BLOG.JMHAMILTONPUBLISHING.COM: Category Archive for Private Equity

Bain’s decision to enter China’s fast-growing surveillance industry raises questions about the direct role that American corporations play in outfitting authoritarian governments with technology

Posted by J.M. Hamilton Blog at 3/16/2012 7:44 AM | Add Comment

Limits on interest deductibility, if paired with cuts in the U.S. corporate tax rate, wouldn’t stop the private equity business model from being feasible, Kaplan said.

Posted by J.M. Hamilton Blog at 3/15/2012 5:30 PM | Add Comment

Bain also took a swipe at what it considered politicized attacks on Bain.

Posted by J.M. Hamilton Blog at 3/14/2012 6:30 PM | Add Comment

His past private equity work cuts both ways: it’s a credential that appeals to Republicans, while a slim majority -- 52 percent -- of all Americans view the business practice as harmful to the economy and 68 percent object to the favored tax rate

Posted by J.M. Hamilton Blog at 3/13/2012 2:30 PM | Add Comment

Carlyle has taken advantage of borrowed money in the past to pay its fund investors dividends before taking holdings public. So-called dividend recaps were used when Dunkin’ Brands Group Inc. borrowed $1.25 billion in 2010 to pay $500 million to owners

Posted by J.M. Hamilton Blog at 3/13/2012 2:15 PM | Add Comment

Instead, buyers of high-yielding debt are betting that financing conditions will remain loose enough to permit investors to boost returns while default rates remain well below the 25-year average.

Posted by J.M. Hamilton Blog at 3/12/2012 5:44 PM | Add Comment

"Today, large cap managers are still seeing challenges in financing, especially for large companies," he said. "Unlike 2006 and 2007, it is not easy to put together a financing package."

Posted by J.M. Hamilton Blog at 3/8/2012 7:03 PM | Add Comment

But Mr. Romney has not been able to excise the casual references to his wealth, like his statement last week that he is friends with owners of Nascar teams.

Posted by J.M. Hamilton Blog at 3/5/2012 7:33 PM | Add Comment

But A.I.G. has been reducing its Blackstone stake for some time, including with the sale of about 10 million shares in 2010. On Friday, it sold the remaining shares in the open market.

Posted by J.M. Hamilton Blog at 3/2/2012 7:24 PM | Add Comment

Unlike in the U.S., where companies can publicly list shares if they fulfill criteria set by the exchanges, in China the securities regulator decides who can launch an IPO and when, resulting in long waits.

Posted by J.M. Hamilton Blog at 3/2/2012 7:10 PM | Add Comment

Below, we examine the myths surrounding private equity by revisiting the top 10 leveraged buyout deals.

Posted by J.M. Hamilton Blog at 2/29/2012 7:05 PM | Add Comment

PRIVATE EQUITY DEAL GONE BUST: TXU

Posted by J.M. Hamilton Blog at 2/29/2012 6:08 AM | Add Comment

“Europe is one of the world’s greatest investment opportunities right now,” Mr. Rubenstein said at SuperReturn International. “There’s no part of the world that will see so much assets sold at a discount as in Europe.”

Posted by J.M. Hamilton Blog at 2/28/2012 8:15 PM | Add Comment

Other private-equity peers, like the Carlyle Group, agreed to cut management fees for certain large investors to half the industry standard in order to raise a $2.3 billion real-estate fund.

Posted by J.M. Hamilton Blog at 2/27/2012 7:24 PM | Add Comment

Billabong shares rose above the offer price today, the first time since it announced the TPG bid on Feb. 17.

Posted by J.M. Hamilton Blog at 2/27/2012 6:26 PM | Add Comment

Semantics aside, the founders of Bain Capital originally saw the firm not as an LBO or private equity shop, but as a venture capital concern.

Posted by J.M. Hamilton Blog at 2/26/2012 1:44 PM | Add Comment

The video tells the story of an $850 million investment the Blackstone Group made in the Detroit Medical Center in 2010 through its portfolio company Vanguard Health Systems.

Posted by J.M. Hamilton Blog at 2/24/2012 5:52 PM | Add Comment

I consider myself an ardent capitalist, and well recognize the risks of government intervention, particularly the “moral hazard” of rewarding failure and the scary prospect of politics’ entering private sector decision-making.

