Random Scott Sperling Ramblings
I spent some time yesterday firing questions at Scott Sperling of THL Partners, as part of the Reuters Private Equity Summit. He kept most specifics close to his vest (IFLC auction, Q4 markdowns, etc.), but did offer a few tidbits *** He didn’t completely rule out participating in the toxic asset program, but he said it was highly unlikely. Not because the guarantees aren’t good enough, but because THL simply doesn’t like investing in assets without control. For example, it won’t do minority PIPE deals or minority debt purchases. *** Sperling still believes in the Clear Channel investment, even though the advertising downturn has been longer and deeper than THL had expected. He wouldn’t comment on valuation, but also didn’t flinch when I threw out a markdown of approximately 50% (ballpark figure that I’ve heard from multiple sources, related to both THL and Bain).
