North America

Exit nets 40% IRR for BC Partners

Apollo- and BC-backed Unitymedia, the cable platform that owns the rights to the German football league, has been sold to a US player for €3.5bn.

Structural advantages

Early stage investors choosing to restructure as SBICs would avoid pending US regulation and gain the government as an LP, but should prepare for a rigorous registration process, writes Kevin Ley.

TPG eyes struggling Japan Airlines

The firm may try to replicate one of its greatest triumphs - the successful turnaround of Continental Airlines - in a deal that could reportedly be worth $300m or more.

Adveq: European integration to change PE market

As Europe becomes ‘more homogenous and more integrated’, deal opportunities will shift, according Bruno Raschle, CEO of the Swiss fund of funds manager.

Senator champions PE exemption from SEC registration

Senator Chris Dodd has written a draft of legislation that would only require hedge funds to register as investment advisors.

Wellcome advice: EU Directive 'needs to be refocused'

Representatives from the £13 billion Wellcome Trust and the UK Financial Services Authority testified before the UK House of Lords Tuesday about the potentially painful impacts from EU fund manager regulations, including loss of access to funds and marketing restrictions. House members said they would address such concerns in upcoming meetings with the European Commission.

Rubenstein: China 'at the epicentre' of private equity

China's private equity market will make a much greater contribution to growth of the global economy than US private equity has in the past, according to the co-founder of The Carlyle Group.

Brookfield to launch second Latin infra fund

The Toronto-based firm is to launch a Peruvian infrastructure fund in conjunction with local fund manager AC Capitales. The fund will have a target size of around $500m, with the two fund managers contributing a combined $100m.

Canadian rules

Keynote: The Canadia Pension Plan Investment Board has long practiced an elevated form of pension management. Now it has brought its do-it-ourselves approach to infrastructure investment. David Snow went to Toronto to meet Mark Wiseman and Graeme Bevans, respectively the firm’s head of all private investments and head of infrastructure.

Proposed bill gives US states more power over PE funds

The House Financial Services Committee has passed a bill that, if made law, would give state regulators authority over investment advisors with less than $100m in assets.