Firms & Funds

Target: Gates Corp Price: $5.4 billion Sponsor: The Blackstone Group Sellers: Onex Corp, Canada Pension Plan Investment Board Financial Advisers: Target: Goldman Sachs Group, Bank of America Merrill Lynch, Citigroup; Sponsor: Morgan Stanley, Barclays, XMS Capital, Deutsche Bank Legal Counsel: Target: Latham & Watkins LLP; Sponsor: Simpson Thacher & Bartlett LLP Canadian private equity firm Onex […]

David C. Turner, who seven years ago started a private equity portfolio for the Guardian Life Insurance Company of America and led its growth to more than $1 billion, is stepping down effective May 30. Turner will hand the reins to Managing Director Maurice Gordon. (See video interview of Maurice Gordon from June 2014 here.)

The Massachusetts Pension Reserves Investment Management board has committed up to $150 million to Thoma Bravo’s 11th fund, which has been targeting $2.5 billion.

EnCap Investments LP, the Texas-based energy investor, is raising up to $3 billion for its third midstream fund aimed at domestic oil and gas infrastructure projects, according to a person familiar with the firm.

What keeps Russell Steenberg, global head of BlackRock Private Equity Partners, up at night? Government regulation.

The Los Angeles City Employees’ Retirement System committed $40 million each to Vista Equity Partners V and Energy Capital Partners III in a move to stick with two existing GPs in its $12 billion pension portfolio.

Benefit Street Partners, the credit arm of Providence Equity Partners, said it closed its direct lending fund, Providence Debt Fund III LP, at its hard cap of $1.75 billion, well ahead of its $1 billion target, in a move to build up dry powder for mid-market financing deals.

Sponsors who get caught improperly charging fees to portfolio companies, and who think the issue will stay between them and the US. Securities and Exchange Commission, could be in for a big surprise.