What a difference a year makes. Last March, credit markets were wide open and each week seemed to bring a new multi-billion buyout. At that time, the biggest challenge facing private equity firms was coping with rising multiples and the frantic pace of dealmaking. Today, as the credit markets struggle and the economy slows, it’s […]
Bain Capital investors today are wiring cash to fund the $19.5 billion buyout of Clear Channel Communications (CCU), which follows an earlier capital call notification from Bain partner THL Capital. There also are new reports that Clear Channel, Providence Equity Partners and Wachovia are nearing an amicable agreement on their legal three-way (although CCU lawyers […]
Less than five months after the U.S. team of Standard Life Investments quit en masse, it has reemerged as a new private equity shop called Constitution Capital Partners. The firm will make both fund commitments and co-investments in the small-cap to large-cap buyouts space, with a particular focus on the middle-markets. “This is the same strategy […]
This morning’s big news is that The Blackstone Group (BX) reported a $170 million net loss for Q4, which has helped shove its stock price down below $14 per share in early trading. The question to ask, therefore, is whether Blackstone’s public securities are finally approaching their bottom. “But Dan, you’re not an equity analyst,” […]
Bain Capital this afternoon sent capital calls out to its institutional investors, for the pending $19.5 billion buyout of Clear Channel Communications. peHUB had reported yesterday that certain individual investors had received calls via “feeder funds,” but that no requests had been made of institutions (endowments, foundations, pensions, etc.). The call date is one week from today. Dow Jones […]
Reviving an old feature that had fallen by the wayside… The What Industrial Equity Investments Ltd., an Ireland-based global investment firm owned by Permira, last week completed its $2.4 billion buyout of Arysta LifeScience, a Tokyo-based agrochemicals company. Permira provided all of the equity, while debt came from JPMorgan, Lehman Brothers, Bayerische Hypo- Und Vereinsbank […]
The buyouts market is actively courting a massive contradiction: One the one hand, you have a massive drop in deal volume, which is expected to be prolonged. On the other, you have a massive spike in fundraising, with firms raising their largest-ever funds (regardless of target market). I discussed this with lots of people at […]
Bain Capital has begun making capital calls for its $19.5 billion buyout of Clear Channel Communications, peHUB has learned. Most Bain limited partners I’ve spoken with today still have not received such notifications, but an individual investor says that he received a request this past Monday (via a feeder fund for individuals). The due date is next Friday, March 14. This may […]
This afternoon I’ll be moderating The Great Debates, here at Buyouts East in New York. Participants will include: Stephen Lerner of SEIU, Bob Stewart of the PE Council, Terrance Mullin of Arsenal Capital Partners and Prof. Vic Fleischer of the University of Illinois. We did the first installment of this last spring, with me moderating […]
Next Wednesday night is the 2nd Annual Buyouts Awards Dinner, as part of Buyouts East. Join us for an evening of fine food and self-congratulation. Here are your nominees: Buyout Firm Of The Year Our most prestigious award. We’ll be looking at every aspect of a firm’s activity in 2007, including LBO transactions, fundraising, exits, […]
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