- Skype: See no vesting, hear no vestingLast week, Skype took heat for firing three executives just weeks before the company’s $8.5 billion acquisition by Microsoft is expected to close. That was bad, albeit more optical than unethical. What we learned today, however, might have crossed that line. Yee Lee, a former Skype employee, charged the company and its private equity investors with […]
- Not so fast on private equity registrationPrivate equity funds might not have to register with the SEC after all. The SEC yesterday approved a new definition of “venture capital” funds, to legally distinguish such vehicles from private equity or hedge funds. Those qualifying as “venture capital” would be exempt from new registration requirements established by the Dodd-Frank financial reform bill. Everyone […]
- CalPERS: Best & worst PE & VC fundsThe California Public Employees’ Retirement System (CalPERS) is the country’s largest investor in private equity and venture capital, with $50 billion of exposure to nearly 700 funds. It also is one of the most transparent, thanks to a 2002 skirmish with the San Jose Mercury News. CalPERS publishes the cash-in/cash-out, investment multiples and internal rates […]
- Vanguard can’t replicate HCA successHospital operator Vanguard Health Systems went public today, raising $450 million in its IPO. Sounds impressive, but the $18 per share price was well below Vanguard’s proposed $21-$23 per share range. Moreover, its $1.29 billion initial market cap is about 26% smaller than what The Blackstone Group paid to acquire Vanguard back in 2004. So, […]
- Oaktree IPO filing: No salary for Howard MarksOaktree Captial on Friday filed to become the next publicly-listed alternative asset manager. No big surprise, given that the credit-focused group was widely expected to slot in between Apollo Global Management (went public in March) and The Carlyle Group (expected to file in Q3). Oaktree says it plans to raise $100 million (likely a meaningless […]
- Private Equity DealsBain Capital and Hellman & Friedman have agreed to buy Securitas Direct, a Sweden-based building alarm maker, from EQT Partners for up to $3.4 billion. A rival bid reportedly was made by Stanley Black & Decker and The Carlyle Group. EQT took Securitas private in 2008 for $1.6 billion. www.securitas.com CapMan has agreed to acquire a 76% stake in Solera AS, an Oslo-based importer and distributor […]
- BankRate CEO talks IPOBankRate CEO Tom Evans discussing his company’s IPO, why it went private two years ago and how that decision has changed the company. BankRate Inc. , the operator of personal finance sites like Bankrate.com and CreditCards.com, today rejoined the public markets with a $300 million IPO. The Florida-based company had been taken private in 2009 […]
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