Global private equity firms are sitting on more than $2.1 trillion in “Dry Powder.” Their investment decisions and purchasing power will shape the public and private investment markets in ways that shape the future of the global economy. DailyAlts provides constant updates and insights on deal-making, regulatory shifts, global capital flows, and more.
Private Equity: Nutanix Gets $750 Million Investment from Bain Capital Nutanix — a leading cloud computing company — announced Bain Capital Private Equity’s $750 million investment in the company. Chairman and CEO of Nutanix Dheeraj Pandey claimed “Bain Capital Private Equity has deep technology investing experience and a strong track record of helping companies scale…Bain…
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Middle market private equity firm, One Equity Partners (OEP), has officially completed the acquisition of Spartronics. The management team is led by CEO Paul Fraipont, who states that he looks forward to adding value to the company and growing Spartronics. Further, the company hopes to bring more value to its customers by investing in technology. …
In September, co-CEO Glenn Youngkin will step down from private equity giant The Carlyle Group. Kewsong Lee, Youngkin’s partner and co-CEO, will take the reins as sole Carlyle CEO. Co-founders of Carlyle, David Rubenstein and William Conway, appointed Youngkin and Lee as co-CEOs, which title Youngkin held since 2018 after being with the firm since…
Private Equity: Morrison & Foerster Expresses High Activity in Private Equity Market Marcia Ellis, partner and co-head of Asia private equity investments at Morrison & Foerster, analyzes the market in the region for private equity. This is partly due to the control of the coronavirus when compared to other regions. Ellis prefaces her analysis by…
Private Equity Poised for Robust Second Half: LDC. Private equity firm LDC anticipates a rebound in PE over the medium and long term periods. The firm, an affiliate of Lloyds Banking Group, has backed a total of 18 investments this year. LDC expects a spike in transactions for the second half of 2020, as well…
Formidable PE Contender. Julius Baer is set to launch a new division specializing in private equity, with UBS veteran Guiseppe Filippo poised to take the reins. The firm will name this division Direct Private Investments upon its roll out in October. Julius Baer Private Equity Plans The Swiss bank will have a team of investment…
Silver Lake Group Close on AMC Deal Private equity firm, Silver Lake Group, is on the brink of making a deal with AMC Entertainment Holdings. The American movie theater giant is suffering due to a lack of business resulting from Covid-19, and risks having to file for Chapter 11 bankruptcy. To avoid this, Silver Lake…
KKR Pursues U.S. Industrial Sector Opportunities Global investment firm KKR has announced its partnership with executive William K. Daniel. Daniel is a former executive at Danaher Corporation — a global science and technology innovator. This partnership will focus on acquisitions in industrial businesses. In the long run, KKR hopes to grow businesses and improve their…
Apollo Global Management is planning a $12 billion direct lending and alternative credit fund. The firm will utilize these funds to provide $1 billion in loans to various companies. Abu Dhabi fund Mubadala backs this Investment along with other investors involved in the project. Direct lending will allow investors to invest in high-quality businesses and…
Private equity player Genstar Capital played a catalytic role in bringing about a merger of platform provider Orion Advisor Solutions with investment manager Brinker Capital to form an entity with an estimated $40 billion in managed assets.
Apollo Global Management is splitting away from its long-time joint venture partner ICICI Venture, a unit of ICICI Bank (IBN). Apollo will be starting its own credit investment business in India. Apollos will stop adding capital to the venture, Aion Capital Partners, and begin to look for opportunities to invest in credit opportunities independently.
Private equity firm and Real Estate Investment Trusts are having discussions about buying J.C. Penney (NYSE:JCP) if the bankrupt retailer does not reach an agreement with creditors.
The department store filed for bankruptcy in May after the spread of the coronavirus forced the retailer to close more than 800 stores across the country. J.C. Penney had been struggling to survive for the past few years, and the virus was the final nail in its coffin.
Beauty products firm Coty (NASDAQ: COTY) and KKR (NYSE: KKR) have entered into a strategic transaction for Coty’s Professional and Retail Hair business. The transaction includes the Wella, Clairol, OPI and Good Hair Day brands. The deal values the businesses at $4.3 billion on a cash- and debt-free basis. KKR will own 60% of this…
Ares Management (NYSE: ARES) agreed to settle a complaint from the Securities and Exchange Commission (SEC). Ares is paying a $1 million settlement to the SEC. This will resolve a complaint that Ares failed to implement and enforce policies and procedures reasonably designed to prevent the misuse of material nonpublic information.
