David Rubenstein, Co-Founder and Co-CEO of the Carlyle Group, speaks at the Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2016. REUTERS/Lucy Nicholson - RTX2CGZ6

Carlyle co-CEO says private equity to face competition from LPs: Reuters

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.

Hudson's Bay Company The Bay's signature striped patterns.REUTERS/J.P. Moczulski

HBC says no merit in appeal against Rhône deal: 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.

Banff, Canada - September 23, 2012: Hudson's Bay Company store window display on Banff Avenue in Banff National Park, Alberta, Canada. The Hudson's Bay Company Canada's oldest, and one of the world's oldest, companies, dating from 1670. Photo courtesy of jewhyte/iStock/Getty Images

HBC investors want debt reduction, payouts from real estate proceeds: Reuters

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.

An illuminated sign appears in a Lyft ride-hailing car in Los Angeles, California, U.S. September 21, 2017.  REUTERS/Chris Helgren

Lyft to drive into Canada in first international foray: Reuters

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).