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| Blackstone's $6.1B TeamHealth deal under fire |
| Alleging an unfair auction process, conflicts of interest and more, shareholders of TeamHealth (NYSE: TMH) have filed a class-action lawsuit attempting to block the company’s agreed-upon $6.1 billion sale to Blackstone.
The suit shines a light on the more conspiratorial side of the private equity industry, alleging boardroom chicanery seemingly at odds with... |
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| | | | | | | PE outperformance to persist? |
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Only two private equity fund vintages since 2003 are still underperforming relative to public indices, net of all fees, as calculated using the Russell 3000 Index.
But examining overall trends throughout the decade, even with the impact of the global financial crisis taken into account, is PE’s outperformance set to persist by a meaningful margin?
Read our analysis |
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| | | | | | | | From the looks of it, the incoming Trump administration’s policies may result in a major reduction in tax bills for the private equity industry. [Forbes]
Is the tide turning in the work-from-home debate? [Backchannel]
Examining the eternal mystique of Goldman Sachs. [The Washington Post]
How the American son of a West Point graduate ended up a leader in the Islamic State. [The Atlantic] |
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| Since yesterday, the PitchBook Platform added: | | 189 Deals | 1365 People | 513 Companies | 1 Funds |
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| 2007 Vintage US Buyout Funds with Healthcare Investments |
| | Median IRR | | | | Top Quartile IRR Hurdle Rate | | | | 1.51x Median TVPI | $2.30B Average Amount Distributed |
| | | | *IRR: net of fees | | 78 Funds in Benchmark » |
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| Deals in Play & Announcements |
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| Virtus to acquire RidgeWorth in $472M deal with Lightyear |
| | Asset Management | Atlanta, GA | Corporate Acquisition |
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| Stone Point helps launch KaylaRe |
| | Reinsurance | Hamilton, Bermuda | Joint Venture |
| Stone Point Capital has given $50 million to fund the formation of KaylaRe, a global provider of specialty reinsurance. In all, the company launches with $620 million in backing, including $300 million from Enstar (NASDAQ: ESGR) and another $270 million from investment manager Hillhouse Capital Management. Nick Packer, a co-founder of Enstar, has been appointed CEO of KaylaRe. |
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| Exponent buys Leisure Pass from Primary Capital |
| | Consumer Services | London, UK | Secondary Buyout |
| | | | | | | Palatine-backed EPI picks up PDF |
| | Consulting Services | Surrey, UK | Bolt-on |
| EPI Group, a Palatine Private Equity portfolio company, has acquired PDF Limited, a geoscience consultancy providing services that include land and marine seismic surveys, data processing and well-site operations for oil & gas producers. Palatine acquired EPI by backing a 2014 management buyout of the company. |
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| | | | | | | 3i pulls £187M from Action in refinancing |
| | General Merchandise Stores | Zwaagdijk-Oost, Netherlands | Dividend Recapitalization |
| 3i Group has syndicated a new €1.675 billion senior debt refinancing of portfolio company Action, a Dutch discount retailer. The firm will receive a £187 million dividend by the end of the month as a result of restructuring Action’s debt. |
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| Goldman Sachs raises $4.5B for PE |
| | | | | | | | | Incline Equity eyes $550M for latest vehicle |
| | Incline Equity Partners has set a $550 million target for its fourth fund, Incline Equity Partners IV, according to an SEC filing. Founded in 2011, the firm typically invests between $15 million and $30 million in companies operating in the logistics, manufacturing and business services industries. Incline closed its third fund on $301 million in 2013. |
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| | | | | | | New Harbor looks to raise $200M |
| | New Harbor Capital has begun seeking commitments of up to $200 million for its second fund. The lower-middle-market investor targets companies in the business services, healthcare and education sectors. New Harbor closed its first fund in 2014 on $146 million. |
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