Leon Cooperman, the legendary hedge fund manager, said low interest rates that have fueled private equity returns won’t last, Bloomberg is reporting. Cooperman, CEO of Omega Advisors Inc, made the comments at an event hosted by the New York Alternative Investment Roundtable, the story said. The CEO said he thought private equity was a scam but then backtracked and said the high fees and lengthy lock-ups didn’t appeal to him, Bloomberg said. Declining interest rates are the main reason LBOs have generated high exit multiples in the last decade, Cooperman said in the story.
First begins the day with news that oil legend T. Boone Pickens dies at 91, Hong Kong Stock Exchange makes a $36.56 billion bid for London Stock Exchange, and Walmart expands its unlimited grocery delivery service nationwide.
Whitehorse leads strip sale out of Carlyle's debut mid-market fund; Morgan Stanley Capital Partners weighs sale of Pathway Vet Alliance; LSE gets surprise $39 bln offer from Hong Kong Exchange
First Read kicks off the day with news that Target is hiring 130,000 temp workers for the holidays, President Trump fires John Bolton as national security adviser, and Hong Kong Exchanges and Clearing Ltd has made a $36.6 bln bid to buy the LSE.
Marketing Architects, a Minneapolis based advertising agency, has launched Zoomworks Ventures, a corporate venture capital arm that will focus on marketing technology and media startups. Chuck Hengel will serve as CEO; Brent Longval will be chief financial officer; and Steve Lubin will be vice president of corporate development.
Landmark loses long-time partner Ian Charles; CapVest Partners weighs options for Curium Pharma; Aquila sues Vista-backed Solera
First Read begins the day with news that Nissan's CEO is stepping down, Google is facing a new antitrust probe, and SoftBank urges WeWork to shelve its IPO.
Ex-energy capital partner launches SER Capital; Court Square puts National Seating & Mobility up for sale; What's the real impact of credit lines on fund performance?
First Read begins the week with news that the world's largest Starbucks will open in Chicago, Symantec receives takeover interest from Permira and Advent International, and Rafael Nadal wins the 2019 U.S. Open.
Fundraising slows, deal activity remains sluggish, Banks buying placement agencies