Have We Forgotten About 2007 Already? (Also, Goodbye, peHUB!)
I started covering private equity at Thomson Reuters two and a half years ago, right around the time a black cloud descended upon the industry. It was the fall of 2007: Blackstone Group had just gone public, Newsweek had cursed private equity by affording it the cover, and the credit crunch was settling in for...
peHUB Second Opinion 5.5
Newsweek On The Block: Jon Meacham, the magazine's publisher, may buy the magazine. (WSJ) Also, Business Insider has somewhat insultingly (or not?) bid $1 for the title. (Business Insider)
Taking Full Responsibility: Jimmy Cayne, an adult, blamed "market forces" for Bear Stearns' collapse. (Bloomberg)
Don't Want an MBA? Here are some business school alternatives....
peHUB Second Opinion 5.3
Fat Cat Homes: Yes, in a cheap but effective pageview grab, Business Insider has detailed the 15 most expensive homes owned by bankers in Manhattan. Let the populist rage begin! (BI) To skip to Steve Schwarzman's $30 million home, which includes 11 fireplaces, 37 rooms, 43 closets, a gym, sauna, steam room, pool room,...
Democrat or Republican, David Rubenstein Will Laugh at Your Jokes
We spotted a very jovial David Rubenstein yukking it up near the front row of the White House Correspondents dinner this weekend. Carlyle Group is not a partisan firm so much as a Washington firm—the PE house has had Republican and Democrat heavyweights on its roster, ranging from George Bush, Sr., to Mack McLarty, who...
April 2010: “An Overdose of Hubris and a Deficiency of Caution”
It's been a rollercoaster of an April. Click through for a rundown of the past month's biggest successes, failures and tales of idiocy.
Lexington Partners Extends Fundraising Period, May Aim for Largest Ever Secondaries Fund
Private equity secondaries giant Lexington Partners has gained an extension on the fundraising period for its seventh fund. The firm received approval from LPs to continue fundraising beyond its target.
Lexington had planned to hold a final close on the fund, which has a $5 billion target, by the end of Q1. But with just over...
Talking RMB Funds With C.P. Eaton’s Asia Head
Placement agent C.P. Eaton today announced the hiring of Eric Gu to lead an exploratory effort toward placing RMB funds. Gu is based on Shanghai. I spoke with David Love, head of C.P. Eaton's Asia operations, about the developing rules and regulations, the potential for middle market RMB funds and the demand for private equity...
When Good Performance Is A Bad Thing
Every firm wants returns, but sometimes getting them too early can cause unexpected complications. This is specifically true for a number of distressed debt firms, which earned returns on funds that were still in the process of being raised.
To illustrate, let's take a look at a firm whose name I've promised not to share...
Is Distressed Fundraising Still Red Hot?
In 2008 and 2009, distressed debt was the most in-demand private equity strategy for institutional investors. And it doesn't seem to have cooled off this year, despite a recovering economy and general sluggishness within the private equity fundraising market.
Oaktree Capital Management, Centerbridge Partners, Lone Star and MHR Fund Management are just a few large distressed...
peHUB Second Opinion 4.27
Bad Boss: Authoritarians in Finance (FINS)
Big Freaking Surprise: Look! Here are four shocking new behaviors that are "linked to" (but not the cause of?) premature death. (BusinessWeek)
I Needed This: Your Mom's Guide to Facebook changes, and how to block them. (GigaOm)
PS I know the date is old on this article, but I...
Is Apollo PE’s Only Go-Shopper?
Over the weekend we learned that the mystery bidder for CKE Restaurants was Apollo Management (as had been alluded to in prior reports). The reveal was surprising since it came out of a go-shop period – something PE pros seem to avoid like the plague.
Go-shop provisions have become a standard way to protect corporate boards from angry shareholders, proving...
Q&A On Millennium’s Oversubscribed Fund
Millennium Technology Ventures, a VC secondaries fund, today announced an oversubscribed final close on it on its latest fund.
As first reported by peHUB on April 7, Millennium topped its and $250 million hard cap by $30 million. The firm closed Millennium Technology Value Partners II LP with $280 million in commitments.
The fund itself was...
