Matt Levin

The Seattle savings and loan’s stock price is down 74 percent, spelling a paper loss of more than $1.4bn for TPG.

Institutional investors are ramping up their commitments to distressed debt funds, but which asset class they fit into becomes complex when those commitments end up in credit vehicles raised by traditional buyout firms, according to CalSTRS CIO Chris Ailman.

Institutional investors are ramping up their commitments to distressed debt funds, but which asset class they fit into becomes complex when those commitments end up in credit vehicles raised by traditional buyout firms, according to CalSTRS CIO Chris Ailman.

The Los Angeles-based buyout shop has sold floral delivery business FTD Group to United Online for roughly $754m in cash and stock, four years after purchasing the business in a $422m take-private. The deal value is roughly $46 million below the original announced purchased price.

The Southern California plant nursery operator, partly owned by CalSTRS, has selected turnaround specialist Black Diamond as its stalking horse bidder. Hines has also secured $62 million in debtor in possession financing from its lenders, which include Cerberus-owned GMAC Commercial Finance.

The $234.2bn pension is mulling a possible change to its private equity allocation, as the twin forces of sinking assets under management and shrinking distributions have combined for an overweighted alternatives exposure.

Fortress' and Blackstone’s second quarter earnings results offer a glimpse into how firms are responding to a slowing fundraising pace, writes Matt Levin.

The Washington DC-based firm will provide growth equity to Three Seasons Capital-backed Vehicle Production Group, which has created a car for individuals with mobility problems, as well as taxis and other specialty markets. In related news, Perseus has likely lost out on its bid for bankrupt Frontier Airlines.

The publicly listed investment firm also disclosed in its second quarter earnings call that it is nearing its $2.5bn target on a private equity-style credit fund – yet its fundraising pace has dropped more than 70 percent compared to the same period last year.

Blank cheque company Global BPO Services has acquired tech support firm Stream Holdings, which HIG built from a $75m platform investment in 2003.