David Toll

Firm collected near its hard cap No placement agent for Fund II: source Fund II more than half deployed Delos Capital, which has been building up a flea-market business via a series of acquisitions, closed its second fund close to its hard cap of $275 million, CFO Sanjay Sanghoee said. The firm closed its debut at […]

Alinda Capital Partners made a splash in the middle of the past decade, charging out of the gates to raise a $3 billion value-added infrastructure fund. It was one of the largest debut funds. Many investors had been unfamiliar with a big aspect of the strategy the New York shop intended to pursue. Alinda planned […]

A trio of CalPERS investment-committee members this month objected to a plan to create two captive private equity funds, and the experience of sister state pension Florida State Board of Administration suggests they’re right to have concerns. Such programs don’t always work out as advertised. Under the proposed plan, approved in concept by the committee in […]

Raising long-duration funds gives buyout shops the flexibility to own companies for far longer than they would through conventional limited partnerships. But that doesn’t mean their investors will necessarily be starved for liquidity. Take the example of Ascend Learning, a professional training and testing company that in mid-February borrowed $350 million to help pay a dividend […]

The chase for complex, special-situation deals is heating up. Last month Dallas-based Renovo Capital finished raising its second institutionally backed turnaround and special-situations fund at its hard cap of $225 million. Among the 10 investors is the corporate pension plan of DuPont. The firm raised $132 million for its first institutional fund — its second overall […]

Herman Cain, a business executive who ran for president in 2012 as a Republican, talked up “opportunity zone” investments at a Jan. 16 conference in New York, encouraging developers, investors, local officials and others in the audience to “think bigger” and go beyond just affordable housing. But Cain’s veering into more political topics rubbed one […]

“It’s starting to feel like there are more and more cracks starting to appear in our market,” said Justin Kaplan, partner at Balance Point Capital, speaking on a leveraged-loan panel last month at Buyouts Insider’s PartnerConnect Texas conference in Dallas. Kaplan and fellow panelists — Jason Safran, senior asset manager at Texas Christian University Endowment, Stefan Shaffer, a founder […]

About half of independent sponsors have no plans to raise a committed fund some day — a surprise given the widely held view that sponsors would prefer to avoid the hassle of raising money for each deal if they could. These and other facts about the rapidly growing and evolving independent-sponsor market have emerged from […]

Many independent sponsors boast of having proprietary deal flow but lack capital to close deals. Buyout firms with committed funds, by contrast, have the capital. What they need is more deal flow, and many are open to teaming with independent sponsors under the right conditions. Conditions of late have been right for at least two […]

Buyout and growth-equity firms continue to hire talent at a rapid pace this year, driven in part by strength in fundraising and by the growing need to extract bargains from a white-hot market for deals. The sale of minority stakes by firms, often a precursor to diversification, has also fueled hiring. “I would say it’s […]