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Regulator takes aim at end-of-fund-life issues, cybersecurity Apollo sets aside $45 mln related to accelerated monitoring fees Executives complain privately but work with regulators The U.S. Securities and Exchange Commission has reached at least $90 million in settlements with GPs since it started scrutinizing the industry in 2012. That amount is small compared to the trillions in […]

Recent ultra-exclusive secondary dinner held in London Attracts more than 50 secondary buyers Sentiment is one of subdued anticipation for more deals At a recent super-secret secondaries dinner held primarily for buyers in London, attendees were asked to fill out a survey and list a few of their “provocative” ideas for the future of secondaries. […]

Arkansas Teacher commits up to $30 mln, receives $10 mln allocation San Francisco, New York State Teachers also see commitments slashed Firm’s debut lower middle-market was oversubscribed Limited partners in Thoma Bravo’s debut lower middle market fund saw their preferred allocations slashed to varying degrees, with some investors receiving only a third of what they’d authorized […]

Gores pre-markets Fund IV Lost at least 15 executives over past two years 10.5x return on Therakos sale Gores Group last year postponed its annual meeting to October from April, a move described by a person close to the firm as a way to complete pending transactions before getting in front of limited partners. Several […]

They may not have Midtown Manhattan buildings named after them (a la the Stephen A. Schwarzman Building at the New York Public Library), or own a version of Edvard Munch’s pastel, “The Scream,” acquired four years ago for more than $100 million by Leon Black. But Alfred Gantner, Marcel Erni and Urs Wietlisbach, co-founders of Zug, Switzerland-based private markets money […]

FTC clears investment by KKR KKR, Marvell stay quiet KKR initially invested in Marvell in 2014 Kohlberg Kravis Roberts received approval from regulators to increase its stake in Marvell Technology at a time when the chipmaker is searching for a new chief executive and facing pressure from an activist investor. The Federal Trade Commission cleared the transaction, according to an […]

Restructurings are complex, opaque, says SEC official Rozenblit The nature of these processes helped provide ‘cover’ for alleged scheme SEC has increased scrutiny of restructurings Igor Rozenblit, co-head of the Securities and Exchange Commission’s private funds unit in the Office of Compliance Inspections and Examinations, said in a recent speech that the opacity and complexity of […]

Ardian closed its seventh global fund on $14 bln $10.8 bln of that fund is for secondaries Ardian has not participated in fund restructurings Ardian has billions of dollars to spend on secondaries transactions, but unlike most other secondary firms, it hasn’t directed any of that capital to the growing business of fund restructurings. This […]

New fund can buy stakes in secondaries fund Secondary deals for secondary funds very complicated to price Previous SL Capital funds netting strong returns Standard Life’s private equity unit set a $400 million target for a secondaries fund that can buy stakes in other secondaries funds, among other strategies, according to documents released by the […]

LPs concerned with “leakage” around complex distribution models SEC examiner sees “errors in spreadsheets, errors in calculation” of waterfalls Others say waterfalls leave little wriggle room for misinterpretation A Securities and Exchange Commission official has some advice for GPs: Pay close attention to your waterfall calculations. In an April 6 keynote interview at PartnerConnect East in […]