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...Grant Thornton is the seventh-largest US accounting firm by revenue and the deal with New Mountain represents the largest private equity investment in the accounting profession, coming hot on the heels of...
...Investors have pulled about $2.7bn over the same period, including more than $1.8bn in outflows the first three months of 2024, according to data from Morningstar....
...The sale of a majority stake to New Mountain represents the biggest private equity deal in the sector....
...That is due not only to the greater number of retail investors trading the stocks, but also to the growing popularity of sometimes-controversial equity fundraisings that can flood the market with new shares...
...After joining as an equity derivatives research analyst in 1998, Berlinski climbed to roles that included chief operating officer of global equities....
...Advocates of private equity say it can be used to boost growth and introduce a more compelling incentive structure for partners and staff....
...A long-standing US investor in one of Toyota’s largest subsidiaries has blamed the sprawling car group’s structure for recent data scandals and called for an urgent governance overhaul, as well as the unwinding...
...A person familiar with its deal said that the two private equity firms would take an equity stake of about $1bn for just over 50 per cent of the firm, with more than $900mn coming from H&F....
...[Enlarge] Further reading:— Alert: Alphaville LLC issues new research report on Duchy of Cornwall (FTAV)— Greenland: Alphaville put on its sellside hat for the deal of the century (FTAV)— Alphaville LLC...
...It will combine the work of public company investor activism with any subsequent control buyouts....
...Rashid had been accused of violating his duties to investors in Apollo private equity funds in the early 2010s by billing the funds hundreds of thousands of dollars in improper personal expenses, such as...
...Sony’s talks with Apollo come as Skydance’s approach faces criticism from some Paramount investors, who say the structure of the deal leaves them at a disadvantage....
...Still, some are being cautious, and one group of investors doesn’t seem convinced: private equity is sitting on a record number of assets....
...Citadel Securities is one of the world’s biggest high-speed trading firms, competing with rivals like Susquehanna, Jane Street and Virtu Financial and estimated it was involved in nearly one in every four US equities...
...The deal values Endeavor’s equity at $13bn. But the $27.50 a share deal price is just 15 per cent above its April 2021 initial public offering price....
...Yes, dividend culture has declined in the US, but it is still, by some distance, the world’s most vibrant equity market. That’s the second pushback: why are you complaining about the US growth market?...
...Scott Shleifer, the head of Tiger’s $30bn-plus private equity business who was instrumental in the firm’s growth, announced late last year he would step down from his role at the hedge fund....
...The reality is that many investors these days like the opacity and artisanal marking of truly private credit funds....
...Such private investments in public equity — or PIPE — deals are relatively common in the US, offering private equity houses a downside-protected route into a company’s share capital....
...“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.”...
...At the same time, growth stocks appear expensive, which gives value at least a statistical edge, particularly for investors who are willing to look out more than one year....
...Citadel, which manages roughly $61bn, made a record $16bn in profit for investors in 2022, according to research from LCH Investments....
...Liability management is a fancy catch-all term for strategies used by companies and their private equity sponsors to reduce or push out their debt maturities — typically hurting existing investors in the...
...$3.5bn raised compared to just $500mn in the same period in 2023, according to Dealogic, but the two largest deals — sportswear maker Amer Sports and healthcare group BrightSpring — both struggled to build investor...
...“SOEs used to have lower revenue growth, lower returns on equity and much higher balance sheet leverage than private companies....
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