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Further reading

May 09 08:38
by Gwen Robinson
Comment
(1 comment)

Elsewhere on Friday:

What do you get when you cross good, thematic long-term investors and stock pickers with quarterly or annual redemptions? Perverse decision-making and style drift. Or a portfolio manager with an ulcer. More…

SVG in £220m fundraising plan

May 09 05:39
by Gwen Robinson
Comment

SVG Capital has announced plans to raise £220m from selling a convertible bond and some of its portfolio assets in anticipation of a slowdown in activity at its main investment, Permira, the buy-out firm. More…

Shinsei cuts forecast for fourth time

May 09 05:27
by Gwen Robinson
Comment

Shinsei Bank has revised its group earnings forecast for the fourth time, reflecting the volatility of its businesses and deterioration in the overall market environment. Shinsei, 32.6% owned by a group of investors led by JC Flowers, More…

An LBO turning point?

May 08 11:06
by Helen Thomas
Comment

The numbers vary a tad - but the leveraged loan clearout continues.

The WSJ relays comments from Bill Winters, the co-head of JPMorgan, suggesting that the overhang of bridge loans has been reduced by about half globally since the credit markets seized up last summer. More…

Further reading

May 08 08:34
by Helen Thomas
Comment

Elsewhere on Thursday,

- “No-one in the City feels the need to change his underpants. After all, what chance do public sector workers have of ever recognizing a well-informed decision?”

- “Nearly 80% of affluent Americans believe a recession has already hit the US and optimism about the US is at a record low among the well-to-do.” More…

Cerberus, CIC talk on co-operation

May 08 05:41
by Gwen Robinson
Comment

Cerberus Capital Management said it has had talks with China’s sovereign wealth fund about possible co-operation. John Snow, chairman of the US buy-out group and former US Treasury secretary, said there More…

Further reading

May 07 08:21
by Helen Thomas
Comment

Elsewhere on Wednesday,

- Do contracts matter any more?

- You say tomato….Saudi’s “investment company”, “not a sovereign fund”

- “It isn’t unrealistic to think the Saudis oil export revenue could approach $400 billion a year if oil stays above $120.” More…

Tabet takes sabbatical from Citi

May 07 05:30
by Gwen Robinson
Comment
(1 comment)

Kamal Tabet, the London-based global head of financial entrepreneurs at Citigroup, and one of the best-connected bankers among private equity firms, is taking a sabbatical following a wider restructuring at the US bank. More…

FT Alphaville wins a Webby

May 06 08:53
by Helen Thomas
Comment
(64 comments)

A massive thank you to all who voted - and left such kind comments. FT Alphaville has been honoured at the Webby Awards, taking both the judges’ panel and the People’s Voice awards in the business blog category. More…

Further reading

May 06 08:49
by Paul Murphy
Comment

Elsewhere on Tuesday,

-  Microhoo! postponed..

- … but don’t expect a a knee-jerk Yahoostock buyback

-  Bloggers dissect the Microsoft-Yahoo nondeal

-  Borrowing from retirement plans is surging. More…

Snap news

May 06 07:58
by Helen Thomas
Comment

The latest on Tuesday:

- UBS confirms Blackrock sale and reports a first quarter loss of SFr11.5bn, along with job losses of 2,600 this year in its investment bank - statement

- “More recently, conditions in the housing market have deteriorated sharply.” More…

Barratt reportedly rejects Apollo approach

May 06 07:40
by Gwen Robinson
Comment

Speculation continues to dog troubled UK housebuilders - not least, Barratt Developments which has on been approached by US buyout group Apollo with an offer to buy a substantial stake, according to The Times. More…

Accor warns buy-out firms

May 06 05:36
by Gwen Robinson
Comment

French hotel company Accor on Monday warned it will act to prevent a takeover after private-equity firms Eurazeo and Colony Capital said they plan to increase their combined stake in the company to 30%, More…

Blackstone’s fishy London buy

May 02 10:25
by Helen Thomas
Comment
(3 comments)

A London deal for a London day. As the capital eagerly awaits the announcement of its newly anointed Mayor, and Gordon Brown nervously ponders whether his electoral humiliation will be complete, a London landmark has been sold. More…

Apax’ ongoing search for SWF support

May 02 10:22
by Helen Thomas
Comment

Apax is considering selling an equity stake to outside investors. And they’re sovereign wealth funds.

From Financial News:

Apax Partners, a UK-based buyout firm, is negotiating with three investors about a sale of part of itsmanagement compnay as part of its plans to expand globally. More…

Further reading

May 01 08:19
by Paul Murphy
Comment
(1 comment)

Elsewhere on Thursday.

