November 2009: “The Worst is Over”

In case you were hibernating last month (judging by deal volume, it appears many of you were), here’s a rundown of November’s biggest buyout news.

November 1
CIT Files for Bankruptcy
Icahn, CIT make up, make failure official.

November 2
Insider Trading Allegations Hit Private Equity
About time, eh? Post-Galleon, we saw Chen Tang, formerly of Friedman Fleischer & Lowe, charged with with leaking info about deals with Tempur-Pedic and Acvion.

November 6
Blackstone Earnings
Ooh, a profit. Schwarzman declares the worst is over.

November 6
Skype Settles!
No more Skype drama-the company’s litigious founders gave up their battle to stop the deal. (A little equity never hurts.) The deal closed November 18.

November 10
Fundraising Officially Stinks
We find that only four firms out of a sampling of 20 who entered the market a year ago have actually closed. Ouch.

November 11
Dodd Proposes PE Registration Bill
Sans definition of the term private equity, which may be troublesome.

November 12
Dollar General Prices
And at the low end of its possibly too-aggressive IPO range. Traded up on its debut.

November 16
Encouraging Exits
Three middle market firms earn respectable (4x or higher) returns on sizable exits in one week. Time to break out the bubbly?

November 19
KKR Earnings
Also posting a profit (although unlike Blackstone, the firm hadn’t previously posted a loss).

November 23
Apollo Going Public!
Look who’s back in the game. The firm updated its S-1 with new performance data and a timeline for its NYSE listing.

And there you have it. Welcome to December, the month where half of you scrambles to push deals through, and the other half of checks out with visions of Q1 dancing in your heads.

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