Erin Griffith

In an LP panel at today's Private Equity Analyst Conference, investors in buyout funds doled out advice to anyone looking to enter the private equity market. Jack Troy, Partner, Troy Investment Associates Find a firm that has the values you like and an atmosphere of teaching. Look at TA Associates, for example. Anyone that knows Kevin Landry knows how many people he has taught the private equity business to. My advice? Find yourself a Kevin Landry.

The Recession is Over! Says Ben Bernanke. (Bloomberg) Celebrate. Support the fizzling champagne industry (WSJ). Scott Sperling Isn't Worried: In addressing the issue of about $430 billion of leveraged loans coming due between 2012 and 2014, Sperling says that a rebound in bond and equity markets and M&A should help borrowers refinance much of that debt. (The Deal) Congrats: Felix Salmon has played a party in Dick Fuld's "smouldering resentment." (Reuters) Good News for Startups: Tech M&A is back. (GigaOm)

At today's Private Equity Analyst conference, John Howard, CEO of Irving Place Capital, and Bela Szigethy, Co-CEO of Riverside Company, commented on a recent favorite of private equity firms, vulture deals (a.k.a. distressed loan to own): Howard detailed his firm's experience dabbling in the investment style with its recent acquisition of Chesapeake Corp., a bankruptcy packaging company:

Earlier (the conference organizers) played the Beatles song, “Yesterday,” which has the lyrics, “Yesterday, love was such an easy game to play.” It made me think about getting deals done today. Yesterday, private equity was such an easy game to play. John D. Howard, CEO of Irving Place Capital, on the dealmaking environment. at the Private Equity Analyst Conference.

I'm liveblogging the second panel from the Private Equity Analyst conference at the (conspicuously Blackstone Group-backed) Waldorf Astoria in New York. Here are the details: Capitol Call: Weighing The Impact Of Washington's Moves On Private Equity With discussions about changing the tax on carried interest, impose regulatory restrictions on private equity deals and put limits on investment banks, there is a sense that the private equity landscape could be poised for a makeover. In this panel, PE professionals with close links to Washington discuss the changed environment and what it may mean for firms both doing and exiting deals. The panelists are : Bryan N. Corbett, Principal, The Carlyle Group Mark G. Heesen, President, National Venture Capital Association Douglas Lowenstein, President, The Private Equity Council Robin A. Painter, Partner & Co-Chair, Private Equity Funds Group Follow the jump for the liveblog, which starts at 10:30:

The market, when it comes back, to the largest customer, there will be $5 billion purchases... They won’t be larger than that. Leverage will be, at most, one to one or one and a half to one, so the equity needed still will be larger than many firms want to do. -Richard Friedman, Head of Merchant Banking at Goldman Sachs, on the maximum deal size going forward, and the continuing need for club deals and co-investments

I'm reporting from the Private Equity Analyst Conference and the first panel of the day addressed the issues that buyout firms have been facing for a year now: LP capital constraints, fundraising difficulties, whether or not to do deals, how will private equity make it through this downturn... But as is usually the case, the most interesting comments were about a specific situation. Michael Psaros, co-founder of turnaround firm KPS Capital Partners explained his firm's recent success in raising a top-up fund. In a moment that defied the current fundraising market, the firm raised $800 million in new commitments for its third fund, which originally closed in early 2007 with $1.2 billion.

CalPERS Approval: CalPERS has endorsed the ILPA's principles aimed at improving fairness and transparency in the private-equity industry. (Dow Jones) To Shrink or Not To Shrink: One's fund, that is. Only a few have reduced already-closed funds, almost a year after we started calling for it. Will more go the route of the smaller fund? (FT) Did Lehman Die Because Warren Buffett Doesn't Know How to Check His Voicemail? Might not be as ridiculous as it sounds. Bloomberg reports that Buffett was asked to back Lehman Brothers, but he didn't get the information he wanted and learned that he wasn't able to check a voicemail on the subject because he doesn't know how... (Clusterstock) BusinessWeek Not A Great Business: BusinessWeek lost more than $43 million last year.... A buyer would also have to assume much of the $31.9 million in debt. (Dealbook) But it plans to reduce headcount by 20%. (Reuters) Stupid Fees: Breaking down the fees Bain Capital will get on the Dollarama IPO. (The Globe and Mail)

Littlejohn & Co. has closed on $398 million from 12 investors toward its fourth fund, according to a regulatory filing. The Greenwich, Conn.-based turnaround firm came to market with Littlejohn Fund IV LP in January and raised $328 million with an additional $70 million for a parallel fund. The fund has a curious target figure of […]

GF Data Resources’ latest Middle Market Report indicates that valuation multiples of middle market transactions completed in 2Q continue to be strong, despite poor lending conditions. The data, provided to GF Data Resources by 128 participating private equity firms reporting on transactions valued between $10 and $250 million, evidences that quality deals in strong performing companies continued to be done in 2Q despite the economic environment.