Steve Gelsi
Conference attendance hits record 1,200 TRS pledges $1.3 bln through 2019 to emerging managers Pros eye challenges from volatile markets, China, low oil prices A record crowd gathered in Austin, Texas, recently to discuss the future of emerging managers amid an investment climate that could dampen strong returns delivered by smaller firms. The Emerging Manager Conference, […]
Had worked at placement, advisory firm since 2013 Crocker worked at DB Private Equity, Atlantic-Pacific Seven key executives remain at Snowbridge Advisors John Crocker, co-founder of Snowbridge Advisors, has left the New York-based placement and advisory firm, according to sources. Formerly a managing partner at the firm, Crocker launched Snowbridge Advisors in 2013 with Mark Schroeder, […]
IPO window is closed for sponsor-backed IPOs First Data falters, but Ollie’s Bargain Outlet thrives Middle-market debt prices rise Sponsor-backed initial public offerings may come from established companies with long track records, but only one has survived the bruising stock market sell-off of 2016. Ollie’s Bargain Outlet, a CCMP-backed operator of 187 discount stores that […]
Firm: Pimco Fund: Corporate Opportunities Fund II Amount raised: $424 mln Pimco disclosed $424 million in commitments for Pimco Corporate Opportunities Fund II, a credit-oriented strategy from the unit of German insurer Allianz SE, according to filings. The fund is raising money at a time of upheaval in the junk bond market sparked by distressed […]
Firm wraps up fourth infrastructure fund at $2.9 bln Taking aim at U.S. for the first time Eyes midstream oil assets as prices fall Ardian plans to make its first infrastructure investments in the U.S. after wrapping fundraising for its fourth infrastructure fund, an executive at the Paris-based firm said. About 20 percent of the $2.9 […]
S&P cuts corporate rating of retailer Same-store sales ebb for the first time in six years Ares Management, CPPIB purchased luxury retailer in 2013 Neiman Marcus drew a debt downgrade from Standard & Poor’s Ratings Services, as the portfolio company of Ares Corp and Canada Pension Plan Investment Board faces headwinds in the retail sector. […]
LPs seek exits for maturing assets Secondary players ramp up efforts GPs urged to share portfolio company When private equity funds grow up, they more rarely move out of the house. As the asset class matures, fund duration has been creeping up, according to industry players. For LPs and GPs, this market dynamic offers an […]
The $1.3 billion, vintage 2012 Thoma Bravo Fund X from Thoma Bravo had a net internal rate of return of 34.2 percent as of September 30, according to an investor who asked not to be named. That IRR well above the 14.8 percent top-quartile threshold for U.S. private equity funds of the same vintage, and […]
1. Have you gotten lots of calls after Third Avenue Focused Credit announced December 10 it had shut down and placed its remaining assets into a liquidating trust? Has leverage gotten tighter lately as a result? You can still get leverage, but you can’t get more than 5x EBITDA. And 4x EBITDA seems more like the […]
Antares, Lone Star re-start unitranche loan program Program will provide capital for first-lien unitranche loans of $50 mln to $350 mln Non-syndicated loans may gain favor in face of second-lien woes An Antares Capital executive who oversees the firm’s revamped middle-market lending partnership with Lone Star Funds sees the disruption in credit markets as an opportunity, […]