Private Equity Transactions
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Combining Banking with Private Equity Investing*
Unstable Equity? * Combining Banking with Private Equity Investing First draft: April 14, 2010 This draft: July 30, 2010 Lily Fang INSEAD Victoria Ivashina Harvard University and NBER Josh Lerner Harvard University and NBER Theoretical work suggests that banks can be driven by market mispricing to undertake activity in a highly cyclical manner, accelerating activity during periods when securities can be readily sold to other parties. While financial economists have largely focused on bank lending, banks are active in a variety of arenas, with proprietary trading and investing being particularly controversial. We focus on the role of banks in the private equity market. We show that bank- affiliated private equity groups accounted for a significant share of the private equity activity and the bank’s own capital. We find that banks’ share of activity increases sharply during peaks of the private equity cycles. Deals done by bank-affiliated groups are financed at significantly better terms than other deals when the parent bank is part of the lending syndicate, especially during market peaks. While bank-affiliated investments generally involve targets with better ex-ante characteristics, bank-affiliated investments have slightly worse outcomes than non-affiliated investments. Also consistent with theory, the cyclicality of banks’ engagement in private equity and favorable financing terms are negatively correlated with the amount of capital that banks commit to funding of any particular transaction. * An earlier version of this manuscript was circulated under the title “An Unfair Advantage? Combining Banking with Private Equity Investing.” We thank Anna Kovner, Anthony Saunders, Antoinette Schoar, Morten Sorensen, Per Strömberg, Greg Udell and seminar audiences at Boston University, INSEAD, Maastricht University, Tilburg University, University of Mannheim and Wharton for helpful comments. -
Leadership Newsletter Winter 2020 / 2021
T���������, M���� ��� T����������������� Leadership Newsletter Winter 2020 / 2021 GTCR Firm Update Since the firm’s inception in 1980, GTCR has Technology, Media and Tele- partnered with management teams in more communications than 200 investments to build and transform growth businesses. Over the last twenty years alone, GTCR has invested over $16 billion in approximately 100 platform acquisitions, 30+ 95+ PLATFORMS ADD-ONS including more than 65 companies that have been sold for aggregate enterprise value of over $ $50 billion and another 14 companies that have 25B+ been taken public with aggregate enterprise value PURCHASE of more than $34 billion. In November 2020, PRICE we closed GTCR Fund XIII, the firm’s largest fund to date, with $7.5 billion of limited partner capital commitments. This fund follows GTCR Fund Acquisition Activity Since 2000 XII, which we raised in 2017, with $5.25 billion As of January 15, 2021* of limited partner capital commitments. GTCR currently has 25 active portfolio companies; ten of these companies are within the Technology, Media and Telecommunications (“TMT”) industry. Page 1 / Continues on next page Technology, Media and Telecommunications Group Update Since 2000, GTCR has completed over 30 new platform investments and over 95 add-on acquisitions within the TMT industry, for a total of over 125 transactions with a combined purchase price of over $25 billion. During just the past year, we have realized several of these investments, selling three businesses and completing the partial sale of two additional companies, for a combined enterprise value of over $9 billion. Our TMT franchise includes ten active portfolio companies and one management start-up, which together have completed nearly 30 add-on acquisitions under our ownership, representing approximately $3 billion of GTCR invested capital. -
Not Mitt Romney's Bain Capital: Boston Investment Firm Home To