Posted by J.M. Hamilton Blog at 2/24/2012 5:46 PM | Add Comment

"If loans weren’t securitized, bankers might have taken the time to assess the creditworthiness of each applicant."

Posted by J.M. Hamilton Blog at 2/21/2012 7:19 PM | Add Comment

“He was in the right place at the right time.”

Posted by J.M. Hamilton Blog at 2/21/2012 7:17 PM | Add Comment

“Turning music into a two-horse race is not good for artists, not good for consumers and certainly not good for the development of the online market.”

Posted by J.M. Hamilton Blog at 2/21/2012 7:12 PM | Add Comment

Judge—a friendly, low-key former Democratic Hill staffer who was already the private equity group’s in-house lobbyist—spends his days pitching anyone who’ll listen on the virtues of private equity.

Posted by J.M. Hamilton Blog at 2/17/2012 7:55 PM | Add Comment

KKR & Co., also based in New York, was the year’s second- ranked buyout firm, agreeing to 34 announced deals valued at $19.5 billion

Posted by J.M. Hamilton Blog at 2/17/2012 7:53 PM | Add Comment

Billabong’s total debt stands at A$852 million, according to data compiled by Bloomberg.

Posted by J.M. Hamilton Blog at 2/16/2012 6:55 PM | Add Comment

Mitt Romney’s campaign for the Republican presidential nomination has put a spotlight on the industry, including Romney’s former firm, Boston-based Bain Capital LLC.

Posted by J.M. Hamilton Blog at 2/14/2012 7:29 PM | Add Comment

Glory was advised by KPMG and the law firm Slaughter & May.

Posted by J.M. Hamilton Blog at 2/14/2012 7:15 PM | Add Comment

While private equity billionaires like Henry R. Kravis and Stephen A. Schwarzman have long made headlines for their audacious deals, the industry has historically received minimal attention from federal lawmakers

Posted by J.M. Hamilton Blog at 2/13/2012 7:46 PM | Add Comment

The reversal is “based on expected exits by many of the largest consumer Web and social-media companies, and a decline in large private companies with motivated selling shareholders,” Nyppex said.

Posted by J.M. Hamilton Blog at 2/13/2012 7:21 PM | Add Comment

SAC has been in the spotlight lately after a technology analyst was arrested and charged in January with insider trading.

Posted by J.M. Hamilton Blog at 2/13/2012 7:17 PM | Add Comment

Apollo--founded by prominent banker Leon Black in 1990--is the latest private-equity firm after Blackstone Group LP (BX) and KKR & Co. (KKR) to report lackluster fourth-quarter earnings

Posted by J.M. Hamilton Blog at 2/13/2012 7:13 PM | Add Comment

Deal makers are excited because advances in drilling techniques such as horizontal drilling and hydraulic fracturing, or fracking, have made it easier to extract oil and natural gas from shale and other rock formations, creating an opening for private-equ

Posted by J.M. Hamilton Blog at 2/13/2012 7:11 PM | Add Comment

Last week, Lauzon, spoke of his experiences under private equity ownership. “Private equity firms are not perfect, but they can be lifelines when the future of a company is in question and jobs are at stake."

Posted by J.M. Hamilton Blog at 2/13/2012 7:02 PM | Add Comment

Private Equity Under Fire: Pension Fund Pull Back?

Posted by J.M. Hamilton Blog at 2/10/2012 6:54 PM | Add Comment

For instance, HCA (HCA) this week engaged in financial engineering by issuing $750 million of junk bonds in order to help fund an $875 million special dividend to common holders.

Posted by J.M. Hamilton Blog at 2/9/2012 8:42 PM | Add Comment

Tony James, president of Blackstone Group LP, talks about criticism of private-equity firms and impact on the industry.

Posted by J.M. Hamilton Blog at 2/8/2012 7:49 PM | Add Comment

"Wary of HCA's sizable debt load."

Posted by J.M. Hamilton Blog at 2/6/2012 7:56 PM | Add Comment

Americans understand the role that failure has in success.

Posted by J.M. Hamilton Blog at 2/6/2012 8:32 AM | Add Comment

The clause may have run into legal trouble even if Carlyle had not changed its mind.

