Firms & Funds

Direct investments by two of the world’s largest pension funds have generated strong returns, suggesting that a recent Harvard Business School paper showing that directs do no better than fund investments won’t end debate on the question. Over the last 10 years, direct investments in private equity deals, including solo investments and co-investments alongside sponsors, […]

If your idea of a reasonable price for a technology company these days is 10x to 12x EBITDA, you may be in for some sticker shock. At first blush, Vista Equity Partners’s deal to buy Active Network last year for $1.05 billion appeared to be more than twice that level, although one could argue the price was far less.

Leon Black, chairman and CEO of mega-firm Apollo Global Management, was widely quoted last April saying at the Milken Institute Global Conference that the firm was “selling everything that’s not nailed down.” But that doesn’t mean the executive hasn’t seen opportunities to invest in energy, corporate carveouts, non-performing loans in Europe and overleveraged companies in India.

Jef Rogers, a principal with Gryphon Investors, left the firm earlier this month, Rogers confirmed to sister news service peHUB on Friday.

Four senior GPs said middle-market players facing high auction prices for deals in 2014 are focusing on harvesting companies, building expertise and relationships in market niches to outflank rivals and stepping up growth efforts through add-on deals.

LPs may see improved investment prospects in venture capital and distressed debt funds over the next 12 to 18 months, while the potential returns of large European buyout funds may take a step up, according to an annual tactical summary by TorreyCove Capital Partners.

Macquarie is in talks to sell its private markets fund-of-funds business to management, according to two people with knowledge of the situation, sister news service peHUB reported.

LS Power Equity Advisors LLC has closed its third energy fund at its $2.075 billion hard cap, exceeding its target of $1.5 billion, the firm announced Wednesday.

The California State Teachers Retirement System channeled $950 million into private equity investments in the fourth quarter, with a $250 million pledge to Carlyle Group’s flagship Carlyle Partners VI LP marking the largest single commitment, according to a report released this week.