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Private Equity & Hedge Funds

  • Two Sigma, an investment firm that uses computer models to bet on markets, raised $3.3 billion for a macro hedge fund in one the largest new pools of such capital raised since the 2008 financial crisis. Investors sought out the fund, which can bet on macroeconomic trends by investing in equities, fixed income, commodities …

  • $1.5 million sent in error to money manager (both are missing) The New York Times - 1 hour 2 minutes ago
    National flags of Switzerland fly over the entrance of the headquarters of Swiss bank Credit Suisse in Zurich

    Credit Suisse is trying to find Joseph Galbraith, manager of Galbraith Capital Investment Management, to which the bank says it sent the money in January.

  • Axalta Coating Systems Ltd., the auto-paint business that’s backed by Carlyle Group LP, is seeking to raise as much as $945 million in an initial public offering. Carlyle is offering 45 million shares for $18 to $21 each, according to an amended regulatory filing with the U.S. Axalta, the former auto-paint unit of DuPont …

  • Why hedge funds invested in gold in 2Q14 Market Realist - 1 hour 55 minutes ago

    GLD accounted for 2.87% of the hedge funds' portfolio in 2Q14. GLD tracks gold bullion's spot price. With an expense ratio of 0.40%, the fund has a five-year return of 14.05%.

  • [$$] Apollo's Profit Plummets @ The Wall Street Journal - 2 hours 47 minutes ago

    Apollo Global Management said its third-quarter profit dropped significantly on declines in the value of its funds’ holdings and a reduction in deal profits.

  • Oct. 30 (Bloomberg) -- Skybridge Capital Senior Portfolio Manager Troy Gayeski discusses the performance of hedge funds, Fed policy and his outlook for the economy on “Bloomberg Surveillance.” (Source: ...

  • Apollo Profit Plunges on Weakness in Private Equity @ The New York Times - 3 hours ago

    Apollo said its quarterly economic net income after taxes fell 91 percent, to $48 million, weighed down by poor performance in its private equity business.

  • Fortress Investment Group LLC (FIG) , the first publicly traded private-equity and hedge-fund manager in the U.S., said third-quarter profit fell 15 percent as its hedge funds posted losses. Pretax distributable earnings, which exclude some compensation costs and other items, decreased to $55 million, or 12 cents a share, …

  • Apollo Global Management LLC (APO) , the private-equity firm run by billionaire Leon Black, said third-quarter profit fell 91 percent as it sold fewer holdings and its portfolio gained at a slower pace. The results missed the 37-cents average per-share estimate of 13 analysts in a Bloomberg survey. The firm in the third …

  • [$$] Bad Bets Rock Fortress’s Macro Fund @ The Wall Street Journal - 9 hours ago

    A series of bad bets against U.S. government bonds and the Japanese yen, along with a wrong-way wager on Brazil, have caused losses this year at Fortress Investment’s macro hedge fund.

  • [$$] Debt Fuels Growth of Buyout Shops @ The Wall Street Journal - 9 hours ago

    The firms that pioneered the use of debt in corporate buyouts some 30 years ago are now selling bonds as they expand into lending, real estate and distressed-debt investing, among other new fields.

  • EEM has exposure to large and mid-sized companies in EMs. It has easy access to 800+ EM stocks. The fund tracks the investment results of the MSCI Emerging Markets Index.

  • Joel Ramin's 12 West Capital Management disclosed a new position in RetailMeNot Inc. The fund owns more than 2.87 million shares of the retailer, which account for 5.3% of the company's outstanding stock....

  • Halvorsen thinks that Pioneer Natural Resources is a good investment and upped his position in the company, despite the fact that the stock lost some ground over recent months.

  • [$$] Carlyle Sees Profit Climb @ The Wall Street Journal - 19 hours ago

    Carlyle Group LP said its third-quarter profit rose compared with a year ago, though each of its business lines were chilled by markets pulling back from their prime conditions earlier this year.

  • Agents from the Federal Bureau of Investigation today arrested Lawrence Herzing, the former controller of Contrarian Capital Management LLC, on allegations that he embezzled as much as $12 million from the Connecticut-based hedge-fund firm, according to a person briefed on the matter. Herzing had been employed at Contrarian …

  • Shares of Carlyle Group (CG) are down after reporting lower earnings in its hedge fund and real assets segments.

  • Hedge funds bullish on the margins, but only as a play off short-term volatility. Long money recommends going short the Market Vectors Russia ETF.

  • ETFs owned by hedge funds were valued at $36.9 billion at the start of 3Q14. This was an increase of 12.1% from $33.8 billion in the earlier quarter.

