Erin Griffith

Baird Capital Partners, the buyout unit of Baird, has authored a brief white paper about the growing complexity of China’s production capabilities and how private businesses and PE firms may harness market-entry opportunities with some best practices. These include the cultural significance of relationship-building, IP issues and determining whether a China strategy even makes sense. Download it below:

Sorry Guys: As we previously reported, the FDIC doesn't appear to be ready to capitulate on its bank deal terms. (Reuters) Op-Eds: In defense of financial speculation. (WSJ) Politics: Wall Street Democrats donating less, or even to Republicans. (Fierce Finance) PE To Own Hummer? Possibly. The struggling brand may have to go to a buyout fund because the Chinese government doesn't seem too interested in helping the deal to sell to Sichuan Tengzhong Heavy Industrial Machinery Corp. get approved. Also, that quote equating Hummer to Lady Liberty, and the brand's reputation of the spirit of American people, it just too much. (AP) For fun: Determine how "millennial" you are through this Pew Research Center quiz. I'm not going to disclose my score, but not having a landline boosted certainly my score. (Pew) Calpers Reducing "Mangers": Excuse the ridiculous headline typo here, and there's a story about Calpers cutting down on the number of firms into which it invests its money. (BusinessWeek) Early Bird Gets the Return? Does being a morning or an evening person make you a better investor? (Simolean Sense via)

The following seven pieces of fundraising news have been culled from recent SEC filings: Thayer Hidden Creek, a Washington, DC, and Minneapolis-based lower middle market private equity firm, is raising its second fund. Thayer Hidden Creek Partners II, L.P. has a target of $350 million. The fund has raised $84.8 million from 10 investors to date. Berchwood Partners is listed as a placement agent to the fund. Baird Capital Partners is raising its fifth buyout fund. The fund was formed in 2008, and its target is listed as $376.2 million. The firm has closed on $130 million as of February 8. Thomas Capital Group, Inc. and Robert W. Baird & Co. itself have been listed as placement agents to the fund. Rockland Capital is raising a fund called Rockland Power Partners LP. The vehicle was formed in 2008 and has collected $100.4 million in commitments from 19 investors as of February 9. The fund has a $500 million target. Berchwood Partners is serving as the firm's placement agent. Rockland, based in Houston and New York, was formed in 2003 to acquire and develop selected investment opportunities in the North American and European power and energy infrastructure markets.

Dropping Like Flies: Only half of the 22 private equity-backed European companies that were actively considering initial public offerings one month ago are still on track in their plans, Financial News research has found. (Subscription needed) How did Steve Schwarzman Spend His Birthday? The Valentines Day baby was spotted playing a round of tennis for #63. Yep I'm doing my best Us Weekly Impression right there. (Dealbreaker, Social Diary) The IPO Market: Busier, Yet Chilly: Resurgent stock volatility and concern about debt levels at some initial public offering candidates have made eager issuers cut back or cancel (MSNBC) Bonus Tally: Wall Streeters saw their bonuses leap by 17% in 2009. That's up from the 47% drop in 2008, so things are on the mend, depending on your view of the situation. (WSJ)

Navigation Capital, a lower mid-market firm based in Atlanta, today acquired the first of what it hopes to be a handful of smart grid infrastructure services companies. The firm purchased Specialized Technical Services for an all-equity deal value in the range of $15 million to $30 million. Navigation Capital hopes to add several more companies to the platform, bringing STS to between $100 million and $200 million in revenue in three years. The firm used capital from its fourth fund, which, after eight deals over the past year, is 80% deployed. Navigation will likely return to market this year with a new fund targeting $150 million to $250 million in commitments. I spoke with Managing Partner and Co-Founder Larry Mock about building an industry leader in a fragmented market, turning owners into sellers, a "tsunami of demand" and ever-expanding pies.

Yesterday AMICAS Inc. responded to Merge Healthcare’s rival bid to Thoma Bravo, recommending that shareholders vote for the company’s previously agreed-upon Thoma Bravo merger instead of Merge’s higher offer. This is the second time in a year that Thoma Bravo has been outbid on an agreed-upon deal with a publicly traded tech company. Is it […]

If you can get past the annoying hedge fund mischaracterization, there are a few tidbits of useful info in this Defamer post about MGM. Author Edward Jay Epstein got his hands on the company’s sale memorandum and explains where its buyout barons (TPG, Providence Equity Partners, DLJ Merchant Banking Partners and Quadrangle Group) went wrong. The main flaw in the LBO firms’ investment thesis, apparently, was its big bet on Blu-Ray. The firms took the gamble that DVD revenue would spike as people replaced their DVD players, and DVD collections, with high definition Blu-Ray players and collections. That simply hasn’t happened, and MGM’s DVD revenues actually fell thanks to fewer new releases from the studio, a worldwide decrease in DVD sales, and “price erosion” caused by video piracy and services like Netflix and Redbox. In other words, TPG, Providence, and the others missed the macro-trend boat, big time.

UK Government Affairs: The Government Needs to Learn the Lessons of Private Equity, Fast. (Touchstone Blog) Editorial: The New York Times isn't too keen on new NY Comptroller John Liu's decision to bring back placement agents this quickly. (NY Times) Financial iPad: Howard Lindzon is a bull about the possibilities of technology in the financial industry. (Howard Lindzon) The Worlds Most Addictive Sounds: As explained by Martin Lindstrom. More than half of them are branded (Intel, MTV, McDonald's...), but none can top a baby giggle! (Fast Company) A Growth Business: Feeding the world is a growth industry, according to Economist, and that is feeding fertilizer M&A. (Economist)

Best law Schools: Here are the schools with the highest percentages of grads hired by the top law firms. (National Law Journal) Don't Overthink it: Wharton is not trying to trick you on its admissions application. And other "myths" busted. (BusinessWeek) Foot In the Door: The perfect private equity resume. (FINS) Scroll to the bottom: NY Times issues its most amusing correction thus far this year. It involves pimping and President Obama. (NYT) M&A Scoops: Blackstone is looking to exit Gold Toe Socks, seeking around $450 million. (NY Post)

Making its way around the Internet today is a lesson in how to school self-important MBA students with a poison pen, unearthed by Deadspin. After being denied admission to a class for arriving an hour late, an NYU Stern student sent Professor Scott Galloway an angry email, arguing that he had no way of knowing he'd be kicked out for tardiness. Prof. Galloway retaliated with the email equivalent of a white gloved slap on the face, sharply telling the student to "get his shit together" with references to both urination and show tunes in the same sentence. Basking in the pride of his email burn (something I assume professors particularly relish), Professor Galloway then forwarded the exchange (name redacted) to the entire class. Read it below: