Lawrence Aragon

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The print version of the latest Buyouts will arrive in subscribers’ mailboxes on Monday, November 23. If you want to read it early, just click on the following link to see the digital edition: Buyouts, November 23, 2015 – Digital Edition 

Toronto-based Kilmer Group, a family office led by billionaire investor Larry Tanenbaum, recently replaced its fund management business with a fund-less strategy, saying it wants to stay invested longer in promising companies.

It was early 2010 and the industry was wiping its brow after surviving the financial crisis with only a few scars. Institutional investors remained parsimonious. Both new deals and exits were sparse. New Mexico State Investment Council had just endured a pay-to-play scandal. Buyout firms faced the grim prospect of having to register as investment advisers with the SEC.

Jerome Kohlberg, a private equity pioneer, passes away at 90. Joseph Trustey, a 53-year-old deal maker, has his life cut short by a plane crash.

The University of Michigan has committed $50 million to a debut fund from Emet Capital Management earmarked for investments involving distressed real estate projects financed by municipal revenue bonds.

Southfield Capital late last month secured about $25 million for its second fund and immediately put some $8 million of that to work toward the purchase of insurance products provider Vanguard Dealer Services.

Here are the key statistics in private equity fundraising, deals and exits for the third quarter of 2015.

Texas Municipal Retirement System is a holdout no longer. The board of the $24 billion retirement system approved the hiring of StepStone last week to advise on the construction of a $1.2 billion portfolio of private equity investments over the next five years.