Steve Gelsi

What are some of the major themes for 2017? [There] are a number of economic and geopolitical issues in the world.  When there’s disruption in a sector or a geography, that usually provides an opportunity. You had an Italian referendum. Whether Italy can restructure their banks now is a question. It’s certainly important to the […]

What are some of the major themes for 2017? [There] are a number of economic and geopolitical issues in the world.  When there’s disruption in a sector or a geography, that usually provides an opportunity. You had an Italian referendum. Whether Italy can restructure their banks now is a question. It’s certainly important to the […]

Annual PE dollar volume for deals highest since 2007 Total disclosed value of sponsored M&A tops $160 bln in 2016 Lofty prices stoke interest in add-on deals Private equity firms drove up combined dollar volume for buyouts, carve-outs and take-privates in 2016 to levels not seen since 2007. But the number of individual transactions fell […]

Indicators point to strong economic year in 2017 Bull market in equities may keep heat on private market prices M&A valuations have shaped PE-fund returns   A bull run in public equities, healthy economic indicators and expectations for tax breaks and relaxed industry regulation will keep pressuring already high deal prices in 2017, private equity […]

Aberdeen recently polled over 50 GPs about the medium-to-long-term impact of Brexit.  Most of them said it won’t have a huge effect but they would wait and see. Very few … said they expected a positive effect. That’s since been borne out by levels of activity post-Brexit. There’s been a slight slowdown in private equity deal-making […]

Firm: Crescent Capital Group Fund: Crescent Mezzanine Partners VII Series Amount Raised: $3.54 bln Placement Agent: First Avenue Partners Crescent Capital Group, the Los Angeles specialist in junior capital investments, raised more than $3.5 billion for its seventh mezzanine fund, the largest in the firm’s 24-year history, filings showed. The fund comes as prospects for corporate […]

Partners Group U.S. direct contribution product launched in 2015 Firm taking part in industry discussions Partners Group working to add liquidity options Partners Group has been weighing options to give defined-contribution retirement plans – which have trillions of dollars of assets — improved access to alternative investments, according to a source. The Swiss firm, with $55 […]

Details of changes still unknown by Washington insiders Trump seen as unpredictable Senate may block some moves by House   Washington insiders working for private equity expect changes on deregulation and tax structure under the incoming administration of Donald Trump, but specifics remain unclear at this point, according to an expert panel taking part in a […]

Firm: Dyal Capital, a unit of Neuberger Berman Fund: Dyal Capital Partners III Target: $2.5 bln Amount raised: $5.3 bln Dyal Capital Partners, the Neuberger Berman unit that’s been purchasing minority stakes in private equity firms, already doubled its fundraising target for its third pool, with about $5.3 billion in commitments, as it moves toward […]

Retailer paid a $500 mln dividend in 2013 EBITDA fell 28 percent in its most recent quarter Balance sheet leverage near 11.5x EBITDA   J. Crew, the New York retailer backed by Leonard Green & Partners and TPG Capital, drew a debt downgrade after posting a decline in EBITDA in the face of traffic and […]