Erin Griffith

A new study from GF Data Resources indicates that third quarter deal multiples for middle market M&A were at their lowest levels in six years. The study attributes this to the bifurcated market, bringing strong multiples for top-quality deals with "moderate quality" (ahem, crappy) deals have seen a steeper discounts. Get more details below:

Law firm Pollah + Partners has published a white paper on what you need to know about ILPA titled “The growing importance of fund governance – ILPA principles and beyond.” The paper warns that investors have been forced to become more creative to protect their interest: These include calling for advisory board meetings, initiating special […]

PE Bloggers: There aren't many, so check out Olympus Partners' trailblazing tome. (Olympus Partners) So Why DID Goldman Get Paid by AIG? Goldman answers Gretchen Morgenson's questions via email. (NY Times) One Extreme To Another: Banks are destroying small businesses. (Private Equiteer) Jamie Dimon For Treasury Secretary: The man is being considered for the role. Deal Journal calls him The Contradictor in Chief? (DJ) How's This For Fear: It's one thing for your company to sell to a PE firm, but what about to sell to scientologists? (Dealbook) I'm Sorry Baby: Goldman Sachs' Lloyd Blankfein's big apology is being called a "savvy investment." (BusinessWeek)

Triton Partners, a buyout firm based in the UK, has raised $472 million in commitments toward its third fund, according to a regulatory filing. The vehicle, called Triton Fund III LP, has a target of $2.97 billion (converted from Euros as of November 6, 2008, when the fund was created.) The commitments include €150 million […]

Here's a look at the last week's worth of scoops, data, and analysis from the peHUB team. Catch up on what you missed before it goes behind our paywall... All First Reads | All Second Opinions 10 Largest VC-Backed M&A Exits of 2009 Voxeo - A Recapitalized Dotcom Mayfield On Voxeo: No Regrets VCs Duel On Healthcare Reform TL Ventures Dispute Heads To Arbitration (And Then Back to Court) Mid-Market Exit Three-Peat Today in 3Com: Clowns to the Left, Jokers to the Right NVCA Seeks Tweets Sin is In: Golden Gate Eyes Playboy Bump On The Road To Smart Grids - A Lawsuit Jason Calacanis To Start New Angel Group 5 Questions with SBIC Expert Chuck Morton EnCap Plotting Fund Eight; Halfway to Target on Infrastructure Pool Natural Resources Fund Looks To $1B Close Trying to Compete Against Google

Wacky Business School Traditions: Including pants-free pub crawls, Olympics, human castles, mustache competitions.... (BusinessWeek) Daily Dose of Snark: The Wall Street Journal Tackles the Important Stuff. (Cityfile) Rising Renminbi: Chinese private equity funds are emerging in big cities as China promulgates new regulations aimed at creating a homegrown private equity industry, one that Beijing hopes will strengthen the country's capital markets and fuel private sector growth in an economy overly dependent on government investment. (NY Times) Keep It Classy, Ohio: My home state charmingly blames the crappy ratings from S&P and Moody's for $457 of its losses on investments, and there's a lawsuit to boot. (NY Times) On the Unlikely Pairing Between Carlyle and the SEIU: "Lions and lambs have indeed laid down together, although we're not exactly sure who the lion is here." (PE Beat)

At yesterday's Buyouts West conference, Deborah Gage interviewed Mark L. Attanasio, managing director at TCW. As Dan noted in this morning's peHUB Wire, the Milwaukee Brewers owner said he wouldn't trade Prince Fielder. More closely related private equity, he discussed the formation of TCW's new joint venture with Magic Johnson. How does a mid-market mezzanine lender get hooked up with a former L.A. Lakers great? This is how: "I went over to Ron Burkle's place to visit the Stanley cup. Ron owns the (Pittsburgh) Penguins, and they won the Stanley Cup, and I though maybe some of that good karma would wear off on the Brewers. It didn't. What did wear off was Eric Holoman, the President of Magic Johnson Enterprises and Magic's business partner. We recognized that, greater than anything we might do in terms of financing MJE's companies would be to figure out what to do about the lending gap created by the fall of companies like CIT and American Capital. We have an underserved market in middle market finance."

As usual, we have a week’s worth of ratings actions on the debt of LBO-backed companies from S&P and Moody’s Investors Service. This week was a busy one for downgrades and debt exchanges, with eight downgrades and one upgrade. Company: Energy Future Holdings Corp. Sponsor: Kohlberg Kravis Roberts & Co. Action: S&P raised its corporate credit rating on EFH and its unregulated subsidiaries TCEH and EFCH to 'B-' from 'SD' and assigned a 'B–' corporate credit rating to EFIH. This rating action follows EFH's recent announcement that it and its subsidiaries have completed the exchange of its $357 million of various securities within the entire capital structure. Highlight: “These ratings reflect EFH's consolidated creditworthiness post-exchange.” The outlook on these corporate credit ratings is negative, reflecting weak financials and increasing refinance risk.

Diss: Man is Sam Zell ever a jerk. At a recent conference he dissed Wilbur Ross, saying, "all the new savants on commercial real estate (like) Wilbur Ross...I find their comments..are inversely related to our knowledge of the industry." (WSJ) Barbarians at the gateau? KKR wants a bite of Cadbury. (Dealscape) Old news: How many "PE IS BACK!!!!!" and "NO WAIT NO ITS NOT!!!!" stories does one year need? Apparently the past 238741273 were not enough, as CNN has caught wind of this crazy new trend. (CNN) Speaking of Old News: If you made it to Buyouts East last March, you will have heard Steve Young's funny, touching speech comparing private equity to his experience as a star quarterback, but if not, Dealscape has relayed the main points of it, recently given at one of their conferences. (Dealscape) Guy Hands: Drawing Japanese yen crisis comparisons. (FT)

In addition to the news that the Skype deal has closed, I’ve got a few more insights, jokes, aphorisms, and numbers from Silver Lake’s Chairman and Co-founder Jim Davidson at Buyouts West in Los Angeles. In light of our Hollywood digs and an upcoming remake of A Christmas Carol, Davidson looked at the Ghosts of […]