Erin Griffith

In case anyone wondered if CCMP Capital was serious about retail investing after the firm's stalking horse bid for bankrupt Eddie Bauer, today's news reaffirms it: The firm has hired Richard Zannino, former Dow Jones CEO, Saks Fifth Avenue CFO and Liz Clairborne EVP. Zannino will be busy helping the firm identify targets as CCMP seeks to deploy the remaining 75% of its $3.4 billion fund, which closed in 2007. I spoke with Zannino and Managing Director Jonathan Lynch on CCMP's enthusiasm for distressed retail deals and why Zannino is "not a fan" of traditional media assets.

Navis Capital Partners, a Kuala Lumpur-based buyout fund, has closed on around half of the commitments it seeks for its sixth buyout fund, according to a source familiar with the situation. The firm seeks to raise between $1 billion to $1.25 billion for Navis Asia Fund VI, which follows the $1 billion Navis Asia Fund […]

Advent International has begin marketing its fifth fund to invest in Latin American companies. The effort, called Advent Latin America Private Equity Fund V (LAPEF V), has closed on $70 million to date, according to a regulatory filing. No target capitalization was disclosed. Advent International’s prior Latin America fund closed on $1.3 billion in commitments in 2007, topping its target by 30 percent. It also was the largest private equity fund ever raised for investment in Latin America, the company said at the time. The fundraising process may take a bit more elbow grease this time around. On top of the already-difficult fundraising environment, a first half report for 2009 show M&A in Latin America has taken a hit comparable to the developed markets. Deal volume was down by 36% compared with the first half of last year with a 45% drop in value, according to

Old Media is Doomed: Is BusinessWeek really only worth $1? (FT) CIT is Small Enough To Fail: "The rest of the financial sector should be lobbying for it not to get bailed out." (Baseline Scenario) Goldman Sachs Agrees. (Clusterstock) Speaking of CIT: Breakingviews is drawing some parallels between the beleaguered lender and another lender that went through some nasty layoffs earlier this year: GE Capital. (Telegraph) The Party MUST Go On: Merrill Lynch's famous "Bulls in a China Shop" party was not deterred by the disappearance of Merrill Lynch. (Dealbook)

The Sun'll Come Out Tomorrow? Today was a rough news day for the already beat-up Sun Capital Partners. First, the Journal reported that Kellwood, its largest investment may file for bankruptcy. Then the Post reported that its second-largest investment, which already filed for bankruptcy, will lose an imperative deal because Sun Capital "starved the company of research dollars" under its ownership. Then we have this stinger: Sun Capital founder Marc Leder has seen his dirty laundry aired in the Palm Beach Post, which reports that his wife, who admits to having an affair with her tennis coach, wants more than the $100 million he has offered her in a settlement, claiming he is worth more than $400 million. The New Criterion for MBA Admissions: Amid a tight MBA labor market, B-school admissions decisions increasingly hinge on applicants' ability to land a job upon graduation. (BW) McKinsey's Cracked Crystal Ball: Its 2009 predictions about the future of private-equity and hedge funds might be as inaccurate as its 2007 predictions. (Moneybox) Fundraising Gossip: Updates on some Australian funds from the Carried Interest blog... (CI)

Starting a brand new consumer sector-focused buyout firm in this market would take some real courage. Boldness. Guts. Moxie, even. I can only assume that’s the inspiration behind Bodil Arlander’s new effort, Moxie Capital. The San Franscisco-based outfit got its start in January of this year. No formal fundraising effort has launched to date, but […]

Here's a look at the past two weeks of scoops, opinions and analysis from the peHUB blogging team. Andreessen Horowitz Closes on $300 Million Venture Fund [Big Story] Marc Andreessen on Why He Passed on Facebook, Twitter vs. Bing and the Companies He Wishes He'd Backed [Big Interview] Why Several High-Profile VCs Sponsored Andreessen [Big Reason] 5 Questions for Bill Chisholm, Symphony Technology Group [Q&A] VC Deal Scoop: Qik, Terracotta & More... [Fundraising] 5AM Ventures Passes Target on Fund Three [Fundraising] New Cleantech Firm Alert: Black Coral Capital [Introductions] Quantcast Raising New Cash at $300 Million Valuation [Fundraising] VC Fundraising Collapses in 2009 [Fundraising] Preliminary VC Deal Data Shows Mixed Bag [Mixed and Empty Bag] VCs See Over 9x (Paper) Return on LogMeIn [IPOs Back?] For Emission Cuts, Zero in on the Rich, Suggests Study Murdoch: No Interest in Twitter [Needs to fix MySpace first] Yikes, Andrew Cuomo Suing Tagged.com [Melodramatic Much?] Wilbur Ross: FDIC Meeting Was "Highly Productive" [PEs Are Bank-Hungry] Sheila Bair on PE Bank Investments: "Unmoved" or "May Relax" [PEs Are Bank-Hungry] Treasury Dep't: No PPIP Applicants for You [But Not For PPIP]

Silicon Valley's Beleaguered Moneymen: Forbes jumps on the "a few strong IPOs means we're moving past the downturn" wagon. (Forbes) Snap: Dealbreaker notes that the SEUI is getting sassy about the AIG bonuses. (DB) The brightest and the rest: In venture capital, "Too much money has been chasing too few great start-ups" (Economist) Capitalism: A Love Story. That's the name of Michael Moore's new movie. (BW) Measure That Market: A surefire way to get private equity pros to start talking nonsense. (Private Equiteer)

As usual, we have a week’s worth of ratings actions on the debt of LBO-backed companies from Standard & Poor’s and Moody’s Investor Services. This week saw downgrades on yet another distressed debt exchange (Duane Reade) and a post-debt exchange upgrade. Rounding it out were a handful of bankruptcy-related withdrawals. Company: Duane Reade Inc. Sponsor: Oak Hill Capital Management Downgrade: S&P lowered its corporate credit rating on the company to 'CC' from 'CCC+' and lowered the subordinated debt rating to 'CC' from 'CCC-'. Moody’s downgraded the company’s probability of default rating to Ca from Caa2. Highlight: The downgrade follows Oak Hill’s announcement to launch a distressed debt exchange for the company. “We view this offer as being tantamount to default given that Duane Reade's highly leveraged capital structure that we believe may be unsustainable over the intermediate term, and the company's weak financial profile.”

Given the massive layoffs, default spike and deal-making dearth, the term "distressed" doesn't begin to describe middle-market lending. At this point it's more like "freefall." No one's experienced that firsthand like Ian Fowler and Chad Blakeman of CastleGuard Partners, a new debt provider based in Chicago. The pair previously co-founded Freeport Financial five years ago with backing from hedge fund Start Investments. After spending months out of the market in 2008, in February Freeport laid off all but around four of its employees, who stayed on board to manage existing investments.