Global investors Carlyle and Primus are among the bidders for AIG’s (AIG.N) Taiwan insurance unit, sources said on Friday, as the troubled U.S. insurer looks to divest some of its global assets. Friday is the deadline for interested companies to submit their proposals to purchase Nan Shan Life, AIG’s Taiwan unit, in a deal that […]
Here’s a look at the past two weeks of scoops, opinions and analysis from the peHUB blogging team. LBO-Backed Bankruptcy List: On Pace to Double Last Year's Total [Quarterly Stuff] Fund Performance Data Dump [Quarterly Stuff] Fund Performance Data Dump (Part Deux) [Quarterly Stuff] VC-Backed IPOs Rise Infinitely in Q2 [Quarterly Stuff] Private Equity Activity Falls in Q2 [Quarterly Stuff] Global PE Fundraising Rises in Q2 [Quarterly Stuff] PCG Pays $2 Million To Escape New York Probe [Buy Yourself Out of Trouble!] Escape from New York (Part II) [It's That Easy!] 88% of PE Firms Have Cut Portfolio Company Headcount [Studies] Los Angeles PE Firms To Buy Century-Old Tulsa Pipe Company [Deal Scoops] Highland Capital Delays Fund Close [Tough Times] Ashmore: Private Equity Is Deep Underwater [Tough Times] Of Work Ethic and Private Equity [Essays] Bain Capital Offers To Cut Size of Co-Invest Fund [peHUB Approves] KKR Proposes A Double Secret Reverse IPO [About-Faces]
The Private Equity Council isn't going to let federal regulators off so easily this time around. Last month, the private equity lobby supported the government's requirement that buyout firms register with the SEC, even while arguing that "private equity firms do not create systemic risk." Today, however, the PEC came out against proposed FDIC guidelines for buyout firm investments in banks, saying that they go to far and would be counterproductive. "We hope that the comment period yields changes that facilitate the flow of private capital into the banking system, consistent with the Administration's other efforts to address the financial crisis," said PEC president Doug Lowenstein. To recap, the proposed rules include a minimum three-year hold time, capitalization requirements, cross-guarantees for firms with multiple banks in its portfolios, and extensive disclosures, particularly regarding ownership structures.
Happy July 4th! Bloggers Gaining Steam: Goldman Sachs responds directly to blogger Zero Hedge. (Zero Hedge) Lists: Dumbest Moments in Business, Mid-Year 2009. I think we could add a few buyout moves to this list as well... (Fortune) Fighting Fund of Funds? "Private equity funds of funds are increasingly under fire. Not only do they reduce returns, but they do not minimise risks" (IP&E) Hours Versus Heads: The decline in aggregate hours worked has been frighteningly consistent over recent months. (Freakonomics) Student Loan Horror Story: How a law school grad that passed the bar is being denied admission because of his $400,000 student loan load. (Law Blog)
Golden Gate Capital has completed its acquisition of the J. Jill apparel brand from The Talbots Inc. (NYSE: TB) for approximately $75 million.
WASHINGTON (Reuters) – Private equity groups would have to meet strong capital requirements and pledge to maintain long-term investments before being allowed to buy failed banks, under controversial guidelines proposed by the Federal Deposit Insurance Corp on Thursday. The bank regulators who serve on the board of the FDIC openly clashed about the proposals, with […]
ArcLight Capital Partners has agreed to acquire the majority of PPL Corp.'s (NYSE: PPL) hydroelectric generation business in Maine. The deal is valued at approximately $95 million.
American Education Group, a Grand Rapids, Mich.-based for-profit private school operator, has raised $10 million from Glencoe Capital. AEG was formed in 2007 by Winona Capital Management and Chicago Growth Partners.
SandRidge Energy Inc. (NYSE: SD) has sold its gathering and compression assets in Piñon Field, located in Texas’ Pecos and Terrell counties, to TCW Asset Management for $200 million. PRESS RELEASE Oklahoma City, Oklahoma, June 30, 2009 – SandRidge Energy, Inc. (NYSE:SD) today announced the closing of the two previously announced transactions. Total proceeds of […]
Global Safety Textiles Holdings LLC, a Greensboro, N.C.-based unit of WL Ross & Co.'s International Textile Group Inc., has filed for Chapter 11 bankruptcy protection.