Firms and Funds

First of all, should it now be called "CARP"? (Consumer replacing Troubled. This suggestion from Brian Sullivan of Fox Business News.) Following Dan’s comments this morning on the news of official changes to TARP, I’ve got a few comments collected from various panels, conversations and questions at the conference I’m attending. -Why is TARP requiring a private investment before a company qualifies? Well, it’s a way to validate the public investment, one person said. Having a third party investment thesis validates the business’s existence and worthiness of government money, essentially. “That was even true prior to WaMu,” one person said. -Isn’t there a chicken & egg issue there? Possibly. It's also possible ...

LONDON, Nov 12 (Reuters) – Fund manager Robeco has launched its second “responsible” private equity fund of funds with a 250 million-euro ($316 million) target. The investment portfolio of the private equity fund will be split across 20 to 30 private equity funds that are willing to sign up to Robeco’s set of investment principles, […]

(Reuters) – The Treasury Department, signaling a new phase in its $700 billion financial rescue plan, is considering requiring that firms seeking future government money raise private capital in order to qualify for public assistance, the Wall Street Journal said, citing people familiar with the matter. The move is not expected to apply to the […]

And it’s probably true. After losing an estimated 18% to 25% this year, with much of it in U.S. investments, they’re not exactly rushing to write any more checks for us. According to panelists at The Deal’s 2009 PE Outlook Conference, the SWFs have retreated, licking their wounds, from further investments in U.S. firms, companies and funds. They’re shifting their focuses back to domestic investing. And it’s not just a temporary bout on the sidelines. There’s a fundamental shift going on in the way they deploy their capital, the panelists said. Fortunately, that’s not necessarily a bad thing.

At The Deal’s 2009 PE Outlook Conference in New York, a panel of PE players were asked when they think confidence will return to the market. Their answers ranged from to optimistic to just plain depressing. Here ya go: Martin Mannion, Summit Partners: The time is now. With discipline, we are seeing the confidence to […]

Yesterday we reported that Rob Hamwee had joined New Mountain Capital, after having spent the past 14 years with GSC Group and its various affiliates. New Mountain isn’t commenting (save for its receptionist passing me through to Rob’s voicemail), but we do have a few additional details: Hamwee is officially a managing director with New Mountain, and is expected to focus on debt opportunities (particularly on the distressed side). Kind of interesting for a firm that prides itself of eschewing leverage on its buyouts… The firm has some strategy flexibility in its $5.1 billion third fund, but it probably will launch a separate fund-raise for Hamwee’s activities. No major staff-up planned, although a few junior hires are possible...

NEW YORK (Reuters) – Blackstone Group’s (BX.N: Quote, Profile, Research, Stock Buzz) private equity portfolio is performing pretty well, with 80 percent of the companies in the portfolio expected to post flat or higher 2008 earnings, CEO Stephen Schwarzman said on Tuesday. Schwarzman also told investors at a Merrill Lynch conference that 70 percent of […]

Abris Capital Partners, has closed its inaugural fund with €320 million in capital commitments, according to LBO Wire. The firm is an affiliate of EMP Global, and will focus on mid-market opportunities in Central and Eastern Europe. www.abris-capital.com

NEW YORK (Reuters) – KKR Financial Holdings LLC (KFN.N: Quote, Profile, Research, Stock Buzz), a publicly traded debt fund managed by private equity firm Kohlberg Kravis Roberts & Co, said on Monday it will not pay a third-quarter dividend, and arranged for more time to pay off its borrowings. The company also said on a […]

American Capital is the latest “public” private equity firm to probably wish it was a bit less transparent. The firm today reported a $548 million loss in the third quarter, and suspended its dividend for the rest of the year. Moreover, its ailing counterpart European Capital has lost so much stock price value that American […]