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Capital markets slow amid Europe chaosFollowing a strong first quarter of 2012 that saw ‘wide open’ capital markets in the US and Canada, lending has taken a significant hit, largely due to continued uncertainty in Europe.
- UBS to run NYC private equity secondary sale
The city’s pension system has put an initial offering of about $750m-worth of LP stakes on the secondary market, kick-starting what could be a very busy year for private equity secondaries.
- KKR offers preferred return for first time
The firm’s decision to offer a preferred return after years of resistance is symptomatic of the pushback LPs are showing on fund terms.
- CVC, Johor, bid $1.6bn for Malaysia fast-food giant
CVC Capital Partners and the investment arm of the Malaysian government, Johor, have bid to buy fast-food chain operator QSR, which manages KFC in Malaysia.
- Candover spin-out to sell safety company
Despite the global financial downturn and the chaos of the collapse of Candover, Capital Safety doubled its revenue since 2007. KKR agreed to buy the company for $1.12bn.
- KKR talks to ‘hundreds’ of potential LPs
The firm has a ‘direct line of sight’ to a ‘sizable’ first close on its 11th North American fund, which is targeting between $8bn and $10bn, according to the head of global capital and asset management group Scott Nuttall.
- AXA continues secondaries spree with $500m Mizuho deal
The Japanese conglomerate is selling a portfolio of buyout stakes to AXA Private Equity.
- Carlyle invests in wealth manager
The firm, led by David Rubenstein, is acquiring a minority position in Avalon Advisors, which is partially owned by CapStreet spin-out Platform Partners.
- Dunkin raises $423m in IPO
The Carlyle Group, Thomas H. Lee Group and Bain Capital-backed restaurant franchise will use proceeds from the IPO to pay down debt accrued in part as a result of a dividend recapitalisation last year.
- LPs, GPs and the defined benefit plan debate
Some US public pensions may be moving toward policies to monitor or punish GPs that support the restructuring of public employee benefits plans – but their focus is misplaced, writes Christopher Witkowsky.