North America

Canada’s PSP shops $1bn portfolio

The portfolio, which includes funds from the boom era of 2006 to 2008, is one of the biggest to go on the block this year.

CalPERS warns HRJ ruling sets dangerous precedent

Capital Dynamics’ fund of funds HRJ Capital has been in a dispute with former employees who claim to be owed in wages and management fees.

Ares inks $1.25bn strategic partnership

Listed investment holding company Alleghany Corporation has bought a minority stake in Ares for $250m, joining existing investor the Abu Dhabi Investment Authority, and will commit up to $1bn in various Ares funds.

L Capital nears $800m first close

The firm's second Asia fund is near a first close and is expected to reach its $950m hard cap before the end of September.

SJ Berwin combines with King & Wood Mallesons

The law firm consistently voted the leader in European fund formation by PEI readers is combining forces with Asian law firm King & Wood Mallesons.

Vista gets $50m from Illinois Municipal

Robert Smith-led Vista has been targeting $600m for its debut debt vehicle.

Study: J-curve can predict returns

The performance of a vintage year can be linked to a specific J-curve, fresh research has found.

Study: IPOs prove more viable exit strategy

Despite a more favourable outlook for IPOs in both the US and Europe, US companies may soon report ‘disappointing earnings’ while uncertainty in Europe will keep deal volumes at low levels, according to Swiss advisory firm SCM.

Lehman collects distributions from LP stakes

The bankrupt bank continues to have an active pool of limited partner interests in private equity funds, which contributed to $1.2bn in distributions last year.

Ruling throws doubt on pension liability risk

A US appeals court decision related to Sun Capital has raised questions over when a GP is liable for a bankrupt portfolio company's pension plan.