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Years in Private Equity a Timeline

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Private-equity political donations in Conn. and N.Y. state attract criticism. MAR GP Investimentos raises FEB Calpers invests $175 million Publicly traded VC firms CMGI and for stake in Carlyle Group. MAR Accel Partners build its $800 million for what at the time Internet Capital Group emerge. Years in Private Equity was the largest Latin American fund. own homepage on the internet. 1997 A string of new firms form, AUG Canada Pension 1993 Plan Investment Board JAN Madison MAY Goldman Sachs including Audax Group, New A Timeline Dearborn Partners makes its first private- closes first fund of funds Mountain Capital and Silver Lake. equity commitments. completes spinoff with $900 million. 2001 FEB Bain Capital hits from First Chicago the market seeking $250 Venture Capital. SEPT David Retik, co-founder 25AUG Landmark Partners million for its third fund. Total Fundraising (then Landmark Ventures) $134.24 billion of Alta Communications, and across 630 funds Chris Mello, an associate, both agrees to buy a 21-fund MAR Florida SBA crafts 1995 Total Fundraising 1999 die aboard American Airlines portfolio from Harvard partnership with newly Management and sets out $18.02 billion Co-investment funds to Flight 11 in terrorist attack on across 162 funds formed Liberty Partners to DEC Forstmann the World Trade Center. to raise $100 million to invest directly in companies. invest alongside core funds fund the deal and others. start to emerge. Little agrees to invest $1 AUG American Express billion in stock of Total Fundraising agrees to sell its entire Total Fundraising OCT About 30 institutional Total Fundraising $71.40 billion Glut of $1 billion funds in telecom company $119.44 billion investors form the Institutional $200 million private-equity $33.97 billion across 381 funds Europe concerns investors. McLeodUSA. across 549 funds Limited Partners Association. portfolio to Stathis Andris in across 252 funds a deal that launches fund- 1991 OCT AT&T pension fund shifts staff, of-funds manager Venture DEC Washington state pension commits Investment Associates. SEPT Peter Dolan leaves private-equity assets to J.P. Morgan. DEC Lehman Brothers, Bear Stearns, Bank of America, $1.5 billion to KKR’s Millennium Fund. Total Fundraising DEC Advent International backs its $7.01 billion Cambridge Associates to join Merrill Lynch and Donaldson Lufkin & Jenrette (now first U.S. buyout for $16 million. across 56 funds More LPs ask for key-man provisions to Harvard Private Capital Group DEC Golder Thoma Cressey & Credit Suisse) join the throngs of banks ramping up DEC VC writedowns finally protect them from unexpected GP departures. (now Harvard Management). Rauner decides to split into two firms. their PE investments in wake of looser regulations. start to hit investor portfolios. 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 JAN Sixty-three first-time MAR Accel Partners and FEB Calpers buys 10% stake JAN Bain Capital becomes first FEB State of funds are raised in the U.S., Institutional Venture Partners in Thomas Weisel Partners. Total Fundraising buyout firm to charge a 30% carry. Connecticut pension FEB Louisiana SERS thanks partly to a push by the Total Fundraising raise carry on their funds to 25%. $11.12 billion funds sue Forstmann allocates 5% target for across 101 funds Small Business Administration. $22.56 billion FEB Accel Partners and KKR team Total Fundraising Little to recover losses Total Fundraising alternatives (roughly across 222 funds up to form Accel-KKR Internet Co. $203.36 billion JUNE Brent Nicklas leaves $87.09 billion $150 million at the time). Total Fundraising across 847 funds from two of the firm’s Landmark Partners to form LPNY to back deals that help companies across 350 funds MAY Pantheon Ventures $102.60 billion expand onto the internet. failed telecom deals. Advisors (later Lexington Partners). across 469 funds seeks up to $50 million for first MAR GS Capital Partners seeks $750 1998 Asia-focused fund of funds. Accel Partners, Mohr Davidow Ventures and million for GS Capital Partners LP but 1994 JULY Calstrs launches SEPT Wicks Group buys publisher Redpoint Ventures join wave of VC firms will charge fees only on invested capital Total Fundraising MAY North Bridge Venture Partners raises co-investment program. $37.84 billion FEB Peter Brockway and Michael Moran leave of Private Equity Analyst, merges it scaling back the size of bubble-era funds. amid difficult fundraising conditions. $52 million for North Bridge Ventures I LP. across 266 funds Trivest to form Brockway Moran & Partners. with VentureSource owner. SEPT Advent JUNE Portfolio Advisors APR Yale University Pacific Corporate Group draws GP International closes debut More buyout ire with a 10-page, 80-question launches with help from firms start endowment reveals Latin American fund. 1996 OCT Triumph Capital questionnaire for Calpers. One GP Landmark Partners. mapping plan to lower private- Group founder faces equity target allocation. dubs it “the questionnaire from hell.” strategies for criminal charges in 1992 The limited liability company tech deals. kickback scheme MAY J.P. Morgan & Co. structure catches on for fund tied to former Conn. seeks $500 million to $1 formation. A few states remain 2000 State Treasurer billion for Corsair Partnership holdouts, including Calif., N.Y. Paul Silvester. 