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...A person close to TKO hit back, saying that in rejecting the higher offer Bridgepoint had “failed in its fiduciary duty not only to its LPs [limited partners] but to its shareholders in the public market...
...KKR co-financed its $1.1bn music catalogue deal later that year with Dundee Partners, the family office of Stephen Hendel, a former Goldman Sachs partner....
...One scoop to start: Brookfield Asset Management is in advanced talks to buy a majority stake in $22bn private credit manager Castlelake as the world’s second-largest alternatives group uses acquisitions...
...This raises the question: why would Universal, a publicly traded company with a market value of some $50bn, partner up with a former energy trader to bankroll its acquisitions?...
...Buyout groups are betting they can grow these businesses through acquisitions and turn many into companies large enough to eventually be listed on public markets....
...In 2017, JPMorgan advised Disney on its blockbuster $71bn acquisition of 21st Century Fox. Dimon’s decision to intervene in a sensitive matter is not a first for the veteran banker....
...to LPs by improperly billing hundreds of thousands of personal expenses....
...Somebody is buying RuneScape again: Private equity group Carlyle is to sell UK video games maker Jagex to Europe’s CVC Capital Partners in a deal estimated at just below £1bn as interest in the industry...
...“There have been fewer LBOs and therefore less new loan volume,” said Michael Patterson, a governing partner at asset manager HPS Investment Partners....
...Run by former Moelis partner Kasim Kutay, the life sciences investment group is swimming in cash thanks to dividends from the drugs....
...The biggest-ever deal in the video games industry was Microsoft’s $75bn acquisition of Activision Blizzard, which closed in October....
...It has managed the property with its partner Kryalos, an Italian real estate firm....
...Take Vista Equity Partners’ recapitalisation of fintech group Finastra, for example....
...The industry has been focused on patent expiries during the second half of the decade “for a long time”, noted Tom Davidson, a partner focusing on life sciences at investment bank PJT Partners....
...“For a lot of LPs [limited partners] that are overallocated to private equity or having liquidity issues, getting cash at hand through secondary sales is a sure thing,” said an executive at a public fund...
...Nat Zilkha, a former KKR partner who had led the firm’s recent music push, said higher interest rates had increased the attractiveness of non-music investments “that are closer to home for lots of these...
...Hulu’s future has been in limbo since 2019, when Disney lifted its stake in the company to 67 per cent through its blockbuster acquisition of 21st Century Fox....
...It is 49.5 per cent owned by Reinet Investments, a vehicle backed by South African billionaire Johann Rupert, and includes CVC Capital Partners among its shareholders....
...In the weeks before the AGM, Trian Partners’ Peltz — one of the two activists waging proxy battles against Disney — secured endorsements from a pair of shareholder advisers....
...This leaves the partners hoping for the best, like the rest of US business. The difference is that this well-matched duo is also prepared for the worst....
...Peltz, co-founder of the Trian Partners hedge fund, is waging a proxy fight to gain board seats for himself and former Disney chief financial officer Jay Rasulo....
...Managers return far less cash to limited partners. They then cannot recycle money back into funds....
...Separately, Pinsent Masons’ David Lancaster has joined the firm as an intellectual property litigation partner in London....
...LP transparency doubles as a hedge against short-term, reactive decision-making, thereby helping general partners — the managers of funds — stay true to investment theses....
...The latest Lexington fund “speaks to the sheer demand” from LPs that feel “over-allocated” to private capital including to start-ups, they said....
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