Sam Sutton

Chiang: Beneficiaries can see “behind the curtain” of PE AB 2833 clears legislature with unanimous votes Bill goes to Gov. Brown, who has 30 days to decide California’s private equity transparency bill is on its way to Gov. Jerry Brown’s desk, its final hurdle to becoming law. AB 2833, sponsored by Assemblyman Ken Cooley and State Treasurer […]

Chicago firm surpasses $3.75 bln target GP chips in $430 mln to final close Fund VII invests in Patterson Medical, Ankura Consulting Madison Dearborn hit its latest flagship fund’s $4.43 billion hard cap, an industry source told Buyouts. LPs like Teachers’ Retirement System of the State of Illinois and University of Michigan contributed to the $4 billion the […]

Only 3.4 pct of North American buyout funds charge 30 pct carry Boston-based firm also sets 9 pct hurdle rate ABRY Heritage Partners targeting $525 mln ABRY Partners will carve out a larger share of investment profits with its debut lower-mid-market fund, fund terms published by Los Angeles City Employees’ Retirement System show. The firm will take […]

SEC finds fault with monitoring-fee disclosure, some expenses SEC says firm failed to disclose certain interest payments Apollo had reserved $45 mln; neither admits nor denies allegations Apollo Global Management agreed to settle with the Securities and Exchange Commission for $52.7 million after the agency alleged that the firm misled investors and failed to protect fund clients […]

SEC filings: Kohlberg & Co approaching $2 bln target LPs include Louisiana Teachers’ pension Fund VII closed on $1.6 bln in 2013 Kohlberg & Co appears to have raised around $1.7 billion for its new flagship fund, according to several SEC filings. At that size, Kohlberg Investors VIII is the firm’s largest fund to date. […]

Private equity is complicated. General partners know it, as do the investment staffers tasked with shepherding fund commitments through pension investment meetings. Retirement system trustees, on the other hand, may not have as sophisticated an understanding of the asset class. This knowledge gap can lead to misunderstandings, confusion and — if the fight over California’s […]

New fund to write larger checks for middle market funds Louisiana Teachers’ commits up to $75 mln to Fund VIII Firm’s founder, Jerome Kohlberg, passed away last year Kohlberg & Co set a $2 billion target for its newest private equity fund, according to investment memos obtained through a public-records request. Kohlberg & Co, which closed its […]

First-time GPs must bring more to the table: Whiteman LPs fear firms that lack institutional-quality controls Few emerging managers are prepared for institutional LPs Investors have become increasingly picky when it comes to how new private equity firms manage their back offices. Limited partners now demand institutional-quality accounting, oversight and operations from new managers, particularly after […]

CalPERS took several critical and groundbreaking steps to be more transparent in its disclosure of private equity data over the last several years. But this recent step was in the wrong direction.

BULLET POINTS TBD Winter is coming, perhaps? LPs appear to be prepping for a downturn, pumping capital into turnaround and distressed funds. This strategy has raised more capital so far in 2016 than any other fund category tracked by Buyouts. The nearly $16.9 billion circled by distressed/turnaround funds included $3 billion from Cerberus Capital Management VI and […]