Hints and tips:
...LPs increasingly focus on how much value a VC returns to them compared with the amount they pay in — a metric called “distributed to paid in capital” — when deciding where to allocate their funds....
...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....
...A slowdown in dealmaking and lack of IPO prospects have prompted fund managers to embrace more creative financial engineering techniques to return capital to their LPs....
...“It creates an equity culture so that partners are focused on how to grow the equity value of the business and not just their own individual book of business.”...
...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?...
...Thanks to a reasonably sophisticated in-game economy, it has offered players a rudimentary education in bid-ask spreads, arbitrage, price gouging, scarcity value and more....
...Peltz’s fund, Trian Partners, has nominated two board directors for Disney’s board at the company’s annual meeting on April 3: Peltz himself and Jay Rasulo who was previously Disney’s chief financial officer...
...to LPs by improperly billing hundreds of thousands of personal expenses....
...While they are lending against a fixed cash flow, they are also making a bet on the future value of an artist’s catalogue, which is highly sensitive to interest rates....
...Run by former Moelis partner Kasim Kutay, the life sciences investment group is swimming in cash thanks to dividends from the drugs....
...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....
...That two-thirds is by value....
...CT Fitzpatrick, chief investment officer of Vulcan Value Partners, a large Carlyle shareholder, commended Schwartz’s deliberate approach....
...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....
...Take Vista Equity Partners’ recapitalisation of fintech group Finastra, for example....
...They will make roughly equal contributions to a combined business with an $8bn enterprise value. Like most such deals, this one has defensive characteristics....
...Instead, Ubben last week told investors that his Inclusive Capital Partners would wind down and return cash to investors....
...“General partners” — buyout executives themselves — have little incentive to mark down prices of portfolio companies to reflect higher risk-free rates of return and lower equity market values....
...Private equity groups have been increasingly using margin loans and net asset value financing — secured against shares in their listed companies or their asset portfolios — to boost returns and fund distributions...
...Disney said it was prepared to pay $8.6bn by December 1 for the stake, which would value Hulu at $27.5bn....
...“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....
...OpenAI’s latest deal talks could value the company at $86bn....
...Peltz’s Trian Partners fund, which controls a roughly $3bn stake in Disney, said in a statement on Thursday that it intended to take its “case for change directly to shareholders”, after Iger again turned...
...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 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...
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