Barron’s is reporting that Dyal Capital Partners, a unit of Neuberger Berman, wants to raise $2 billion to buy minority interests of National Basketball Association teams. The NBA selected Dyal in April to form a fund to buy up minority stakes. Dyal Capital Partners has approval so far by the NBA ownership. All 30 team…
One of the more interesting 13F filings at the deadline last week came from Golden Gate Private Equity. Located as one would expect in San Francisco, Golden Gate is a unique private equity firm that operates more like a merchant bank that a private equity fund.
Golden Gate says its investor base is comprised mainly of perpetually-oriented capital sources from around the world. When they invest in companies, they say their approach is to recapitalize, restructure, and ultimately build meaningful businesses in partnership with management over an indefinite time horizon.
Private equity and alternative investments manager Apollo Global (APO) was very active in the first quarter.
The firm opened or added to 35 stocks while reducing or eliminating just 17 potions in the quarter.
We know from their conference call that they also were big buyers of high-grade corporate bonds in the quarter. According to Apollo executives, they have already sold most of those for fairly large profits, but they tend to be a longer-term holders of equity positions. They tend to take concentrated positions as 90% of the $7.5 billion public equity portfolio is in the top ten holdings.
Kohlberg Kravis and Roberts (NYSE: KKR) reported their public equity holdings to the SEC this week. While most of their largest positions are companies that own a controlling interest after a buyout and partial IPO, their buying and selling activities in a given quarter can provide valuable insight into their current thoughts.
In this guest post from Kunal Shah and Tatiana Esipovich at iCapital Network, the authors explain how secondary funds offer the potential for diversified private equity exposure and an attractive risk profile. By: Kunal Shah and Tatiana Esipovich The secondary private equity market comprises the buying and selling of preexisting investor commitments to private market funds….
The COVID-19 crisis has hammered yet another company. This time, Commonwealth Bank of Australia said it had to book about $970 million in provisions to cover expected losses in the third quarter.
To generate some cash, it sold a majority stake in its wealth management division to private equity firm KKR (NYSE: KKR).
The KKR conference call for the first quarter occurred on Wednesday morning. Executives at the firm revealed that although they were stung a little by the economic upheaval, KKR continues to prove its business model.
The company exited some businesses early in the quarter at an average of 3.5 times the initial cost. Although they are working remotely like the rest of us, KKR, in the 2-month window from March 1 through May 1, has closed on or in legal documentation on over $10 billion of new commitments across our fund platform.
KKR (NYSE: KKR) had a massive Q1 loss on GAAP measures as a result of mark to market requirements.
Setting aside those marks, the firm said that After-tax Distributable Earnings and After-tax Distributable Earnings Per Adjusted Share were $355.3 million and $0.42, respectively, for the quarter ended March 31, 2020. After-tax Distributable Earnings Per Adjusted Share are 11% higher compared to the first quarter of 2019.
“Since February, we have seen more uncertainty and volatility than at any time since the financial crisis. KKR navigated the quarter well, and our results bear testament to the strength of our business model. We are enormously proud of the dedication of our employees and believe we are well-positioned to help our clients and communities for what lies ahead,” said Henry R. Kravis and George R. Roberts, Co-Chairmen and Co-CEOs in their statement.
Apollo Global Management (NYSE: APO) reported earnings for the first quarter of 2020. Apollo reported an accounting loss for the quarter thanks to mark-to-market accounting regulations. That said they generated Fee-Related Earnings of $228.1 or $0.52 per share.
Apollo Global also declared a dividend of $0.42 a share. Apollo intends to distribute to its Class A common stockholders quarterly substantially all of its distributable earnings after taxes and related payables over amounts determined by the executive committee of its board of directors to be necessary or appropriate to provide for the conduct of its business and, at a minimum, a quarterly dividend of $0.40 per share.
They have paid out more than twice the minimum dividend over the past year.
The board of directors at ICANN rejected the sale of the .org registry to private equity firm Ethos Capital. The possible $1.135 billion deal effectively died today after months of debate over the decision to transfer the registry from the non-profit Internet Society (ISOC) to Ethos. Many advocates pressing against the deal argued that it would saddle the company with debt and force it to raise prices on users of these internet addresses.
Private equity firm KKR is continuing to invest across Europe during the global economic shutdown with a stake in Mirastar.
In its latest move, KKR is taking a stake in the developer, investor, and manager of industrial and logistics assets in Europe. Initially and Mirastar have acquired a 49,000 sqm forward funding project in the Netherlands. They intend to continue working together to assemble a portfolio of high quality industrial and logistical assets in gateway cities in Western Europe.