Not Mitt Romney’s Bain Capital: Boston investment firm home to diverse political views - Business - The Boston Globe Interested in documentaries? Click here to view our latest free screening. TEXT SIZE MANAGE ACCOUNT LOG OUT NEWS BusinessMETRO MARKETS TECHNOLOGY ARTS BUSINESS BETABOSTON SPORTS OPINION Red Sox Live 3 8 POLITICS LIFESTYLE Final MAGAZINE INSIDERS AtTODAY'S Bain, PAPER a broad range of viewpoints is the new reality E-MAIL FACEBOOK TWITTER GOOGLE+ LINKEDIN 57 http://www.bostonglobe.com/...romney-bain-capital-boston-investment-firm-home-diverse-political-views/gAGQyqkSROIoVubvsCXJxM/story.html[5/23/2015 10:37:45 PM] Not Mitt Romney’s Bain Capital: Boston investment firm home to diverse political views - Business - The Boston Globe SUZANNE KREITER/GLOBE STAFF Former Governor Deval Patrick, a Democrat, is joining Bain Capital — an investment firm founded by his predecessor on Beacon Hill, Republican Mitt Romney. By Beth Healy and Matt Rocheleau GLOBE STAFF APRIL 16, 2015 There are two chestnuts that drive Bain Capital partners crazy: First, the notion that they are ruthless capitalists who enjoy firing people. Second, that they are all card-carrying Republicans. Fifteen long years since Mitt Romney left the Boston investment firm he founded, those old impressions still rankle. Enter Deval Patrick, former Massachusetts governor and a Democrat closely aligned with President Obama, named this week a Bain managing director who will focus on “social impact” investing. The newest Bain employee — and the public spirit implied by his new job — would seem to contradict the firm’s old image. But current and former partners, and close observers of the firm say Bain Capital is more of a big tent than many might think. -
Private Equity and Value Creation in Frontier Markets: the Need for an Operational Approach
WhatResearch a CAIA Member Review Should Know Investment Strategies CAIAInvestmentCAIA Member Member Strategies Contribution Contribution Private Equity and Value Creation in Frontier Markets: The Need for an Operational Approach Stephen J. Mezias Afzal Amijee Professor of Entrepreneurship and Family Enterprise Founder and CEO of Vimodi, a novel visual discussion with INSEAD, based at the Abu Dhabi campus application and Entrepreneur in Residence at INSEAD 42 Alternative Investment Analyst Review Private Equity and Value Creation in Frontier Markets Private Equity and Value Creation in Frontier Markets What a CAIA Member Should Know Investment Strategies 1. Introduction ership stakes, earning returns for themselves and the Nowhere else is the operational value creation approach LPs who invested with them. While this clarifies that more in demand than in the Middle East North Africa capturing premiums through ownership transactions is (MENA) region. Advocating and building operational a primary goal for GPs, it does not completely address capabilities requires active investment in business pro- the question of what GPs need to do to make the stakes cesses, human capital, and a long-term horizon. Devel- more valuable before selling the companies in question. oping the capabilities of managers to deliver value from There are many ways that the GPs can manage their in- operations will not only result in building capacity for vestments to increase value, ranging from bringing in great companies, but will also raise the bar for human functional expertise, e.g., sound financial management, talent and organizational capability in the region. In the to bringing in specific sector operational expertise, e.g., long term, direct support and nurturing of the new gen- superior logistics capabilities. -
Representative Financial Services M&A Transactions
Representative Financial Services M&A Transactions Asset Management • Hellman & Friedman. Representing Hellman & Friedman in connection with its acquisition of Allfunds Bank S.A., a Spanish bank that offers intermediation and investment services to commercial banks, private banking institutions, fund managers, insurance companies and fund supermarkets. • Ramius, LLC. Represented Ramius, LLC, in its sale of Ramius Alternative Solutions to AllianceBernstein. • Landmark Partners. Represented Landmark Partners in the $465 million sale to OM Asset Management, a privately owned asset management holding company. • State Street Bank and Trust Company. Represented State Street Bank and Trust Company in the acquisition of GE Asset Management (GEAM), a privately owned investment manager. • Mitsubishi UFJ Investor Services. Represented Mitsubishi UFJ Investors Services in its acquisition of UBS Global Asset Management’s Alternative Fund Services Business, a company that offers professional services for hedge funds, funds of hedge funds, private equity, and real estate structures. • Mitsubishi UFJ Fund Services Holdings