Returns Scorecard: 10 Top Funds of Funds: CORRECTED

Back in 2008 and 2009 I took an in-depth look at the performance of funds of funds and, well, found them lacking. I raised the question of whether they were worth the added layer of management fees and, in many cases, carried interest. This year I revisit the subject with a larger, 80-fund, pre-vintage 2007 […]

HarbourVest Promotes Eleven

Buyout shop HarbourVest Partners has promoted David Atterbury to the post of managing director, and promoted ten other individuals to principal and vice president. In Europe, Carolina Espinal de Carulla, Claudio Siniscalco and Hannah Tobin have been promoted to Principal; and Craig MacDonald has been promoted to Vice President. In Asia, Tim Flower has been promoted to Principal; and Kelvin Yap and Maggie Chan have been promoted to Vice President. And in the U.S., Ian Lane and Aris Hatch have been promoted to Principal; and McComma Grayson has been promoted to Vice President.

PennSERS Is Trying to Sell up to Half ($3B) of Its PE Assets

Things haven’t been going so great over at the Pennsylvania State Employees’ Retirement System. It faces increasing obligations to pensioners, is over-allocated to private equity and has lost staff from its PE investment team. Against that backdrop, the $25 billion pension fund has been seeking buyers for as much as $3 billion worth of its PE investments, one […]

Renaissance Gets Offer from Thoma Bravo/HarbourVest But Recommends Lower Permira Bid

Renaissance Learning said yesterday that it did receive a definitive buyout proposal from Plato Learning that is backed by Thoma Bravo and HarbourVest Partners. Plato is bidding $15.50 a share cash, which includes $128 million equity plus $410 million in debt. However, Renaissance’s board said it is still recommending a lower offer from Permira Funds. Permira is offering $14.85 a share cash.

Bain, KKR Put in Final Bids for MYOB

Bain Capital and Kohlberg Kravis Roberts & Co. have put in their final bids for Australian software maker MYOB Lt., Reuters reported Monday. The company, which is owned by Archer Capital and HarbourVest Partners, could fetch more than $1 billion. Archer and HarbourVest paid about A$450 million for the company in 2008.

Bain Capital, KKR in Running for MYOB

Bain Capital and Kohlberg Kravis Roberts & Co. are among the potential buyers for Australian software maker MYOB, Reuters reported. A sale of the company could fetch around $1 billion. MYOB is owned by Archer Capital and HarbourVest Partners, private equity investors that picked up the company in 2008 for roughly 450 million Australian dollars.

Slideshow: 10 Largest Pending Q2 LBOs

Buyouts recently wrapped its Q2 quarterly deal wrap-up, and the consensus, to put it bluntly, was ugly. Though our data was cut off at June 15, the results showed U.S.-based PE firms had closed 38 percent less control-stake deals in Q2 than in Q1, according to Thomson Reuters. This suggests many firms have spent much […]

CSN Stores Inks $165M in Financing

Online home goods retailer CSN Stores has raised $165 million in its first round of institutional financing from Battery Ventures, Spark Capital, HarbourVest Partners and Great Hill Partners. The nine-year-old company, which says it is profitable, will use the cash infusion to expand as it consolidates its catalog under the brand Wayfair.com, the company said Tuesday. The company will also use the funds for potential acquisitions.

Spectrum Equity, HarbourVest Sell World-Check to Thomson Reuters–UPDATED

Thomson Reuters, which publishes peHUB, has acquired World-Check, a provider of corruption prevention information. Financial terms were not announced. Spectrum Equity Investors and HarbourVest Partners acquired World-Check in 2007. UPDATE: Spectrum and HarbourVest invested $86 million equity in 2007 for a combined two-thirds of World-Check, a person says. The sale to Thomson Reuters is valued at north of $500 million, the source says. Portico Capital Securities provided financial advice to World-Check.

Global Secondary Market Expected to Surpass $25B, as Asian Deals Take Off

Private equity funds spent the last few years investing unprecedented sums in Asia. Now, secondary funds are swooping in for their share. That’s the impression from Monday’s announcement that a consortium of secondary investors has acquired a portfolio of stakes in Asia-based private companies from Bank of America valued around $400 million. The existing BofA […]


In Bizarre Twist, LPs Praise Venture Asset Class, See Strong Future

A strange thing happened at the National Venture Capital Association conference on Thursday. Two limited partners speaking on the last panel of the day said they are very upbeat about the venture asset class. The positive attitude marked a sharp turnaround from years past, during which limited partners — although still maintaining allocations to the […]

HarbourVest Promotes 4 to MD, Bilden to Become Senior Advisor

HarbourVest Partners has promoted Jeff Keay, Karin Lagerlund, Sebastiaan van den Berg, and Scott Voss to managing director. HarbourVest said Monday it is also in the process of establishing a team in Bogota, Colombia and expanding the team in Asia. Also, Philip Bilden, an MD with HarbourVet Partners in Asia, is transitioning to a senior […]

Reuters: Buyout Funds to Shrink in Fundraising Wave

BERLIN, March 2 (Reuters) – Buyout firms piling back into fundraising markets this year face raising far less capital than for their previous funds as investors limit the amount they are ready to give private equity for deals. Many big name private equity firms reaching the end of their investment periods or running low on […]

Corning Buys VC-Backed MobileAccess

Corning Inc. will acquire MobileAccess Networks Inc., a provider of wireless network technology, from a consortium of investors including Viola Group, Pitango Venture Capital, Poalim Ventures, Eurofund L.P., DeA Capital S.p.A., HarbourVest Partners, Ziegler Meditech Equity Partners and CDB Web Tech. The deal is expected to close during the first quarter of this year.

Casella Waste Systems Sells Unit to Pegasus Capital

Publicly traded Casella Waste Systems has agreed to sell certain recycling assets to a new company formed by buyout shops Pegasus Capital Advisors and Intersection LLC in a deal worth $130.4 million. The acquisition is financed by Pegasus Capital Advisors, MissionPoint Capital Partners, HarbourVest Partners, and Ares Capital Corporation. Craig Cogut, founder and managing partner of Pegasus Capital, will serve as chairman of the new company.

Moritz’s Cleantech Play Launches A Global Warming Sensor Network

I might not ordinarily cover a new product announcement from a cleantech portfolio company. But this one struck me for a particular reason: Michael Moritz of Sequoia Capital is on the four-person board, along two members of the private equity firm HarbourVest Partners. What’s interesting is that the company – rebranded Earth Networks Inc. today […]

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