Firms and Funds

Could the acquirers become the acquirees? I've heard rumblings of private equity consolidation for a few weeks now, stemming from research done by law firm Simmons & Simmons. The study found that 79% of 700 surveyed PE pros expect increased consolidation in 2009. I dismissed this as unlikely, but the topic continues to surface in conversations. There even are some trader rumors that Blackstone and KKR could acquire 3i. Would struggling buyout firms really merge with each other? At the very least, the image of PE pros nervously biting their nails in fear of a hostile takeover is ironic, since they're usually the ones inflicting such fear on public company employees. Either way, there are several issues with this idea, which I've laid out in a nice little list.

ZURICH (Reuters) – Credit Suisse (CSGN.VX) posted its biggest ever annual loss after a poor fourth quarter hit by trading losses and restructuring charges, but expressed cautious optimism for 2009 even as it cut some financial targets. The Swiss bank said 2009 had started relatively well and each of its divisions was showing a profit […]

HONG KONG (Reuters) – Alternative investment manager Aloe Private Equity aims to raise up to $400 million over the next three years to develop coal bed methane resources in China, its founder said on Tuesday. Coal bed methane is extracted and produced directly from coal seams without having to remove the coal itself. “We’re extracting […]

Seroba Kernel raises €75m under Enterprise Ireland programme

New vehicle to target global early-stage and growth opportunities

HgCapital, a pan-European private equity investor, has announced the closure of its Amsterdam office and the cutting of its consumer and leisure team as part of a strategy rethink. The London-headquartered firm’s 45 investment professionals will now be organized into four enlarged sector groups: Technology media telecoms, healthcare, services and industrials, with the latter run out of the company’s Munich office.

Sir Tom McKillop, recently retired chairman of the Royal Bank of Scotland, has admitted that the €70bn purchase of ABN AMRO was “a bad mistake”. Giving evident to the House of Commons Treasury Committee, Sir Tom said “In retrospect we overpaid. We are sorry we bought ABN AMRO.” He added that the £20bn writedown that […]

Pinova Capital, a Munich-based private equity firm, has held a €50 million first close on its debut fund. Limited partners include Commerzbank and the European Investment Fund.

Milestone Partners, a buyout firm based in Saint Davids, Penn., has closed on capital commitments totaling $230 million for its third fund. It had a target of $200 million. Press release: Milestone Partners (“Milestone”) announced that it closed on capital commitments of approximately $230 million for its latest fund, Milestone Partners III, L.P. (“Milestone Partners […]

Milestone Partners has closed its third fund with $230 million in capital commitments. It had been targeting $200 million, and already has made four investments. The St. Davids, Penn.-based firm focuses on leveraged buyouts and recaps of lower middle-market companies.