Ltd. Represented Mitsubishi UFJ Fund Services Holdings Ltd., an asset administration company, in its acquisition of Meridian Fund Services Group. • Bain Capital. Represented the global credit affiliate of Bain Capital in its $1.6 billion acquisition of four portfolios of collateralized loan obligations (CLOs) from Regiment Capital. • Wellington Management Company. Represented Wellington Management Company, a privately owned investment manager, in its $85 million PIPE investment in ChinaCache International Holdings Ltd., a provider of content and application delivery services in the People’s Republic of China. • 3i Group. Represented 3i Group in its strategic transaction with Fraser Sullivan, a privately owned investment manager. • Special Committee of Cole Credit Property Trust II Inc. -
Financial Services & Technology
Leadership Newsleter Financial Services & Technology Fall 2015 GTCR Firm Update Since the firm’s inception in 1980, GTCR has partnered with management teams to build and transform growth businesses, investing over $12 billion in more than 200 companies. In January 2014, we closed GTCR Fund XI, the firm’s largest fund to date, with $3.85 billion of limited partner equity capital commitments. To date, we have made five investments in Fund XI. Financial Services & Technology Group Update GTCR's Financial Services & Technology group has stayed very busy in 2015: with the sale of three porfolio companies, Premium Credit Limited, Fundtech and AssuredPartners; the pending sales of Ironshore and The Townsend Group; and the acquisition by Opus Global of Alacra, a provider of KYC compliance workflow sotware to financial institutions. Industry Viewpoints During the extended bull market since the Great Recession, “fintech” has become one of the hotest segments of the economy in terms of media and investor focus. The space has received intense media atention and an influx of capital from venture capitalists and traditional strategic buyers looking to avoid falling behind the curve. Unlike many industries where wholesale technology changes can quickly upend a traditional landscape, financial services requires a more nuanced evolution of technological progress given heightened regulatory requirements, dependence on human capital and the need for trust in financial markets. Many new entrants in the fintech space (both companies and investors) have focused heavily on the “tech” and less on the “fin.” Unlike many new investors in the space, GTCR sees technology not as a separate subsector but as an integral part of financial services, and we have been investing behind the adoption of technology throughout the industry for over two decades. -
Knowledgenow Conference Pressure Points October 2017 What’S Inside?
KnowledgeNow Conference Pressure Points October 2017 What’s inside? THE INSIDE-OUT VIEW Tackling today’s biggest threats to business 02 Time, talent and energy Driving Sales Effectiveness Digital transformation At Boats Group Amazon The elephant in every room Invent Farma A smooth transition Unilabs A transformation story THE OUTSIDE-IN VIEW Global leaders provide perspective 10 Disjointed environments The rising tide of populism Globalization under attack Addressing the challenge 16 Who’s who? 18 The Operational Excellence team 20 References Introduction Pressure Points The theme of our seventh annual KnowledgeNow Conference, “Pressure Points”, explored the th complex combination annual of internal and external KnowledgeNow 7 forces that executives must navigate to evolve and grow their enterprise. The event combines the open sharing of knowledge between the Apax Funds’ portfolio companies in attendance with the tools and experience of the Operational Excellence Practice (OEP) to generate actionable insights. Apax Partners 01 Driving growth through operational excellence “Benign economic conditions, a plentiful supply of financing and record stock-markets have driven corporate valuations on both sides of the Atlantic to unsurpassed levels. Against this backdrop, the ability to materially accelerate portfolio growth is a crucial factor in driving returns.” Andrew Sillitoe Co-CEO, Apax Partners Operational improvements have accounted for circa The fact that the OEP has been our % fastest-growing team in recent years is real proof of the -
Private Equity Investment in Health Care in 2018: a Year in Review Page 1 of 9
