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PE HUB Wire Highlights, 11.29.18

BC Partners to seek buyer for Acuris; CPPIB to invest $500 mln in Berlin Packaging; Co-founder exits Eaglehill Advisors

Private equity firms have lots of dry powder (almost $1.2 trillion as of March 2018) and the average time they are waiting to raise new funds has shortened. That’s according to Preqin, which says that the average time between the final close of a fund and the close of its successor has hit 42 months. This is down from 52 months in 2013, Preqin said.

Fund managers may seem to be stockpiling cash but the research provider points out that may not be the case. GPs are deploying more than 80 percent of the capital in their funds before closing a successor, according to Christopher Elvin, head of private equity at Preqin, said.

“This chimes with dry powder to capital called ratios, which have remained below 3.0 since 2015, well below the peak of 3.9 seen in 2010,” he said in a statement. “Fund managers are certainly taking in more capital than ever before, but they are also deploying it at a commensurate rate.”

Last night I attended Prestige Capital‘s second annual networking and stand-up comedy night. We listened to several comedians. One of the best jokes, IMHO, came from Tyler Fischer, who has appeared on Colbert and John Oliver, when he spoke about Alexandria Ocasio-Cortez. Cortez, the youngest woman ever elected to Congress, faced criticism earlier this month after news reports revealed she had less than $7,000 in her bank account. Some were shocked by Cortez’s lack of money, Fischer said. Angry New Yorkers had a different response, he said. “Stop bragging, *****!” Fischer said to a room filled with lower middle market lenders. “I have seven roommates and we live in a cash register.”

There were many other jokes but this was one of the mildest. Prestige Capital, of Fort Lee, New Jersey, is an asset-based lender.

Hubsters, what are your favorite jokes this holiday season? Please keep it G-rated, if possible, so I can share. Email them to me atlbeltran@buyoutsinsider.com

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