Steve Gelsi
The Pritzker Group’s Paul Carbone threw a bit of cold water on enthusiasm for co-investments in private equity, arguing that direct investments offer a better fit outside conventional fund structures, at least for family offices.
Kohlberg Kravis Roberts & Co’s move to shore up First Data Corp’s balance sheet with $3.5 billion makes one of the largest LBOs in history a bit less pricey on a debt-to-EBITDA level. It also may help avoid sticker shock in an initial public offering or other exit of the payment processing giant.
Greenbriar Equity Group LLC closed its third private equity fund at $1.1 billion, tipping the scales as its largest yet, as it continues to focus on deals in the transportation sector with a beefed-up roster of corporate advisers.
The Illinois Municipal Retirement Fund board of trustees approved a $35 million commitment to ABRY Partners VIII LP, equaling the pension system’s largest pledge to a fund from Boston-based ABRY Partners.
JMI Equity, the technology investor with at least one top quartile fund, has quickly rounded up $100 million or more for JMI Equity Fund VIII in its first pool that could reach $1 billion in commitments at a time of growing popularity for growth equity funds.
Kohlberg Kravis Roberts & Co could draw in at least $10 billion and potentially as much as $30 billion for a series of Fund IIs that would follow-up eight new fund series launched in recent years by the marquee private equity firm, a key executive at the New York shop said recently.
Kohlberg Kravis Roberts & Co portfolio company Brickman Group Ltd won antitrust clearance from the Federal Trade Commission for its acquisition of rival landscaping firm ValleyCrest, owned by Michael Dell’s investment firm, MSD Capital LP, with a loan package led by Jefferies & Co, after investment banks for KKR pulled back from financing the deal, according to a filing.
The Rohatyn Group may shop for a fresh acquisition while also growing organically, as the New York firm looks to extend its reach in emerging markets public equities and private credit.
The 2008 Intervale Capital Group LP fund turned in an IRR of 22.0 percent, ahead of the top quartile threshold of 19 percent and median of IRR of 10.6 percent for funds from the same vintage, according to pension fund data compiled by Buyouts in its Sept 2, 2013, issue. Erich Horsley, partner at Intervale Capital, spoke with Buyouts from the firm’s headquarters in Cambridge, Massachusetts.
With opportunities in the Midwest on the rise, executives at Miami-based H.I.G. Capital decided to get closer to the action by opening a new office in Chicago less than a year ago.