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.
The private equity firm’s credit subsidiary, GSO Capital Partners, has closed its most recent mezzanine fund as demand for subordinated debt remains strong. The unit has also raised four CLOs and purchased $7.8bn in leveraged loans.
The US mid-market firm has purchased an Illinois Tool Works subsidiary as it deploys remaining ‘reserve capital’ for add-ons from its $1.2bn Fund III.
The Boston-based private equity firm could lose almost half its investment in US discount clothing store Steve & Barry’s after hedge fund Bay Harbour submitted a stalking horse bid. The retailer filed for Chapter 11 protection last month, two years after TA Associates paid a reported $320m for roughly half the company.
The private equity firm could lose almost half its investment in the bankrupt US retailer after hedge fund Bay Harbour submitted a stalking horse bid. Steve & Barry’s, which carries clothing by celebrity designers including Sarah Jessica Parker, filed for Chapter 11 last month.
The number of recent private equity investments in wind farms has been head-spinning.
Chrysler Financial, the lender Cerberus purchased alongside its corresponding auto unit last July, fell $6bn short of its $30bn target while renewing its credit facilities. The lender’s credit rating was reduced to B- last week on news of the company exiting consumer leasing.
Blank cheque company Global BPO Services has acquired tech support firm Stream Holdings, which HIG built from a $75m platform investment in 2003.
Direct secondary investment firm Accretive Exit Capital Partners has closed its HarbourVest-backed debut fund on $125m and paid Evercore Capital Partners $110m for stakes in five assets. With its debut fund nearly fully deployed, Accretive will soon head to market with a fund targeting $300m to $400m.
Starting out as a management consultant at Bain & Company, Thomas Dorr went on to spend 14 years at Weyerhaeuser, the Washington State-based pulp and paper company. Having originally intended to be a general manager at the firm, Dorr was invited to join the company's innovative pension arm. According to Dorr, the pension was delivering ?dramatic outperformance? with its pure alternative assets allocation, including hedge funds, private equity and opportunistic real estate. The Weyerhaeuser team moved to Morgan Stanley in 2000 with Dorr becoming CIO for the private equity fund of funds team. With his senior team, he has since been focusing on building a private equity fund of funds operation with a global mandate investing half of its capital inside North America and half outside in small to mid cap buyouts, venture capital and special situations. Since Dorr joined, his team has raised the Morgan Stanley Private Market Fund (PMF) I ($309 million, 2000); PMF II ($500 million, 2004); PMF III ($1 billion, 2006); and the Global Distressed Opportunities Fund ($500 million, 2006).