peHUB Rewind

Here’s a look at the past week’s scoops, opinions and analysis from the peHUB blogging team.

In good news, Dan announced peHUB’s first “content” event: The LP Congress. Hoorah. Now for the bad news…

In the land of buyouts, we started the week with a handy chart of all of the buyout firm mark-downs we could get our hands on: Write-Down Roundup. Speaking of write-downs, Goldman Sachs lost more than half of investors money in distressed debt plays. How will Apollo, Blackstone and other funds fare?

Speaking of Blackstone, the firm’s distressed real estate fund is still in the market, and its European real estate fund has all but closed. On the flip side, BDCs are so desperate they might take money from an equally desperate asset class: the SPACs.

Meanwhile, one PE firm is suing another over a bankruptcy, and Dan discovered that deep down, it was all about the fees for Levine Liechtman v. Apollo.

We analyzed the financial impact of Sun Capital’s 10 bankruptcies in Staring at the Sun: A Look at the Equity Checks from Sun Cap’s Bankruptcies. Perhaps those companies could use some help from the new turnaround advisory firm on the scene, Conjoin Group.

Topping off the bad news is a wrap-of the week’s S&P and Moody’s downgrades, including my rant against ratings withdrawals. Oh, and distressed M&A is at a five-year high.

Behind the scenes, kickback scandals aren’t limited to New York: The head of the Illinois Teachers’ Retirement System stepped down yesterday amidst corruption.

On the venture capital side, Connie reported that a company called ReputationDefender is in the market for more venture money. The company helps prevent people from being trashed online. A post on the exodus of talent from VC firms sparked a bit of a debate among commenters: The VC Exodus Continues: Polaris Partner Leaves to Start Own Company.

TouchCommerce, a company with a unique pay structure, raised another $10 million. DFJ Gotham is rolling along in fundraising for a much larger fund than its last.

Speaking of fundraising, Dan has the story behind Highland Capital’s fund size reduction in a story called Smaller & Smarter. Another fund, Bertram Capital, pushed its fundraising back.

We posted two Q&As: One with VC recruiter Jon Holman, who said VC job shrinkage is in the early stages. The other was with former Cardinal Health president Hank Struik, who recently joined Water Street Healthcare Partners to, as he said “find his next job.”

He might have better luck abroad, as CFOs in Europe make more money than their American counterparts.

Joanna Glasner reports that business plans are a waste of time. And I was amazed that Segway created a vehicle even more ridiculous looking than its namesake product.

And of course, First Read and Second Opinion covered plenty of ground, including articles on Wall Street Tourism, Bailout Art, increased confidence in Silicon Valley, the “Obama effect” on private equity, finger pointing over Huntsman/Hexion, and downgrading Meredith Whitney.