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Pantheon, ICG would buy out existing Fund XI LP stakes Restructured Fund XI will reset carry for GP Lazard is adviser on the process Pantheon and Intermediate Capital Group are lead investors in the restructuring of First Reserve’s Fund XI, according to three people with knowledge of the process. The restructuring proposal would give the Greenwich, […]

CalPERS hired FTI Consulting for PE compliance review System reviews large GPs compliance with LPAs Report shows compliance across the board California Public Employees’ Retirement System hired a firm to audit its private equity program and determine whether certain general partners were complying with various aspects of their limited-partner agreements, according to two people with knowledge […]

Firm: Paulson  & Co Fund: Paulson Strategic Partners Fund Target: $2 bln As limited partners’ appetite for distressed strategies grows, Paulson & Co, a hedge fund led by the billionaire John Paulson, boosted the size of its distressed-debt private equity fund by fully a third. Paulson Strategic Partners Fund plans to raise as much as $2 […]

Trivest Partners, the Coral Gables, Florida, firm known for acquiring founder and family-owned companies, closed its first growth equity fund at $225 million, trouncing its $100 million target. Troy Templeton, managing partner, said that over the years the firm has run into a number of founders who aren’t quite ready to sell but nevertheless would be […]

Committed Advisors Fund III targets 750 mln euros Fund so far collects 700 mln euros In market for about four months Committed Advisors, the steadily growing secondaries shop, has raised about 700 million euros ($780 million) for its third fund, targeting 750 million euros, according to a person with knowledge of the fundraising. Committed, launched […]

McIntire: carried interest info doesn’t belong in annual financial reports Terms and conditions shouldn’t be public, he says More transparency may be inevitable Information about a general partner’s carried interest doesn’t belong in the state pension’s annual financial statement, according to James McIntire, Washington’s state treasurer, who gave a keynote address at the Buyouts Chicago […]

Not clear why Brice left Three people have moved into leadership role Brice named president in 2008 John Brice, president and chief investment officer of CarVal Investors, left the firm, Ann Folkman, managing director at CarVal, confirmed to Buyouts Tuesday. Why Brice left is unclear. His last day was June 20, Folkman said. He joined […]

Rating agency calls Brexit vote a ‘seminal event’ Scotland may hold exit vote S&P eyes economic stress   S&P Global Ratings cut its credit rating on U.K. debt, taking it down from its top AAA rating, on fears of constitutional instability and a possible exit vote from Scotland to follow the historic Brexit. The comment came as financial […]

GTCR’s Craig Bondy sees low interest rates persisting GPs may try to keep winners PE track record lures new LPs GTCR is talking to its limited partners about holding companies longer to reduce execution risk and drive returns, since low interest rates are expected to persist, according to a key executive at the Chicago firm. Craig […]

Ready to get your first fund raised?  Better make sure not to give up too much of the economics to an anchor investor. That early, anchor investor can play a key role in your fundraise by convincing other investors that your fund is viable. But give up too much carried interest and investors will wonder if […]