Posted by J.M. Hamilton Blog at 2/3/2012 7:24 PM | Add Comment

Private equity has been characterized by some of Mr. Romney’s opponents, Republicans and Democrats alike, as a job-killing financial practice

Posted by J.M. Hamilton Blog at 2/3/2012 7:09 PM | Add Comment

Some limited partners and prospective investors in Siris Capital Group LLC have expressed concern that the New York-based spinout’s ties with Cohen left it vulnerable to “headline risk,” or negative news

Posted by J.M. Hamilton Blog at 2/2/2012 6:52 PM | Add Comment

The S&P/Case-Shiller index of property values in 20 cities declined 3.7 percent from November 2010 after falling 3.4 percent in the year ended in October, according to data released today.

Posted by J.M. Hamilton Blog at 1/31/2012 6:48 PM | Add Comment

"Returns from private equity depend on the timing, the price and the manager, according to the firm. But the time to earn outsized returns from large-capitalization PE funds may have passed..."

Posted by J.M. Hamilton Blog at 1/31/2012 6:44 AM | Add Comment

“English criminal law limits what we can say about this incident.”

Posted by J.M. Hamilton Blog at 1/30/2012 6:42 PM | Add Comment

Owen Blicksilver, a representative of TPG, declined to comment.

Posted by J.M. Hamilton Blog at 1/30/2012 6:37 PM | Add Comment

Mr. Romney’s personal finances are particularly entwined with Goldman.

Posted by J.M. Hamilton Blog at 1/28/2012 7:00 AM | Add Comment

"It’s also quite conclusive in finding that private equity creates value in companies and delivers superior returns to its investors."

Posted by J.M. Hamilton Blog at 1/27/2012 6:44 PM | Add Comment

“What Mitt Romney and many private equity firms do … is not different from what Warren Buffett does,” said Daniel Pang, a first-year Wharton MBA student

Posted by J.M. Hamilton Blog at 1/26/2012 6:55 PM | Add Comment

Pension funds are experimenting with new ways to team up with private-equity firms

Posted by J.M. Hamilton Blog at 1/26/2012 6:51 PM | Add Comment

In recent weeks, Mr. Obama has had a useful surrogate in Newt Gingrich, the former House speaker, who has accused Mr. Romney of destroying jobs while at Bain and pressured him to release his tax returns.

Posted by J.M. Hamilton Blog at 1/25/2012 7:21 AM | Add Comment

Blackstone, the largest private-equity firm, has reduced its reliance on private equity by expanding its real-estate unit

Posted by J.M. Hamilton Blog at 1/24/2012 8:29 PM | Add Comment

Although this is less profitable as banks have to share fees, it protects private equity firms and banks from being unable to sell the loans in volatile markets, bankers said.

Posted by J.M. Hamilton Blog at 1/24/2012 8:08 PM | Add Comment

Mr. Romney's Tax Returns....

Posted by J.M. Hamilton Blog at 1/24/2012 7:45 PM | Add Comment

Questions about Mr. Romney’s wealth have dogged him for weeks as his rivals for the Republican nomination assailed his tenure at Bain Capital and pressed for details about his taxes.

Posted by J.M. Hamilton Blog at 1/24/2012 7:41 PM | Add Comment

Private equity firm TPG Capital is also willing to invest about $1 billion in Olympus in a joint deal with one of the corporate suitor

Posted by J.M. Hamilton Blog at 1/23/2012 2:14 PM | Add Comment

In most cases, the private- equity firms take 20 percent of the increase in equity value between when they bought the company and when it is sold. (In Bain’s case, it can be 30 percent...)

Posted by J.M. Hamilton Blog at 1/23/2012 6:34 AM | Add Comment

Among the Sun Capital investors that stand to benefit from all of this are the New York State Teachers’ Retirement System, the Indiana State Teachers’ Retirement Fund and the Ford Foundation.

Posted by J.M. Hamilton Blog at 1/22/2012 7:20 AM | Add Comment

“GE Capital is safe and secure and rebounding sharply.”

Posted by J.M. Hamilton Blog at 1/20/2012 8:39 PM | Add Comment

Since the private equity firms bought the Dallas-based company, now known as Energy Future Holdings Corp. (TXU), with $45 billion in debt financing, natural gas prices have tumbled 50 percent

Posted by J.M. Hamilton Blog at 1/20/2012 7:48 PM | Add Comment

"Carlyle has also taken a machete to the traditional legal rights of public shareholders."

