General Atlantic

General Atlantic | Private Equity Profile

The following piece on General Atlantic is being published as part of our Private Equity Tracker Tool, our daily effort to track private equity firms in the industry.

Resource #1: US-based private equity (PE) major General Atlantic is learnt to be final stages of talks with Wockhardt Hospitals to invest around $140-150 million. Although there are some differences over the valuation and structure of the investment, the PE may pick up around 20% stake in the Indian company, sources said.

The hospital chain has been in talks with several PE funds after its initial public offer (IPO) got derailed earlier this year. Talks with most PE funds had also fallen through over differences about the company’s valuation, PE sources said. When contacted, a Wockhardt Hospitals spokesperson said: “We don’t comment on market speculations.”

Source

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Tags: General Atlantic, General Atlantic investments, General Atlantic holdings, General Atlantic wealth management, investors, limited partners, capital, managers

AIG Private Equity

AIG Private Equity | Private Equity Profile

The following piece on AIG Private Equity is being published as part of our Private Equity Tracker Tool, our daily effort to track private equity firms in the industry.

Resource #1: AIG Investments, the asset management arm of global financial giant American International Group, has now officially confirmed that it is up for sale and is negotiating deals with two parties. AIG Investments oversees some $100 billion in assets for AIG clients including pension funds and other insurance companies.

In the just released annual report of AIG Global AMC (India), AIG Investments has said it has selected financial partners and has entered into a period of exclusivity during which the financial partners will finalise their due diligence and negotiate a definitive purchase/sale agreement. AIG Global Asset Management Company (India), which has managed assets worth Rs 1,500 crore through mutual funds, is a also member of AIG Investments. Source

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Tags: AIG Private Equity, AIG Private Equity investments, AIG Private Equity holdings, limited partners, management, bankruptcy, filings, investors

American Capital

American Capital | Private Equity Profile

The following piece on American Capital is being published as part of our Private Equity Tracker Tool, our daily effort to track private equity firms in the industry. American Capital (ACAS) is a publicly-listed private equity firm managing $11 billion in capital resources.

Resource #1: Another addition to the graveyard of busted mergers: business development company American Capital Strategies (ACAS) has terminated its agreement to buy Merisel (MSEL.PK) under the “material adverse change” clause that has become a standard excuse for buyer’s remorse. After the exchange of multiple letters between the two firms, Merisel stock reacted predictably with a steep drop and now has a market capitalization below its net cash, despite generating positive earnings and cash flow in 2007.

Merisel started as a hardware retailer and sold its last IT-related business among controversy in 2004. It entered the visual communications business in 2005 and has since rolled-up various specialty print, graphics and imaging firms. Its sudden urge to merge is triggered by the upcoming liquidation of its principal shareholder, private equity fund Stonington Partners, L.P., owner of 60% of Merisel’s shares. (The current edition of Barron’s claims incorrectly that ACAS owns 60%. Rather, ACAS had to report control over 60% in its 13D because Stonington agreed to vote its shares in favor of the ACAS merger.) Source

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Tags: American Capital, American Capital Partners, American Capital Management, ACAS, American Capital investments, holdings, private equity firm, manager, investors

Morgan Stanley Private Equity

Morgan Stanley Private Equity | Private Equity Profile

The following piece on Morgan Stanley Private Equity is being published as part of our Private Equity Tracker Tool, our daily effort to track private equity firms in the industry.

Resource #1: Morgan Stanley Private Equity Asia Bids to De-List Sihuan

The takeover bid would be for S$0.975 per share, a deal valuing Sihuan at S$458m ($318m). MSPE Asia is valuing the cardiocerebral vascular drug maker at a premium versus its current market cap of around S$360m ($250m).

China Pharma is an investment holding company backed by MSPE Asia and controlling shareholders of Sihuan, including the company’s CEO Che Fengsheng. Source

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Tags: Morgan Stanley Private Equity, Asia, holdings, investments, investors, limited partners, morgan stanley private equity investment, morgan stanley buyout, morgan stanley capital

HarbourVest

HarbourVest Partners | Private Equity Profile

The following piece on Brookstone Partners is being published as part of our Private Equity Tracker Tool, our daily effort to track private equity firms in the industry. HarbourVest Partners is a large private equity fund of funds and private equity investment manager.

Resource #1: (8.18.2009) Fundraising cycles for large private equity houses are likely to lengthen as the slow pace of investment leaves many with unspent capital from previous funds, said the head of HarbourVest’s fund of funds business in Europe.

Large private equity buyouts have ground to a halt in the wake of the credit crisis as debt funding for new deals has dried up. There were no European buyouts over $1 billion in the first six months of 2009, compared with 17 in the same period of 2008 and 36 in 2007, according to Thomson Reuters data.

As a result, many large buyout firms still have substantial capital to deploy from funds raised three or four years ago, said managing director George Anson. Source

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Tags: Harbourvest Partners, HarbourVest, investment, venture capital, fund of funds, private equity fund of funds, investors, fund managers