New fund can buy stakes in secondaries fund Secondary deals for secondary funds very complicated to price Previous SL Capital funds netting strong returns Standard Life’s private equity unit set a $400 million target for a secondaries fund that can buy stakes in other secondaries funds, among other strategies, according to documents released by the […]
LPs concerned with “leakage” around complex distribution models SEC examiner sees “errors in spreadsheets, errors in calculation” of waterfalls Others say waterfalls leave little wriggle room for misinterpretation A Securities and Exchange Commission official has some advice for GPs: Pay close attention to your waterfall calculations. In an April 6 keynote interview at PartnerConnect East in […]
Fund V said to be oversubscribed Target is $800 mln, could raise $1 bln: sources Firm raised $600 mln for prior fund Limited partners are finding it difficult to win a spot in the fifth buyout fund from Industrial Growth Partners, the San Francisco shop with at least two top-quartile funds under its belt, according […]
Ashley Johansen left Coller in February Johansen joins to organize annual meeting this summer She is focused on marketing, strategy and investor communications Ashley Johansen, former partner in fundraising and investor relations at Coller Capital, joined Irving Place Capital recently on a contract basis, according to a person with knowledge of the situation. Johansen, who is […]
SWIB sets $1.5 bln target for the year Wisconsin to co-invest up to $150 mln this year Re-ups, small and mid-market GPs to dominate fund commitments The State of Wisconsin Investment Board (SWIB) plans to commit around $1.5 billion to private equity this year, according to an investment plan included in its April meeting materials. […]
First Reserve hires Lazard to run secondaries processes for two older funds Firm considers restructuring Fund XI Proposes raising annex fund to support Fund XII portfolio companies First Reserve is considering options to give existing limited partners in one of its older funds the chance to cash out as well as provide fresh capital for […]
Execs see strong interest from high-net-worth investors Registered investment funds, feeder funds remain active Defined-contribution plans mostly untapped by PE Private equity asset managers see a large potential asset base as trillions in retirement dollars shift to 401(k) and other defined-contribution plans and away from traditional defined-benefits plans. But for now, GPs and asset managers […]
David Enriquez spent four years in M&A at Rothschild Also worked at Merrill Lynch Not clear whether Enriquez has private equity experience The New York City Comptroller’s office hired former investment banker J. David Enriquez as a senior investment officer on the private equity team, spokesman Eric Sumberg confirmed. Update: The Comptroller also hired Jose Guzman as […]
Carry should be taxed as income, says former treasury secretary Rubin holds more than a third of his net worth in PE assets Rubin supports Hillary Clinton for president Former U.S. Treasury Secretary Robert Rubin says carried interest should be taxed as regular income rather than at the lower capital-gains rate. “I’m on public record, and you […]
Caspersen allegedly tricked junior employee into speaking with hedge fund exec Hedge fund exec wanted to speak to Park Hill general counsel about redeeming $25 mln Junior employee retains job at Park Hill A second Park Hill Group employee played a brief and unwitting role in an alleged scheme by former Park Hill executive Andrew Caspersen to […]