David Toll
Freeman Spogli & Co appears to be making good progress toward wrapping up a seventh fund earmarked to invest in mid-sized consumer-related and distribution companies. The target: $850 million.
Word has filtered out that the first wave of examinations of buyout firms by the U.S. Securities and Exchange Commission has not exactly gone swimmingly. But what exactly have sponsors done wrong? And how serious are the infractions?
After a two-year hiatus, Randy Schwimmer is back with his weekly e-newsletter covering the middle-market leveraged lending scene. The Lead Left, which debuted last week, is the successor to On the Left, the popular e-newsletter that Schwimmer wrote while he was a senior managing director and head of capital markets at Churchill Financial (acquired by Carlyle Group in 2011). Below we catch up with Schwimmer with five quick questions, to which Schwimmer responded by email.
When it comes to competing for alternative investment dollars, buyout firms haven’t had a whole lot to worry about from venture capital firms, their traditional rivals, over the last 10 years or so. Infrastructure firms have been a different story.
Co-investing has taken some punches to the jaw in recent months. Now advisory shop StepStone has come to defend the practice.
1) David, you recently announced plans to retire this month from Guardian Life Insurance Co, where over the last seven years you helped build their private equity portfolio to more than $1 billion in assets. What’s been the best part of working in private equity? It has to have been the ability to work with […]
You used to hear general partners complain that many limited partners were all talk when it came to co-investments. Sure, LPs said they wanted to do them. But when it came to brass tacks, they weren’t ready.
The New York State Teachers’ Retirement System will tell you that its private equity portfolio has generated a net IRR of 11.1 percent through the end of June 2013. But don’t ask for the details. The pension fund believes that the returns of individual funds are trade secrets.
Highly skilled private equity firms outperform others by seven to eight percentage points per year, but it is not easy teasing out how much of that outperformance derives from skill and how much from dumb luck.
The start-up Chicago Area Limited Partners Association plans to hold a luncheon meeting tomorrow, April 10, at the offices of funds-of-funds manager Adams Street Partners. The topic: the secondary market.