First Read

peHUB First Read

This morning First Read brings you links to the most consistent performing private equity fund managers of 2014, how early stage 2012 vintage is doing, CalPERS big movers in 2013 and a look at market and regulatory developments in the US versus Europe.

First Read

peHUB First Read

This Tuesday morning First Read brings you news of Blackstone’s great Hilton gain and its Patria fund surpassing target, how familiarity breeds in the alternative investment world, Nevada’s venture bets and Illinois State Board of Investment recruitment.

3i closes 525 mln euros for CLO fund

3i Group has raised 525 million euros in the final close of its CLO fund Harvest IX. According to the firm, the fund is the first loan-only Volcker compliant CLO issued in Europe.

3i mulls sale, IPO for Finnish telecom unit – Reuters

3i is considering a sale or initial public offering of its Finish telecommunication unit, Eltel Networks, in a deal that may value it about 1 billion euros ($1.4 billion) including debt, Bloomberg reported, writes Reuters. Morgan Stanley and French bank BNP Paribas SA were advising on the sale, according to reports.

First read Feb 24

peHUB First Read

Catch up on the latest headlines after the long weekend including hiring plans at New Jersey and NYC Office of the Comptroller, Kayne Anderson closing a new senior credit fund and Silicon Valley retains its venture crown.


3i sells German car parts maker Hilite to AVICEM

3i has sold Hilite to AVIC Electromechanical Systems Co., a subsidiary of Chinese industrial conglomerate AVIC, for approximately 473 million euros. Morgan Stanley Bank AG provided financial advice on the transaction. Headquartered in Marktheidenfeld, Germany, Hilite is a provider of automotive system solutions.

first read march 27

peHUB First Read

Catch up on the mid-week industry happenings including 3i divestment news, a GP world where there is 0 percent management fees and America’s nine most damaged brands.


PE-backed Phibro Animal Health prices IPO

Phibro Animal Health Corp, which is backed by 3i Group, said Monday that it has priced its IPO of over 11 million shares at $16 and $18 per share. The stock will trade on the NASDAQ under the ticker symbol “PAHC.” BofA Merrill Lynch, Morgan Stanley and Barclays are the lead underwriters. Based in Teaneck, NJ, Phibro is a maker of animal health and mineral nutrition products.

Patrick Dunne appointed D3O chairman

British smart materials specialist D3O, has appointed Patrick Dunne as chairman. He brings a wealth of international business experience from investor 3i where he held a variety of investment and leadership roles and was a member of its operating committee.

3i prepares to sell car parts maker Hilite – Reuters

Private equity group 3i is preparing to sell German car parts maker Hilite International in a deal that could be worth more than 400 million euros (332 million pounds), writes Reuters. Morgan Stanley has been hired to look at options including a potential sale or refinancing, the sources added, as 3i seeks to take advantage of an upturn in car markets.

3i completes $48 mln exits in third quarter

British private equity group 3i completed 29 million pounds ($48 million) of exits in the three months to Dec. 31, taking its total proceeds for the year so far to 557 million pounds, writes Reuters. The owner of women’s fashion retailer Hobbs and Tommee Tippee baby bottle maker Mayborn said new investment increased during the third quarter, with 247 million pounds invested compared to just 4 million pounds in same three months in 2012.


peHUB First Read

Today First Read brings you news of Thoma Bravo and TPG fundraisings, an insight into the PE financing of technology companies and a first for Facebook shares.

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