1 min read · 03 December 2008
Earlier today, I wrote about "hearing that at least two U.S.-based mega-buyout firms are holding internal discussions about firm-wide cuts." One of those firms was The Carlyle Group, which is now confirming a WSJ report that it will cut 10% of its workforce and close its Menlo Park, Calif. office. "In response to extraordinary market conditions, Carlyle has taken measured steps to balance its cost structure with the current investment climate," says Carlyle spokesman Chris Ullman. "The firm is well positioned to take good care of our investment portfolio and has the resources to create and respond to compelling investment opportunities." The decision will result in approximately 100 layoffs, which comes on top of Carlyle’s moves last month to close both its Warsaw office (10 staffers) and its Asia leveraged finance team (7 staffers). A majority of the affected employees work in the back-office, but dozens
2 min read · 03 December 2008
Friday marks the beginning of our 6th Annual Internship Rodeo, which helps investment firms find first-year MBA candidates for summer internship. This is a free service open to most any type of firm, including VC, LBO, LP, I-bank, Mezzanine, Consulting, Funds-of-Funds, etc. If you are interested in posting an available position,please do so today by emailing me at daniel.primack@thomsonreuters.com. Please include your firm name, job location and type of business (i.e., VC/LBO/etc.). Also include any additional information you would like posted, including a contact email address for applicants. If you would prefer me to create an anonymous email account for you, just let me know. Your firm name will be kept confidential, unless you specifically request it to be disclosed (which about 50% of firms requested last year). There is no requirement that participating firms hire via the program.
1 min read · 03 December 2008
2 min read · 03 December 2008
It’s been just two weeks since this space first broached the prospect of private equity layoffs, but that’s been enough time for them to evolve from anecdotal theory to systemic reality. Here are the latest examples: * Behrman Capital has laid off most of its San Francisco office, and also made a pair of layoffs in its New York headquarters. The middle-market buyout firm declined comment, although we hear that managing partner Bill Matthes will keep the SF light on with at least one other investment professional (another SF pro is relocating to NY). Behrman raised
2 min read · 03 December 2008
I'll be spending much of today in television studios. First is a CNBC spot at 2:30pm, to discuss the floundering deal-making environment. I'll be on alongside Francesco Guerrera of the FT, who today wrote about how there have been nearly as many failed deals lately as completed ones. (Update: Watch video here) Then tonight I'm back on New England Cable News, for a more wide-ranging conversation about economic peril. It's the Newsnight with Jim Braude program, and kicks off at 8pm (not sure if I'm in the first or second segment). Happy viewing...
1 min read · 02 December 2008
* Ritholtz believes the total bailout cost now stands at $8.5 trillion. Here's his math. * The world is screaming for a FuckedCompany revival (rather than all these imitators), but Pud doesn't seem so inclined: "I’ve been working on other things, and I don’t think I could make Fuckedcompany as funny/mean as I used to, because I live in the Silicon Valley area now and know too many of the people involved. When I was running FC in 2000, I was living in NYC and didn’t know anyone." * Meredith Whitney: Banks are beginning to pull consumer credit lines, which will keep hammering consumer spending well into 2009. * Morning call: U.S. futures head higher, FTSE up at mid-day, rest of Europe flat, Nikkei and Hong Kong both tumble. * The Complete Idiot's Guide to Financial Idiocy.
2 min read · 02 December 2008
1 min read · 01 December 2008
Just to satisfy your data cravings, here's a "State of the PE Market" slideshow that our numbers guru Matt Toole put together for last month's Buyouts West event. Make sure to check out page 14 for buyout and VC fund performance data: Private Equity Data Roundup View SlideShare presentation or Upload your own.
1 min read · 01 December 2008
Updated peHUB has learned that former RealNetworks executive Jeff Schrock has joined Intel Capital, as a Seattle-based investment director focused on the digital home sector. He had spent the past ten months as a venture partner with early-stage firm Monster Venture Partners, and currently sits on the board of Intel Capital portfolio company Transpera. Schrock is the former VP of corporate development with RealNetworks, where he helped oversee such transactions as the $350 million acquisition of WiderThan and the $600 million joint venture between MTV Networks and Rhapsody. Before that, he worked in corp dev for Yahoo, and co-founded and ran a VC-backed company called Activate (bought by CMGI in 1999 for $100m).
1 min read · 01 December 2008
