Steve Gelsi
Mill City Capital plans to raise up to $200 million for its second buyout fund in three years after the Minneapolis-based mid-market buyout shop spun out of Goldner Hawn Johnson & Morrison, according to a filing with regulators.
Fundless mid-market private equity firm Rotunda Capital Partners has exited its investment in Worldwide Express after growing the UPS logistic provider’s revenue by about 3x in four years.
Incline Equity Partners topped its target by more than $50 million in the middle-market firm’s first fundraising since spinning out of PNC Financial Services Group Inc in 2011. The Pittsburgh firm closed Incline Equity Partners III LP in August with $301.1 million in commitments.
Silver Lake Sumeru, the mid-market arm of technology specialist Silver Lake, agreed to pay about $220 million for a majority stake in financial software specialist BlackLine Systems Inc in a transaction that taps dwindling capital from the firm’s 2007 debut fund, according to people familiar with the deal.
A first-time survey by law firm Goodwin Procter LLP of 66 growth equity transactions between 2008 and the first half of 2012 revealed a larger portion of the total deal value available for clawbacks for investors compared to traditional buyouts, if a dispute arises.
Apollo Global Management LLC has drawn $8.4 billion in commitments towards a $12 billion target for Apollo Investment Fund VIII LP, making the flagship fund the top money-raiser among U.S.-based sponsors tracked by Buyouts so far in 2013.
In a move reflecting broad industry trends, the New York City Public Pension Funds system continued its shift in its investment focus toward growth capital investments and away from venture capital this summer.
The Municipal Fire & Police Retirement System of Iowa plans to choose private equity fund placements by the end of the year for $60 million out of $100 million in fresh commitments.
The Alaska Permanent Fund Corp allocated up to $1.75 billion over the next three years for special opportunity investment vehicles by The Blackstone Group and The Carlyle Group as the $47 billion state fund seeks lower-fee structures with the two major private equity firms.
Mission Creek Capital Partners Inc now provides customized private equity distribution management services for institutional and private clients with combined private equity commitments approaching $3 billion, since the firm opened up shop last December.