Private equity exit activity in the U.S. picked up in the second quarter. Overall, U.S.-based PE saw 161 exits totaling $18.3 billion in Q2 2017, mirroring Q1’s count and up 13 percent in value. If the first-half value totals are indicative, 2017’s exit numbers will decline from recent years. But second halves typically show boosts […]
U.S.-based buyout and mezzanine fundraising hit a massive swell as Q2 wrapped up. Over the past two weeks, the yearly total grew by $26.5 billion. Thus far in 2017, $137.2 billion has been raised, leading the year-earlier period by $37.6 billion, or 38 percent. Apollo Global Management is wrapping up fundraising on what will be the largest PE fund […]
The power balance between LPs and GPs in private equity swings back and forth like a pendulum, but these days that balance seems weighted on the side of the LPs. According to Preqin’s 2017 Private Capital Fund Terms Advisor Report, more than a quarter of LPs routinely decide not to invest in a fund because of […]
Some things never change. LP frustration about fees is the perennial complaint in private equity. In a recent Preqin study, two-thirds of LPs ranked management fees as the issue they’d like to see improved, followed by how GPs charge carried interest, and increased transparency at the fund level. One LP remarked, “Management fees should cover costs […]
PRIVATE EQUITY FIRMS Altegris Advisors, a provider of alternative investment strategies, hired Robert S. Naka as chief operating officer. Naka previously was COO at Salient Partners. Altegris is owned by Aquiline Capital Partners and Genstar Capital Management. Comvest Partners hired Ashley Ciaburri Rainwater as a director of investor relations. Rainwater previously was director of marketing and investor relations at Kohlberg & Co. General Atlantic named Yong Hak Huh a […]
Here are the key statistics in private equity fundraising, deals and exits for the second quarter of 2017. Download the “Buyouts Insider Q2 2017 Highlights” slide show as a PowerPoint: Buyouts Insider Q2 2017 Highlights
Download the year-to-date league tables through Q2 2017 for financial and legal advisers: Q2 2017 Financial Adviser League Tables Q2 2017 Legal Adviser League Tables
U.S.-based buyout and mezzanine fundraising slowed in advance of the dog days of summer. Over the past two weeks, the yearly total grew by only $1.6 billion. Thus far in 2017, $110.7 billion has been raised, leading this point last year by $15.8 billion, or 16.6 percent. Platte River Equity wrapped up its oversubscribed fourth […]
PRIVATE EQUITY FIRMS Antares Capital hired Greg Lawton as managing director for its asset management team. Lawton previously was a managing director at Crescent Capital. Ares Management LP: Peter Higgins joined the firm as a partner and portfolio manager in the Ares Credit Group. Higgins will be based in London and will help lead the expansion of Ares’s European leveraged-finance product. Higgins […]
According to the latest data from Triago, large buyout funds possess the most worth on the secondary market, fetching 97 percent of their net asset value. Overall, the average secondary price sits at a 5 percent discount to its net asset value – an increase of two percentage points from 2016.
Triago conducted a study of 96 firms sold within the past 12 months by funds bought on the secondary market. While GP valuations are conservative and the largest faction of secondary exits (33 percent) fall within the 1.0x-1.1x range, about one in five exits returned a premium of more than 1.5x.
The default list of PE-backed companies from Standard & Poor’s’ latest Weakest Links report grew to 12 from 1 the last time Buyouts published the list. Of the 11 new additions, two had affected debt over the $1 billion plateau. Permian Resources, the Oklahoma City oil-and-gas developer, holds more than $1.1 billion in debt. Permian is […]
PRIVATE EQUITY FIRMS Cimbria Capital named Jens Ulrick Hansen a managing director. The Houston private equity firm invests in the water-technology and agribusiness sectors in North America and Europe. Cotton Creek Capital, the Austin private equity firm, hired Nicholas A. Longtin as an associate. Longtin previously was an investment-banking analyst in the global industrials group at UBS Investment Bank. General Atlantic: Preston McKenzie and Eric […]
The overall food and beverage sector is experiencing a major upswing. Sensing profitable opportunities in the area growing in popularity, private equity firms took notice. U.S.-based PE is responsible for 690 deals totaling $114 billion over the past 10 years, with the value peaking in 2013.
U.S.-based buyout and mezzanine fundraising slowed over the past two weeks. Since Buyouts last went to press, the yearly total grew by $3.4 billion, a low number for the year’s fervent pace. Thus far in 2017, $109.1 billion has been raised, ahead of this point last year by $20.1 billion, or 22.6 percent. Lower-middle-market funds fueled the […]
On the heels of Amazon’s deal to buy Whole Foods for $13.7 billion, Buyouts looked at the biggest deals in food retail since the beginning of 2008. The two largest (Safeway, $9.2 billion in 2015; New Albertsons, $3.3 billion in 2013) were completed by AB Acquisition LLC. AB is a special purpose acquisition vehicle, with […]
U.S.-based buyout and mezzanine fundraising hit another swell in the past two weeks. Since Buyouts last went to press, the yearly total grew by $8.4 billion. Thus far in 2017, $105.7 billion has been raised, leading the year-earlier total by $33.2 billion, or 46 percent. Kohlberg Kravis Roberts held a final close on its third Asian-Pacific investment pool. […]
Industrials and consumer products and services led total private-equity-backed exits through June 1. The two sectors are responsible for 33 exits (14 percent) each. If the standings hold, they’d both see their rank rise from 2016. High tech, last year’s leader, trails the pair by only one exit.