David Toll
Advisory shop Pantheon Ventures last fall released a study of buyout fund returns showing that a “deep J-curve, relative to vintage peers,” signals that a fund is more likely to be bottom-quartile than top-quartile.
Taking advantage of a strong fundraising market, a buyout shop founded by a former executive for H.I.G. Capital has raised $46 million toward a $150 million target for a debut institutional fund earmarked for investments in business services, healthcare services and industrial companies
So, how much equity should you carve out for the management team?
Solomon Owayda, who in the late 1980s and 1990s led the private equity program at California State Teachers’ Retirement System, and who played a seminal role in the founding of the Institutional Limited Partners Association, has left Siguler Guff & Co as managing director in its Boston office.
A study of North American portfolio companies tracked by funds-of-funds manager RCP Advisors finds that lower-mid-market and mid-market sponsors are still finding and closing a healthy percentage of proprietary deals. But such deals exhibit a wider spread of performance than auctioned deals without necessarily providing better returns, at least by one measure.
A “fly-in” organized by the Small Business Investor Alliance and slated for this Tuesday in Washington aims to revive a legislative proposal to let business development companies raise their debt-to-equity ratio to two to one from one to one. The law would make BDCs a more competitive force in the fast-changing mid-market lending landscape.
Corporations have been able to deduct interest payments on their taxes for more than 100 years. But that won’t stop politicians from proposing an end to the practice as they tap into anti-Wall Street sentiment during the coming presidential campaign season.
Curious where deal prices are heading in the coming months? Want to know how sponsors are reacting to high prices? Take our five-minute survey on deal pricing and be the first to get the results. The deadline to participate: Friday, May 1.
Buyouts is accepting applications for its 15th annual Deal of the Year awards, honoring exceptional buyouts that were fully or mostly realized in 2014. The deadline for submissions is Feb. 27, 2015.
Hamilton Lane is putting together one of the largest co-investment funds ever earmarked for buyouts and other late-stage deals, having secured $849.6 million through year-end toward an upwardly revised goal of $1.3 billion.