The head of JC Flowers has reportedly established a fund under his personal control – a possible solution to stringent US bank holding company regulations.
2 min read · 12 January 2013
The publicly traded Canadian buyout firm expects to hold a final close on its third mega-fund in early 2009. CEO Gerald Schwartz has said despite having done no deals in the second quarter, Onex sees attractive opportunities and is not discouraged by credit conditions.
2 min read · 12 January 2013
The private equity firm’s credit subsidiary, GSO Capital Partners, has closed its most recent mezzanine fund as demand for subordinated debt remains strong. The unit has also raised four CLOs and purchased $7.8bn in leveraged loans.
2 min read · 12 January 2013
Chrysler Financial, the lender Cerberus purchased alongside its corresponding auto unit last July, fell $6bn short of its $30bn target while renewing its credit facilities. The lender’s credit rating was reduced to B- last week on news of the company exiting consumer leasing.
3 min read · 12 January 2013
Direct secondary investment firm Accretive Exit Capital Partners has closed its HarbourVest-backed debut fund on $125m and paid Evercore Capital Partners $110m for stakes in five assets. With its debut fund nearly fully deployed, Accretive will soon head to market with a fund targeting $300m to $400m.
3 min read · 12 January 2013
Starting out as a management consultant at Bain & Company, Thomas Dorr went on to spend 14 years at Weyerhaeuser, the Washington State-based pulp and paper company. Having originally intended to be a general manager at the firm, Dorr was invited to join the company's innovative pension arm. According to Dorr, the pension was delivering ?dramatic outperformance? with its pure alternative assets allocation, including hedge funds, private equity and opportunistic real estate. The Weyerhaeuser team moved to Morgan Stanley in 2000 with Dorr becoming CIO for the private equity fund of funds team. With his senior team, he has since been focusing on building a private equity fund of funds operation with a global mandate investing half of its capital inside North America and half outside in small to mid cap buyouts, venture capital and special situations. Since Dorr joined, his team has raised the Morgan Stanley Private Market Fund (PMF) I ($309 million, 2000); PMF II ($500 million, 2004); PMF III ($1 billion, 2006); and the Global Distressed Opportunities Fund ($500 million, 2006).
3 min read · 12 January 2013
Established in 1972, and responsible for private equity's first-ever fund of funds, Adams Street Partners is not the kind of organisation to flee in fright when a market downturn looms over the horizon. Andy Thomson and Philip Borel met with Bon French and Hanneke Smits in London to find out more about the firm's history, its take on current conditions and its broad-mindedness when it comes to manager selection.
9 min read · 12 January 2013
A fund targeting family businesses in Tunisia, Morocco and Algeria has closed ahead of target thanks in part to the region's improving exit prospects.
5 min read · 12 January 2013
Having listed on the London Stock Exchange in May, Kuwait's Global Investment House has now opted to raise a new fund there as well.
8 min read · 12 January 2013
Investor support for private equity fund managers continues to rise, in spite of concerns that some are not sticking to the agreed script.
6 min read · 12 January 2013
