The company, which owns the Minneapolis Star Tribune newspaper, could not sustain its debt load as its experienced significant declines in sales amid the downturn of the US economy.
2 min read · 05 January 2013
Discussing hedge funds in particular and alternatives generally, David Swensen, CIO of Yale’s $17bn endowment, said efforts to emulate Yale’s investment strategy would fail if other institutions use consultants and funds of funds to make investment decisions, instead of hiring a team of in-house professionals, according to a report.
2 min read · 05 January 2013
The global private equity firm acquired a large stake in Nuance after the company merged with ScanSoft, an imaging technology company in which the firm held a controlling stake.
2 min read · 05 January 2013
A $6bn fund targeting financial services closed last year will downsize to $4.5bn in commitments. TPG is telling investors an influx of US government rescue cash to the sector has diminished opportunities.
2 min read · 05 January 2013
Christopher Witkowsky explains why 14 private equity firms may have to defend themselves in a Massachusetts court.
3 min read · 05 January 2013
The two mega-firms officially closed the sale of Alltel to Verizon Friday for $28bn after holding the wireless carrier for about a year. The firms reaped a profit of $1.3bn on the deal.
2 min read · 05 January 2013
Standard & Poor’s has a bleak outlook for the US retail sector in 2009. The ratings agency has ranked three retail companies backed by private equity firms at risk of defaulting on their debt payments.
3 min read · 05 January 2013
Lehman Brothers Merchant Banking will partially spin out as an independent firm, while the failed bank will retain ownership of a portion of the funds. Limited partners in Lehman’s most recent buyout fund have been given the option to reduce unfunded commitments by 25%.
2 min read · 05 January 2013
The Florida-based firm joins several other high-profile private equity firms that have cut back on staff to control costs amid recession.
2 min read · 05 January 2013
Ezra Merkin, the chairman of the Cerberus-backed financing company, resigned his position Friday as part of an overall board restructuring required by the US government for the company to become a bank holding company. Merkin is also being sued over links between a separate investment fund he controls and the Bernard Madoff Ponzi scheme.
2 min read · 05 January 2013
