Steve Gelsi

PNC Spin-out's $301M Fund III Beats Target

Incline Equity Partners topped its target by more than $50 million in the middle-market firm’s first fundraising since spinning out of PNC Financial Services Group Inc in 2011. The Pittsburgh firm closed Incline Equity Partners III LP in August with $301.1 million in commitments.

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Silver Lake Sumeru, the mid-market arm of technology specialist Silver Lake, agreed to pay about $220 million for a majority stake in financial software specialist BlackLine Systems Inc in a transaction that taps dwindling capital from the firm’s 2007 debut fund, according to people familiar with the deal.

Growth Equity Firms Less Common In Energy Patch: Sponsor

While growth equity deals of taking minority stakes in more mature companies gain traction by outperforming venture capital, firms specializing in energy sector transactions in the middle market remain less common, according to one sponsor.

Bigger Indemnity In Growth Equity Deals, Study Reveals

A first-time survey by law firm Goodwin Procter LLP of 66 growth equity transactions between 2008 and the first half of 2012 revealed a larger portion of the total deal value available for clawbacks for investors compared to traditional buyouts, if a dispute arises.

Apollo's Fund VIII Hits $8.4B

Apollo Global Management LLC has drawn $8.4 billion in commitments towards a $12 billion target for Apollo Investment Fund VIII LP, making the flagship fund the top money-raiser among U.S.-based sponsors tracked by Buyouts so far in 2013.

Growth Equity Gains Traction With LPs

In a move reflecting broad industry trends, the New York City Public Pension Funds system continued its shift in its investment focus toward growth capital investments and away from venture capital this summer.

Iowa Pension OK's $100M PE Commitment

The Municipal Fire & Police Retirement System of Iowa plans to choose private equity fund placements by the end of the year for $60 million out of $100 million in fresh commitments.

Alaska Sets Up To $1.8B For Blackstone, Carlyle

The Alaska Permanent Fund Corp allocated up to $1.75 billion over the next three years for special opportunity investment vehicles by The Blackstone Group and The Carlyle Group as the $47 billion state fund seeks lower-fee structures with the two major private equity firms.

Mission Creek Offers Distribution Management

Mission Creek Capital Partners Inc now provides customized private equity distribution management services for institutional and private clients with combined private equity commitments approaching $3 billion, since the firm opened up shop last December.

Sponsors Are Mixed On Solicitation

Buyout shops are mixed on whether they will launch advertising campaigns to reach prospective accredited investors now that the Securities and Exchange Commission has voted to lift a decades-old ban against general solicitation in private market fundraising.