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LPs concerned with “leakage” around complex distribution models SEC examiner sees “errors in spreadsheets, errors in calculation” of waterfalls Others say waterfalls leave little wriggle room for misinterpretation A Securities and Exchange Commission official has some advice for GPs: Pay close attention to your waterfall calculations. In an April 6 keynote interview at PartnerConnect East in […]

H.I.G. Capital received more than a dozen proposals for its sale of Onyx Payments, a source familiar with the situation said. H.I.G. has whittled the group to “over a handful” of bidders that made it past the first round, the source said. The group includes both strategics and financial buyers, the person said. “Parties are actively […]

The new head of private markets at Public Sector Pension Investment Board (PSP Investments) is off to a running start after being quietly hired by the system last fall. Guthrie Stewart, named PSP’s senior vice president and global head of private investments in September, was the pension fund’s point man on January’s proposed buy of AIG Advisor Group, a New York-based broker-dealer network. Stewart will likely focus on finding more such deals as PSP seeks to scale investment volumes to match up with its fast-growing asset base.

Ashley Johansen left Coller in February Johansen joins to organize annual meeting this summer She is focused on marketing, strategy and investor communications Ashley Johansen, former partner in fundraising and investor relations at Coller Capital, joined Irving Place Capital recently on a contract basis, according to a person with knowledge of the situation. Johansen, who is […]

First Reserve hires Lazard to run secondaries processes for two older funds Firm considers restructuring Fund XI Proposes raising annex fund to support Fund XII portfolio companies First Reserve is considering options to give existing limited partners in one of its older funds the chance to cash out as well as provide fresh capital for […]

Execs see strong interest from high-net-worth investors Registered investment funds, feeder funds remain active Defined-contribution plans mostly untapped by PE Private equity asset managers see a large potential asset base as trillions in retirement dollars shift to 401(k) and other defined-contribution plans and away from traditional defined-benefits plans. But for now, GPs and asset managers […]

Canada’s newest private equity firm, Parallel49 Equity, was launched four months ago in a rebranding process initiated by its predecessor, Tricor Pacific Capital. Its story may be a case study of how founding partners can successfully pass the torch to a next generation of PE executives.

David Enriquez spent four years in M&A at Rothschild Also worked at Merrill Lynch Not clear whether Enriquez has private equity experience The New York City Comptroller’s office hired former investment banker J. David Enriquez as a senior investment officer on the private equity team, spokesman Eric Sumberg confirmed. Update: The Comptroller also hired Jose Guzman as […]

Carry should be taxed as income, says former treasury secretary Rubin holds more than a third of his net worth in PE assets Rubin supports Hillary Clinton for president Former U.S. Treasury Secretary Robert Rubin says carried interest should be taxed as regular income rather than at the lower capital-gains rate. “I’m on public record, and you […]

It wasn’t your imagination: First-quarter private equity M&A was very slow. The quarter saw 874 global PE-backed buyout deals valued at $44 billion, according to data from Preqin. The deal number fell 3.3 percent and the value sank 57 percent from the year-earlier period, when 904 deals totaled $101 billion, Preqin said. The first-quarter number of […]