Sam Sutton
Firm targets $3.75 bln with $4 bln hard cap Final close expected in spring of 2016 Madison Dearborn “on the upswing,” says LP Madison Dearborn Partners recently held an interim close on $3 billion for its latest flagship vehicle, two sources with knowledge of the fund told Buyouts. The firm announced the interim close at […]
Blackstone targeting 7 bln euros Fund V offers three month fee break for first close investors $500 mln commitments to receive significant management fee discount Blackstone Group is marketing its fifth European real estate fund with a 7 billion euros ($7.5 billion) target, according to San Francisco Employees’ Retirement System documents. The firm has not set a […]
Without new fund, firms lack incentive to keep interests aligned Alignment “falls apart” in zombie funds, says SEC panelist Panelists cite Fenway Partners as example Private equity firms are more likely to deviate from their contracts with limited partners when they do not plan to raise a new fund, said panelists at a November industry […]
Timing coincides with greater regulation of private equity SEC enforcement, examination divisions collaborating more “Minor deficiencies” now subject for enforcement, say panelists The SEC became aggressive after the global financial crisis and the Bernie Madoff scandal at around the same time private equity came under the agency’s scrutiny. For GPs, this meant the SEC’s examinations and enforcement […]
Despite a weak fundraising market in the third quarter, a murderers’ row of some of the industry’s most sought after general partners is expected to return to market at some point in the next year, according to data from Buyouts and Bison. LPs expect technology specialist Silver Lake to return to market with the fifth iteration […]
Firm allocated $455,000 in legal and compliance fees to funds Fees included legal tab for SEC investigation into expense allocations Firm pays SEC fine and reimburses funds for full amount Cherokee Investment Partners racked up $171,232 in expenses when it registered as an investment adviser with the SEC. The Raleigh, North Carolina-based firm paid another […]
Fenway bypasses management fee offset SEC finds Fenway Consulting services too similar Firm to pay $10.2 mln to impacted LPs Fenway Partners and several of its executives will pay a combined $10.2 million to investors harmed by its failure to disclose payments to an affiliated consulting firm, according to the SEC. The SEC found Fenway “rerouted” […]
Final close likely later this fall Fund II raises $900 mln through July Searchlight I nets 14.7 pct as of June 30 Searchlight Capital Partners expects to hold a final close on its $1.8 billion hard cap later this fall for its second fund, according to a public LP document. In July, Searchlight Capital II […]
Sources expect final close in Q1 JLL targeting $1 bln for Fund VII Previous fund netted 25.3 pct IRR as of December 31 JLL Partners has raised approximately $800 million toward its $1 billion target for its seventh flagship fund and will likely hold a final close in the first quarter of 2016, according to […]
Eric Fry named partner at Lindsay Goldberg Led Morgan Stanley’s PE group since 2007 Firm has known Fry “for many years,” says Alan Goldberg Lindsay Goldberg hired the former head of Morgan Stanley’s private equity group, Eric Fry, as a partner. Fry began working for Morgan Stanley in 1989 and was named a managing director […]