Steve Gelsi
Bain Capital has raised nearly $5 billion for its flagship buyout fund with about $1 billion left to go to hit its target, according to a prospective investor. Meanwhile, the firm’s big commitment to the fund has drawn positive comments from two limited partners, who are now reconsidering whether to dive in, according to sister publication peHub.
Moving to increase its exposure to private equity, the Maine Public Employees Retirement System’s board of trustees OK’d a combined $120 million commitment to buyout funds managed by GTCR and Onex Partners, an official told Buyouts.
Limited partners said they’re often less interested in funds outside the top quartile, but they’re still sifting through investment opportunities from emerging managers and others that may currently lag behind the leaders, according to a panel at the Buyouts West conference, part of Partner Connect West 2013.
Larry Schloss said he will work to grow Angelo Gordon & Co’s business as an investor in real estate, distressed debt, leveraged loans, hedge funds, leasing and private equity, when he joins the firm as president on Nov 11.
Founded in 1992, JMI Equity, a growth equity firm with investments in software, internet and business services companies, rang up an IRR of 39 percent as of June 30 for is vintage 2005 fund, JMI Equity Fund V LP. An IRR of 12.6 percent would have landed it in the top quartile for the year, according to data compiled by Buyouts. Managing General Partner Paul Barber, who joined the firm in 1998, currently serves as chairman of the board of directors at ServiceNow and several other companies. He answered questions for this column via email.
U.S.-based sponsors closed an estimated 362 mergers and acquisitions in the three months ending Sept. 30, up from 274 in the second quarter and down slightly from the total of 366 in the year-ago quarter.Dollar volume dropped to $23.6 billion in the three months ended Sept. 30, from $41.1 billion in the second quarter. In the third quarter of 2012, dollar volume totaled about $28.0 billion.
Acceleration Resources LLC has raised its inaugural fund, Acceleration Resources I LP, with $21 million, in an effort led by a veteran of Passport Capital LLC and Sun Capital Partners Inc, according to public filings and a person familiar with the firm.
The California Public Employees’ Retirement System plans to channel $6 billion into private equity investments in fiscal 2013-2014 in a move that increases its allocation to the asset class by $1 billion over last year, an official with the $258 billion pension program said.
Pension system increases PE allocation by 20 percent CalPERS channeled $5B to private equity last year CalPERS earmarks 10 percent for direct investments The California Public Employees’ Retirement System plans to channel $6 billion into private equity investments in fiscal 2013-2014 in a move that increases its allocation to the asset class by $1 billion […]
TCW Group continues to shop for more top quartile funds and other properties to compile an “all-star team” after the Los Angeles money management firm with $130 billion in assets paid an undisclosed sum to buy Craton Equity Partners, a private equity firm that survived a downturn in green investing after the financial crisis.