European private equity fund Permira said it has agreed to buy investment manager Tilney from Deutsche Bank as it looks to create a wealth manager with 9 billion pounds ($15 billion) of assets, sister news service Reuters reported.
2 min read · 27 February 2014
The chief investment officer of the California Public Employees’ Retirement System, known as CalPERS, has died after a battle with cancer, his office said on Feb. 26, sister news service Reuters reported. He was 62.
1 min read · 27 February 2014
Italian fashion house Versace is selling a 20 percent stake to U.S. private equity firm Blackstone Group for 210 million euros ($287 million), aiming to fund new shops and build on a recent recovery in sales before an eventual stock market listing, sister news service Reuters reported.
3 min read · 27 February 2014
A consortium involving two Maori tribes will bid against private equity giant Carlyle Group Ltd for Transpacific Industries Group Ltd’s New Zealand waste management business, a deal expected to fetch NZ$1 billion ($830.20 million), a person involved in the bid told Reuters.
2 min read · 27 February 2014
The founders of private equity firm Carlyle Group LP each received $92.9 million in dividends and salaries in 2013, a regulatory filing showed, up from $57.6 million in 2012, sister news service Reuters reported.
1 min read · 27 February 2014
Private equity fund managers, who have taken advantage of favorable Western capital markets to sell companies for top dollar, say they need to move beyond traditional buyouts to avoid overpaying for companies. Even after returning hundreds of billions of dollars to their fund investors in the last two years through asset sales, the private equity industry is still sitting on US$817.9 billion of investor money it can invest, the highest amount of "dry powder" since 2008, according to market research firm Preqin. This is despite dealmaking having picked up, with leveraged buyout volumes, including the debt of the companies acquired, reaching US$174.2 billion in 2013, up from US$136 billion in 2012 and the most since 2007, according to Thomson Reuters data.
4 min read · 26 February 2014
Fonds Valorisation Bois LP, a forestry investment fund managed by the Fonds de solidarité des travailleurs du Québec FTQ, has made an investment in Groupe Lebel Inc. The financial details of the deal were not disclosed. Groupe Lebel is a vertically-integrated lumber manufacturer with five sawmills and eight value-added production plants, and has its headquarters in Rivière-du-Loup, Québec. Funding proceeds will be used to facilitate the company's expansion and consolidation following its Jan. 2014 acquisition of Lachine, Québec-based wood processor Groupe Cambium Inc. Formed in 2012, the $170 million Fonds Valorisation Bois invests in high value-added secondary and tertiary processing projects in the forest products sector.
3 min read · 26 February 2014
Canadian pension fund manager the Caisse de dépôt et placement du Québec saw assets under management surpass $200 billion in 2013, up from $176 billion in 2012. Over a four-year period, assets managed rose by $68.5 billion. The Caisse also reported a 10% annualized return over four years, and a 13.1% return for the year ended December 31st, up from its benchmark index of 12.6%. Performance was attributed in large part to stronger equity markets, which generated a weighted return of 22.4%, and alternative investments. The Caisse's private equity portfolio turned in a one-year return of 19.7%, which is down from its benchmark of 22.7%, and four-year return of 16.5%, which is sharply up from its benchmark of 11.3%.
8 min read · 26 February 2014
Biomet Inc, the U.S. medical device maker that was taken private by a private equity consortium for $11.4 billion in 2007, has hired underwriters for an initial public offering later this year, people familiar with the matter told sister news service Reuters.
1 min read · 26 February 2014
The U.S. House of Representatives’ top Republican tax writer will release a plan on Wednesday to overhaul the tax code, but it was widely seen as dead-on-arrival in a Congress still deeply divided over fiscal policy, sister news service Reuters reported.
3 min read · 26 February 2014
