewood Pharmacy’s president and chief executive officer, will lead the combined company.

private equity, hurdle rate, MJ Hudson, Advent International,
457 Views

Hurdle rates gradually creep downward, though 8 pct remains norm: study

Hurdle rates, the threshold a private equity fund must hit before a GP begins to collect carried interest, have gradually been falling, but 8 percent remains the industry norm, consultant MJ Hudson reports. Nearly two-thirds (66 percent) of funds in the survey were PE, but respondents also included infrastructure, real estate, growth capital, venture capital and private debt […]

venture capital, fundraising
569 Views

Aterian, with Sun Capital-Insight Equity pedigree, raises Fund III

Aterian Investment Partners, led by executives from Sun Capital and Insight Equity, recently closed its third fund on slightly more than $350 million, sources told Buyouts. UBS was placement agent on the fundraising for Aterian Investment Partners III, a June Form D filing said. Sources pegged the target at $350 million. Fund III took about seven weeks […]

Warburg Pincus, Owl Ventures, Ian Chiu, venture capital, private equity
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Ex-Warburg tech investor Ian Chiu joins Owl Ventures

Ian Chiu, a longtime executive at Warburg Pincus, left the firm and joined Owl Ventures to focus on education-technology investments. Chiu joined Owl Ventures as a managing director this month, according to his LinkedIn profile. He did not respond to a LinkedIn request for comment. A spokeswoman for Owl Ventures also did not respond to […]

Warburg Pincus, Owl Ventures, Ian Chiu, venture capital, private equity
201 Views

Ex-Warburg tech investor Ian Chiu joins Owl Ventures

Ian Chiu, a longtime executive at Warburg Pincus, left the firm and joined Owl Ventures to focus on education-technology investments. Chiu joined Owl Ventures as a managing director this month, according to his LinkedIn profile. He did not respond to a LinkedIn request for comment. A spokeswoman for Owl Ventures also did not respond to […]

Providence Equity, private equity, pension fund, limited partners
1180 Views

CPPIB, HarbourVest, StepStone lead Providence tender offer

Canada Pension Plan Investment Board, HarbourVest Partners and StepStone Group are leading a process that would enable existing investors in Providence Equity VII to sell their interests in the fund, according to two people with knowledge of the situation. The buyers are offering a 3 percent premium to net asset value as of a March […]

Mark Penn, Bill Clinton, Stagwell Group, private equity
529 Views

Mark Penn’s Stagwell Group explores liquidity options

Stagwell Group, launched by former Clinton adviser Mark Penn, is exploring a liquidity process to cash out seed investors and raise fresh capital for investments, two people with knowledge of the firm said. Penn, who worked on various campaigns for President Bill Clinton, formed Stagwell in 2015 to invest in marketing businesses. The firm raised […]

524 Views

Maven Capital hires Lloyds Bank executive Jamie Fraser

Maven Capital Partners hired Jamie Fraser as an investment manager to source and make deals, as well as help manage the 27 million pound North East Development Capital Fund. The fund is supported by the European Regional Development Fund and the 20 million pound Finance Durham Fund, established by Durham County Council. Fraser joins from Lloyds Bank, where he was a relationship director. Prior, he worked at The Bank of Scotland.