Steve Gelsi
With the Los Angeles City Employees Retirement System chalking up its largest cash distributions since it started investing in private equity funds in 1995, the pension fund plans to increase its commitment pace to buyout firms in 2013.
Some IPOs are hitting a snag over price triggers to convert preferred stock held by buyout shops into common stock, but the problem could be fixed with new pre-agreement contract language, says Ilan Nissan, a partner at law firm Goodwin Procter.
The Valence Group’s Anton Ticktin, who’s been focused on mergers and acquisitions in the chemical sector since the late 1990s, ranks 2013’s deal prospects as bullish, with major private equity players wading in. “We have a very strong pipeline,” Ticktin said in a phone interview. “We think 2013 will remain pretty robust, maybe not at the peak of 2011, but certainly at a high level—maybe the same as 2012.”
Coty Inc is on deck this week to raise as much as $1.2 billion in its initial public offering from sponsors the Reimann family of Germany, Berkshire Partners, and private equity firm Rhone Group.
Bessemer Trust Co. has raised $161 million of its estimated $250 million goal for Old Westbury Private Equity Fund XII, its latest fund of funds, according to filings with regulators. The firm is well known for managing money for wealthy families.
Capital Dynamics, the Swiss-based alternative asset management firm, has raised about half of its $750 million target for its new Capital Dynamics Energy & Infrastructure Fund, two sources told peHub.
More M&A of deals under $500 mln are being considered this year by executives, an Ernst & Young survey says.
Carlyle Group LP said fundraising on its big three funds earmarked for buyouts in Asia, Europe and the United States remain on track to raise a combined $18 billion as the marquee firm reported healthy interest from sovereign wealth funds, individuals and public pension funds.
In what could the start of a trend to free up an estimated $100 billion trapped in U.S. buyout shop funds with little hope of raising fresh cash, an Alabama-based merchant bank and a Texas hedge fund investor with roots to the oil fortune of Perry R. Bass announced plans to form Crestline-Kirchner Private Equity Group.
While Carlyle Group, Kohlberg Kravis Roberts & Co. and TPG Capital move to reach a combined fundraising target of about $13.5 billion for their new Asian buyout funds, the biggest prize in the Far East -- China -- remains a tough place to do acquisitions, an overseas deals lawyer told peHUB.