Fundraising

Portfolio companies of private equity firms have considerably outperformed the rest of the market, going back to the turn of this century. The latest data from Bain & Co shows that the revenue growth of portfolio companies is more than quadruple that of the underlying market.

Firm: North Haven Capital Partners Fund: North Haven Capital Partners VI Target: $1.5 bln Amount raised: $1 bln Placement Agent: Probitas North Haven Capital Partners, part of Morgan Stanley’s line of closed-end private equity funds, has reached $1 billion in commitments for its sixth pool, which is targeting $1.5 billion, according to sources. The fund […]

A decision last August by the National Labor Relations Board continues to throw into question the tidy arm’s length relationship that private equity shops have maintained with their portfolio companies. Under a worst case scenario, sponsors may find themselves involved in collective bargaining with unions at portfolio companies, liable for any unfair labor practices, and on the hook for pension contributions. […]

SEC made ‘informal request’ Carlyle cooperating with SEC request SEC focused on proper disclosure around fees The SEC has requested additional information from The Carlyle Group on its past use, if any, of accelerated monitoring fees, according to the firm’s 10-K annual report filed Thursday. “We are cooperating fully with the SEC’s informal request,” the filing said. […]

Firm: BDT Capital Partners Fund: BDT Capital Partners Fund II Target: $5 bln – $6 bln Amount raised: $6.2 bln Byron Trott, known for working with Warren Buffett and other billionaire clients, recently closed his second fund at $6.2 billion, as the ex-Goldman Sachs banker aims at a longer investment period than traditional vehicles, according to […]

Firm to split GP commitment between cash, fee waiver Percentage of GPs using waiver falls to 16 pct “Large funds just don’t deal with it anymore,” says one LP Tenex Capital Management’s commitment to its second flagship fund will be split evenly between a cash contribution and a management fee waiver, according to an investment memo […]

Firm: NexPhase Capital Fund: NexPhase Capital Fund III, LP Target: $500 mln Newly-launched NexPhase Capital, a lower middle-market firm led by former members of Moelis Capital Partners, is seeking $500 million for its first fund, according to a source. NexPhase calls the fund NexPhase Capital Fund III, LP because it’s the same team that raised two earlier […]

Carlyle to wind down DGAM Solutions ‘refocusing’ on secondaries, managed accounts Solutions reported lower ENI last year Carlyle Group will shutter its fund-of-hedge-funds Diversified Global Asset Management as it works to rebalance its Investment Solutions business unit. Bloomberg was first to report that Carlyle decided to shutter Toronto-based DGAM, which the firm acquired in 2014. The […]

Fundraising for first-timers is getting harder LPs pull away from first-timers as markets wobble Outlook for first-timers remains sluggish It’s always hard for a fledgling private equity firm to raise a debut fund, though LPs for the past few years have been more willing to explore relationships with first timers. This was a product of […]

1. HarbourVest recently bought BAML Capital Access Funds, a fund-of-funds focused on emerging managers, and renamed it HarbourVest Horizon. What was the impetus for that deal? Directionally, there is increasing interest in emerging managers and with [this] team as part of the HarbourVest platform, we expect this to be a growing part of the investment expertise that […]