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Sankaty Fundraising Inching AlongSankaty Advisors, the credit affiliate of Bain Capital, has held a first close on a new fund called Sankaty DIP Opportunities Fund. The vehicle has raised $160.8 million from 151 investors, according to a regulatory filing. A parallel offshore fund raised $21.5 million in commitments from 34 investors. The ratio of investors to dollars doesn't add up to a very sizable commitment per investor, which means their placement agent, J.P. Morgan Securities, is certainly earning its commission on this one. Then again, that could simply be a result of numerous employee contributions. In August peHUB reported ../../../../../../47561/sankaty-raising-funds-for-dip-and-mid-market-lending/ that Sankaty was seeking $400 million for the fund, which will make debtor-in-possession loans to bankrupt entities. The $400 million fund has a two-year investment period with fees of 1.75% on commitments. The firm anticipates returns of between 12% and 15% for the entity.
- Steve Pagliuca Makes It Official
Steve Pagliuca, a managing director with Bain Capital, today announced that he's running for the Democratic Party nomination to succeed Ted Kennedy in the U.S. Senate. We discussed his potential candidacy earlier this week /50057/is-pagliuca-next-senator-from-massachusetts/ including how it would affect ongoing operations at Bain. We've since received a copy of a letter Bain sent to its limited partners, which says Pagliuca will take a leave of absence rather than tender his resignation. What follows is a copy of the letter: Dear Bain Capital Private Equity Investors:
- peHUB Wire: Thursday, September 17, 2009
Random Ramblings
- peHUB Wire: Thursday, September 17, 2009
Random Ramblings
- peHUB Second Opinion 9.15
CalPERS Approval: CalPERS has endorsed the ILPA's principles aimed at improving fairness and transparency in the private-equity industry. (Dow Jones http://online.wsj.com/article/BT-CO-20090915-710224.html ) To Shrink or Not To Shrink: One's fund, that is. Only a few have reduced already-closed funds, almost a year after we started calling for it. Will more go the route of the smaller fund? (FT http://www.ft.com/cms/s/0/40073b0a-a08e-11de-b9ef-00144feabdc0.html ) Did Lehman Die Because Warren Buffett Doesn't Know How to Check His Voicemail? Might not be as ridiculous as it sounds. Bloomberg reports that Buffett was asked to back Lehman Brothers, but he didn't get the information he wanted and learned that he wasn't able to check a voicemail on the subject because he doesn't know how... (Clusterstock http://www.ft.com/cms/s/0/40073b0a-a08e-11de-b9ef-00144feabdc0.html ) BusinessWeek Not A Great Business: BusinessWeek lost more than $43 million last year.... A buyer would also have to assume much of the $31.9 million in debt. (Dealbook http://dealbook.blogs.nytimes.com/2009/09/14/usinessweek-on-the-block-and-ailing/ ) But it plans to reduce headcount by 20%. (Reuters http://mediadecoder.blogs.nytimes.com/2009/09/15/details-of-proposed-20-percent-business-week-layoffs/ ) Stupid Fees: Breaking down the fees Bain Capital will get on the Dollarama IPO. (The Globe and Mail http://www.theglobeandmail.com/blogs/streetwise/how-private-equity-miks-companies/article1288232/ )
- peHUB Wire: Monday, September 14, 2009
Random Ramblings
- peHUB Wire: Monday, September 14, 2009
Random Ramblings
- peHUB Wire: Friday, September 11, 2009
The High Bid That Wasn't