Earlier this week I wrote about the relationship between Deutsche Bank and Aldus Equity, a Dallas-based private equity manager that collapsed after becoming embroiled in multiple pay-to-play scandals. My primary on-the-record source was former Aldus principal Marcellus Taylor, who says that Deutsche threatened to end investment talks with Aldus if it didn’t reinstate the firm’s founder (who since has plead guilty to felony securities fraud).
Late in the story, I mentioned that Taylor spoke with Fortune after we “obtained, and partially published, a confidential offering document recently circulated by Taylor, in which he is seeking to sell his personal stake in an Aldus co-investment vehicle.”
A few readers emailed to say: “Where did you publish it? I can’t find it on the website.”
I should have been a bit clearer: It was partially published in the Term Sheet’s daily email (sign up here). More specifically, we published some internal rates of return (IRRs) from a $54 million Aldus co-investment fund that backed a number of leveraged buyouts and VC deals between 2005 and 2007.
For the sake of keeping everything in one place, I’ve published them below (data through 12/31/09). In aggregate, Taylor is looking to sell his piece of the general partnership for just 26 cents on the dollar.
- Advanstar Communications (VSS, Citi, NY Life Capital): -57% IRR
- Claire’s (Apollo, Tri-Artisan Capital): -12.8% IRR
- Growing Family (Falconhead Capital Partners): -35.4% IRR
- TMP Worldwide (VSS): 105.4% IRR
- Entertainment Cruises (ICV Capital): 18.7% IRR
- U.S. Foodservice (CD&R): Being carried at cost
- Simeus Foods (Levine Leichtman Captial): Being carried at cost
- Hertz (publicly-traded, CD&R/Carlyle): 129.5% IRR
- Javelin Pharmaceuticals (publicly-traded, Goldman Sachs, NGN Biopharma Ventures): -12.6% IRR
