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Carlyle, Large Money Managers Most Likely Bidders For AXA PE--UPDATEDToday's big news is that AXA has put its private equity fund manager up for sale. Credit Suisse is advising on the sale, according to my coworkers at Thomson Reuters http://www.reuters.com/article/2011/09/23/us-axa-auction-idUSTRE78M2JY20110923 AXA PE could be valued at roughly 500 million Euros or $672 million, Bloomberg News says http://www.reuters.com/article/2011/09/23/us-axa-auction-idUSTRE78M2JY20110923 Sky News, which first reported the sale, says AXA PE could fetch $1.5 billion. Paris-based AXA PE manages roughly $28 billion of assets. The unit is part of AXA Investment Managers. Who would be interested? The most likely buyer is the Carlyle Group which inked a similar deal earlier this year, sources say. Washington D.C.-based Carlyle agreed to buy a 60% stake in AlpInvest Partners http://www.finalternatives.com/node/15336 a fund of fund firm that also makes direct investments, earlier this year. AlpInvest had 32.3 billion Euros (US$43.3 billion) in assets at the time. Harbourvest Partners and Grosvenor Capital Management had reportedly bid for AlpInvest but lost, according to press reports http://www.efinancialnews.com/story/2011-01-26/alpinvest-carlyle-sale-agreed
- PE Overhang Falls to $376 Bln As M&A Searches for New Normal
The PE overhang has fallen. Normally, any discussion about the huge amount of dry powder that buyout shops must invest makes me yawn. But I've learned that the so-called overhang dropped to $376 billion in December 2010, according to Cambridge Associates. This is down about 12% from the $425 billion PE firms needed to put to work in late 2009, Cambridge says in a report, "Still Nursing the U.S. Private Equity Hangover."
- Can Private iQ Establish The Definitive Performance Benchmark?
Benchmarking private equity fund performance is a notoriously slippery effort, with a variety of data providers, including our publisher, Thomson Reuters, generating results that can be widely divergent from one another. The newest player, poised to enter the game this month, is The Burgiss Group of Hoboken, NJ, a software developer and consultant to the alternative investment market. The company plans a Good Friday launch of an online benchmarking product, Private iQ, with data on 3,000 funds current through the end of 2010. (Have you tried it? If so, please let us know /102257/can-private-iq-establish-the-definitive-peformance-benchmark/ what you think ...