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Rattner resigns as DLJ Merchant Banking chairSteven Rattner, after 23 years with the firm formerly known as Donaldson Lufkin & Jenrette, will retire to be replaced by fellow veteran Nicole Arnaboldi. Arnaboldi will take on the chairman responsibilities in addition to her current role.
- Kennet closes third fund on more than $315m
The Broadview International spin-out will focus on growth equity investments in ‘bootstrap’ US and European tech companies.
- Evergreen Pacific hits hardcap at $425m for Fund II
The Pacific Northwest buyout firm, whose founders spun out of Seattle mid-market firm Northwest Capital Appreciation, exceeded its $400m target in less than two months.
- DLJ founder joins Blackstone board
DLJ founder Richard Jenrette is the latest veteran of the investment bank to join the publicly-listed alternative asset manager, re-teaming with former colleague and current Blackstone president Tony James.
- LS Power and GIP in C$7.7bn energy play
The two funds have offered to buy all outstanding shares of TransAlta, a Canadian energy company that recently sold assets to an AIG- and Teachers’ Private Capital-backed portfolio company.
- Sentinel doubles with $765m fund close
The smaller mid-market shop has again closed a fund that was more than two times oversubscribed, more than doubling the size of its previous fund as well as capital under management.
- Hudson backs solar specialist Recurrent Energy with $75m
The clean energy private equity shop has also tapped former Shell solar power director Terry Jester as an entrepreneur-in-residence. Recurrent has secured high-profile projects for the City of San Francisco.
- Investment banking revenue from private equity down 68%
Fees generated from private equity-sponsored buyouts and other transactions are at their lowest level since 2003; First Reserve replaces Blackstone as the top revenue source for investment banks.
- GIP closes $500m power plant deal
Global Infrastructure Partners and energy company Fortistar have acquired bankrupt Texas power generation plant Channelview after US courts approved the deal last month.
- DLJ buys education travel company for £100m
Bowmark Capital has made four times its money from a consolidation play in the UK educational travel market. DLJ plans to take advantage of trends driving the market to outsourced travel providers.