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Firms and Funds
LONDON (Reuters) – Blackstone Group LP (BX.N: Quote, Profile, Research, Stock Buzz) and Kohlberg Kravis Roberts & Co KKR.UL are each looking to buy parts of Lehman’s real estate and asset management units, sources familiar with the situation said on Friday. The real estate unit, which includes property and some asset-backed securities, could be worth […]
The LP-GP power dynamic has always been a tricky thing. It stands to reason that LPs should have superior leverage, because it’s their lucre that feeds the GP beast. But the reality is that GPs – at least the mildly/wildly successful ones – have traditionally run roughshod over their investors. Part of it is because LPs are poorly-networked with one another (therefore reducing the chance for collective action), while another part is that the LP community is ever-growing (making it easier for GPs to say goodbye to a disgruntled LP, because three newbies are waiting in the wings). This power dynamic did briefly shift earlier this decade – when overcapitalized VC firms were compelled to “hand back” uncalled LP commitments – but that was the only time I’d seen it. Well, until now.
Platinum Equity today announced that it has closed its second fund with $2.75 billion in capital commitments. For those paying close attention, this is about five months later than Platinum originally planned to close the fund, which principal Mark Barnhill attributes to rounding up a few stray cats (my words, not his). "We held the final close last Friday, but fund-raising was basically done for all intents and purposes by the end of Q1," Barnhill says, in his own words. "It just took a bit longer to get to the official finish line with a couple of LPs, so we waited."
Blue Wolf Capital, a New York-based firm focused on control transactions in the lower middle-markets, has held a $100 million first close on its second fund, peHUB has learned. It is targeting a total of $250 million, with a $300 million cap and a 2% management fee. Blue Wolf was originally launched as Partnership Equity […]
UK VC Oxford Capital has sold human resource software specialist Infobasis to US peer Salary.com for approximately £2.7m. Based in Abingdon in Oxfordshire, Infobasis was set-up in 2001 and provides online training and performance measurement software for employers. Among its clients are Microsoft, Norwich Union, Safeway and the NHS. The business will now become the […]
A year ago, the consensus was that private equity firms which operated outside of the mega-deal bracket would have a much easier time of it. But, as the threat of recession looms, not even the mid-market can escape.
For years an insular market, Irish venture capital is making the first tentative steps towards internationalisation as it comes out of its shell and not only attracts foreign investors, but also looks to invest abroad as well.
Target: Covenant Care Price: Undisclosed Sponsor: Centre Partners Seller: Management Financial Adviser: Seller: Jeffries & Co. Legal Adviser: Sponsor: Dechert LLP; Seller: Mannat Phelps & Phillips LLP Centre Partners has landed a third investment for its $880 million fifth fund, buying Covenant Care LLC, an Aliso Viejo, Calif.-based operator of nursing homes. The firm is […]
Many limited partners have mandates to invest with emerging managers, but finding these firms can be difficult. And conversely, it can be challenging for small, new firms to catch the attention of large pension funds. A new database created by New York-based Altura Capital Group should help resolve the dilemma. The Altura Emerging Manager Platform, […]
Technology investor syndicate Braveheart has signed an agreement with the University of Aberdeen which will see Braveheart provide financial support to spin-outs and fund intellectual property (IP) projects, and in return be granted first refusal on any commercial investment opportunities that arise. The plan involves two phases. Phase one, which is expected to last between […]