  • [$$] Private-Equity Firms Prepare Bids for PetSmart @ The Wall Street Journal - 21 hours ago

    The auction of PetSmart Inc. has drawn the interest of a number of private-equity heavyweights, in what would be the biggest leveraged buyout of the year, said people familiar with the matter.

  • Owl Creek Asset Management LP is discussing with investors the formation of a group that will demand immediate repayment on Argentine bonds that the government has stopped servicing, according to four people familiar with the talks. Owl Creek, a New York-based hedge fund with $3.9 billion of assets, is also in talks with …

  • If there's anything we've learned about the...

  • Carlyle Group LP reported a 15 percent drop in third-quarter pre-tax profit on Wednesday, as a halt to a stock market rally led to its private equity funds appreciating at a slower pace than a year ago. While cash generated in its buyout arm more than doubled thanks to asset sales, the value of Carlyle's private equity …

  • Two months after agreeing to pay out $115 million, The Carlyle Group gets a bit more specific on the breakdown.

  • Blackstone Group LP (BX) agreed to buy Philadelphia Financial Group Inc. as David Blitzer ’s Tactical Opportunities Group expands life-insurance investments. Blackstone, the world’s largest alternative asset manager, will acquire the insurer from Tiptree Financial Inc. (TIPT) for about $155 million in cash, with another …

  • Carlyle Sheds Light on Collusion Settlement Costs @ The Wall Street Journal - 23 hours ago

    Carlyle Group covered about a quarter of the costs associated with settling a lawsuit alleging the firm colluded with others during the buyout boom to keep down deal prices, while the bulk of the remaining ...

  • SEC to examine private-equity performance figures, report says @ MarketWatch - Wed, Oct 29, 2014 9:54 AM EDT

    WASHINGTON (MarketWatch) -- The Securities Exchange Commission is probing how private-equity firms report their internal net rate of return, according to a report by Reuters. Net returns deduct private-equity ...

  • Carlyle Said to Plan Raising $2.5 Billion for Energy Fund @ Bloomberg - Wed, Oct 29, 2014 8:30 AM EDT

    Carlyle Group LP (CG), the world’s second-biggest manager of investment alternatives to stocks and bonds, plans to raise $2.5 billion for its first international energy fund, exceeding its earlier target by 67 percent. The Washington-based firm has surpassed the $1.5 billion fundraising target for Carlyle International …

  • Carlyle Reports Lower Profit on Weakness in Hedge Funds @ The New York Times - Wed, Oct 29, 2014 7:44 AM EDT

    The third-quarter results reflected disappointing investment performance in certain areas outside Carlyle’s core private equity business.

  • Carlyle's Q3 earnings drop amid slower fund appreciation Reuters - Wed, Oct 29, 2014 6:54 AM EDT

    Carlyle Group LP reported a 15 percent year-on-year drop in third-quarter profit on Wednesday, as a halt to this year's stock market rally led to its private equity funds appreciating at a slower pace than a year ago. The Washington, D.C.-based firm said economic net income (ENI), an earnings metric that factors in the …

  • Carlyle’s Third-Quarter Profit Rises 11% on Beats, Allison Sales @ Bloomberg - Wed, Oct 29, 2014 6:30 AM EDT

    Carlyle Group LP (CG) , the world’s second-biggest manager of investment alternatives to stocks and bonds, said third-quarter profit rose 11 percent as it earned cash for selling holdings. Economic net income after taxes, a measure of profit that includes both realized and unrealized gains, increased to $177.2 million, …

  • To match Special Report SEC/INVESTIGATIONS

    Securities and Exchange Commission is examining how private equity firms report a key metric of their past performance when they market new funds to investors, as the regulator boosts its scrutiny of the industry, according to people familiar with the matter. At issue is how private equity firms report how they calculate …

  • Quant Hedge Fund Archipel Shuts After Biggest Investor Pulls Out @ Bloomberg - Wed, Oct 29, 2014 3:19 AM EDT

    Archipel Asset Management AB, a Swedish hedge-fund firm that makes trades based on computer algorithms, is closing after its biggest investor pulled out. The stock-trading hedge fund founded in 2007 is returning cash to investors following the decision of Brummer & Partners, a Stockholm-based investor in hedge funds, to …

  • New Fund Targets Real-Estate Debt @ The Wall Street Journal - Wed, Oct 29, 2014 12:35 AM EDT

    A well-known father-son investment team has joined forces with a former Blackstone Group managing director to raise more than $750 million for a new real-estate debt fund.

