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 | PitchBook Newsletter | | Private Equity Edition |
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| Powered by the PitchBook Platform. Learn more» | | 522,012 Deals | 34,077 Funds | 22,622 Limited Partners | 26,522 Advisors | |
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TUESDAY, MARCH 29, 2016  | |
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U.S. public pensions showing confidence in PE & VC The past year has revealed a somewhat complicated relationship between U.S. public pension funds and their private equity managers. Reports began to circulate last summer that CalPERS—the largest U.S. pension fund—wasn't sure how much its PE fund managers had collected in profit-sharing fees, claiming a lack of consistency in reporting. Following the stir, CalPERS upheld its PE allocation. "Private equity has the highest net returns in our portfolio," said Ted Eliopoulos, CalPERS' chief investment officer.
Fee-reporting issues aside, commitment numbers indicate U.S. public pensions have maintained confidence in PE and VC. According to PitchBook data, U.S. public pension funds made...
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Billion-dollar buyouts: Examining the decade's top investors in mega-deals Between Apollo's deal to acquire ADT and the ongoing bidding war for Starwood Hotels, it's already been a busy week for multibillion-dollar PE deals. With all that capital flying around, it seemed a good time to take a closer look at massive transactions. So far this year, PE firms have participated in 17 deals of $1 billion or more, according to the PitchBook Platform, well behind the pace of the 113 deals closed in 2015.
Which firms are the most active in $1B+ transactions this decade? Does Apollo make the cut? Click here to find out. |
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2007 Vintage U.S. Buyout Funds | $500 million - $1 billion | | | Median IRR: | 8.29% | | Top Quartile IRR Hurdle Rate: | 13.58% | | Median TVPI: | 1.3x | | Average Amount Distributed: | $401.55 million |
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Apollo one step closer to buying ADT | Security services provider ADT (NYSE: ADT) has announced the expiration of the 40-day “go-shop” period included in its agreement to be acquired by Apollo Global Management for $6.9 billion. ADT solicited proposals from 24 other potential purchasers but did not receive any competing offers. The company’s sale to Apollo is expected to close by June, subject to ADT stockholder approval. Apollo plans to merge the company with Protection 1 at a total transaction value of about $15 billion. | Security Services Boca Raton, FL | |
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Bidding for Starwood continues with $14B offer from Anbang consortium PE backers set to merge Mercer Advisors with Kanaly Trust | Private equity-backed wealth managers Mercer Advisors and Kanaly Trust have agreed to merge, creating a combined company that will manage more than $8 billion in assets. Lovell Minnick Partners has backed Kanaly Trust since 2012; Genstar Capital acquired a majority stake in Mercer Advisors from Lovell Minnick last year. | Asset Management Houston, TX | | |
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Moelis nears sale of NAPA Management Services Dell to offload IT services division for $3B+ | Silver Lake portfolio company Dell has agreed to sell Dell Systems, its IT services division, to Japanese buyer NTT Data for $3.05 billion. In 2009, Dell had acquired the company, then known as Perot Systems, for $3.9 billion. Dell will reportedly use the proceeds of the sale to help finance its agreed-upon acquisition of storage vendor EMC for about $67 billion, one of the largest tech deals in history. | Systems Management Plano, TX | |
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HQ Capital turns eyes to Asia | HQ Capital, formerly known as Auda International, is reportedly aiming to raise between $150 million and $200 million for an inaugural Asia-focused secondaries fund. | Frankfurt, Germany Secondaries |
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TPG hires Joel Thickins to replace Ben Gray | Joel Thickins has joined TPG as country head of Australia. He assumes the role from Ben Gray, who is reportedly leaving TPG at the end of the year to start his own firm. Thickins previously worked as a director at Australian firm CHAMP, where he led investments in the industrial, agricultural services and consumer markets sectors. | PE/Buyout Fort Worth, Texas |
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