Steve Gelsi
Firm: Spindletop Capital Fund: Spindletop Healthcare Growth Capital II LP Target: $200 mln Placement Agent: Harken Capital Securities Spindletop Capital is targeting $200 million for its second fund as the Austin, Texas, firm with ties to two family offices seeks investments in commercial-stage and profitable healthcare companies, according to a filing. Among its portfolio companies, […]
Big LPs sifting for small GPs LPs cite more difficult access to established players Emphasize track records; praise placement agents Big limited partners from Tulane University, DuPont Co and Liberty Mutual said they’re planning more investments among emerging managers to seek superior returns, foster long-term relationships and get better access to general partners. And the LPs offered […]
S&P Global sees possible violation of covenants later this year Research firm sees YP’s financial commitments unsustainable No default expected over the next 12 months S&P Global Ratings said YP Holdings LLC, the Cerberus Capital Management-backed entity that owns the Yellow Pages directories and other properties, remain vulnerable to refinancing risk in the face of […]
Brookfield Asset Management sees ample investment opportunities in five key areas as it plans to pursue more and larger transactions with its $14 billion Brookfield Infrastructure Fund III, the largest infrastructure fund ever raised, according to a source. The pool is twice the size of its predecessor, which closed in 2013 on $7 billion. Fund III beat its […]
Gryphon taps capital from fourth buyout fund for cheesecake maker Fourth acquisition this year by firm Gryphon bought another dessert company last year Antitrust regulators cleared the acquisition of bakery company Lawler Foods Inc by Gryphon Investors as the San Francisco private equity firm tapped capital from its fourth buyout fund while on the […]
EnCap-backed firm draws glint of sunshine Energy firm plans to increase production Prospects for company’s debt improve Eclipse Resources saw its debt upgraded following a $142 million common-stock offering and after the State College, Pennsylvania, oil-and-gas firm said it would resume production plans. While Eclipse’s debt remains in speculative territory, the company, backed by EnCap Investments […]
Golub Middle Market Report surveyed 150 companies in Q2 EBITDA growth lags revenue increase Tech, industrials turn in strongest earnings The July 8 U.S. employment report turned in a bullish 287,000 new jobs in June, while wages on the nationwide level edged up a mere 0.1 percent. But wages tell a different story in the […]
You’re in an emerging area of finance and law in which lenders make loans to GPs backed by LP commitments. How is the market developing? We hosted 70 attendees at an event on the topic a few years ago. In March, we took part in the annual Fund Finance Association Symposium with 600 clients including […]
Wynnchurch Capital Partners III, the vintage 2010 buyout fund from Chicago-based Wynnchurch Capital, generated a 39 percent net IRR as of December 31, according to an annual meeting document from a source. An annual study of public pension fund data by Buyouts estimated a top-quartile IRR threshold of 21.4 percent and a median of 12.9 […]
When Scott Myers co-founded Cogent Partners in 2002, he planned to build a full-service merchant bank for private markets. But Cogent’s secondary-advisory business grew so quickly that the firm ended up focusing mostly there. All told, Cogent completed more than 4,600 secondary transactions prior to its sale to Greenhill & Co for about $100 million in 2015. […]