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list of private equity funds
List of PE funds
See lists from WikiPedia List of private equity firms and 25 largest private equity investment managers
List of Venture Capital funds
See Wikipedias: List of venture capital firms.
Details about some of these funds:
U.S.-based firm that have raised (or are raising) funds of $7 billion or more, with comments about probability of selling a piece of the firm (outsided investors wanted...IPO? other?)
KKR 2-1. “The most likely firm to sell an ownership stake is always going to be the firm closest to going public,” says someone who helps arrange such deals. So that would be KKR, even though we can all agree that the IPO is a disaster-in-waiting (never buy stock when the prospectus’ use of proceeds section says: “To prove mine is bigger”).
KKR. For those who somehow missed it, the firm yesterday announced that it will list on the NYSE in the fourth quarter of this year. This won’t be a traditional IPO like the one Blackstone Group did last year, but rather a novel approach whereby it will acquire an affiliated fund already listed in Amsterdam – which will then delist from Euronext with unit-holders getting a 21% stake in the NYSE-listed vehicle. The remaining 79% will be retained by KKR management, which is not (yet) offering any new shares. Here are a bunch of thoughts, in no particular order.
TPG 3-1. Biggest, baddest brand left on the board. It also has a leader smart enough to hold his ostentatious parties in Vegas, where every party is ostentatious. No other firm on this list has had more buzz about a possible ownership stake sale, or had more pre-credit-crunch IPO predictions. Oh, and it’s finally the right time to have a venture capital arm.
Bain Capital 6-1. This one has most of the right ingredients, but it just doesn’t feel like a go. Maybe if the Celtics had drafted Yi Jianlian and Romney still had a chance of being elected president. Plus, why sell a piece when you’re getting 30% carry?
Warburg Pincus 10-1. The most idiosyncratic of private equity firms, with a single fund to do billion dollar buyouts and few million dollar startups. It works for them, but kind of hard for an outsider to get his head around. Walks to the beat of its own drummer, and these odds are all about following the crowd. Of course, there once were these three drummers: The Brown Brothers and Old Man Harriman.
First Reserve Corp. 16-1. Last week, I would have told you that the energy-only focus was a detriment. But then tech-only Silver Lake sells a piece, and industry diversification doesn’t seem as important. Plus, First Reserve’s performance is strong enough to make grown LPs cry.
Madison Dearborn Capital Partners 16-1. Chicago-based firm known for investing in basic industries? Just lacks the sex appeal that seems to drive decision-makers in Dubai and Sacramento. Plus, carried interest at MDCP is broadly distributed, with no one individual receiving double-digit points (out of 100). Does that sound like a particularly greedy bunch to you?
Thomas H. Lee Partners 20-1. A lot of these deals are done to help senior managers recognize brand equity, but that isn’t really in play at THL. The firm bought out namesake Tom Lee back in 1999, and its current top dogs are still relative pups.
Apollo Management 75-1. Leon Black now needs to turn his attentions to something new, with Chris Dodd falling out of the presidential race. And this is a firm that still very much wants to go public. The sale last year to Abu Dhabi may just be an appetizer.
The Carlyle Group 80-1. They’ve done this twice already — first with CalPERS, and then with Abu Dhabi. Never trust an addict.
The Blackstone Group 100-1. Never say never with Blackstone, which probably walked down the road a bit with other suitors before settling on China. But today's share buyback indicates that it's moving in the opposite direction.
Silver Lake Partners 150-1. That was it. Silver Lake isn’t yet big enough to justify another sale, nor are its senior partners old enough. Good to get the institutional seal-of-approval, though.
Goldman Sachs Capital Partners Off the board, since it never really owned itself to begin with. Its parent bank, however, can be found on a board around the corner.
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