Private Equity Investment in Health Care in 2018: A Year in Review Page 1 of 9 Private Equity Investment in Health Care in 2018: A Year in Review PG Bulletin March 14, 2019 Alé Dalton (Bradley Arant Boult Cummings LLP, Nashville, TN) Cody G. Robertson (InnovAge, Denver, CO) Jed Roebuck (Chambliss Bahner & Stophel PC, Chattanooga, TN) This Bulletin is brought to you by AHLA’s Transactions Affinity Group of the Business Law and Governance Practice Group. 2018 saw a remarkable volume and breadth of private equity and venture capital investment in health care, with transactions spanning the spectrum of primary care, to specialty care, to whole hospital systems, and reaching beyond the direct provision of care to ancillary services involving data management and electronic health records. The industry saw similar breadth in transaction size, ranging from single practice acquisitions to multi-billion dollar take-private transactions. This Bulletin summarizes five notable transactions or clusters of transactions that were indicative of private equity investment in health care in 2018. Primary Care Enters the Conversation After years of private equity focus on specialty providers, 2018 saw significant investor interest in primary care. Two notable https://www.healthlawyers.org/Members/PracticeGroups/blg/alerts/Pages/Private_Equity_In... 4/6/2019 Private Equity Investment in Health Care in 2018: A Year in Review Page 2 of 9 transactions highlight the growing investment in the primary care space: the $350 million investment in One Medical by The Carlyle Group and a $100 million Series E investment in Iora Health. One Medical is the largest independently held primary care practice in the United States. -
HELLAS TELECOMMUNICATIONS (LUXEMBOURG) II SCA Case No
UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK In re: Chapter 15 HELLAS TELECOMMUNICATIONS (LUXEMBOURG) II SCA Case No. 12-10631 (MG) Debtor in a Foreign Proceeding. ANDREW LAWRENCE HOSKING and BRUCE MACKAY, in Adv. Pro. No. 14-01848 (MG) their capacity as joint compulsory liquidators and duly authorized foreign representatives of HELLAS TELECOMMUNICATIONS (LUXEMBOURG) II SCA, Plaintiffs, -against- TPG CAPITAL MANAGEMENT, L.P., f/k/a TPG CAPITAL, L.P., and APAX PARTNERS, L.P., on behalf of themselves, -and- DAVID BONDERMAN, JAMES COULTER, WILLIAM S. PRICE III, TPG ADVISORS IV, INC., TPG GENPAR IV, L.P., TPG PARTNERS IV, L.P., T3 ADVISORS II, INC., T3 GENPAR II, L.P., T3 PARTNERS II, L.P., T3 PARALLEL II, L.P., TPG FOF IV, L.P., TPG FOF IV-QP, L.P., TPG EQUITY IV-A, L.P., f/k/a FIRST AMENDED COMPLAINT TPG EQUITY IV, L.P., TPG MANAGEMENT IV-B, L.P., TPG COINVESTMENT IV, L.P., TPG ASSOCIATES IV, L.P., TPG MANAGEMENT IV, L.P., TPG MANAGEMENT III, L.P., BONDERMAN FAMILY LIMITED PARTNERSHIP, BONDO-TPG PARTNERS III, L.P., DICK W. BOYCE, KEVIN R. BURNS, JUSTIN CHANG, JONATHAN COSLET, KELVIN DAVIS, ANDREW J. DECHET, JAMIE GATES, MARSHALL HAINES, JOHN MARREN, MICHAEL MACDOUGALL, THOMAS E. REINHART, RICHARD SCHIFTER, TODD B. SISITSKY, BRYAN M. TAYLOR, CARRIE A. WHEELER, JAMES B. WILLIAMS, JOHN VIOLA, TCW/CRESCENT MEZZANINE PARTNERS III NETHERLANDS, L.P., a/k/a TCW/CRESCENT MEZZANINE PARTNERS NETHERLANDS III, L.P., TCW/CRESCENT MEZZANINE PARTNERS III, L.P., a/k/a TCW/CRESCENT MEZZANINE FUND III, L.P., TCW/CRESCENT MEZZANINE TRUST III, TCW/CRESCENT MEZZANINE III, LLC, TCW CAPITAL INVESTMENT CORPORATION, DEUTSCHE BANK AG, and DOES 1-25, on behalf of themselves and a class of similarly situated persons and legal entities, Defendants. -
TRS Contracted Investment Managers
TRS INVESTMENT RELATIONSHIPS AS OF DECEMBER 2020 Global Public Equity (Global Income continued) Acadian Asset Management NXT Capital Management AQR Capital Management Oaktree Capital Management Arrowstreet Capital Pacific Investment Management Company Axiom International Investors Pemberton Capital Advisors Dimensional Fund Advisors PGIM Emerald Advisers Proterra Investment Partners Grandeur Peak Global Advisors Riverstone Credit Partners JP Morgan Asset Management Solar Capital Partners LSV Asset Management Taplin, Canida & Habacht/BMO Northern Trust Investments Taurus Funds Management RhumbLine Advisers TCW Asset Management Company Strategic Global Advisors TerraCotta T. Rowe Price Associates Varde Partners Wasatch Advisors Real Assets Transition Managers Barings Real Estate Advisers The Blackstone Group Citigroup Global Markets Brookfield Asset Management Loop Capital