peHUB First Read

Some links to kick off your Friday:

* Did you realize that there is an all-female private equity firm based in Dubai? Me neither, but it’s got a new CEO.

* Chris Nolan says that if you’re a Silicon Valley VC, the time to contemplate retirement is now.

* China has signed a deal with J.C. Flowers, to form a $4 billion private equity fund focused on U.S. financial assets. This is the ultimate contrarian play. Not only in terms of the target sector, but also the partner. Flowers hasn’t been able to get a deal done for months, including failures on Sallie Mae, Northern Rock and (seemingly in process) Friends Provident.

* VentureBeat reports that online ad network FM Publishing has raised $50 million from Oak Hill Capital Partners at a $200 million pre-money valuation. That would give Oak Hill a 25% cut, which is 15% less than FM often takes as ad sales commission.

* Sen. Wayne Allard (R-CO) doesn’t know the difference between Blackstone and Blackrock. But don’t worry, he’ll still be among those determining new Wall Street regulations.

* Businessweek’s new cover is about When a Good Buyout Goes Bad. Its case study is Freescale, which I keep being told isn’t actually in as bad of shape as it may appear from the outside.

* J.P. Morgan withdraws Bear Stearns job offers. Amazing this is a story — I had assumed it was assumed.

* Citi merger architect calls deal “a mistake.”

* Where is our MBA president now?

* VC-backed Seesmic buys Twhirl, a Twitter client. This is apparently very important.