Chris Witkowsky
Blumberg Capital has closed its third fund, a $150 million venture fund that focused on seed and early stage investing in tech startups. The firm reaped a 52x return on its initial investment in HootSuite, according to David Blumberg, the firm's managing partner.
The real estate private equity sector is positioned for growth in 2014, according to fresh research from accounting firm EY. Global Market Outlook: Trends in Real Estate Private Equity reports global real estate is entering a "broad up-cycle" and "private equity funds are heading down a path toward growth." EY estimates 425 funds are in the market on a regular basis and the top 10 funds attract roughly 50 percent of all investment capital, leaving more than 400 funds to fight for the remaining 50 percent.
Vista Equity held a first close on about $120 million for its debut debt fund in October, and has been discussing a possible target of $3.5 billion for its next flagship fund, which may launch this year.
Catharine Burkett, who was hired to help build the private equity program at the Georgia Division of Investment Services, left the system recently to take a job in the private sector.
Atlantic Express Transportation Corp filed for Chapter 11 bankruptcy protection late on Monday, a court filing showed, as the school bus operator faces a union battle, weak earnings, and cash shortage. Two funds of Wayzata Investment Partners, a private equity firm that specializes in purchasing distressed companies and assets, own about 63 percent of Atlantic Express, according to the filing.
An affiliate of Golub Capital BDC, a business development company, increased the size of its senior secured revolving credit facility from $100 million to $250 million. Golub Capital BDC Funding's debt facility's reinvestment period also was extended from November 21, 2013 to October 21, 2014 and its final maturity date was extended from October 20, 2017 to October 22, 2018.
An affiliate of Goldman Sachs will buy a minority equity interest in ProQuest, a global information firm, including the stake held by private equity firm ABRY Partners. Goldman will join majority shareholder Cambridge Information Group as a partner.
Vista Equity Partners has closed its second Foundation Fund, which invests in small and mid-cap software companies, on $1.1 billion.
Macquarie Capital has hired Rob Lester as a managing director in its real estate group in New York, where he will be responsible for originating and executing real estate transactions. Lester was previously a managing principal in Park Hill Group's real estate team.
Abacus Finance Group provided $18 million in senior secured credit facilities to support the leveraged buyout of Kason Corporation, a manufacturer of industrial screening and process control equipment, by private equity firm Baird Capital. Abacus was joined in the financing by mezzanine partner Fifth Street Finance, and legal counsel was provided to Abacus by Goulston & Storrs, LLP.