Joseph Weitemeyer

U.S.-based buyout and mezzanine fundraising slowed its 2019 pace. Since the last issue of Buyouts, fundraising added only $4.3 billion to its YTD total. The 2019 YTD total now stands at $74 billion, nearly $25 billion more than its 2018 YTD total. Arcline Investment Management, founded by ex-Golden Gate Capital executive Rajeev Amara, was the […]

The largest funds in 2018 did not leave much capital for smaller funds. Fifty-two percent of all capital raised in 2018 went to the 50 largest funds closed that year, according to Preqin. Amid uncertainty and concern about valuations, LPs are more likely to choose recognized firms and established managers.

San Francisco Employees’ Retirement System received $677 million in distributions across its 2008 investments. Two Apollo Global Management funds were responsible for more than $102 million of that distribution. SFERS committed $549 million across 20 PE funds that year. It has contributed 92 percent, or $506 million, of its commitments as of March 31, 2018. […]

The number of funds closing annually continues to trend downward, while the amount of capital raised remains stable. About a quarter (24 percent) of total capital raised in 2018 was concentrated to the 10 largest funds, according to Preqin’s Global Private Equity and Venture Capital Report.

For GPs, the best prices for assets come from selling companies to strategic buyers, according to Bain & Co. A record number of companies are in PE’s public-to-private sweet spot: those with enterprise values of $2 billion and $10 billion that could be purchased for a multiple plus take-private premium that’s still below the average […]

Big funds continue to boost the YTD 2019 total for U.S.-based buyout and mezzanine fundraising. Since the last issue of Buyouts, fundraising added more than $18.7 billion to its YTD total. At $69.7 billion, firms have raised more than twice as much as they did a year earlier. Genstar led the pack. Its ninth flagship […]

The advantages of taking a company public no longer outweigh the disadvantages, according to Bain & Co’s Global Private Equity Report 2019. Along with the price of going public, a public company has to add several million dollars to its cost structure in the form of higher compensation. As a result, PE-backed IPOs have fallen […]

Maryland State Retirement and Pension System received $55 million in distribution from its 2015 investments. Most of the distributed capital came from Bain Capital’s third Asia fund. That year the pension made $1.5 billion in commitments across 19 PE Funds, including U.S. buyout, non-U.S. buyout and venture and growth equity. Maryland SRPS contributed more than […]

Emerging managers raised more than $3.1 billion over the past few weeks. Four venture firms and three private equity firms raised over $100 million, one of which raised over $1 billion. That one firm was Kandle Group, which raised $1.2 billion from five commitments. James A. Davidson, co-founder of Silver Lake, is listed as Kandle’s […]

GP-stakes investing, where GPs sell minority positions in their management companies to other GPs, continues to trend upward. According to PitchBook, GP-stakes investments hit a high in 2018 with 25. The scope for deal sourcing is also growing, as GP-stakes investors are looking past well-known GPs for new opportunities.