Private equity firms are awash in cash, with nearly US$1trn of available capital, but the industry is facing internal competition as limited partner (LP) investors seek to play a more active role in buyouts, according to David Rubenstein, co-founder and co-CEO of the Carlyle Group, Reuters reported.
Private equity firms are awash in cash, with nearly US$1 trillion of available capital, but the industry is facing internal competition as limited partner investors seek to play a more active role in buyouts, Reuters reported, quoting David Rubenstein, co-founder and co-CEO of the Carlyle Group. The structure and composition of PE funds will change significantly as LPs that would previously have invested in the funds increasingly branch out into arranging buyouts themselves, Rubenstein said. He predicted that sovereign wealth funds will replace U.S. public pension funds as the largest source of capital for buyout firms, and said that retail investors will also play a more significant role going forward.
London-listed private equity firm 3i Group (III.L) said on Thursday it had no plans to dispose of its biggest asset, Dutch discount retailer Action, rebutting market speculation that a sale could be imminent.
Maoyan, one of China’s biggest online ticketing platforms, on Wednesday said it has secured 1 billion yuan ($150.82 million) in funding from internet giant Tencent Holdings Ltd, valuing the company at 20 billion yuan.
Germany’s ProSiebenSat.1 (PSMGn.DE) has attracted bids from private equity firms for a stake in its ecommerce portfolio as it seeks cash to finance a shift away from its television advertising business, sources told Reuters.
Canadian department store operator Hudson’s Bay Co said it saw no merit in activist fund Land & Buildings Investment Management‘s recent appeal against the Toronto Stock Exchange’s conditional approval for a US$500 million ($638 million) investment from Rhône Capital, Reuters reported. Hudson’s Bay said this week it had written consent for the equity investment from shareholders representing well over 50 percent of its outstanding common shares. Earlier this month, Land and Buildings, a U.S. hedge fund headed by activist investor Jonathan Litt, had urged the company to call for a non-insider vote on Rhône’s investment, saying the ones who voted had a “special interest” in the deal. Land and Buildings had a near 5 percent stake in Hudson’s Bay as of July.
Kari Stadigh, the chief executive of Nordic financial holding company Sampo (SAMPO.HE), has signed up as one of the largest investors in software company Efecte, which on Wednesday announced its plans for initial public offering, Reuters reported.
Varo Energy BV’s owners, U.S. private equity firm Carlyle Group (CG.O) and commodities trader Vitol, are looking at an initial public offering next year that could value the European oil refiner at about $2 billion, the Wall Street Journal reported on Wednesday.
Cerberus [CBS.UL] has taken a 3 percent stake in Deutsche Bank (DBKGn.DE), Germany’s flagship lender said on Wednesday, making the U.S. buyout fund the fourth-largest shareholder after China’s HNA group, Qatar and money manager Blackrock (BLK.N).
Airbus (AIR.PA) landed a deal for a record 430 of its A320neo-family jets on Wednesday as U.S. investor Bill Franke raised his bet on budget airlines, Reuters reported.
Poshmark has raised $87.5 million in a funding round led by Singapore’s state investor Temasek Holdings [TEM.UL], the online fashion retailer said on Tuesday, positioning the startup for overseas expansion in Europe and Asia, Reuters reported.
France’s Sodexo (EXHO.PA) is buying Centerplate, a U.S. company that provides food and hospitality services at sports, convention and entertainment venues, for $675 million in cash to raise its profile in the U.S. sports and leisure market, Reuters reported.
As Hudson’s Bay Co steps up the pace of extracting value from its US$5 billion property portfolio, the department store chain’s shareholders want it to reduce debt, return cash to them, and not invest the proceeds in traditional retail operations, Reuters reported. Hudson’s Bay is not new to selling real estate, but its actions are under greater scrutiny amid rising tensions between the company and U.S. activist hedge fund Land & Buildings Investment Management. The fund wants the Canadian owner of Saks Fifth Avenue and Lord & Taylor to sell or convert stores to alternate uses and transform itself into a real estate play.
Connecticut’s highest court is set to hear arguments on Tuesday in a closely watched case brought by the families of the victims of the 2012 Sandy Hook Elementary School shooting against the maker of the assault rifle used by the killer, Reuters reported.
Restaurant chain Buffalo Wild Wings Inc (BWLD.O) has received a takeover bid valued at more than $2.3 billion from private equity firm Roark Capital Group, the Wall Street Journal reported on Monday, citing people familiar with the matter.
British car insurance underwriter Sabre will seek to raise around 213 million pounds ($279.22 million) in an initial public offering in London next month, the company said on Monday.
Lighthouse Investment Partners LLC and Rothschild HDF Investment Solutions, a unit of Rothschild Asset Management Europe, have entered a strategic alliance to boost Rothschild’s alternative investment business, Reuters reported.
Ride-hailing company Lyft Inc said this week it would launch its service in Toronto, marking the first international expansion for the U.S.-based rival of Uber Technologies Inc, Reuters reported. “Before you know it, Lyft will be coming to you live in Toronto,” the company said in a blogpost, without giving a launch date. Lyft is crossing into Canada at a time when rival Uber has opted out of operating in Québec to avoid following tough new regulations for drivers. Lyft raised US$1 billion in October, in a round led by the growth investment fund of Alphabet Inc. One of the company’s investors is Canada’s Public Sector Pension Investment Board (PSP Investments).