Private Equity
Ten Wall Street Blogs to Bookmark Now: Oh, list articles of "top finance bloggers." These have been done, and often, but this one is by the Wall Street Journal, meaning it's important. (And no, peHUB is not on it, which I'll attribute to the fact that we were disqualified, being owned by Reuters.) (WSJ) Ready for Governor Cuomo? The latest NYT hit piece on Governor Patterson may be his final undoing, ushering in the Cuomo era for Democrats... (Politico) And Here's Something Interesting: Why liberals and atheists are more intelligent. (Reason, via Naked Capitalism) Really? Goldman Sachs needs to really just stop talking. Same with its former CEOs. Jon Corzine just said the reason everyone hates the Wall Street "vampire squid" that profited from its government bailout (etc etc etc) is because, "When you're successful, it brings envy." As Tina Fey would say: Pay close attention to the following over-the-top eye roll. (rolls eyes) Oh, brother. (Bloomberg)
1 min read · 25 February 2010
Canada's biggest pension fund manager, Caisse de depot et placement du Quebec, said on Thursday its assets under management had recovered nearly 10 percent of their value in 2009, but were still below pre-crisis levels.
2 min read · 25 February 2010
Many a finance professional works his way up the investment banking ladder in hopes of one day transitioning into a career in private equity. Larry DeAngelo has done exactly the opposite of that, leaving his post as a Partner at Roark Capital to head up the financial services M&A group at Suntrust Robinson Humphrey. DeAngelo's exit from the Atlanta-based buyout firm was reported here in mid-January. He left the firm based on Roark Capital's decision to move away from financial services investing, which he specializes in. DeAngelo had joined the Atlanta-based firm in 2005 to lead its financial services investments.
2 min read · 25 February 2010
3 min read · 25 February 2010
Baird Capital Partners, the buyout unit of Baird, has authored a brief white paper about the growing complexity of China’s production capabilities and how private businesses and PE firms may harness market-entry opportunities with some best practices. These include the cultural significance of relationship-building, IP issues and determining whether a China strategy even makes sense. Download it below:
1 min read · 24 February 2010
Sorry Guys: As we previously reported, the FDIC doesn't appear to be ready to capitulate on its bank deal terms. (Reuters) Op-Eds: In defense of financial speculation. (WSJ) Politics: Wall Street Democrats donating less, or even to Republicans. (Fierce Finance) PE To Own Hummer? Possibly. The struggling brand may have to go to a buyout fund because the Chinese government doesn't seem too interested in helping the deal to sell to Sichuan Tengzhong Heavy Industrial Machinery Corp. get approved. Also, that quote equating Hummer to Lady Liberty, and the brand's reputation of the spirit of American people, it just too much. (AP) For fun: Determine how "millennial" you are through this Pew Research Center quiz. I'm not going to disclose my score, but not having a landline boosted certainly my score. (Pew) Calpers Reducing "Mangers": Excuse the ridiculous headline typo here, and there's a story about Calpers cutting down on the number of firms into which it invests its money. (BusinessWeek) Early Bird Gets the Return? Does being a morning or an evening person make you a better investor? (Simolean Sense via)
2 min read · 24 February 2010
1 min read · 24 February 2010
The following seven pieces of fundraising news have been culled from recent SEC filings: Thayer Hidden Creek, a Washington, DC, and Minneapolis-based lower middle market private equity firm, is raising its second fund. Thayer Hidden Creek Partners II, L.P. has a target of $350 million. The fund has raised $84.8 million from 10 investors to date. Berchwood Partners is listed as a placement agent to the fund. Baird Capital Partners is raising its fifth buyout fund. The fund was formed in 2008, and its target is listed as $376.2 million. The firm has closed on $130 million as of February 8. Thomas Capital Group, Inc. and Robert W. Baird & Co. itself have been listed as placement agents to the fund. Rockland Capital is raising a fund called Rockland Power Partners LP. The vehicle was formed in 2008 and has collected $100.4 million in commitments from 19 investors as of February 9. The fund has a $500 million target. Berchwood Partners is serving as the firm's placement agent. Rockland, based in Houston and New York, was formed in 2003 to acquire and develop selected investment opportunities in the North American and European power and energy infrastructure markets.
3 min read · 24 February 2010
Dropping Like Flies: Only half of the 22 private equity-backed European companies that were actively considering initial public offerings one month ago are still on track in their plans, Financial News research has found. (Subscription needed) How did Steve Schwarzman Spend His Birthday? The Valentines Day baby was spotted playing a round of tennis for #63. Yep I'm doing my best Us Weekly Impression right there. (Dealbreaker, Social Diary) The IPO Market: Busier, Yet Chilly: Resurgent stock volatility and concern about debt levels at some initial public offering candidates have made eager issuers cut back or cancel (MSNBC) Bonus Tally: Wall Streeters saw their bonuses leap by 17% in 2009. That's up from the 47% drop in 2008, so things are on the mend, depending on your view of the situation. (WSJ)
1 min read · 23 February 2010
Navigation Capital, a lower mid-market firm based in Atlanta, today acquired the first of what it hopes to be a handful of smart grid infrastructure services companies. The firm purchased Specialized Technical Services for an all-equity deal value in the range of $15 million to $30 million. Navigation Capital hopes to add several more companies to the platform, bringing STS to between $100 million and $200 million in revenue in three years. The firm used capital from its fourth fund, which, after eight deals over the past year, is 80% deployed. Navigation will likely return to market this year with a new fund targeting $150 million to $250 million in commitments. I spoke with Managing Partner and Co-Founder Larry Mock about building an industry leader in a fragmented market, turning owners into sellers, a "tsunami of demand" and ever-expanding pies.
4 min read · 23 February 2010