Posted by J.M. Hamilton Blog at 1/19/2012 7:40 PM | Add Comment

Mr. Romney does not have to apologize for his wealth. But he cannot keep trying to conceal just how much the tax code has been tilted in his favor.

Posted by J.M. Hamilton Blog at 1/19/2012 6:57 AM | Add Comment

It’s almost as if Mr. Romney never worked in — what’s that other phrase for private equity? — oh yes, a leveraged buyout firm.

Posted by J.M. Hamilton Blog at 1/18/2012 7:19 PM | Add Comment

“But not particularly proud of people who go in, leverage the game, borrow the money, leave the debt behind and walk off with all the profits.”

Posted by J.M. Hamilton Blog at 1/18/2012 7:16 PM | Add Comment

J.M. Hamilton: Always Cutting Edge... Often Prescient!

Posted by J.M. Hamilton Blog at 1/17/2012 7:13 PM | Add Comment

The sale is part of a wider plan to raise capital and some of the investments are managed by third-party funds

Posted by J.M. Hamilton Blog at 1/17/2012 7:13 PM | Add Comment

“Not everybody is perfect; we’ve had our mistakes as well, but I don’t think there’s a predatory attitude in doing these deals,” Mr. Levy said.

Posted by J.M. Hamilton Blog at 1/17/2012 7:12 PM | Add Comment

“They are not pillagers,” Steven N. Kaplan, a professor of finance at the University of Chicago, said of Bain. “They were operational engineers.”

Posted by J.M. Hamilton Blog at 1/14/2012 6:44 AM | Add Comment

"The firm also approaches the market opportunistically."

Posted by J.M. Hamilton Blog at 1/13/2012 7:01 PM | Add Comment

This year, the industry is defending itself from attacks by rivals of Republican presidential candidate Mitt Romney

Posted by J.M. Hamilton Blog at 1/13/2012 6:59 PM | Add Comment

TPG is one of the world's largest private equity firms

Posted by J.M. Hamilton Blog at 1/13/2012 6:57 PM | Add Comment

Warren Buffett Slams Private Equity!

Posted by J.M. Hamilton Blog at 1/13/2012 7:08 AM | Add Comment

Delta Air Lines and TPG Capital, the private equity firm, are considering separate bids for AMR Corporation,

Posted by J.M. Hamilton Blog at 1/13/2012 6:46 AM | Add Comment

Steven Rattner - Democrat - Defends Mitt and Private Equity!

Posted by J.M. Hamilton Blog at 1/12/2012 11:57 PM | Add Comment

Already, the favorable treatment for private-equity earnings -- the so-called carried-interest tax -- has become a hot issue in Washington.

Posted by J.M. Hamilton Blog at 1/12/2012 11:51 PM | Add Comment

"Private equity can be exploitative; it can also promote growth, employment and profits by avoiding the impediments imposed on public companies"

Posted by J.M. Hamilton Blog at 1/12/2012 11:43 PM | Add Comment

“How come the big boys made a lot of money and they went broke?” he asked. “That’s not an attack on capitalism.”

Posted by J.M. Hamilton Blog at 1/12/2012 11:35 PM | Add Comment

Paid for by Winning our Future… Authorized by the Roberts Court’s Citizens United Decision

Posted by J.M. Hamilton Blog at 1/12/2012 6:53 AM | Add Comment

"The titans of private equity have long feared this moment."

Posted by J.M. Hamilton Blog at 1/11/2012 5:14 AM | Add Comment

“This will be a major liability that Mitt Romney brings into the race,” he said.

Posted by J.M. Hamilton Blog at 1/11/2012 5:00 AM | Add Comment

The film also depicts Romney as “rich beyond imagination” and out of touch with most Americans as a result of his wealth.

Posted by J.M. Hamilton Blog at 1/10/2012 9:08 PM | Add Comment

Mr. Perry said. “They’re vultures that are sitting out there on the tree limb waiting for the company to get sick, and then they swoop in, they eat the carcass, they leave with that, and they leave the skeleton.”

