Private Equity
Kohlberg Kravis Roberts & Co. has agreed to charge the Washington State Investment Board a super-low 1 percent annual management fee on the pension fund’s $250 million follow-on commitment to the firm’s flagship fund, KKR North American Fund XI LP, according to a source familiar with the terms. The buyout giant considers the rate a “volume discount,” our source said.
3 min read · 28 February 2013
The usual mid-market suspect comes top of this week’s scorecard looking at the top performers of the $49 billion Massachusetts Pension Reserves Investment Management Board private equity portfolio as of September 30, 2012. The scorecard also highlights the bottom five performers of this sub-set, which interestingly also includes this week’s top performer.
2 min read · 28 February 2013
The Carlyle Group has moved to accelerate its expansion into private equity funds of funds and customized managed accounts by naming Jacques Chappuis as head of its solutions unit, which currently consists primarily of AlpInvest, the Amsterdam-based fund of funds manager in which Carlyle bought a majority stake in 2011.
2 min read · 28 February 2013
The co-head of one of Europe’s biggest buyout firms called on the industry to “break the cycle of the merry-go-round of private equity firms buying assets off one another.”
3 min read · 27 February 2013
Fund of Funds manager Capital Dynamics continues to see opportunities for growth in Europe – despite the subdued economic outlook – and believes the fund of fund model is here to stay.
2 min read · 25 February 2013
3 min read · 25 February 2013
A 2008 vintage Chinese tech fund is the top performing emerging market-focused private equity vehicle according to an analysis of emerging market fund returns from the Buyouts fund returns database with data current as of year end 2011. GSR Ventures III achieved an IRR of 55.1 percent and multiple of 1.9x.
3 min read · 21 February 2013
The giant Dutch pension manager Algemene Pensioen Groep, better known as APG, hired away Greg Jania from WP Global Partners, the Chicago-based funds-of-funds manager, to be its new head of fund investing and to help APG build out its in-house private equity capabilities following the sale of its stake in AlpInvest Partners, the prominent funds-of-funds manager. Jania had been with WP Global since 2005.
1 min read · 18 February 2013
The Blackstone Group, the world’s largest private equity firm, is set to accelerate its plans to compete in an expanding sub-genre of private equity funds—those that make minority equity investments in leading hedge fund managers.
2 min read · 18 February 2013
Summer Street Capital Partners, a private equity firm based in Buffalo, N.Y., announced a final close on its latest fund, Summer Street Capital III LP, attracting approximately $280 million in commitments, according to one of the firm’s managing partners, Michael McQueeney. The fund’s initial target was $250 million.
1 min read · 18 February 2013
