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Three Cities Preps $400 Million Fund –

19 years ago

Private equity firm Three Cities Research, which specializes in acquiring underperforming public companies, is preparing to enter the market in the first half of 1999 with a third U.S. fund that will target between $300 million and $500 million, said President Willem de Vogel. The New York firm, after closing several deals it is currently […]

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DLJ Sees Opportunity With Mezzanine Fund –

19 years ago

Donaldson, Lufkin & Jenrette last month launched its second mezzanine fund, DLJ Investment Partners II, L.P., with a target of $750 million. The group is one of several firms that believes the time is right to raise a large mezzanine fund because financial buyers are investing increasing amounts of capital and the credit market is […]

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CalPERS Questioning Consultants … Again –

19 years ago

For the second time in less than a year, California Public Employees’ Retirement System (CalPERS) has questioned its two advisers, Pacific Corporate Group (PCG) and Hamilton Lane Advisors, about how recent staff changes at the firms would affect their services to the $130 billion pension. CalPERS Senior Investment Officer Barry Gonder in late October sent […]

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Vestar Mulls Fund Raising, Considers $2 Bil. Target –

19 years ago

Although the firm has called down only about half the capital in its $803 million third fund, Vestar Capital Partners is talking to its investors about launching a new effort with a target between $1.5 billion and $2 billion, Vestar L.P.s said. The firm is in the process of trying to close a $500 million […]

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1998 Fund Raising Proves a Tale of Two Halves –

19 years ago

Fund raising for the buyout industry in 1998 might have gone through its last growth spurt and may now mature at a more steady pace. General partners in 1998 shattered all prior records and raised $54.54 billion, 58% more than firms raised in 1997 and more than double what firms raised in 1996. But about […]

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Despite Market Blip,’ 4Q Deal Flow Sows Seeds of Comeback –

19 years ago

By the end of the second quarter, 1998 was poised to be an earth-shattering year of deals for buyout transactions. In late June, the private equity buyout world had already completed more than $27 billion worth of deals, nearly matching 1997’s year-end total of $28.728 billion. Then came the “blip.” International debt troubles and a […]

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KKR Launches $3 Billion Europe Fund –

19 years ago

Kohlberg Kravis Roberts & Co. this month launched a debut European fund that has a target of $2 billion and a cap of $3 billion. If it exceeds its target, KKR potentially will control the largest buyout partnerships in both the U.S. and in Europe. The firm is trying, not for the first time, to […]

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Hicks Muse to Merge Former Platform Co. –

19 years ago

Former Hicks, Muse, Tate & Furst Inc. portfolio company OmniAmerica, a manager of radio and television transmission towers, in November entered into a merger agreement with American Tower, said Jack Furst, a Hicks Muse managing director. Mr. Furst declined to discuss the agreement’s terms, except to say that the deal was structured as a stock […]

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Capital Resource Holds First Close for Mezz. Fund –

19 years ago

Boston-based Capital Resource Partners raised $354 million last month and held a first close on its fourth mezzanine fund. While many G.P.s largely ignored the mezzanine market until last August, they now are following mezzanine fund raisings so that they can better access hard-to-find financing, G.P.s and L.P.s said. Conversely, Capital Resource has invested mostly […]

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Lazard to Launch $2 Bil. Real Estate Buyout Fund –

19 years ago

Lazard Freres & Co. is about to launch a $2 billion real estate vehicle in what would become the biggest-ever dedicated buyout fund for the industry. Dubbed Prometheus Realty Investors III, after the statue in Rockefeller Plaza where Lazard is headquartered, the new fund is the third of its kind for Lazard Freres Real Estate […]

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Fate Lands Providence Fund III Over-Subscribed –

19 years ago

Providence Equity Partners last month capped a short fund raising by holding a first and final close that garnered $940 million for the firm’s third fund, said Jonathan Nelson, president of Providence. The Providence, R.I.-based firm kicked off fund raising in early August for Providence Equity Partners III, L.P., seeking a target of $750 million […]

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G.P.s Look to Invest In Sub-Prime Lenders –

19 years ago

Capital Z Partners on Dec. 23 made its first buyout in the sub-prime lending industry when it agreed to acquire Aames Financial Corp. for a $75 million equity investment. Los Angeles-based Aames secures home equity loans for high-risk customers. Like other sub-prime lenders, its stock price has fallen dramatically since the summer, leaving it cash-strapped; […]

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Celerity Sparks Deal For Electrical Contractor –

19 years ago

Celerity Partners last month completed a recapitalization of electrical contractor Constar International valued at roughly $70 million, said Mark Benham, founding partner at the California private equity firm. In addition, the firm plans to raise a new fund-its third-of about $50 million in the first quarter of this year, Mr. Benham said. The Constar deal […]

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BC Partners Poised For Cantrell Buy –

19 years ago

BC Partners this month reportedly offered Allied Domecq as much as GBP530 million ($880 million) for Cantrell & Cochrane, the group’s Irish drinks distributor. Allied, which took full ownership of the business last July when it acquired 49.6% of Cantrell from Diageo, was initially expected to bring the beer and soft drink distributor public. BC […]

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Electra Fleming Buys Into Safety-Kleen Europe –

19 years ago

Electra Fleming last month announced it had provided a GBP120 million ($199 million) financing package to support the MBO of Safety-Kleen Europe from Safety-Kleen Corp. of the U.S. The transaction is first buyout in which a significant portion of the funding, including the banking facilities provided by NatWest Acquisition Finance, was financed in euros. Another […]

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Apax to Refill Coffers With Euro 1.8 Billion Effort –

19 years ago

Apax Partners & Co. Ventures is becoming an almost permanent presence in the European fund-raising market. At press time, the firm was preparing to raise Apax Europe IV, LP, a euro 1.8 billion ($2.1 billion) fund, principally for investment in the U.K. and Germany. It has taken the group little more than a year to […]

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Morgan Grenfell Wins Auction for Bookmaker –

19 years ago

Morgan Grenfell Private Equity (MGPE) got the inside track on at least five rival private equity houses just before Christmas when the firm bought betting shop operator Coral from Ladbroke Group for GBP390 million ($648 million). Unsuccessful participants included Cinven, which reportedly bid $625 million; a rival buy-in consortium headed by former Coral Managing Director […]

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PDA Market Space Draws Venture Capital –

19 years ago

SAN FRANCISCO – Handspring, a company designing the next generation of personal digital assistants (PDAs), recently raised an undisclosed amount of capital in a first round of venture financing from Benchmark Capital and Kleiner Perkins Caulfield & Byers. The company’s founders, PalmPilot developers Donna Dubinsky and Jeff Hawkins, plan to make a more consumer-oriented product […]

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