Oak Hill targets $3 bln for buyouts Fund IV Firm narrowed investment focus Runs process to buy out existing LPs, inject fresh capital Oak Hill Capital is running a stapled secondary process as part of fundraising for its fourth buyout fund, targeting $3 billion, two people with knowledge of the situation told Buyouts. It’s not […]
Shulman-led firm surpasses target by $30 mln Juggernaut agrees to acquire Mitchell & Ness Firm’s 2012 vintage fund netting 10 pct IRR Juggernaut Capital Partners closed its third flagship on $380 million, surpassing its target by $30 million, the firm told Buyouts. “We had a very positive fundraising effort altogether,” founder and Managing Partner John […]
CalPERS PE chief requests reimbursement from TH Lee Accuses firm of collecting fees without disclosing in LPAs TH Lee aggressively defends past practices The nation’s largest public pension fund has been engaged in a bitter dispute with Thomas H. Lee Partners over accelerated monitoring fees, Buyouts has learned. In correspondence obtained by Buyouts, Real Desrochers, private […]
Firm: Cerberus Capital Management Fund: Cerberus Institutional Partners VI LP Target: $3.5 bln Hard Cap: $4 bln Amount raised: Nearly $3 bln Placement Agents: Axius Partners Pty; Monument Group Cerberus Capital Management is nearing $3 billion for its flagship distressed debt and buyout pool, Cerberus Institutional Partners VI LP, after launching the effort in 2015, […]
Blackstreet agrees to $3.1 mln SEC settlement Used fund assets to make political, charitable contributions GP waived capital call obligation after secondary Here’s an interesting way to do a private equity secondary. Murry Gunty, managing partner at Blackstreet Capital Management, acquired interests in his firm’s second fund from eight limited partners through a vehicle he controlled […]
Funds from CPG Carlyle, Altegris KKR grow larger Some have minimums of $25,000 Smaller institutional investors also taking part Partners Group Private Equity Fund topped $1.5 billion in assets under management in the past year as the largest in a growing class of funds reaching out to qualified individuals and smaller institutional LPs. After Partners […]
New Jersey cancels $100 mln commitment to Advent’s Fund VIII Pension, manager couldn’t agree on certain terms Advent dropped preferred return from Fund VIII New Jersey’s state pension system scrapped a proposed $100 million commitment to Advent International’s eighth flagship fund after failing to agree with the manager on certain terms. The decision to back […]
Sale includes 20 fund stakes Sovereign wealth fund met with Greenhill Cogent in February New report also details 51.6 pct IRR from co-investments Alaska Permanent Fund Corp expects to generate $271 million by selling stakes in 20 private equity funds, according to a presentation in its May 24-25 meeting materials. Which funds the $52.5 billion sovereign-wealth fund put […]
Ares cites senior direct lending program with Aragon Capital Firm to emerge as $13 bln leader in BDC space American Capital sells off riskier assets Ares Capital Corp expects higher fee income, lower costs and a larger and faster deployment of its senior direct lending program with Varagon Capital as part of its pending $3.4 billion purchase of […]
Chalk up one more reason that internal rates of return can be misleading — and one more reason that the industry needs to emphasize that they are not equivalent to compound annual growth rates. With interest rates low, growing numbers of buyout firms use capital-call bridging facilities to cover the equity portions of their deals in the early months. Sometimes the loans cover […]