Carlyle Group LP (NASDAQ:CG) reported ENI/unit of $1.02 above Street estimates of $0.96, primarily due to stronger than expected performance fees. Higher sequential revenue was driven by stronger performance fees & positive inv income, partially offset by lower fee revenue (-4%, driven by lower mgmt fees). Core expenses (ex perf comp) were higher (+3% q/q, driven by normalizing G&A given the absence of a 4Q insurance beni), which pressured the FRE margin by ~600bps to...
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Clifton Robbins Ira Sohn coverage brought to you by ValueWalk. Clifton Robbins is Founder and Chief Executive Officer of Blue Harbour Group, L.P. The firm’s investment strategy is to use a private equity approach to the public markets as it serves as a lead minority stockholder in public companies, working in collaboration with company managements and boards to build and unlock shareholder value. Clifton Robbins has more than 25 years of experience in the investment management...
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Blackstone Group L.P. (NYSE:BX) plans to sell its 2.5 percent stake in General Growth Properties Inc (NYSE:GGP) in a secondary offering. The private-equity firm, The Blackstone Group L.P. (NYSE:BX), which owns the Hilton Hawaiian Village Waikiki Beach Resort as part of its Hilton Worldwide portfolio, plans to exit its investment of Ala Moana Center owner General Growth Properties Inc (NYSE:GGP) by selling off 23.4 million shares. General Growth is the second-largest mall owner in the United...
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As allocations to illiquid investments have grown over the last decade, so has the need for investors to manage their exposure to illiquid asset classes like private equity, private stock, and other thinly traded securities. There are firms that help provide secondary markets for illiquid offerings. This also ties into so called Zombie funds. One firm that provides private equity secondary offering services is Alp Invest, based in Amsterdam. The firm facilitates return of...
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BMC Software, Inc. (NASDAQ:BMC) today, just a day before its Q1 earnings release, announced that it was selling itself to a consortium of private equity firms led by Bain Capital and Golden Gate for $6.9 billion, Reuters reports. This comes after more than a year of tugging between BMC and its activist stakeholder Elliott Management. Paul Singer’s Elliott Management Corp is the largest stakeholder in BMC Software, Inc. (NASDAQ:BMC) with ownership in 9.6 percent of BMC’s...
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Bain and Golden Gates reportedly made a bid for BMC Software, Inc. (NASDAQ:BMC) rivaling another consortium led by KKR & Co. L.P. (NYSE:KKR). According to a Reuters report, a private equity group consisting of Bain Capital LLC and Golden Gate Capital Corp has reportedly emerged as the lead contender to buy the business software maker BMC Software Inc for over $6.5 billion. This group, which made a binding bid for BMC Software, Inc. (NASDAQ:BMC), offered...
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An interview with Roberto Charvel, Managing Partner atVander Capital Private equity and venture capital in Mexico is becoming more and more interesting. The revenue numbers have become impressive so there are significant-sized opportunities now. There are deep US cross-border ties so the deal networks are there. And the deals are still off the radar for most US investors so it’s both an attractive and under-mined area. The interesting question is how to capture the opportunity. With...
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Private Equity & Venture Capital Conference recently featured famous value investor, Howard Marks. At the conference run by CBS, David Faber and Howard Marks discussed a variety of topics, with a focus on where the private equity industry is today and how it has evolved since the days of KKR in the 1980s. He says the most important point in investing is that what the wise man does in the beginning the fool does...
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Since 2008, activity and fundraising have declined drastically in the private equity sector. For this year, a revival may be in the works. Harvard Business School professor Josh Lerner said private equity had a very challenging time over the past few years and that he has seen a modest uptick in deal activity this year. Lerner explains that this is because funds raised before the financial crisis are reaching their “use it or lose...
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Discussing the state of the economy, and the crash in commodities, with James “Jim” Grant, Founder & Editor of Grant’s Interest Rate Observer. Jim Grant likes two stocks in the private equity industry and believes Ben Bernanke will help drive the price of those firms up. Video and computer transcript below: welcome back. noted economist, jim grant, known for criticizing the fed, he says the central bank’s easy money policy is creating opportunities in...
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Private equity firm KKR & Co. L.P. (NYSE:KKR) posted better than expected first quarter earnings of $647.7 million on Thursday. KKR & Co. LP (NYSE:KKR) reports profits as after-tax economic net income which measures performance as well as the value of investments, considering realized as well as unrealized gains. Though the economic net income was down 9 percent to $647.7 million or 88 cents per share from $727.2 million in Q1 2012, it was better than...
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