Paritosh's Feed
Apr 10, 2012

Exclusive: Bain may seek $6 billon-$8 billion for new fund: sources

NEW YORK (Reuters) – Bain Capital LLC is considering raising between $6 billion and $8 billion for a new global buyout fund – lower than its last $10.7 billion fund – and offering investors up to three options on fees it charges to manage the money, according to people familiar with the matter.

Bain, once headed by Republican U.S. presidential candidate Mitt Romney, may start fundraising as early as this summer for its 11th global buyout fund, Fund XI, the sources said.

Apr 10, 2012

Bain may seek $6 bln-$8 bln for new fund-sources

NEW YORK, April 10 (Reuters) – Bain Capital LLC is
considering raising between $6 billion and $8 billion for a new
global buyout fund – lower than its last $10.7 billion fund -
and offering investors up to three options on fees it charges to
manage the money, according to people familiar with the matter.

Bain, once headed by Republican U.S. presidential candidate
Mitt Romney, may start fundraising as early as this summer for
its 11th global buyout fund, Fund XI, the sources said.

Mar 29, 2012

Barclays’ top financial services banker to retire

By Paritosh Bansal

(Reuters) – The head of Barclays’ (BARC.L: Quote, Profile, Research) global financial institutions group, Jeff Weiss, is retiring after nearly three decades at the British bank and Lehman Brothers, according to an internal memo seen by Reuters on Thursday.

Weiss, who also served on the executive committee of investment banking, is leaving to pursue entrepreneurial opportunities, said the memo, which was signed by Skip McGee, the head of Global Investment Banking at Barclays.

Mar 29, 2012

Insurance co Cunningham Lindsey for sale-sources

NEW YORK, March 29 (Reuters) – Cunningham Lindsey, an
insurance claims management company controlled by buyout firm
Stone Point Capital LLC, is up for sale and could fetch more
than $1 billion, sources familiar with the situation said.

Bank of America Merrill Lynch is advising Cunningham
Lindsey on the auction, the sources said, adding that the
company is expected to draw interest from private equity firms.

Mar 10, 2012

Apollo’s Black gets $104 million in distributions, pay

By Paritosh Bansal and Greg Roumeliotis

(Reuters) – Apollo Global Management LLC (APO.N: Quote, Profile, Research, Stock Buzz) co-founder Leon Black will take home $104.2 million in 2011 dividends, salary and share of profits from the private equity firm, more than twice what he got in 2010, thanks to the firm’s record investment payouts.

Apollo’s revenues from realized carried interest – its cut from the profits it makes investors – hit an all-time annual high of $645 million in 2011 due to cash payouts from some of its realized investments, such as the sale of Parallel Petroleum to Samsung C&T Corp (000830.KS: Quote, Profile, Research, Stock Buzz) for $772 million.

Feb 29, 2012

Blackstone CEO gets $213.5 mln in 2011 pay, distributions

Feb 28 (Reuters) – Blackstone Group LP
co-founder Stephen Schwarzman got about $213.5 million in
salary, share of profits and cash distributions from his
holdings in the world’s largest private equity firm in 2011, up
33 percent from the previous year.

Schwarzman, 65, who co-founded Blackstone in 1985, got most
of his payout from dividends on his 21 percent ownership of the
private equity firm and realized investments from funds
predating the company’s IPO in 2007.

Feb 28, 2012

CoreLogic investor seeks CEO, board changes

Feb 28 (Reuters) – Highfields Capital Management LP, a
large CoreLogic Inc investor, is calling for a change
in the company’s management and board after the data and
analytics firm ended a strategic review process in favor of its
own business plan.

Highfields, which owns about 7.6 percent of CoreLogic, said
it was “very disappointed” with the company’s decision and would
consider all its options if the company did not engage in
discussions, and changed Chief Executive Anand Nallathambi.

Feb 25, 2012

Sprint board vetoes bid to buy MetroPCS: sources

NEW YORK (Reuters) – Sprint Nextel Corp’s (S.N: Quote, Profile, Research, Stock Buzz) board vetoed a multibillion dollar purchase of smaller rival MetroPCS Communications (PCS.N: Quote, Profile, Research, Stock Buzz) at the last-minute this week, sources said, in a surprise move that could throw the future of Sprint CEO Dan Hesse into question.

Sprint’s board decided at a meeting on Wednesday against going ahead with the purchase, pulling the plug on a deal that was at least weeks in the making and expected to be announced as soon as this week, one of the sources said.

Feb 17, 2012

Exclusive: Ally weighs sale as IPO looks bleak

NEW YORK (Reuters) – Ally Financial is weighing a sale of all or part of its auto lending and banking businesses, as an initial public offering looks increasingly remote and the U.S. government seeks to recoup some $17 billion in bailout money, sources familiar with the situation said.

Ally, which is 73.8 percent owned by the U.S. government, is already in the process of selling its mortgage unit, Residential Capital, and sale of other assets could happen even as that continues, one of the sources said.

Feb 17, 2012

Ally weighs sale as IPO looks bleak-sources

NEW YORK, Feb 16 (Reuters) – Ally Financial is
weighing a sale of all or part of its auto lending and banking
businesses, as an initial public offering looks increasingly
remote and the U.S. government seeks to recoup some $17 billion
in bailout money, sources familiar with the situation said.

Ally, which is 73.8 percent owned by the U.S. government, is
already in the process of selling its mortgage unit, Residential
Capital, and sale of other assets could happen even as that
continues, one of the sources said.