Steve Bills

Investors are playing small ball in the buyouts market, increasing their commitments to the smallest funds while reducing their exposure to larger ones. Overall, fundraising in 2010 was down a smidge, barely 1.5 percent, with U.S. buyout and mezzanine firms raising $64.8 billion compared to $65.8 billion in 2009. We’ll have more — much more — […]

The Pennsylvania State Employees’ Retirement System plans to throttle back its allocation to buyouts and venture capital in favor of more conventional stocks and bonds, but the LP is still making commitments to the asset class. Spokeswoman Pamela Hile emphasized that the pullback that the agency is planning will be gradual. “While we are still […]

Taking advantage of a strengthening stock market and a lending market where many borrowers struggle to find financing, several business development companies (BDCs) are taking steps to fortify their financial positions. BDCs are closed-end investment funds that are publicly traded on stock exchanges. Designed to provide capital to privately owned businesses, they can provide both equity and debt financing. Healthier BDCs, led by Ares Capital Corp., are issuing stock and reducing their debt, while other such lenders, including American Capital Ltd., are taking other steps to shore up their capital positions.