Are US general partners bigger athletic supporters than their UK counterparts? The financials behind two competing 2012 Olympic bids would indicate as much. Both New York and London are vying to be the host cities for the Summer Olympics eight years from now. While financial support for the New York bid is dominated by bulge-bracket Wall Street firms, a number of private equity names pop up on the official NYC 2012 web site, including the Kravis family foundation ($100,000-and-above category); Ripplewood ($50,000); Texas Pacific Group ($25,000); Blackstone, First Atlantic Capital, Odyssey Investment, Evercore Partners and Oak Hill Asset Management ($10,000). London's official 2012 Olympics web site shows major bid support from airlines, law firms and hotel groups, but no private equity firms. London last hosted the Olympics in 1948. New York has never hosted the games. Moscow and Paris are also vying. This coming July when the selection is announced, only one city will experience the thrill of victory.
“Having been the national security adviser, the deputy director of the CIA and the secretary of defense, I am an unlikely prospect for helping terrorists. I just use a lot of cash, that's all.”
Carlyle Group chairman emeritus Frank Carlucci on revelations that scandal-tainted Riggs National Bank had kept tabs on him due to his preference for large cash withdrawals, to the Wall Street Journal.
“I know a lot of people in the room think the past few years have been tough, and they have been. But think about an environment where inflation is running north of 10%, the prime rate is 21% and the chairman of the Federal Reserve has effectively frozen all corporate lending for non-essential purposes, such as M&A – and you've just raised the biggest pool of capital in private equity history, a whopping $135 million. That was KKR's situation in 1980.”
Henry Kravis, cofounder of KKR, speaking at the recent Private Equity Analyst conference in New York.