Scoops & Analysis

Private equity has been getting a barrage of popular press coverage, due largely to mega-deals for companies like HCA, Aramark and VNU (Kinder Morgan, for whatever reason, keeps being treated like a middle child). Most of said coverage, however, seems to have been assigned by unimaginative editors who want to know either: “Are large fund […]
The sun is shining, the Red Sox are sinking and Iran is responding. In other words, it’s time for some Tuesday Talk-Back.  *** First up are a couple of responses to yesterday’s column, which lambasted the Financial Times’ suggestion that LBO firms should consider buying Microsoft. Charles writes: “One thing I think that people may […]
I appeared on CNBC’s SquawkBox program this morning, in order to discuss The Financial Times’ inane suggestion that Microsoft could be next on the private equity shopping list. As I told the equally-skeptical anchors, Snakes on a Plane will win a best picture Oscar before Microsoft gets acquired by LBO firms. For those of you […]
President Bush yesterday signed a sweeping pension reform bill that should provide a major boost to the fund-raising prospects of both private equity funds-of-funds and hedge funds. Specifically, the law exempts U.S. public pension funds, foreign benefit plans and certain church funds from counting as “benefit plan investors.” This means that a private equity fund-of-funds […]
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 […]
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 […]
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 […]
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 […]
*** 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 […]
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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