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Long joins from Oak Hill BDC Previously led Bank of America spinout Conversus Will help Star Mountain institutionalize its platform   Star Mountain Capital appointed former Conversus Capital CEO Bob Long as its president, the firm told Buyouts. “We’ve known Bob now for a few years, and have been spending time getting to know each […]

Fink: 300-400 energy companies could fail if oil prices stay low Expansion of U.S. oil and gas sectors exposed economy to downside of low prices Fink still expects global growth of 2.5 pct to 3 pct BlackRock founder Laurence Fink has never seen anything like this before. “In my 40 years of being in the business, […]

About a year ago I wrote in this column that cracks were starting to appear in the credit markets used to finance leveraged buyouts. Those early cracks, after a reasonably steady start to 2015, have since widened into fractures. Behind those fractures lies a growing wedge of fears. Among the biggest is that a slowing world economy will leave many […]

Toughest quarter for credit strategies since 2011 President Tony James cites market turmoil Energy sector facing defaults Blackstone Group blamed dislocations in high-yield debt for a quarterly loss in all three of its major credit strategies for the first time since 2011, but said market conditions appear to be leveling off. Overall, the largest private equity […]

Quadrangle reaches agreement with Fund II LPs on extension Fund II extended on same economic terms Former execs help incentivize remaining GPs The Quadrangle Group went to market last year to consider various options for its aging second fund, which was set to expire at the end of 2015. With all the liquidity tools on […]

Adams Street launches private credit platform Hires two former Oaktree mezzanine executives Not clear if group will raise an external fund Adams Street Partners has hired two former Oaktree Capital Management executives to set up a private credit unit to take advantage of the “secular trend” of banks retreating from mid-market lending. Adams Street, based in […]

Strategic mix complicates benchmarking Less than half of New Jersey accounts are top quartile for PE Breaking down accounts Private equity separate accounts often feature bespoke investment strategies and reduced fees, making them a popular option for limited partners like the California Public Employees’ Retirement System and New Jersey Division of Investment. LPs committed $127 billion to separate accounts between […]

MassPRIM plans to commit $1.4 bln to PE this year System committed $1.5 bln to PE in 2015, off target of $1.7 bln $60.3 bln pension to co-invest $140 mln with existing GPs The Massachusetts Pension Reserves Investment Management Board plans to commit around $1.4 billion this year, 7 percent less than the $1.5 billion it […]

Leonard Green sets $9.1 bln hard cap on Fund VII Raising target from $7.5 bln to $8.5 bln Has demand well over the cap Leonard Green & Partners boosted the target on its seventh fund to $8.5 billion and set a hard cap at $9.1 billion, according to three people with knowledge of the fundraising. […]

$18.4 bln pension completes three commitments in December LA Fire and Police also backs CenterGate debut Pension’s PE portfolio netting 11.1 pct IRR The Los Angeles Fire and Police Pensions committed $55 million across three private equity funds in December, according to pension commissioners’ meeting materials. Los Angeles Fire & Police allocated $25 million to […]