Posted by J.M. Hamilton Blog at 1/10/2012 8:44 PM | Add Comment

“Tonight is going to tell it all,” Mr. Huntsman said on CNN

Posted by J.M. Hamilton Blog at 1/10/2012 8:43 PM | Add Comment

“I have no doubt Mitt Romney was worried about pink slips — whether he was going to have enough of them to hand out because his company, Bain Capital, of all the jobs that they killed,” Mr. Perry

Posted by J.M. Hamilton Blog at 1/10/2012 7:10 AM | Add Comment

In addition to Mr. Gingrich, Henry A. Kissinger and Robert J. Dole also served on the firm’s advisory board.

Posted by J.M. Hamilton Blog at 1/9/2012 6:25 PM | Add Comment

The company called the (Wall Street) Journal's analysis "inaccurate and misleading" and said it unfairly put the onus on Bain for events at companies after it no longer owned them.

Posted by J.M. Hamilton Blog at 1/9/2012 5:32 PM | Add Comment

The Bain Bailout

Posted by J.M. Hamilton Blog at 1/9/2012 5:31 PM | Add Comment

Republicans Attack Private Equity!

Posted by J.M. Hamilton Blog at 1/9/2012 10:07 AM | Add Comment

Mr. Gingrich: “If this is free enterprise, then conservatives should have nothing to do with it,” he said. “It is predatory paper-shuffling. Mitt Romney was engaged in the engineered destruction of free enterprise.”

Posted by J.M. Hamilton Blog at 1/9/2012 8:39 AM | Add Comment

"Mr. Gingrich also attacked Mr. Romney’s tenure at the private equity firm Bain Capital, accusing him of pillaging companies and cutting jobs to enrich himself and his colleagues."

Posted by J.M. Hamilton Blog at 1/9/2012 8:36 AM | Add Comment

Bain was an investor in the 1990s, primarily from hiring abroad. But during that period, Dade’s United States employment fell by more than 1,700 jobs, as Bain Capital oversaw corporate mergers and plant closings.

Posted by J.M. Hamilton Blog at 1/8/2012 9:06 AM | Add Comment

"Mr. Romney and those like him didn’t destroy jobs, but they did enrich themselves while helping to destroy the American middle class."

Posted by J.M. Hamilton Blog at 1/6/2012 6:52 AM | Add Comment

“They’re not Gordon Gekko,” he said of the firm. “It’s almost like they got together and said, ‘There’s a different way to do this.’ ”

Posted by J.M. Hamilton Blog at 1/6/2012 6:32 AM | Add Comment

“The market got ahead of itself,” said Jeffrey H. Bunzel, "Earlier in the year, there were unrealistic expectations. Since then the macro environment has definitely come down.”

Posted by J.M. Hamilton Blog at 1/5/2012 7:01 PM | Add Comment

“Ron Paul’s not going to be our nominee,” Romney said.

Posted by J.M. Hamilton Blog at 12/30/2011 7:06 PM | Add Comment

“There’s a lot of walking dead.” “There’s a lot of walking dead,”

Posted by J.M. Hamilton Blog at 12/27/2011 6:15 PM | Add Comment

“Venture capital is absolutely foaming at the mouth over big data.”

Posted by J.M. Hamilton Blog at 12/26/2011 9:12 AM | Add Comment

"My response is, there are no good or bad bonds, just good or bad prices," Kuhn says.

Posted by J.M. Hamilton Blog at 12/25/2011 2:06 PM | Add Comment

Mr. Mudd: “The S.E.C. is wrong, and I look forward to a court where fairness and reason — not politics — is the standard for justice.”

Posted by J.M. Hamilton Blog at 12/19/2011 7:10 PM | Add Comment

Although he would no longer be a partner, he would continue to be paid a part of the firm’s profits in buyout deals and other businesses, much as active partners were.

Posted by J.M. Hamilton Blog at 12/19/2011 6:53 AM | Add Comment

At this time we're still not sure if Bohart will take the reigns.

Posted by J.M. Hamilton Blog at 12/16/2011 7:19 PM | Add Comment

Fortress hired Mr. Mudd in July 2009, nearly a year after the government forced him out as Fannie’s C.E.O.

Posted by J.M. Hamilton Blog at 12/16/2011 7:15 PM | Add Comment

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