Also of note (may require subscriptions)

Sophomore: Brightstar Capital Partners closed its second fund on $1.27 billion, hitting its hard cap for investments in North America mid-market businesses closely-held or owned by families. The firm recently recruited 12 employees, building its team to more than 40. Read more here.

Drying up: Private equity is retreating from funding private oil and gas companies despite the recovery in oil prices, writes the Financial Times. Uncalled capital has diminished and new fundraising is significantly lower than in past years. Read it here.  

Retail: KKR wants to expand its reach among retail investors, which the firm sees as an “immense opportunity”. The firm has doubled the size of its sales team focused on individual investors over the last 12 months, Scott Nuttall, co-president and co-chief operating officer, said. Read it here.

They said it

“What we are doing now is starting to invest in our sales team focused on individuals. That’s an opportunity that we think will play out over the course of the next several years that will sustain us for decades to come. [A] big opportunity for us going forward.”   

Scott Nuttall, co-president of KKR, on the firm’s focus on retail investors.

Today's letter was prepared by Chris Witkowsky

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