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peHUB Wire: Wednesday, March 25, 2009Random Ramblings
- peHUB Wire: Wednesday, March 25, 2009
Random Ramblings
- Weekly Downgrade Wrap-Up (Mega-B.O. Week)
As usual, I have a week’s worth of Moody’s and S&P downgrades on PE-backed companies. These are only the downgrades that affect companies that S&P and Moody’s consider part of their respective “Weakest Links” and “Bottom Rung” lists. This week there are five, the majority of which are mega-buyouts. Apollo Management is a repeat offender.
- The Haves and the Have-Nots: How Are Some Firms Beating The Fundraising Odds, While Others Fail Miserably?
Talk to any firm that’s painfully plodded along at fundraising for the past year, and they’ll blame it all on the environment. “It’s tough out there with cash-strapped LPs and fears about the future of private equity,” they’ll say. These “Have-Not” firms are basically stuck in fundraising purgatory, and they sing a very, very different tune than that of the “Haves.” And there are certainly plenty of “Haves” who seemed to defy an impossible fundraising market. Just last week Odyssey Capital topped the target on its fourth fund by half. There are more where that came from (incomplete list below). But I want to know, what is the difference here? Are the “Have-Nots” just mediocre firms that got swept up by a rising tide? Are they the “tourist” PE firms http://www.ft.com/cms/s/0/2e3af08a-1185-11de-87b1-0000779fd2ac.html like the ones the FT called out today? Or is it a symptom of the type of investors they have? Or is it their investment strategy? What about the performance of existing prior portfolios? Or, maybe the “Haves” simply got lucky?
- peHUB Second Opinion 3.13
PIK Off: Univision, backed by Saban Capital Group, Providence Equity Partners, TPG, THL Partners and Madison Dearborn, has joined the handfuls of other PE-backed companies that have flipped their PIK toggles. (Dealbook http://dealbook.blogs.nytimes.com/2009/03/13/in-flipping-the-pik-switch-univision-joins-a-crowd/ ) Abnormal Returns http://abnormalreturns.com/2009/03/13/friday-links-a-grand-bargain/ : Excellently rounds up some of the blog coverage of the Brawl Street /34163/jon-stewart-brutalizes-jim-cramer/ episode. Asks: "Will Cramer-Stewart change the way CNBC does business? (Big Picture http://www.ritholtz.com/blog/2009/03/anti-climax-cramer-vs-stewart/ FT Alphaville http://ftalphaville.ft.com/blog/2009/03/13/53571/cramer-capitulates/ StreetInsider.com http://www.streetinsider.com/Insiders+Blog/Stewart+Breaks+Cramers+Booyah/4483553.html Market Movers http://www.portfolio.com/views/blogs/market-movers/2009/03/13/dont-watch-cnbc Mixed Media http://www.portfolio.com/views/blogs/mixed-media/2009/03/13/schooled-stewart-lectures-chastened-cramer Marketwatch.com http://www.marketwatch.com/news/story/story.aspx?guid=%7B6218C68D%2DA3CC%2D4F06%2DA85D%2DE656BD6AE709%7D BusinessWeek.com http://www.businessweek.com/investing/insights/blog/archives/2009/03/brawl_street_jo.html HuffingtonPost.com http://www.huffingtonpost.com/steve-rosenbaum/cramer---no-longer-god_b_174548.html Capital Commerce http://www.usnews.com/blogs/capital-commerce/2009/3/13/jon-stewart-vs-jim-cramer.html Tuned In http://tunedin.blogs.time.com/2009/03/13/stewartcramer-whos-this-song-about/ )" Venture PIPES: Not news to you, but it is to the Journal. (WSJ http://online.wsj.com/article/SB123690321832713807.html ) There Are Women in Private Equity? Deal Journal hits up the "Women in Private Equity" conference. Coverage includes: ‘I Love Downturns http://blogs.wsj.com/deals/2009/03/13/the-womens-private-equity-summit-i-love-downturns/" and "The New Order Now Begins http://blogs.wsj.com/deals/2009/03/13/private-equity-the-new-order-now-begins/"
- Where Are They Now? The Performance of Failed Take-Privates
Remember when PE firms backed out of signed deals in droves? They looked like jerks at the time, but in retrospect, they were probably smart to avoid the overpriced, highly leveraged deals they had aggressively pursued for the past three years. Taking into account the Dow’s record breaking drops last year, and assuming that a company’s stock price reflects its health, let’s look at the stock performance of 2008’s busted take-private targets and recoil at the premiums PE firms might have paid.
- peHUB Wire: Wednesday, March 4, 2009
Random Ramblings
- peHUB Wire: Wednesday, March 4, 2009
Random Ramblings
- SunGard Buys Performance Pathways
SunGard Data Systems Inc. has acquired Performance Pathways Inc., a Mechanicsburg, Penn.-based provider of instructional management software for K-12 school districts. No financial terms were disclosed. SunGard was acquired for $11.4 billion in 2005 by Bain Capital, Blackstone Group, GS Capital Partners, KKR, Providence Equity Partners, Silver Lake Partners and TPG Capital.