Private Equity

Private Equity

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.

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Private Equity: AMC Takes PE Route to Steer Clear of Bankruptcy 

July 10, 2020

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…

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More Stories on Private Equity

Private Equity: Blackstone Group Buys NRStor C&I

March 4, 2020

Blackstone (NYSE:BX) announced today that funds managed by Blackstone Energy Partners have completed the acquisition of NRStor C&I L.P. (“NRStor”). NRStor is a Toronto-based developer of battery storage solutions, targeting scale storage deployment opportunities in North America. Terms of the transaction were not disclosed.

Private Equity: Quadria Capital Reaches $595 Million for Second Fund

March 4, 2020

Quadria Capital, a Singapore-based private equity firm, announced it has closed its second fund. According to reports, the fund reached its maximum of $595 million. The firm plans to invest in healthcare assets across Asia, the firm said in a statement. It had initially targeted a raise of $400 million.

Private Equity: CVC Capital Partners Plans Mother of All Buyout Funds

March 2, 2020

CVC Capital Partners is reportedly seeking to raise up to 20 billion euros for a new flagship fund. That fund, in U.S. terms, is worth roughly $22 billion. 

Reuters reports that the private equity ship could possibly set the company record for the largest capital pool on record. The CVC Capital Partners Fund VIII would invest in companies in North America and Europe. Reuters suggests that the firm will end up raising between 17 billion euros and 20 billion euros. 

Private Equity: Thyssenkrupp AG Sells Elevator Business to PE Consortium in Massive Deal

February 28, 2020

German industrial concern Thyssenkrupp AG has announced that it is selling its profitable elevator business.

A group of private equity firms is taking part in what looks to be the largest private equity deal in over a decade in Europe. The PE firms, led by Advent International and Cinven, are paying €17.2 billion ($18.91 billion) to acquire the business. 

Thyssenkrupp has been shopping the deal for months to other suitors. Reports show they pursued deals with rival private equity firms and the Finnish elevator maker Kone. However, it has chosen to accept the offer form the Advent and Cinven led group.

Private Equity: PE Shops are Going on a Startup Spending Spree, Says Pitchbook

February 26, 2020

A new Pitchbook report shows that private equity shops are snapping up an interesting alternative investment. Flush with dry powder, PE shops have been snapping up VC-backed startups, according to a report from Pitchbook. 

Private Equity: Ares Management Corporation Reports Quarterly Earnings

February 13, 2020

Ares Management Corporation (NYSE: ARES) beat earnings expectations for its fourth quarter and fiscal year ended December 31, 2019 reports.

GAAP net income attributable to Ares Management Corporation was $38.5 million and $148.9 million, respectively, for the quarter and year ended December 31, 2019. On a diluted basis, net income attributable to Ares Management Corporation per share of Class A common stock was $0.25 and $1.06, respectively, for the quarter and year ended December 31, 2019. With approximately $149 billion in assets under management, Ares Management Corporation is one of the largest global alternative asset managers. It operates three investment groups: credit, private equity and real estate.

Private Equity: Harvard Law School Publishes Memo on PE Year in Review, Outlook for 2020

February 11, 2020

The Harvard Law School Forum on Corporate Governance published a memorandum from Andrew Nussbaum, Karessa Cain, and Steve Cohen of the Wachtell Lipton law firm. Wachtell Lipton is a New York-based corporate law firm that handles mergers and acquisitions, strategic investments, takeovers and takeover defense, shareholder activism, corporate and securities law, and corporate governance. The memo is titled Private Equity—Year in Review and 2020 Outlook.

FinTech: Real Estate Analytics Startup HouseCanary Raises $65 Million

February 10, 2020

Real Estate Analytics Startup HouseCanary Raises $65 Million. The funding will allow HouseCanary to develop the most accurate valuations in the property sector. The round was led by Morpheus Ventures, Alpha Edison, and PSP Growth, and it brought HouseCanary’s aggregate funding to $130 million.

Private Equity: Sycamore Partners Eyes Deal to Purchase Victoria’s Secret

February 10, 2020

Sycamore Partners is considering a deal to purchase Victoria’s Secret from L Brands (NYSE: LB). CNBC reported a possible deal Sunday while citing sources close to the matter. Sycamore manages roughly $10 billion in assets and has specialized in brick-and-mortar deals. It has previously worked on deals involving Talbots, Nine West, and Staples.

Private Equity: Goldman Sachs to Launch $8 Billion Buyout Fund

February 10, 2020

West Street Capital Partners – the private equity arm of Goldman Sachs – will start fundraising next week. The PE shop is part of Goldman’s ambitious effort to raise $8 billion for a second buyout fund. Reuters reports this would be the second buyout fund for the bank since 2008. 

Private Equity: Count Vanguard in as a Competitor in the Space

February 6, 2020

Vanguard, the world’s largest investment firm, has entered the private equity business. The firm will provide PE in a suite of new funds and target pensions, endowments, and other institutions. The company forged a partnership with HarbourVest to offer “qualified” investors with access to new funds. HarbourVest manages roughly $68 billion in assets. 

