David Li stepped down in January To form own company Julian Cheng and Frank Wei take over David Li, head of the Asia-Pacific region for Warburg Pincus, left the firm, a spokeswoman confirmed. Li resigned last month, a source said. He left to form his own company, Warburg said in a statement. He has been replaced by […]
Oregon commits $500 mln to Fund VI Oregon committed $200 mln to Fund V CEO Smith said firm could have raised up to $10 bln for Fund V Vista Equity Partners set an $8 billion target for its sixth private equity fund, according to Oregon Investment Council documents. The Robert Smith-led firm did not set a […]
Project will capture underlying fees, costs of PE CalSTRS will award $400k/year contract to outside vendor “It’s definitely a manual process,” says CIO Ailman The California State Teachers’ Retirement System will move forward with a project to uncover previously undisclosed costs related to its investment portfolio, including the fees private equity firms charge their funds’ […]
Leon Black calls current environment a new down cycle Syndicated loans for buyouts face fear, anxiety Firm holds $26 bln in dry powder Apollo Global Management founder and CEO Leon Black famously said in 2014 the firm was selling everything that wasn’t nailed down. Now Apollo has flipped its strategy to invest more than it’s […]
Ares’s Bennett Rosenthal, Apollo’s Josh Harris bullish on distressed debt Markets “ready and expecting some sort of downturn,” says Rosenthal “Our flow of distressed-for-control investments has increased,” says Harris Ares Management and Apollo Global Management expect to deploy their new private equity funds in distressed for control deals, a departure from the traditional buyouts that […]
Long joins from Oak Hill BDC Previously led Bank of America spinout Conversus Will help Star Mountain institutionalize its platform Star Mountain Capital appointed former Conversus Capital CEO Bob Long as its president, the firm told Buyouts. “We’ve known Bob now for a few years, and have been spending time getting to know each […]
Fink: 300-400 energy companies could fail if oil prices stay low Expansion of U.S. oil and gas sectors exposed economy to downside of low prices Fink still expects global growth of 2.5 pct to 3 pct BlackRock founder Laurence Fink has never seen anything like this before. “In my 40 years of being in the business, […]
About a year ago I wrote in this column that cracks were starting to appear in the credit markets used to finance leveraged buyouts. Those early cracks, after a reasonably steady start to 2015, have since widened into fractures. Behind those fractures lies a growing wedge of fears. Among the biggest is that a slowing world economy will leave many […]
Toughest quarter for credit strategies since 2011 President Tony James cites market turmoil Energy sector facing defaults Blackstone Group blamed dislocations in high-yield debt for a quarterly loss in all three of its major credit strategies for the first time since 2011, but said market conditions appear to be leveling off. Overall, the largest private equity […]
Quadrangle reaches agreement with Fund II LPs on extension Fund II extended on same economic terms Former execs help incentivize remaining GPs The Quadrangle Group went to market last year to consider various options for its aging second fund, which was set to expire at the end of 2015. With all the liquidity tools on […]