So you finally find this great acquisition – one of your targeted industries, consistent performance, great prospects and strong management team. Oh yeah, it does have a couple of blemishes – some customer concentration, for one, but you’re comfortable with that. What nags at you are the two owners who started the company and are […]
The California Public Employees’ Retirement System didn’t want them. Secondary firms didn’t buy them. And so they’ve been banished to what the nation’s largest public pension fund calls its “Vista Portfolio”—a place where fund interests get managed “toward liquidation,” in the pension fund’s own phrase. You can find the Vista Portfolio on the CalPERS Alternative […]
Guest columnist Coco Kee looks at China’s new rules around PE fund registration, operations and information disclosure in Circular 2864.
The industrials space represented 32% of all opportunities, with 818 companies coming to market through November 2011, ranging in company size from $0 to more than $430 million in revenue, according to AxialMarket data. Opportunities represent companies across each US region, and are broken down by industry, revenue, and EBITDA. Investment banks, business brokers, and […]
Through the third quarter of 2011, the tech sector was the second most active sector on AxialMarket, representing 18% of all opportunities. In the space, 522 companies came to market, ranging in company size from $0 to over $528 million in revenue, within the United States and abroad. Investors on the AxialMarket network express interest […]
For the last 18 months, we’ve been extolling the virtues of unitranche debt. This structure has gained substantial popularity over the last few years as an ideal replacement for the cash flow senior debt that banks and CLOs no longer supplied as eagerly to the middle market following the 2008 credit crisis. With the ability […]
The Wall Street Journal has a story out today that says “Web Startups Hit Cash Crunch.” There has been a fair bit of reaction in the tech blogs and I thought I’d toss into the discussion some things we are seeing: 1) There are so many startups out there raising money. I don’t think this […]
Here we go again. Repeatedly, Sprint has tried to bet the farm (and failed) in its quest to remain relevant. They bet the farm on Nextel, then Wi-Max and Clearwire, then all-you-can-eat plans, and all along on wholesale/MVNO. Frankly, it’s amazing they have any farm left to bet – having lost 80% of their market […]
The stock market has seen incredible volatility during the last several months, and, unfortunately, the overall trend has been downward. But does a decrease in equity values affect the valuations of illiquid debt securities? The answer is yes. And why do we even care? Because many middle market lending institutions like BDCs, hedge funds, credit […]
Last month, one Psilos Group-backed portfolio company was all set to file an S-1 to go public. We did have one IPO in France in July before the world markets got strange. But then there was the debt ceiling crisis in Washington, more bad news on the economic front, and a steep sell-off in the […]