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| | | 13 charts that depict today's US private equity environment |
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| | | | | | | | | KKR reports another strong quarter |
| | Three months after releasing a 2Q earnings report that exceeded most expectations, KKR has repeated the trick for 3Q. The private equity behemoth generated economic net income of $598.2 million for the quarter, the equivalent of 71 cents per share, outpacing the consensus projection of 65 cents per share by industry analysts. That ENI figure represents a 212% increase QoQ and marks a distinct turnaround from 3Q 2015, when KKR reported a loss of nearly $315 million.
The firm said the “most significant” reason for the increase in gains was the increase in value of its private equity assets. For the quarter, KKR’s PE portfolio appreciated 5.8%, resulting in a year-to-date increase of 8.9% and an appreciation of 13% over the past 12 months. The firm’s stock experienced a resultant bump Tuesday, closing at $14.88 per share, a 2.8% increase over end-of-day Monday.
Want to know more about KKR’s recent activity? Check out the firm’s PitchBook Profile. |
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| | | | | | | | | | | Eight years after the financial crisis, are inflated credit ratings making a return? [Bloomberg]
How startups could fundamentally change the way major LPs do business. [Harvard Business Review]
Amazon’s experiment with physical book stores? So far, so good. [Fortune]
“Conflict is attention,” and “attention is influence.” Inside the mind of Mike Cernovich, the unofficial director of memes for the so-called alt-right. [The New Yorker] |
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| Since yesterday, the PitchBook Platform added: | | 278 Deals | 1372 People | 557 Companies | 9 Funds |
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| | | 2008 Vintage US Buyout Funds with Transportation Investments |
| | | Median IRR | | | | Top Quartile IRR Hurdle Rate | | | | 1.41x Median TVPI | $1.30B Average Amount Distributed |
| | | | *IRR: net of fees | | 18 Funds in Benchmark » |
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| | | Platinum Equity sews up ITG deal with WL Ross |
| | | Synthetic Textiles | Greensboro, NC | Secondary Buyout |
| | | | | | | | | LLCP sells Senior Helpers to Altaris in SBO |
| | | Elder Care | Timonium, MD | Secondary Buyout |
| | | | | | | | | Pamlico backs 10th Magnitude |
| | | Information Technology | Chicago, IL | PE Growth |
| Pamlico Capital has invested in 10th Magnitude, in part to finance potential future acquisitions. The company is a provider of cloud-based services related to the Microsoft Azure platform. Current management will retain a significant stake and continue to run the company's operations. |
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| | | Investcorp to buy 3iDM for £222M |
| | | Specialized Finance | London, UK | Acquisition |
| Investcorp has agreed to acquire the debt management business of 3i Group for a total consideration of £222 million. The 3i debt management division invests primarily in senior secured corporate debt issued by mid and large-cap businesses in Western Europe and the US. The deal will more than double Investcorp's AUM, increasing it from $11 billion to approximately $23 billion. |
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| | | PE group cements $950M exit from Contech |
| | | Construction | West Chester, OH | Acquisition |
| | | | | | | | | Smart Sand eyes $175M IPO |
| | | Raw Materials | The Woodlands, TX | IPO |
| Smart Sand plans to sell 10.6 million shares for between $15 and $18 apiece in the company’s upcoming public offering on the NASDAQ under the SND ticker symbol, per an SEC filing. A midpoint pricing would raise about $175 million. The provider of raw frac sand for the fracking and natural-gas industries has been backed by Clearlake Capital since 2011; the firm owns a 63.3% pre-IPO stake. |
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| | | | | | | | | | | | Road | Milwaukee, WI | IPO |
| REV Group, which was formed by American Industrial Partners in 2010 via the merger of four platform companies, has filed for an IPO. The company plans to trade under the REVG symbol on a yet to be determined exchange. REV Group is a designer, manufacturer and distributor of specialty vehicles, including ambulances, school buses, street sweepers and RVs. |
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| | | IMM RoseGold PEF III raises $1.2B |
| | | Seoul, South Korea | Buyout |
| IMM Private Equity has reportedly closed its third buyout fund on KRW1.25 trillion (about $1.15 billion), the firm’s largest vehicle to date. Operating primarily in South Korea, IMM specializes in significant minority investments and buyouts in the middle market. |
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| | | CenterOak adds three to ranks |
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