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SEC asks CalPERS for communications with Silver Lake about fees Not clear why SEC needed to go to firm’s LP for information SEC probing Silver Lake on fee acceleration, says WSJ The Securities and Exchange Commission earlier this year subpoenaed California Public Employees’ Retirement System for communications with Silver Lake related to investments it has made with the firm. […]

Permira portfolio company reportedly bids for Interactive Intelligence Avaya contact center unit reportedly on the block Industry consolidating to face Cisco threat In a summer marked by slower deal activity, leave it to telecoms to keep M&A players busy. Tech, media and telecom has been the standout sector in a sluggish period. First-half U.S. M&A deal volume […]

Chiang: Beneficiaries can see “behind the curtain” of PE AB 2833 clears legislature with unanimous votes Bill goes to Gov. Brown, who has 30 days to decide California’s private equity transparency bill is on its way to Gov. Jerry Brown’s desk, its final hurdle to becoming law. AB 2833, sponsored by Assemblyman Ken Cooley and State Treasurer […]

Only 3.4 pct of North American buyout funds charge 30 pct carry Boston-based firm also sets 9 pct hurdle rate ABRY Heritage Partners targeting $525 mln ABRY Partners will carve out a larger share of investment profits with its debut lower-mid-market fund, fund terms published by Los Angeles City Employees’ Retirement System show. The firm will take […]

SEC finds fault with monitoring-fee disclosure, some expenses SEC says firm failed to disclose certain interest payments Apollo had reserved $45 mln; neither admits nor denies allegations Apollo Global Management agreed to settle with the Securities and Exchange Commission for $52.7 million after the agency alleged that the firm misled investors and failed to protect fund clients […]

First Reserve to ask Fund XI LPAC for one-year term extension Restructuring proposal fails amid tepid existing LP interest in selling Pantheon, ICG walk away from deal First Reserve will request a one-year term extension for its 11th fund after a restructuring proposal for the vehicle fell apart. Such an extension has drawn support from California Public […]

State’s Investment Advisory Committee is “unaware” of consultant costs Committee advises Treasurer Cowell, who has full discretion over investments E&Y, CEM Benchmarking review of fees find no irregularities A state panel tasked with advising North Carolina Treasurer Janet Cowell on investment-management costs does not know how much the state pension spends on outside consultants. Aon Hewitt Investment […]

Enhanced Equity, Park Hill work on possible revamps Raised two funds since 2005 Narrowed focus to healthcare after executive departure Enhanced Equity Fund, formed in 2005, is exploring restructuring options for its two funds, according to three people with knowledge of the firm. Enhanced Equity, led by Andy Paul and Malcolm Kostuchenko, is working with Park […]

Almost a quarter of endowments, foundations have no hedge fund holdings Institutions leave amid concerns with fees, underperformance “People may be taking some money off the table,” says NEPC’s Kristin Reynolds Almost 30 percent of endowments and foundations have slashed their hedge fund allocations or plan to do so, a survey by consultant NEPC says. More […]

Beneficient Co setting up auction for two Paul Capital funds Seven Paul Capital staffers joining Beneficient Beneficient moves into high-net-worth secondary market A growing secondary-market specialist is working with Paul Capital, a secondaries and fund-of-funds firm that has been winding down, to liquidate the firm’s eighth and ninth secondary funds. Beneficient Co, a liquidity provider in the secondary […]