| | | | | | Today: I, Luisa, will be your guide this sunny Monday morning.
The battle: I've spent a lot of time recently researching and discussing the topic of "Women in Private Equity." Many of you have been kind of enough to provide your insight. What have I learned? Before we can say whether things have gotten better or worse, we need data. There is a surprising lack of it when it comes to women in PE/VC. I still don't know how many women are actually employed by PE firms, so it's hard for me to say whether it's gotten better. I find it hard to believe that no one has this information (that I could find).
Next, I've happily discovered that there are some women that are doing really well. We have execs at Blackstone and TSG Consumer Partners— to name a few — that appear to be succeeding in the field. Here's our story "Trailblazers: Ten women pioneering new paths in private equity"
While a few may be doing well, there's still everyone else. I found that large buyout firms have the resources to attract and retain women. The same cannot be said for middle market firms. Lots of readers have also complained about the lack of opportunities in PE. I would love to jump on my soapbox at this point but I realize the industry is young. There is much work to be done. Here's my story "Women still looking to gain ground in private equity." However, I want everyone to know that the "Womenin PE" topic is not closed just because our story is in print. Keep on discussing/calling/sending email. We want to know what you think.
Disclosure: Buyouts Sam Sutton went through a huge pile of SEC filings to discover that less than 20 percent of GPs publicly disclose their use of accelerated monitoring fees. This is after Blackstone had to pay $39 million last year for failing to disclose such fees. Are GPs just not listening to their attorneys? Do they not care? Read Sam's story here.
Have a great Monday! If you have a comment, a tip, or something nice to say email me here at lbeltran@buyoutsinsider.com. If you have a complaint, email Chris at cwitkowsky@buyoutsinsider.com.
-- Luisa | | | | Today's Take | | | | PE HUB First Read In this morning's First Read, there's ransomware now targeting Mac users, Samsung says it has no plans to buy Tidal and rest in peace Nancy Reagan. Read more... PE HUB Second Opinion To close out your week, Second Opinion has news that Microsoft considered buying Slack for $8 billion, Thomson Reuters may sell its IP & science unit in parts, and Brazilian police question ex-president Lula da Silva in Petrobras corruption scandal. Read more... Snapchat raises $175 million from Fidelity in latest funding round: Reuters Snapchat has raised $175 million in fresh funding from Fidelity Investments and other investors, Reuters News is reporting. Read more... McCarthy Capital nears target after Montana, Nebraska commitments Recent commitments from the Nebraska Investment Council and Montana Board of Investments should put McCarthy Capital within reach of its sixth fund's $325 million target. McCarthy, a 30-year old firm based in Omaha, Nebraska, received up to $65 million in commitments from Montana and Nebraska in recent months. Read more... On the move, 3.7.2016 The following hires, promotions and appointments are for the March 7, 2016, issue of Buyouts. Read more... Buyouts study finds less than 20 pct of GPs publicly disclose ability to accelerate fees Major enforcement actions and other regulatory declarations have not motivated many general partners to publicly disclose their use of accelerated monitoring fees, a Buyouts analysis of SEC filings has found. Blackstone Group's failure to properly disclose accelerated monitoring fees to its fund investors resulted in a $39 million settlement with the SEC in October. Read more... Women still looking to gain ground in private equity Many of the largest buyout firms, like Kohlberg Kravis Roberts & Co and the Blackstone Group, have taken steps to attract and retain women. But the overall industry still has plenty of work to do. Some studies have shown that the number of women in senior positions has grown. Read more... Trailblazers: Ten women pioneering new paths in private equity Change has come slowly, but the private equity industry has become more diverse. Women have steadily made their way into the upper ranks of firms, and firms are finding ways to recruit and retain talented women. This is a big change. Read more... Five Questions with Dror Glass, Founding Managing Partner, Israel Secondary Fund 1. Israel Secondary Fund is raising its second fund targeting $100 million. How is it going and what does your LP base look like? The strategy for this fundraising was basically to approach, first, the Israeli institutions. Obviously, our existing investors were joining us also for the second fund. Read more... Need to Meet: Meredith Gendron, Partner, Monument Group If you haven't raised a fund in a while, you may want to give some thought to working with a placement agent. Read more... Sharp CLO drop weighs on middle-market credit for deals A steep drop in collateralized loan obligations (CLOs) in 2016 is contributing to tighter credit conditions overall for middle-market deals, according to GPs in the credit space. Collateralized loan obligations invest in broadly syndicated loans — typically above $500 million — for larger buyouts from a variety of debt issuers and industries. Read more... | Meet The Man Who President Bill Clinton Described As
