Amanda Janis
Julio Ramirez, who left Blackstone-affiliated placement agent Park Hill in March, has reportedly pleaded guilty to securities fraud. The allegations stem from the time Ramirez was employed by Wetherly Capital, prior to joining Park Hill; Blackstone says its internal investigation revealed no misconduct at Park Hill.
LPs must seize current market conditions as a chance to push back on terms and secure better alignment of interests, Joe Dear said at a conference in LA. Fellow panelist Harold Bradley, CIO of the Ewing Marion Kauffman Foundation, lamented 'we are feeding a fee machine'.
As it looks to gain ‘firm financial footing’, Candover will suspend its 2008 buyout fund’s activities for up to six months and has confirmed its strategic review could result in selling the firm.
Swiss alternatives firm Capital Dynamics will augment its fund of funds platform by assuming management of HRJ’s $2bn in assets. The US fund of funds was reportedly burned by its over-commitment strategy last year, causing it to breach debt covenants and seek secondary sales.
Fresh from raising nearly €1bn for its eighth mid-cap fund, the French private equity firm is aligning itself to take advantage of market dislocation. It is also raising its third small-cap fund.
Paolo Cantarella joins the 50-some operating partners who advise the global midmarket firm. The former Fiat chief currently is a non-executive director of Italian private equity real estate firm Inpartner and Italian utilities firm Iride.
The London mid-market firm has added German private equity shop Steadfast, formerly BHF Private Equity, to its list of foreign partners, which include France’s TCR Capital, Italy’s Sinergo and Spain’s N+1.
Existing LPs have committed $3bn toward the latest buyout fund from the MENASA-focused firm, which has just purchased a controlling stake in the Karachi Electric Supply Company for an estimated price of $400m.
BVCA head Simon Walker has distanced private equity’s investment strategy and remuneration scheme from investment banks and hedge funds, while speaking at the annual Conservative Party conference. He also stressed the UK’s need for private equity’s vast capital reserves given current market conditions.
The State Street Private Equity Index, which draws data from more than 1,400 funds, found buyout funds’ long-term net performance to date is nearly 16 percent.