Lawmakers question regulators' oversight of PE advisers | Weekly Summary | Transitions
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September 18, 2013
Private Equity SmartBrief
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Lawmakers question regulators' oversight of PE advisers
Key members of the U.S. House recently wrote a letter to Securities and Exchange Commission Chair Mary Jo White questioning whether too much time is spent examining the practices of private equity fund advisers. "For these advisers, the SEC examination process has proven to be burdensome, costly, inefficient and inflexible," the lawmakers wrote. Reuters (9/13)
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In This Issue
Weekly Round-Up
Weekly Summary
The private equity secondaries market has thrived in recent years as firms seek a way to invest in particular funds or liquidate their interest. The activity has led some to question the overall value and effectiveness in the secondaries market. A recent study analyzing the industry suggests that annualized performance of secondaries investments could outperform primary investments by as much as 3%. These strong returns bode well for firms that strive to spot undervalued portfolios. Read more about the study. (registration required)
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Wu Yibing of China's Citic Securities has been hired by Temasek Holdings, Singapore's state investment firm. Wu had been the chief of the private equity division for Citic, which had approximately $5 billion in funds under management.

Josyane Gold has agreed to join the board of Electra Private Equity. Gold, a lawyer who specializes in fund formation, co-founded SJ Berwin's private equity and investment funds practices. She has experience working with a number of significant players in the market, including Phoenix Equity Partners and SL Capital Partners.

Ashwin Roy has joined the State General Reserve Fund of Oman as head of private equity. The State General Reserve Fund is the largest fund manager in Oman, with more than $8 billion in assets under management. Roy previously worked at Citi Venture Capital International, where he focused on Central and Eastern European and Turkish investments
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Health care deal volume drops
Private equity deal volume has slowed this year, particularly in the health care industry. The value of health care deals so far this year totals $5 billion, compared with more than $14 billion for the same period in 2012, according to data from Thomson Reuters. PEHub (9/13)
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PE expands in Latin America
Despite concerns about currency markets and the state of private equity in Brazil, private equity in Latin America has seen growth in fundraising, investments and exits so far this year. Mexico in particular has seen growth, perhaps due to U.S. economic reforms and recovery. The Wall Street Journal/Private Equity Beat blog (9/10)
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Anticipating Blackstone's Hilton IPO
Blackstone Group's initial purchase of Hilton Worldwide Holdings came at the height of the private equity market before the recession. Jason Kelly discusses Hilton's much-anticipated initial public offering, including what it means for private equity and the real estate market. Bloomberg (9/12)
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TA Associates buys stake in BluePay
TA Associates has bought a majority stake in BluePay Processing, reportedly for more than $200 million. Goldman Sachs is one of the sellers of the credit card processing company. PE Hub (9/11)
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PE Consortium buys into International Coffee & Tea
A private equity consortium led by Advent International has bought a stake in International Coffee & Tea, owner of The Coffee Bean & Tea Leaf, a cafe chain. The consortium included Korea's Mirae Asset Private Equity and CDIB Capital, the investment arm of Taiwan-based China Development Financial Holdings. The Wall Street Journal/MoneyBeat blog (9/13)
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Sovereign Wealth Funds
Norway to restructure world's biggest sovereign wealth fund
Norway's newly elected government, mostly Conservatives and Progressive Party members, is looking to restructure the country's $750 billion oil fund by breaking it into smaller funds. The country is also considering allowing foreign private equity and infrastructure investment. Reuters (9/10)
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Greylock raises 14th fund
Greylock Partners has raised $1 billion for its 14th fund in just a few weeks. The fund will be used to help find the next LinkedIn or Workday. The entire general partnership of Greylock XIV will be based in Silicon Valley. CNNMoney/Fortune (9/10)
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One cool judgment is worth a dozen hasty councils. The thing to do is to supply light and not heat."
-- Woodrow Wilson,
28th U.S. president
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