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Bertram Is Official

By Dan Primack — 11 years ago

The extraordinarily-amicable divorce between Jeffrey Drazen and Sierra Ventures is in its final act, as Drazen’s new firm has closed its inaugural fund with $250 million. Named Bertram Capital, the firm will formally open on Sept. 5 and will focus on growth capital opportunities in the business services, tech, healthcare (non FDA-track) and industrial manufacturing […]

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Crescendo Ventures: To Raise or Not To Raise

By Dan Primack — 11 years ago

Last month, there were some online rumors that Crescendo Ventures was planning to follow Worldview Technology Partners and Mobius Venture Capital into the dustbin of VC history. Such speculation was likely based on Crescendo’s dismal track record and subsequent inability to find many takers for a new fund, but was disputed by both GP and […]

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Random Ramblings

By Dan Primack — 11 years ago

A common question from you to me is: “What are these regulatory filings of which you speak?” They are Form D, or Regulation D filings with the SEC. They are not available via Edgar, and instead are relayed to me via a Thomson worker down in Washington DC . As someone who once spent a […]

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Monday Mouth-Off

By Dan Primack — 11 years ago

The sun is shining, the publicization of private equity lives on via Apollo and I’m still working off an excess of homemade mead from a weekend wedding. In other words, it’s time for some Monday Mouth-Off.  *** Z writes in on the HCA syndication details: “I wonder if BofA and Citigroup will syndicate some of […]

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Random Ramblings: HCA, 3i & IPOs

By Dan Primack — 11 years ago

Some very quick notes before I scurry off to a 10am meeting…  *** HCA has released additional details of its buyout agreement, including confirmation that KKR, Bain Capital and Merrill Lynch are each on the hook for $1.5 billion equity checks. Each firm is allowed to syndicate up to 50% of its contribution, so long […]

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Just Linking Around…

By Dan Primack — 11 years ago

*** Peter Rip suggests that the recent uptick in VC return data might be more smoke than mirror (it’s the realizations, stupid). Apparently Peter hasn’t been paying attention to his BusinessWeek cover headlines.  *** Going Private has lots of thoughts on the predicted death of private equity. The key run-on sentence comes near the end: “If I […]

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Random Ramblings

By Dan Primack — 11 years ago

A few additional thoughts on last Thursday’s Return of the Corporate Raiders column, and then some additional notes:  *** Some of you wrote in to ask why I was harping on management fee termination agreements, instead of on the management fee agreements themselves. Do I find the former objectionable and the latter appropriate? Nope. Both […]

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HuffPo Gets VC Funding

By Dan Primack — 11 years ago

Last month, this space reported that HuffingtonPost.com was close to securing $5 million in VC funding. Yesterday came the official word, so it’s probably worth discussing further. I’ll be doing so in notes form, so as to avoid the requirements of competent cohesion:  1. For the uninitiated, HuffingtonPost.com is a multimedia website launched last year […]

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Random Ramblings: MidOcean/Ripplewood & More

By Dan Primack — 11 years ago

One of my political pet peeves is when elected officials hold to untenable positions for the sake of appearing “consistent.” Ditto in business, when certain mergers go through even though each side already has become a bit wary of the other.  So it’s refreshing to learn that MidOcean Partners and Ripplewood Holdings have canceled a […]

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Friday Feedback

By Dan Primack — 11 years ago

The heat wave is winding down, the beloved Red Sox are breaking down and unemployment is going up. In other words, it’s time for Friday Feedback.  Lots of emails about the proposed minimum wage hike (you don’t like it), the HCA deal (you like it) and the new VC fund model proposed by Stage1 Ventures […]

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Return of the Corporate Raiders

By Dan Primack — 11 years ago

Burger King is supposed to represent the best of what private equity has to offer. Unfortunately, it also represents the worst.  For the uninitiated: Burger King was acquired in 2002 by Bain Capital, Goldman Sachs Capital Partners and Texas Pacific Group. The transaction was valued at around $1.5 billion, including just $300 million in equity. […]

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Just Linking Around…

By Dan Primack — 11 years ago

The National Venture Capital Association and Thomson Financial have released their latest set of private equity fund performance data (both VC and LBO). The big news is that 1-year, 3-year and 5-year cumulative performance all rose between Q4 2005 and Q1 2006, while 10-year and 20-year figures remained fairly steady. The press release can be […]

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Random Ramblings: A New VC Model

By Dan Primack — 11 years ago

Venture capital firms often change their investment strategies, whether it be in terms of industry focus, geographic focus or company stage focus or deal size. The basic VC fund structure, on the other hand, seems to be timeless. For the uninitiated, this typically means: (i) A certain amount committed capital; (ii) An annual management fee charged on committed […]

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Friday Feedback

By Dan Primack — 11 years ago

The sun is shining, the minimum wage is (hopefully) about to be raised and I’ve got to pack up the uncharismatic VW for a weekend in New Hampshire. In other words, it’s time for Friday Feedback.  *** First up is a question from David on the HCA deal: “Would KKR take a piece of it […]

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The $80 Billion Buyout

By Dan Primack — 11 years ago

A popular press sport right now is to identify public companies that could be snatched up by leveraged buyout firms. Lots of attention being paid to perceived under-valuations, P/E ratios, lender proclivities, etc. But rather than providing a list of companies that could receive bids, let’s approach it from a different angle: How many U.S.-listed […]

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Random Ramblings: The Spark Behind Spark

By Dan Primack — 11 years ago

Welcome to a brutally busy news morning. We’ve got the largest leveraged buyout in history (HCA), WL Ross getting acquired (conference call at 10am), VC disbursement data indicating that Q2 2006 was the busiest quarter since Q1 2001 (MoneyTree Survey figures come tomorrow) and some other multi-billion buyout deals that can’t even crack our Top […]

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Just Linking Around…

By Dan Primack — 11 years ago

I’ve long been on record as saying that the worst-ever VC deal came in 2000, when Hummer Winblad Venture Partners invested $15 million into file-swapper/stealer Napster Inc. The reason is threefold:  Napster already was facing several copyright infringement lawsuits, with several more expected to follow.  The deal included a provision whereby HWVP partner Hank Barry […]

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Friday FeedBack

By Dan Primack — 11 years ago

The sun is shining, the Israelis are escalating and at least one GOP chief executive (Schwarzenegger) understands the inanity of throwing out embryos when they could be used to further scientific research. In other words, it’s time for Friday Feedback.  First up is an extended email from Gilman Louie, the founding CEO of In-Q-Tel who […]

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