Bain Capital thanks LPs | Weekly Summary | Transitions
November 14, 2012
Private Equity SmartBrief
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Bain Capital thanks LPs
Several days after the presidential election, Bain Capital sent a letter to its investors thanking them for their support during the campaign. Bain also assured its limited partners that business was not harmed by the attacks on Mitt Romney's tenure at the firm. The New York Times/DealBook blog (11/8)
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In This Issue
Weekly Round-Up
Weekly Summary
Apollo Global Management has announced it will begin fundraising for a large buyout fund with a target of $12 billion. This target is less than that of Apollo's previous buyout fund, Apollo Fund VII, which closed at $14.7 billion and launched in 2008. Apollo's new fund is similar to others that have come to market this year, including a Warburg Pincus fund targeting $12 billion, a Carlyle fund seeking $10 billion and an $8 billion vehicle planned by KKR. According to Josh Harris, co-founder and managing partner, Apollo expects to be in the market quickly with the new fund.

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Mauricio Salgar has joined Advent International as a managing director and head of the firm's office in Bogotá, Colombia. He will lead Advent's seven-person local team and focus on investments in Colombia, Peru and the surrounding region.

CVC Capital Partners, a London-based private-equity firm, has announced that its chairman, Michael Smith, will retire in January. Smith will be succeeded by Donald Mackenzie, Rolly van Rappard and Steve Koltes, who will act as co-chairmen of the group.

The Gores Group senior managing director Scott Honour is retiring from the firm. After his departure, he will focus on public service and charitable activities.

Mainsail Partners has announced three new hires: Kathyrn Cavanaugh, Amy Corrieo and Chris Cassidy.
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Carlyle has a strong Q3
The Carlyle Group has reported $218.5 million in profit for the third quarter. Distributions to limited partners doubled from the same time period the year before, the firm reported. The New York Times/DealBook blog (11/8)
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Castle Harlan faces scrutiny
Castle Harlan and Australian engineering firm Bradken are facing accusations of bid rigging in their deal for Norcast Wear Solutions. Castle Harlan purchased Norcast from Pala Investments for $190 million in July 2011 and seven hours later sold the company to Bradken for $209 million. Reuters (11/12)
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David Rubenstein discusses the economy
Source: Bloomberg TV
David Rubenstein, co-CEO of the Carlyle Group, talks with Bloomberg about the state of the economy. Bloomberg TV (11/12)
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Blackstone, oil producer enter partnership
The Blackstone Group is teaming up with oil producer LLOG Exploration to invest a combined $1.2 billion in offshore energy assets in the Gulf of Mexico. The partnership plans to develop LLOG Exploration's energy assets in the region, including a number of recent deep-water discoveries. The New York Times/DealBook blog (11/13)
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Permira exits casino operator, gets $875 million
Permira has sold its remaining stake in casino operator Galaxy Entertainment Group for about $875 million, exiting the Macau casino sector, which fluctuated wildly during Permira's ownership of Galaxy. Permira has raised a combined $2.26 billion from selling off its 20% stake in the casino company, which it originally acquired for $843 million. Reuters (11/8)
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Sovereign Wealth Funds
Credit Suisse and sovereign wealth fund form Aventicum
Credit Suisse Group and Qatar Holding, which is a division of Qatar's sovereign wealth fund, will form asset manager Aventicum Capital Management to boost investments in emerging markets. The newly formed company will operate out of two hubs, including a Doha-based unit focusing on investments in the Middle East, Turkey and other frontier markets. The company will also have an international business based in an unidentified location. San Francisco Chronicle (11/6)
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Catalyst Principal Partners raises $125 million
Kenyan private-equity firm Catalyst Principal Partners said last week that it had $125 million to invest in a range of sectors in the region, including consumer goods, retail and technology. The firm plans to make investments of $5 million to $20 million apiece. Reuters (11/8)
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The best way to find out if you can trust somebody is to trust them."
-- Ernest Hemingway,
American author and journalist
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