David Toll
Siris Capital, a popular member of a new class of technology-buyout specialists started in the last decade, is expected to be out in the market either late this year or early next with its third broadly marketed fund. Look for the firm to set a target of at least $3 billion. Speaking Friday at the Columbia Business School […]
The Association for Corporate Growth has unveiled a set of recommendations for private equity firms looking to steer clear of trouble with the U.S. Securities and Exchange Commission, and a big theme is to spell out policies and procedures up front with investors. The recommendations, which ACG calls principles, “really contribute to and support a culture of compliance, […]
RLJ Equity Partners, led by Robert Johnson, the billionaire founder of Black Entertainment Television, is on its way to raising a second fund, having secured $103 million in a June first closing. Those re-upping from among the 12 debut-fund backers include Boeing; GE Asset Management, acquired last year by State Street; Muller & Monroe Asset […]
Angeles Equity Partners, spearheaded by two executives who helped build an industrials-focused private equity business for Gores Group, closed its debut fund this month at $360 million. Backing came from a number of U.S. pension funds, including Los Angeles City Employees’ Retirement System and Montana Board of Investments, along with both U.S. and European foundations and […]
Investors’ desire to back top-quartile-performing funds sometimes seems exceeded only by their willingness to overlook a real clunker. Look no further than financial-services specialist J.C. Flowers & Co., which recently informed the SEC that it had reached $628.1 million on J.C. Flowers IV LP. Just about a decade ago institutional investors committed some $7 billion to the […]
Feeder funds tend to flourish during bull markets. And they are big business yet again. For evidence look no further than iCapitalNetwork, which was founded in mid-2013 and began offering its first products about two years ago. From that start the firm has raised some 50 feeder funds, both single-fund and multifund feeders, from an online network that […]
What could be simpler than calculating a fund’s investment multiple? Investors know how much cash a fund has drawn down: cash in. They know how much has been distributed: cash out. They know the value of the investments that have yet to be realized: net asset value. Add cash out to NAV. Divide by cash […]
It can be painful for buyout pros to watch a great company that they sold produce a splashy return for the next owner. Great companies are hard to find. Riverside Co, a lower-mid-market shop with offices worldwide, in 2009 produced a 5.1x gross return on the sale of railroad-equipment-repair company Nordco to OMERS Private Equity; it had invested in […]
For the fourth year running an analysis of return data sourced from public-pension funds shows that past performance in private equity has something to say about future performance. All other things being equal, investors are better off backing firms whose most recent funds were top quartile for their vintage years and avoiding those whose most recent […]
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