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| | | | VC Deals | | | | Zaloni raises $7.5 mln Zaloni said Monday it raised $7.5 million in Series A financing led by Sierra Ventures. Baird Capital also participated. Durham, North Carolina-based Zaloni provides enterprise data Lake management solutions. Read more... Culture Amp raises $10 mln Culture Amp said Monday it raised a $10 million Series B round led by Index Ventures. Felicis Ventures and Blackbird Ventures also participated. Culture Amp provides a people analytics platform that aims to provide insights on employee engagement and company culture. Read more... Intuit co-founder leads $11 mln Series B for LightSail LightSail, a literacy solution for K-12 education, raised $11 million in a Series B round of funding led by Scott Cook, the co-founder and chairman of the executive committee of Intuit, with participation form the Bezos Family Foundation as well as new and existing investors. Read more... ICX Media lands $2.5 mln in seed funding ICX Media, which is building an on-demand platform for content creators, raised $2.5 million in a seed financing round led by Phil Herget, chairman at media services company Vubiquity. ICX is based in Washington, DC. Read more... Comparably launches with $6.5 mln investment led by Crosslink Santa Monica, California-based Comparably raised $6.5 million in a funding round led by Crosslink Capital with participation from Upfront Ventures, Lowercase Capital, Alpha Edison, Crosscut Ventures, Pritzker Group, Rincon Venture Partners and others. Comparably also launched its platform, which provides compensation and culture data for employees and companies. Read more... Snapchat raises $175 million from Fidelity in latest funding round: Reuters Snapchat has raised $175 million in fresh funding from Fidelity Investments and other investors, Reuters News is reporting. Read more... | | | | | | | | Back to top | | One Peak Partners, Goldman Sachs Private Capital invest in Staff Finder One Peak Partners and Goldman Sachs Private Capital have made a growth equity investment in Staff Finder. Financial terms weren't announced. Zurich-based Staff Finder provides a software platform that enables businesses to find temporary workers to cover immediate hourly or daily staffing needs. Read more... L Catterton invests in Latin American gym chain Bodytech L Catterton made a growth capital investment in Bogota, Columbia-based Bodytech Corp, the second-largest gym company in Latin America, according to a news release. Terms of the transaction were not disclosed. Bodytech is the first investment by the L Catterton Latin America fund. Read more... General Atlantic makes minority investment in Zimmermann General Atlantic made a minority investment in Zimmermann, an Australian luxury fashion brand. Financial terms of the investment were not disclosed. Zimmermann's founder's and management team remain majority shareholders in the company and General Atlantic will join the Zimmermann board. Read more... | How can you get involved at Buyouts East?
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April 4-6, 2016 | Hyatt Regency | Boston, MA |
| | IPOs | | | | Back to top | | No items | | | | |
Back to top | | Old Mutual says considering all options for strategic review: Reuters Old Mutual, an Anglo-South African financial services company, said on Monday it was considering all options as part of a strategic review it announced in November, but that it had not yet made any decision, Reuters News reported. Read more... Protector Holdings buys BetterWay Insurance Services Protector Holdings has acquired BetterWay Insurance Services. Financial terms weren't announced. Concord, California-based BetterWay provides insurance services to Hispanic consumers; writing auto, motorcycle, RV, boat, homeowners and renters insurance coverage. Protector Holdings Is a joint venture of EPIC Insurance Brokers & Consultants and Dowling Capital Partners. Read more... VC-backed Docker buys Conductant Docker, a platform for developers to build, ship and run distributed applications, acquired orchestration startup Conductant Inc, the company announced in a blog post. Financial terms were not disclosed. In April, Docker raised $95 million in a Series D funding round led by Insight Venture Partners with participation from Coatue, Goldman Sachs and Northern Trust. Read more... | | Firms & Funds | | |
Back to top | | Hummer Winblad targets $125 mln for seventh venture fund Hummer Winblad Venture Partners has set out to raise $125 million for its seventh venture fund, according to an SEC filing. No first close has been reported. The filing lists Lars Leckie, Mitchell Kertzman and Steve Kishi as the fund's partners. The previous Fund VI raised $198.4 million and closed in 2007, according to Thomson Reuters. Read more... | | Human Resources | | |
Back to top | | HIG promotes Lozow to MD, hires Sanghvi HIG Middle Market said Monday it promoted Matt Lozow to Managing Director and hired Alok Sanghvi as a Managing Director. They will be leading H.I.G.'s Business Services investment efforts. Lozow has been a member of H.I.G.'s New York Middle Market team since joining the firm in 2009. Sanghvi previously led corporate development at MultiPlan Inc. H.I.G. Middle Market is the middle market investment affiliate of H.I.G. Capital. Read more... Limetree Bay Terminals names Sweet CEO Limetree Bay Terminals LLC has named Darius Sweet as CEO. Limetree Bay is backed by ArcLight Capital Partners LLC and Freepoint Commodities LLC. Limetree, in January, acquired the assets of Hovensa's St. Croix facility consisting of about 32 million barrels of crude oil and petroleum product storage, idled refinery units and a deep-water port with 10 petroleum docks. Read more... Bow River hires UBS exec Cave Bow River Capital Partners hired Jonah Cave as a partner to further develop the firm's investor relations and fundraising platforms. Cave joins the firm from UBS, where he led the Americas client trading and execution platform. Prior to working at UBS, Jonah was a managing director at Bank of America Merrill Lynch. Read more... | | Odds & Ends + Hot Links | | |
Back to top | | Jefferies restructures junk debt business, bankers leave: Reuters Jefferies Group LLC [JGLL.UL] will merge its junk-rated loans and bonds business with the junk debt unit of its joint venture with MassMutual Financial Group, according to people familiar with the matter, in the biggest reorganization by a U.S. investment bank since the leveraged finance markets seized up last year, Reuters News reported. Read more... PE HUB First Read In this morning's First Read, there's ransomware now targeting Mac users, Samsung says it has no plans to buy Tidal and rest in peace Nancy Reagan. Read more... PE HUB Second Opinion To close out your week, Second Opinion has news that Microsoft considered buying Slack for $8 billion, Thomson Reuters may sell its IP & science unit in parts, and Brazilian police question ex-president Lula da Silva in Petrobras corruption scandal. Read more... |
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