Broken-deal and other fees: How PE, families work with independent sponsorsPosted: 05/21/2019 |
Subscription Required When family offices and private equity firms work with independent sponsors, one question that arises is who pays broken-deal fees. The answer seems to be — not family offices, according to a panel discussion at Buyouts Insider’s Family Office Connect conference in New York on May 21. While FOs are not likely to pay dead-deal fees, […] | | Read more... | |
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Fresh Profile: Cordish Private Ventures balances between LP stakes and directsPosted: 05/21/2019 |
Subscription Required Family offices usually result from families selling off profitable businesses. Cordish Private Ventures, founded in 1998, is different — it is just one part of Cordish Cos, a family enterprise still active in its core real-estate-development business, as well as gaming and sports-anchored entertainment. Moreover, while many FOs seek more direct investments, Cordish focuses mostly on […] | | Read more... | |
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Multifamily office CAZ boosts transport strategy with Uber stock betPosted: 05/20/2019 |
Subscription Required CAZ Investments, a multifamily office with about $1.3 billion under management, earlier this month made a play on Uber’s stock. “We had not invested in the private markets, but based on the dislocation that occurred post the IPO, we [initiated] a position in Uber in one of our vehicles,” Chairman and CIO Christopher Zook told Active LPs. Uber […] | | Read more... | |
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Illinois MRF pledges $256 mln to IK, HarbourVestPosted: 05/20/2019 |
Subscription Required Illinois Municipal Retirement Fund at its May meeting disclosed $256 million in PE commitments. The board pledged €50 million ($56 million) to IK Investment Partners’ ninth fund. IK Investment Partners focuses on northern European buyouts and invests as much as €150 million into companies, Buyouts reported. IMRF previously committed €6.1 million to IK. The system committed […] | | Read more... | |
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Fresh Profile: AGI Partners and its buy-and-build strategyPosted: 05/17/2019 |
Subscription Required AGI Partners is a lower-middle-market-focused independent sponsor pursuing what Partner David Acharya, calls a “very simple” strategy: buy and build. “We find a good platform company; we find a good management team. Then we find complementary add-ons, but we also focus on overall value creation,” he told Active LPs. AGI makes direct investments into TMT, business marketing services […] | | Read more... | |
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Fresh Profile: Breakwater Investments likes emerging credit managers, partnering with other FOsPosted: 05/17/2019 |
Subscription Required Breakwater Investments is the family office for Canada’s McKeil family, created after they sold their 60-year-old marine-transportation business to TorQuest Partners in 2016. Much of Breakwater’s work reflects the family’s nautical background — it helps run a shipyard business the family still owns, with five locations in Ontario and eastern Canada. “We’re involved in ensuring […] | | Read more... | |
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Carlyle’s Rubenstein touts EM investment, explains launch of FOPosted: 05/17/2019 |
Subscription Required David Rubenstein, co-executive chairman of Carlyle Group, said the time is right for investors to put their money in emerging markets. “The bloom is off the rose” for emerging markets, which means the segment is right for contrarian bets, he said in a keynote speech this week at the EMPEA/IFC Global Private Equity conference in […] | | Read more... | |
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Virginia Retirement creates $150 mln credit mandate with KKRPosted: 05/16/2019 |
Subscription Required Virginia Retirement System at its May 13 meeting said it made commitments to and terminated its relationship with funds within its credit-strategies program, the system’s communications strategy manager, Virginia Sowers, told Active LPs. The system committed $150 million to KKR’s Real Estate Credit Opportunity Partners Fund II, which “invests in the junior bonds… of commercial mortgage-backed […] | | Read more... | |
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Chaifetz Group of Chicago looks to keep investments close to homePosted: 05/15/2019 |
Subscription Required Chaifetz Group is based in Chicago, on one of the seven floors in NBC Tower claimed by ComPsych, the employee-assistance-program provider founded by Richard Chaifetz and the source of the wealth this multibillion-dollar single-family office has managed and invested since it was founded in 2010. Ross Chaifetz, Richard’s son and director of venture capital at […] | | Read more... | |
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CalPERS developing a plan to reboot PE co-investmentsPosted: 05/14/2019 |
Subscription Required California Public Employees’ Retirement System in June will present the board with a new co-investment strategy, including a new method for vetting co-investment opportunities and deciding how active to be on a deal, according to CIO Ben Meng. CalPERS stopped co-investing in 2016, as part of the same long-term review of PE that led it to […] | | Read more... | |
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