Carlyle Group said July 31 that it is converting to a full C-corp under Delaware law from a publicly traded partnership. The switch is effective Jan. 1, 2020.
First Read kicks off the day with news that Gucci hires a diversity chief, Disney's "The Lion King" tops $1 billion at the box office, and Google employees have donated more to Elizabeth Warren than anyone else.
KKR healthcare chief Momtazee to leave firm; Welsh Carson's 13th flagship raises $4.3 bln; Sumeru Equity puts MDSL up for sale
During the last few years, general partner-led secondary transactions have evolved and are no longer just associated with GPs trying to dispose of lingering assets that have become hard to sell. Increasingly, GP-led secondaries are used to create for both PE fund sponsors and their LPs liquidity solutions with more attractive valuations than regular dispositions of funds’ assets. In a PE Hub Canada feature article, Torys LLP Partners Venera Ziegler, Scott Semer and Andrew Beck and Senior Associate Batya Nadler look at key issues associated with GP-led secondary transactions as well as related guidelines released by the Institutional Limited Partners Association for sponsors and LPs.
First Read begins the day with news that President Trump signs the 9/11 compensation bill, Pfizer is planning on merging its off-patient drug business with Mylan, and Element Capital hikes performance fees to 40 percent.
Should first-time GPs put every dime they have into a first fund?; Thoma Bravo, Silver Lake bid for J.D. Power; Bain-backed Swift Prepaid weighs sale
First Read kicks off the week with news that the Justice Department says T-Mobile's mega-merger with Sprint can move forward, the IRS is sending a warning out to cryptocurrency holders, and American teenager Kyle Giersdorf wins $3 million at the Fortnite World Cup.
First Read closes out the week with news that Nissan will be cutting 12,500 jobs worldwide, Nike is reportedly exploring a sale of surfwear brand Hurley and Amazon requires local police departments to advertise Ring surveillance cameras in exchange for free products.
First Read ushers in the day with news that Advent International is buying defense and aerospace group Cobham, Robert Mueller testifies before Congress, and Jeffrey Epstein was found injured with marks on his neck in a New York jail cell.
First Read kicks off the day with news that Boris Johnson is the new British Prime Minister, Huawei is laying off more than 600 people in the U.S., and DoorDash's CEO says customer tips will now go to delivery workers.