David Toll
W Capital Partners late last month said it had wrapped up its third fund earmarked for investments in the shares of venture-backed and sponsor-backed companies, also known as secondary directs.
Blue Wolf Capital Partners, New York, this month announced the closing of its third fund at $300 million, earmarked for control-stake investments in companies that present complex challenges, such as troubled union relations, financial problems or operational weaknesses. Sister magazine Buyouts caught up with managing principal Adam Blumenthal for five quick questions.
All the talk of zombie funds and the difficulty raising money has obscured a remarkable trend. Chicago buyout shop Winona Capital Management and a host of emerging managers are making substantial progress on debut, second and third funds.
State pension funds are not getting their money’s worth from active money managers, according to a new report that also takes private equity firms to task for not offering “proof” that the asset class consistently beats public equity returns.
Energy Capital Partners, which has raised more than $8 billion for investments in the North American energy market, plans to launch its third core fund this year targeting in the neighborhood of $4.3 billion and offering an LP-friendly distribution waterfall, a source close to the fund told sister magazine Buyouts. Expect a formal unveiling as early as this summer.
It is mainly firms that are ultimately unsuccessful in raising another fund that inflate valuations during fundraising, according to a new academic paper.
Over the last several years sister magazine Buyouts has generated research demonstrating that funds of funds generate uninspired returns for investors—a lonely task that hasn’t won us many friends in the funds-of-funds business.
It is probably time to put to rest the question of whether, over nearly three decades, U.S. buyout shops have on average outperformed the public equity markets. They have.
Kenn Lee has left advisory shop TorreyCove Capital Partners after nearly six years to join Cheyenne Capital, a firm looking to parlay its success building and harvesting a private-equity portfolio for the state of Wyoming into a larger business, sister magazine Buyouts reported.
One of the fundamental principles guiding investors in private equity has been that of persistence of performance. If investors want to back a top-quartile fund, and they all do, a good starting point has been to make sure the predecessor funds were top-quartile.