Fundraising

Apollo pays 6x for assets on average, says Harris Market yet to recognize depth of energy recession “Mismatch” between public market expectations and private hold periods Apollo Global Management co-founder Leon Black famously claimed his firm was “selling everything that’s not nailed down” in 2013. Three years and one economic slowdown later, the $170 billion […]

Firm: Eaton Vance Fund: Eaton Vance Institutional Senior Loan Fund Amount raised: $7.8 bln Eaton Vance increased the dollar contributions to its Eaton Vance Institutional Senior Loan Fund by $2.4 billion in one year, bringing the total to $7.8 billion for the platform for public pension funds, endowments and other big LPs, according to filings. The […]

Omaha-based McCarthy targets $325 mln Total to include $50 mln GP commitment Nebraska, Montana among Fund VI limited partners Recent commitments from the Nebraska Investment Council and Montana Board of Investments should put McCarthy Capital within reach of its sixth fund’s $325 million target. McCarthy, a 30-year old firm based in Omaha, Nebraska, received up to […]

SEC requests info from Carlyle, Apollo on fee acceleration Blackstone fined $39 mln for failure to disclose acceleration Recent study finds 28 pct of LBOs include accelerated fees Major enforcement actions and other regulatory declarations have not motivated many general partners to publicly disclose their use of accelerated monitoring fees, a Buyouts analysis of SEC filings […]

Sterling Group Partners III LP, the vintage 2010 buyout fund from Houston-based The Sterling Group, logged a net IRR of 23.5 percent as of December 31, 2014, for Sacramento Private Equity Partners. That’s ahead of the top-quartile threshold of 21.4 percent in an annual analysis of pension fund data by Buyouts. Partner Kent Wallace, who […]

The push for complete transparency in private equity just gained a major ally: The Pew Charitable Trusts. Pew, a nonprofit research organization, recently released a study that advocates for the public disclosure of private equity fees and expenses, including carried interest. Transparency is vital for an industry that has become increasingly important to the fiscal health of […]

Nearly $22 bln raised for non-fund investments in first three quarters of 2015 Exponential growth seen in deals sourced by independent sponsors Aberdeen Asset Management studying two such deals With private equity firms facing tough competition for portfolio companies, buyout shops operating without funds now play a more prominent role in finding deals, according to multiple sources. […]

Moody’s cites improved earnings at fast food operator Lower gasoline prices, commodity prices help Company’s debt-to-EBITDA ratio falls to 6.0x It may may operate in financially troubled Puerto Rico, but a Burger King chain backed by Castle Harlan has seen enough of a boost from lower costs to draw a debt upgrade from Moody’s Investors Service. […]

Firm: MTS Health Investors Fund: MTS Health Investors IV Target: $300 million Amount raised: $155 mln Placement Agent: Probitas Funds Group MTS Health Investors, the New York firm founded in 2000 by a former lead banker at Bear Stearns, has raised $155 million for its fourth buyout fund about two years after wrapping up its […]

Many industry pros will tell you that small funds outperform big funds in private equity. But as the data from Bain & Co shows, backing small funds carries its risks for investors. Namely, variability in performance goes down as fund size goes up.