David M. Toll
877 Views

Emerging managers should emphasize team when fundraising; gird for uphill climb

Are emerging managers in tune with potential backers when it comes to anticipating what factors are most important to those backers in evaluating their funds? A recent survey by financial publisher Buyouts Insider and Gen II Fund Services, LLC finds that, to a surprising degree, they are. You would think “track record” would rank high […]

Deal Terms VC
356 Views

Leeds Equity Partners tops $400 mln for Fund VI

Leeds Equity Partners, buyer and builder of companies in the fields of education, training and information services, has closed on north of $400 million for its sixth core fund, Buyouts has learned. Leeds Equity, which owns Buyouts, has passed the halfway mark towards its $750 million target for Leeds Equity Partners VI LP, according to […]

private equity, Betsy DeVos, Richard DeVos, family office, U.S. Department of Education
284 Views

Private Eye: Michigan Prosperity Fund not a single blind pool, Blackford says

Executives at Blackford Capital like to talk up their Michigan Prosperity Fund, which they have described as a $50 million buyout fund launched in 2012 and earmarked mainly for in-state investments. But the fund isn’t a blind pool in the conventional sense. In fact, the firm has formed individual limited partnerships for each of the nine portfolio […]

private equity, Betsy DeVos, Richard DeVos, family office, U.S. Department of Education
529 Views

Private Eye: DeVos-family-backed firm, with $6.3 bln AUM, raises two co-investment pools

Ottawa Avenue Private Capital LLC, an investment arm of the family office of Richard DeVos, father-in-law to U.S. Secretary of Education Betsy DeVos, has raised at least $420 million for two funds in a series of annual co-investment pools, regulatory filings suggest. The Grand Rapids, Michigan, firm, founded in 2015, had assets in Ottawa Avenue Fund 2017 LP […]

private equity, Betsy DeVos, Richard DeVos, family office, U.S. Department of Education
456 Views

Private Eye: Michigan heats up, as wealthy families back new firms

Editor’s Note: The story below may leave the impression that the Michigan Prosperity Fund is a single blind pool. The author wrote a subsequent column clarifying that its sponsor invests on a deal by deal basis. Michigan may be the home of the auto industry and a hub of beer brewing and manufacturing, but the midwestern state […]

private equity, Betsy DeVos, Richard DeVos, family office, U.S. Department of Education
234 Views

Private Eye: ILPA may weigh in on sharing of SEC exam findings with LPs

The Institutional Limited Partners Association by early next year would like to produce a revised set of recommended LPA terms that will likely address how forthcoming general partners should be with the sharing of SEC exam results. The association has a parallel initiative under way to streamline the wording of select provisions, such as distribution waterfalls. First released in […]

James McIntire, ex-Treasurer of the State of Washington
167 Views

Five Questions with James McIntire, Ex-Treasurer of Washington State

Just two months after stepping down as Washington State treasurer, a position he held from 2009 to 2017, James McIntire joined Star Mountain Capital as a part-time senior adviser. At the New York firm, which channels money to lower-mid-market companies both directly and through fund investments, McIntire plans to help attract more public pensions as clients. […]

private equity, law, Duane Morris, Buyouts magazine
527 Views

LP Trend: Investors take chance on emerging managers

Emerging managers have a lot going for them. Many offer co-investments. Their founders put an abundance of skin in the game and don’t overdo it on the management fees. They pursue specialized strategies that can diversify plain-vanilla portfolios. They’ve performed well overall, although individual funds can be a bit hit-or-miss. Institutional investors investors have been […]

private equity, Betsy DeVos, Richard DeVos, family office, U.S. Department of Education
491 Views

Private Eye: Siris looks toward year-end fund launch; may seek $3 bln

Siris Capital, a popular member of a new class of technology-buyout specialists started in the last decade, is expected to be out in the market either late this year or early next with its third broadly marketed fund. Look for the firm to set a target of at least $3 billion. Speaking Friday at the Columbia Business School […]

private equity, Betsy DeVos, Richard DeVos, family office, U.S. Department of Education
170 Views

Private Eye: Two legislators favor regulatory relief for PE; offer less hope on taxes

Two legislators who sit on influential financial committees held out hope that regulatory relief for buyout firms is on the way. But they seemed less sympathetic on taxes. Speaking on Valentine’s Day at the fourth annual ACG Middle Market Public Policy Summit in Washington, Sen. Thom Tillis (R-North Carolina), a member of the committee on banking, […]

private equity, Betsy DeVos, Richard DeVos, family office, U.S. Department of Education
341 Views

Disclose, disclose, disclose, recommends ACG regulatory task force

The Association for Corporate Growth has unveiled a set of recommendations for private equity firms looking to steer clear of trouble with the U.S. Securities and Exchange Commission, and a big theme is to spell out policies and procedures up front with investors. The recommendations, which ACG calls principles, “really contribute to and support a culture of compliance, […]

private equity, Betsy DeVos, Richard DeVos, family office, U.S. Department of Education
407 Views

Private Eye: RLJ Equity may hire agent for Fund II; buys back Carlyle stake

RLJ Equity Partners, led by Robert Johnson, the billionaire founder of Black Entertainment Television, is on its way to raising a second fund, having secured $103 million in a June first closing. Those re-upping from among the 12 debut-fund backers include Boeing; GE Asset Management, acquired last year by State Street; Muller & Monroe Asset […]

private equity, Betsy DeVos, Richard DeVos, family office, U.S. Department of Education
702 Views

Private Eye: Angeles Equity Partners wraps up debut fund at $360 million

Angeles Equity Partners, spearheaded by two executives who helped build an industrials-focused private equity business for Gores Group, closed its debut fund this month at $360 million. Backing came from a number of U.S. pension funds, including Los Angeles City Employees’ Retirement System and Montana Board of Investments, along with both U.S. and European foundations and […]

private equity, Betsy DeVos, Richard DeVos, family office, U.S. Department of Education
610 Views

Private Eye: LPs are right to applaud a low ‘failure rate’

Investors’ desire to back top-quartile-performing funds sometimes seems exceeded only by their willingness to overlook a real clunker. Look no further than financial-services specialist J.C. Flowers & Co., which recently informed the SEC that it had reached $628.1 million on J.C. Flowers IV LP. Just about a decade ago institutional investors committed some $7 billion to the […]

private equity, Betsy DeVos, Richard DeVos, family office, U.S. Department of Education
409 Views

Private Eye: Growing menu of feeder funds draws billions

Feeder funds tend to flourish during bull markets. And they are big business yet again. For evidence look no further than iCapitalNetwork, which was founded in mid-2013 and began offering its first products about two years ago. From that start the firm has raised some 50 feeder funds, both single-fund and multifund feeders, from an online network that […]

private equity, Betsy DeVos, Richard DeVos, family office, U.S. Department of Education
1257 Views

Private Eye: Riverside mulls longer holds, joining GTCR, Aurora

It can be painful for buyout pros to watch a great company that they sold produce a splashy return for the next owner. Great companies are hard to find. Riverside Co, a lower-mid-market shop with offices worldwide, in 2009 produced a 5.1x gross return on the sale of railroad-equipment-repair company Nordco to OMERS Private Equity; it had invested in […]