HD Supply Not Marked Down... Yet
Clayton, Dubilier & Rice this week sent out its annual letter to limited partners, and peHUB has gotten itself a copy. You can read it here. The first few pages lay out the private equity market's dire straights, and how CD&R can capitalize on the environment. Self-serving, to be sure, but standard for such letters. Then there also are a dfew newsworthy nuggets, including that partner Edward Liddy is expected to return once he's "completed his work" running AIG (a moving target to be sure). What did surprise, me however, was they way in which CD&R has been valuing its portfolio companies. All private equity firms are required to use mark-to-market for the Q4 period, and about half of them began doing so by Q3. CD&R was not among the early adopters