Private Equity: Black Dragon Capital Buys 100% of Grass Valley, a Media Technology Company

February 6, 2020

Black Dragon Capital, a private equity firm, has agreed to acquire all of Grass Valley from Belden Inc. (NYSE: BDC), reports TVTechnology. According to a statement, Black Dragon intends to take Grass Valley to the next level with a cloud-enabled, software-based business model.  It intends to develop Grass Valley into a market leader in digital media and open and inclusive cloud technology.

Carlyle Group

Private Equity: Carlyle Group Reports Fourth Quarter Earnings

February 5, 2020

Carlyle Group (NYSE: CG) is the last of the “Big Money” private equity and asset managers to report fourth-quarter earnings. It was a solid quarter for the Washington DC-based alternative investment manager, although it fell shy of last year’s results. The 2018 quarter had the extra benefit of $32 million of $32 million of net insurance recoveries, high transaction fees, and catch-up management fees that were not duplicated in the fourth quarter of 2019.

Private Equity: Humana Enters JV to Open New Medicare Advantage Centers

February 4, 2020

Humana (NYSE: HUM), the U.S. insurance giant, has launched a joint venture with a private equity firm. The agreement will see Humana launch new primary-care centers for Medicare Advantage enrollees. Humana’s deal is with Welsh, Carson, Anderson & Stowe.

Wall Street Journal

Private Equity: Blackstone Tactical Opportunities Announces $1.4 Billion Final Close of Phoenix Tower International Project

February 4, 2020

Blackstone Tactical Opportunities funds completed the recapitalization of Phoenix Tower International. The deal will allow the wireless communications infrastructure provider to execute on its global infrastructure business plan.. Tac Opps has now raised $1.4 billion of dedicated capital for PTI.

Private Equity: KKR Reports Q4 Earnings

January 31, 2020

The KKR earnings report arrived this week. The alternative investment giant said that assets, fees and book value all grew by double digits in 2019. Revenues for the quarter ending December 31, 2019, were $1.06 billion compared to $(178.1) million for the same period in 2019. Revenues for all of 2019 were $4.22 billion compared to $2.39 billion in 2018.

Private Equity: Unigestion Boosts New Fund, Aviva Investors Launches High Yield Fund

January 31, 2020

Unigestion, a Swiss-based PE firm, has launched a new Luxembourg-domiciled fund. Its Unigestion Secondary V will focus on secondary opportunities and deals below 50 million euros. “Unigestion follows a rigorous due diligence process, applying a bottom-up evaluation of every single portfolio company which includes detailed financial modeling, interviews with senior company management and debt analysis,” the firm said in a statement.

Private Equity: Apollo Global Management Reports Earnings

January 30, 2020

Apollo Global Management earnings arrived this morning. Apollo reported fee-related earnings of $0.59 per share for the quarter and $2.19 per share for the full year. That is a gain of 17% over 2018. The demand for private equity and private credit firms has been exceptionally strong thanks to extended stock prices and low-interest rates and Apollo was well-positioned to benefit.

Private Equity: Steve Pagliuca Rebuts Elizabeth Warren and Bernie Sanders

January 28, 2020

Steve Pagliuca, the co-chairman of Bain Capital, refuted claims made by Democratic frontrunners about the role of private equity. During the World Economic Forum in Davos, Switzerland, Pagliuca touted the role of Bain in job creation. The co-chairman said that firms purchased by Bain have grown revenue two times faster than the S&P 500 companies.

Private Equity: BGH Capital Makes Better Offer For Village Roadshow

January 24, 2020

Private equity firm BGH Capital has thrown its hat into the ring to acquire Village Roadshow.
On Friday, BGH made an unsolicited counter-offer of $4 per share for Village. A month ago, Pacific Equity Partners (PEP) had offered to take over Village Roadshow, a cinema owner and Gold Coast theme parks operator, for $3.90 a share.

Private Equity: CITIC Capital Targets Huge Stake in McDonald’s Business in China

January 23, 2020

CITIC Capital, the Chinese private equity firm, is bidding for a 22% stake in the Chinese and Hong Kong businesses of McDonald’s Corp. The firm is looking to put some of the $2.8 billion that it raised for its fourth Chinese buyout fund in August 2019.

Private Equity: Chicago-based Private Equity Fund Wynnchurh Closes Fifth Tranche at $2.3 Billion

January 23, 2020

Chicago-based Private Equity Fund Wynnchurh Closes Fifth Tranche at $2.3 Billion. The fund was launched in September with a target of $1.6 billion, and received a solid oversubscription. It specializes in investing in middle-market companies.

Private Equity: Lexington Partners Raises $14 Billion for Ninth Fund

January 22, 2020

Lexington Partners announced the closing of Lexington Capital Partners IX which raised $14 billion of commitments. Lexington Capital is one of the largest funds that invest in private equity and alternative assets. It focuses on sectors globally through a full range of negotiated secondary market transactions.

Next Generation Technology Growth Fund II Closes at $2.2 Billion

January 21, 2020

The KKR Next Generation Technology Growth Fund II has closed. KKR announced a $2.2 billion fund dedicated to growth equity investment opportunities in the technology space in North America, Europe, and Israel. The fund seeks investments outside the major technology centers such as Silicon Valley and Boston.