2002 LP to take minority stakes in and Mass., although the three states eventually also allow OCT San Jose Mercury News sues Calpers to financial institutions. Corsair is OCT Calpers chooses newcomer Grove Street NOV Crosspoint Venture Partners pulls plan for $1 billion VC such structures. force the release of private-equity returns data. named after the yacht of bank Advisors for venture fund-of-funds mandate. fund; John Mumford declares venture capital model “broken.” founder J.P. Morgan Sr. AUG Scott Sperling leaves Harvard Management OCT IPO boom drives J.C. Flowers & Co. raises DEC Draper Fisher Jurvetson raises affiliate Aeneas Group to join Thomas H. Lee Partners. 31% growth in GP pay. NOV Thomas Weisel forms Thomas Weisel $900 million for its first fund. Partners after leaving Montgomery Securities. $1.33 billion for two new funds. MAR After cuts in fund PE firms buy up cheap debt in portfolio companies. sizes and JAN European team from Hicks Muse Tate FEB Private Equity Council forms (later changes name to JAN ILPA issues revised Carlyle, KKR and others design offerings fees, news of & Furst spins off to form Lion Capital. MAR American Investment Council). N.Y. State AG best practices on terms. for high-net-worth, 401(k) investors. MAR A judge private-equity Andrew Cuomo issues rules against job cuts begin APR Accel Partners a 123-count indictment JULY SEC lifts ban on general Ellen Pao in her to emerge. AUG Blackstone Group raises $21.7 against ex-members of Oak Hill Advisors, Oaktree Capital, high-profile sexual makes early-stage billion for largest buyout fund ever raised. Avenue Capital and others market funds solicitation under Reg D rules. investment in Facebook. N.Y. State Comptroller’s discrimination Office over kickbacks. to invest in European distressed debt. lawsuit against APR Team of professionals from 2005 Scandal later leads to Kleiner Perkins Hamilton Lane spins off to form Blackstone settlements with Carlyle, Caufield & Byers. Franklin Park Associates. Group, Fortress SEPT Solyndra Investment Quadrangle and other files for chapter Group go public PE firms. 11, casting a 2013 on the NYSE. chill over clean- SEPT KKR’s Samson Total Fundraising tech deals, but OCT Dell Inc. sells $59.75 billion Total Fundraising Resources Corp. files Total Fundraising oil and gas to Silver Lake and across 275 funds APR European $244.09 billion Michael Dell for for chapter 11, as low oil $189.90 billion deals stay hot. across 686 funds across 504 funds Commission proposes $24.9 billion. prices exacerbate distress what will later become in the energy sector. NOV Private Equity Total Fundraising Alternative Investment Industry Guidelines Group AUG Illinois Teachers bans $373.40 billion Fund Managers Directive. Former CIA releases draft valuation across 627 funds commitments to firms that head David 2015 OCT SEC guidelines in early push use placement agents to 2007 2009 SEPT ILPA issues Petraeus joins approves rules toward standardization. pitch to the pension system. guidelines on best KKR, and former allowing individual OCT KKR, TPG and Goldman practices for fund U.S. Treasury Total Fundraising Total Fundraising Total Fundraising $292.63 billion investors to back Access to elite VC firms Sachs Capital Partners close terms and conditions. Secretary Timothy startups through AUG SBIC funds must hunt for new $123.92 billion $147.91 billion across 772 funds stays tight as top groups deal to buy Energy Future across 407 funds across 501 funds Geithner joins crowdfunding. raise smaller funds. LPs after government halts program. Holdings for $45 billion. 2011 Warburg Pincus. 2003 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 APR Energy Future Holdings JUNE In a historic vote, Dow Jones & Co. acquires JUNE Sequoia JAN Sovereign-wealth funds Behrman Capital, Willis Stein & Total Fundraising JULY Dodd-Frank Wall Street (formerly TXU) files for chapter 11 the U.K. decides to exit Private Equity Analyst. Capital says it will no emerge as go-to LPs. Partners recap old funds, highlight $314.56 billion Reform Act signed into law; PE fresh source of secondary deals. bankruptcy protection. Total Fundraising the European Union. longer take money across 549 funds firms brace for SEC registration. $281.04 billion from funds of funds. MAY SEC official Andrew across 836 funds FEB LBO firms Total Fundraising MAR Blackstone Total Fundraising PE-backed IPO volume Total Fundraising 2006 Bowden says more than 50% of $349.84 billion hits $31.29 billion, $199.59 billion rush to take on $116.62 billion closes deal to acquire SEPT BC Partners examinations of private-equity firms find “violations of high-yield debt.
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