The Carlyle Group Macquarie Capital CB Richard Ellis Northern Trust Investments Dyal Capital Penserra Exeter Property Group Fortress Investment Group Global Income Gaw Capital Partners AllianceBernstein Heitman Real Estate Investment Management Apollo Global Management INVESCO Real Estate Beach Point Capital Management LaSalle Investment Management Blantyre Capital Ltd. Lion Industrial Trust Cerberus Capital Management Lone Star Dignari Capital Partners LPC Realty Advisors Dolan McEniry Capital Management Macquarie Group Limited DoubleLine Capital Madison International Realty Edelweiss Niam Franklin Advisers Oak Street Real Estate Capital Garcia Hamilton & Associates -
Knowledgenow: Future Foundations
KnowledgeNow: Future Foundations Apax Partners KnowledgeNow Conference October 2016 The 6th Annual Apax Partners Barcelona, KnowledgeNow Conference took place in Barcelona on October 2016 18 to 20 October 2016 What’s inside this report? Introduction Building the future for growth Putting the foundations in 02 12 20 place: case studies for success Building foundations for the future in Follow your North Star uncertain times Kyle Leahy Executive Vice President and A recipe for winning new customers Seth Brody Partner and Global Head of the General Manager of North America, Cole Haan Jon Simmons Operating Executive, Operational Excellence Practice, Apax Partners Apax Partners Mapping career paths to a strong future Greg Kayata Senior Vice President of Preparing for public markets Doug Ahrens CFO, GlobalLogic Shifting foundations in a Human Resources, Acelity 04 turbulent world The price of change Health and safety as a value driver Scott Kim CEO, Bankrate.com Cliff Dixon Vice President of Information Micro-opportunities, macro-knowledge Technology, Quality Distribution Building strength in carve-out situations Andrew Sillitoe Co-CEO and Nico Hansen Putting customers at the heart of Chief Investment Offi cer, Apax Partners Noel Goggin CEO, Aptos Matt Foster COO, Duck Creek Technologies systems planning Putting Brexit in a global context Vid Desai CIO, Vyaire Medical Sal Caruso CIO, One Call Care Management Andrew Sentance Senior Economic Nick Iozzo Operating Adviser, Apax Partners Adviser, PwC Extending your infl uence Rich Beattie Vice President, Multiply Using the Apax Portfolio Effi ciency The view from the Hill platform to get “large company” John Boehner 53rd Speaker of the United procurement States House of Representatives Edward Burgers Procurement & Facilities Manager, Exact Software Attendees The Operational Excellence team A differentiated platform for 26 28 30 value creation KnowledgeNow 2016 01 In attendance.. -
WARSAW, Poland & BUDAPEST, Hungary
WARSAW, Poland & BUDAPEST, Hungary--(BUSINESS WIRE)-- MCI Group, a leading Central European private equity firm with headquarters in Warsaw (Poland), announced today that their Fund MCI.EuroVentures is selling a portion of its shares in Netrisk, the leading online insurance brokerage in Hungary, to global growth private equity firm TA Associates for EUR 55 million (PLN 235 million). As a result of the partial exit, MCI.EuroVentures (buyout fund of MCI Group) has realized a return on investment of 3.0x CoC and 73% IRR. ● MCI Group, one of the leading investors in the Central and Eastern European (EU-CEE) region, remains an important investor in Netrisk and is retaining a 23.7% stake in the company to actively help build value for the insurtech leader on a larger, regional scale. ● TA Associates and Netrisk’s management will hold 75% and 1.3% of the company’s shares, respectively. ● Minority shareholder AMC Capital IV S.c.Sp., advised by Mezzanine Management, is selling all of its shares in Netrisk. ● TA Associates is one of the most experienced global growth private equity firms, having raised USD 33.5 billion in capital since its founding in 1968, and has a long history of investing in companies focused on the digital economy. ● In addition to sustained organic growth, Netrisk will consider acquisition opportunities in CEE, including online, multi-channel and offline companies involved in the distribution of personal- line insurance products. MCI.EuroVentures invested in Netrisk in 2017. The non-life insurance market in Hungary is estimated at USD 1.8 billion, of which the online channel accounts for more than 20%, which is significantly more than other countries in the region, including Poland.