Warburg Pincus related stories
All articles and analysis
- Blackstone Fee Cut Is Good... Because It's A Fee Cut
Regular readers know that buyout fund fees are one of my most stubborn bugaboos. Not the annual management fee, but all the ancillary fees that often serve to enrich the general partner at the expense of its portfolio companies (and, consequently, the fund's limited partners). My bias would be to eliminate such fees altogether, and perhaps someday we'll get there. In the meantime, the best we can hope for is that buyout firms share more of these noxious fees with their investors. Not only for the sake of fairness, but also because fewer fees in GP pockets could diminish GP interest in charging fees in the first place. To that latter point, The Blackstone Group reportedly has altered http://blogs.wsj.com/privateequity/2010/04/13/blackstone-fund-opts-for-more-lp-friendly-fee-structure/ the transaction fee split for its new global mega-fund, which is expected to close on June 30. The buyout
- peHUB Wire: Wednesday, April 14, 2010
58,000 and Counting...
- peHUB Wire: Wednesday, April 14, 2010
58,000 and Counting...
- VC-Backed IPO Pipeline Keeps Growing
Tengion priced its IPO last Friday, becoming the 11th VC-backed company to go public on a U.S. exchange in 2010. It also was the sixth to do so since we last looked /66353/vc-backed-ipo-pipeline-remains-full/ at the VC-backed IPO pipeline (the other newbies were Calix, China Lodging, MaxLinear, Meru Networks and SS&C Technologies). There also have been eight new additions to the pipeline in the past month. That works out to a total of 42 VC-backed companies currently in registration to go public on U.S. exchanges, representing more than $4.6 billion in targeted raise (a net increase of just over $100m). The full pipeline is after the jump...
- peHUB Wire: Monday, April 12, 2010
Random Ramblings
- peHUB Wire: Monday, April 12, 2010
Random Ramblings
- Thoughts on Today's Buyout-Pension Powwow
A group of LBO bigs and pension fund chiefs today are meeting somewhere in New York City, to discuss the contentious issue of fund terms. The GP side will be repped by folks like David Rubenstein (Carlyle), Glenn Hutchins (Silver Lake), Jim Coulter (TPG) and Chip Kaye (Warburg Pincus). The LP side will be repped by Joe Dear (CalPERS), John Breen (Canada Pension Plan) and Ahmed Gubash (Abu Dhabi Investment Authority). Two quick thoughts, and then more via video: (1) A select group of GPs and LPs are going to secretly gather to discuss industry-wide fund terms, in order to preclude claims of collusion. Just let that sink in. (2) CalPERS and ADIA have stakes in Carlyle, while CalPERS also has a stake in Silver Lake. Not just LP interests, mind you, but actual pieces of the management companies. What side of the table will Dear and Gubash be sitting on?