Firms and Funds

Secondary LP stakes are such a hot commodity that buyer interest outweighs seller interest, according to a survey from Preqin. A whopping 43% of those surveyed (220 institutional investors) say they’ll consider buying secondary stakes this year, as opposed to just 10% who say they’ll consider selling stakes this year. It’s a definite departure from the recent talk of over-saturated […]

Boston-based private equity firm TA Associates has decided to cut the carried interest on its latest fund from 25% to 20%, peHUB has learned. The move has drawn applause from limited partners, including those whose investment committees might have balked at paying premium carry in this economic environment. The fund in question here is TA XI, which we're told has soft circles for most -- if not all -- of its $3.5 billion target.

LONDON  (Reuters) – British private equity house Terra Firma said on Tuesday founder Guy Hands is to relinquish his day-to-day control of the business to concentrate on investments and building relations with investors. Hands, currently chairman and chief executive officer, will become group chairman and chief investment officer, with Tim Pryce stepping up to the […]

Culled from SEC Filings, these fundraising updates have not been otherwise disclosed: CIVC Capital seeks $575 million for its third fund, with a hard cap of $700 million. The fund, called CIVC Partners Fund IV, was formed in May of 2008. CIVC Capital’s prior fund had $650 million in commitments and closed in 2003. The fund hired UBS as a placement agent in 2008. CIVC is based in Chicago and invests equity slices of between $15 million and $85 million in business services, financial services, marketing and information services companies. Wind Point Partners has raised at least $842 million in commitments toward its seventh fund. The fund, which has a target of $1.15 billion, according to regulatory filings, has at least 43 investors. The firm was slated to hold a first close on greater than $700 million, which is greater than its entire sixth fund, around this time last year. Wind Point is based in Southfield, Mich. and 60% of the firm’s deals are add-ons.

LONDON (Reuters) – U.S. Investment bank Goldman Sachs (GS.N) plans to spend part of its $20.3 billion private equity fund on acquiring distressed debt, a source familiar with the situation said. Of the $9 billion yet to be invested, Goldman plans to put $4.5 billion into stressed and distressed investments, and increase purchases of debt […]

SHANGHAI (Reuters) – Ping An Insurance (601318.SS) (2318.HK), China’s No.2 insurer, plans to launch a private equity arm this year, said two sources with direct knowledge of the plan, as Beijing encourages private equity investment to bolster the economy. Ping An Capital, initially capitalised at 20 billion yuan ($2.93 billion), will aim to raise more […]

NEW YORK (Reuters) – Bankrupt Lehman Brothers Holdings Inc is auctioning a thrift and an industrial bank it owns, and the process is in the early stages, a source familiar with the matter said on Monday. The sale of Lehman Brothers Bank FSB, a Delaware-based thrift, and Woodlands Commercial Bank, a Utah industrial bank, is […]

Lab services company bought by America’s ACM

(Reuters) – Business development company Kohlberg Capital Corp (KCAP.O) posted 2008 results that beat analysts’ estimates, boosted by higher interest and dividend incomes, sending its shares up as much as 49 percent. The New York-based company posted net investment income of $30.7 million, or $1.51 per share, for the year, compared with $22.8 million, or […]

NEW YORK (Reuters) – Fortress Investment Group LLC (FIG.N), which went public two years ago when investment funds were booming, said on Monday the financial crisis had generated more writedowns, deepened its quarterly loss four-fold and prompted more customer redemptions. Fortress, one of the largest managers of hedge and private-equity funds, reported a net loss […]