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...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....
...to LPs by improperly billing hundreds of thousands of personal expenses....
...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....
...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....
...The biggest-ever deal in the video games industry was Microsoft’s $75bn acquisition of Activision Blizzard, which closed in October....
...Run by former Moelis partner Kasim Kutay, the life sciences investment group is swimming in cash thanks to dividends from the drugs....
...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....
...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....
...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....
...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....
...Separately, Pinsent Masons’ David Lancaster has joined the firm as an intellectual property litigation partner in London....
...The latest Lexington fund “speaks to the sheer demand” from LPs that feel “over-allocated” to private capital including to start-ups, they said....
...Private equity firms commonly vet their acquisitions for environmental, social and governance (ESG) problems....
...Hoxton Ventures has named Bryan Gartner as a partner in London. He was previously a partner at Khosla Ventures....
...Earlier this year, Carlyle began studying ways to sell its stake to large limited partners such as sovereign wealth funds, according to people familiar with the matter....
...The Adevinta funding package, financed by lenders including Blackstone’s credit arm, Singapore’s sovereign wealth fund GIC and Sixth Street Partners, ranks among the largest loans ever cut by direct lenders...
...“So the LPs have more leverage today than they’ve often had.” Questions over questionnaires One of the things LPs are looking for is better disclosure on ESG performance....
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