- Criticism of the Fed chairman seems unfair and after the fact. Not only have Bernanke’s unorthodox moves staved off a full-fledged financial meltdown, but they also have done so while reducing the inflation risks inherent in the traditional policy response of merely slashing interest rates. More…

Turnround specialist in Kroll bid

May 01 05:32
by Gwen Robinson
Comment

Kroll’s former European chairman is leading a move to buy the world’s biggest corporate security group from Marsh & McLennan, its owners. David Buchler, the turnround specialist, has joined BC Partners, More…

Warburg Pincus in £565m Safetykleen deal

May 01 05:29
by Gwen Robinson
Comment

Warburg Pincus, the US buy-out firm, said Wednesday it would acquire Safetykleen Europe in a deal valuing the auto and manufacturing component cleaning group at £565m. The takeover, following a competitive auction between at least five private equity buyers, More…

Private equity IPOs in the lead

May 01 05:17
by Gwen Robinson
Comment

Initial public offerings by UK companies acquired through private equity buy-outs outperformed other types of IPOs and the overall London stock market in their first year of trading, according to new research. More…

Further reading

Apr 30 08:37
by Paul Murphy
Comment

Elsewhere on Wednesday,

- “We are not running out of food or natural resources; this is an entirely man-made disaster caused by the Fed opening wide the monetary floodgates.”

- Is the lack of an uptick rule to blame?

- Private equity ranking - Carlyle come top

- “I’m skeptical. More…

Friends’ Montague defends bid rejection

Apr 30 05:17
by Gwen Robinson
Comment

Sir Adrian Montague, chairman of Friends Provident, on Tuesday defended the life assurer’s handling of a £3.5bn proposed offer from JC Flowers, which the US buy-out group withdrew two weeks ago blaming Friends’ refusal to hold talks. More…

Further reading

Apr 29 08:06
by Helen Thomas
Comment

Elsewhere on Tuesday:

- Bear - the “worst policy mistake in a generation.”

- “By buying equities, SAFE is encroaching on CIC territory. Word has it in Beijing financial circles that CIC is furious.” More…

Pink Picks

Apr 29 07:41
by Gwen Robinson
Comment

Comment and analysis from the FT

Willem Buiter: Mavercon on the SLS
The assertion by the Chancellor that “This means that the banks will continue to hold the risk on the securities they provide, More…

Credit costs improve for buy-outs

Apr 29 05:34
by Gwen Robinson
Comment

The prices of risky loans commonly used to fund private-equity backed takeovers are showing a marked improvement as the market recovers from waves of forced selling by leveraged investors this year. The improved sentiment has been driven mainly by a rebalancing of supply and demand, More…

First Reserve puts $940m into solar energy

Apr 29 05:27
by Gwen Robinson
Comment
(1 comment)

First Reserve, the buy-out group specialising in energy investments, on Monday announced plans to invest €600m ($938m) in a solar energy company it created through recent acquisitions in Spain and Italy. More…

Japan’s Kazaka wins battle for Credia

Apr 29 05:20
by Gwen Robinson
Comment

Kazaka Financial, a company owned by Japanese buy-out firm Advantage Partners, has won the bidding to acquire Credia, the first publicly-listed Japanese consumer finance company to file for court protection amidst an industry downturn driven by new legal curbs. More…

Further reading

Apr 28 08:24
by Sam Jones
Comment

Elsewhere on Monday, 
- Quantum’s Jim Rogers is buying Chinese shares again.

- “If China goes into a recession, God knows.”

- “What Chairman Ben Bernanke needs isn’t a gradual withdrawal from easy money but membership in Central Bankers Anonymous.” More…

Blackstone launches Europe property fund

Apr 28 05:33
by Gwen Robinson
Comment
(1 comment)

US buy-out group Blackstone is raising a European property fund of up to €3.5bn (£2.8bn) to pursue deals amid falling valuations in the sector. The fund would be Blackstone’s third internationally-focused real estate fund. More…

Blackstone again: First Europe, then India

Apr 28 05:32
by Gwen Robinson
Comment

Blackstone has made its first foray into Indian real estate with the acquisition of a stake in a project management company that it can use as a springboard for other investments. The entry of Blackstone’s property unit comes amid a record year for private equity investment in India, More…

Summit raises €1bn European fund

Apr 28 05:30
by Gwen Robinson
Comment

Summit Partners, the Boston-based private equity group, will on Monday announce it has raised a maiden €1bn ($1.56bn) European fund to finance investments in mid-sized buy-outs and growth capital investments. More…