  • Note: Reuters has not verified this story and does not vouch for its accuracy.

  • Amgen, bowing to hedge fund pressure, to cut up to 1,100 more jobs @ Los Angeles Times - Tue, Oct 28, 2014 10:51 PM EDT

    Amgen Inc., the Southern California biotech giant that has struggled to match the torrid growth of its pharmaceutical peers, finds itself in the crosshairs of a New York hedge fund manager, one of the ...

  • TPG Capital Management LP has hired investment bank Lazard Group LLC to sell Australian gas and electricity retailer Alinta Energy in a deal worth about A$4 billion ($3.54 billion), three sources close to the transaction said. In recent months, TPG has been reported to be considering its exit options.

  • Full Faith Japan Hedge Fund Beats Peers’ Returns in First Month @ Bloomberg - Tue, Oct 28, 2014 10:27 PM EDT

    Full Faith Investment Inc., a Japan-focused hedge fund run by former JPMorgan Chase & Co. and Nomura Holdings Inc. (8604) managers, returned 2.1 percent in its first month, outperforming peers. The company obtained approval from the financial regulator in March to act as a discretionary investment manager, which allows …

  • Profitable Hedge Funds to Pay 5% More in 2014, Study Says @ Bloomberg - Tue, Oct 28, 2014 4:33 PM EDT

    Profitable hedge-fund firms will increase incentive compensation by about 5 percent this year as pay climbs back toward pre-crisis levels, according to a new compensation study. Senior investment professionals ...

  • Carlyle Is Said to Seek $2.5 Billion for Energy Mezzanine Fund @ Bloomberg - Tue, Oct 28, 2014 4:31 PM EDT

    Carlyle Group LP (CG) , the world’s second-biggest manager of alternative assets such as private equity and credit, is seeking $2.5 billion to lend to energy-related companies and projects. Carlyle’s second Energy Mezzanine Opportunities Fund will invest in power generation, renewable energy, oil and gas production, oilfield …

  • Hedge Fund Bets on Worst Industry in ‘Detested’ Country @ Bloomberg - Tue, Oct 28, 2014 2:13 PM EDT

    Lakewood Capital Management LP is betting on OAO Lukoil (LUKOY) , Russia’s second-largest oil producer, after shares slumped on concern about the nation’s conflict with Ukraine and a selloff in energy stocks. “Admittedly, few investments sound less appealing right now than Lukoil, a company operating in the market’s worst …

  • [video] Volatility Exposes Hedge Funds in Market Selloff: Posner @ Bloomberg - Tue, Oct 28, 2014 11:17 AM EDT

    Oct. 28 (Bloomberg) -- Daniel Posner, chief investment officer at Golub Capital, and Columbia University’s Fabio Savoldelli discuss how hedge funds were impacted by volatility and the recent market selloff ...

  • PRESS DIGEST- New York Times business news - Oct 28 Reuters - Tue, Oct 28, 2014 12:53 AM EDT

    The following are the top stories on the New York Times business pages. * Madison Square Garden Co said on Monday it was exploring a potential breakup of itself, a move that would separate the New York Knicks and Rangers professional sports teams from the company's live entertainment business. * Adding to pressure on …

  • How Is Partners Group Solving the 401(k) Puzzle? @ The Wall Street Journal - Mon, Oct 27, 2014 6:09 PM EDT

    Switzerland-based Partners Group is launching a private equity investment product targeting the 401(k) industry, in an attempt to crack a source of capital that has been beyond the reach of private equity....

  • Schwarzman, Chairman and CEO of The Blackstone Group, speaks during an interview with Bartiromo, on her Fox Business Network show; "Opening Bell with Maria Bartiromo" in New York

    Blackstone Group LP (BX.N), the world's largest private equity investor in real estate, is preparing to seek around $13 billion (8.06 billion pounds) for its next flagship global real estate fund, in line with its predecessor fund, according to people familiar with the matter. Blackstone, which derived 45 percent of its …

  • Blackstone Group LP (BX.N), the world's largest private equity investor in real estate, is preparing to seek around $13 billion for its next flagship global real estate fund, in line with its predecessor fund, according to people familiar with the matter. Blackstone, which derived 45 percent of its earnings from real estate …

  • Activist Hedge Fund Takes Stake in Former A.D.P. Unit @ The New York Times - Mon, Oct 27, 2014 4:29 PM EDT

    It’s unusual for a company whose shares only began trading recently to attract the attention of an activist investor.

  • Solamere Capital, where Tagg Romney works with dad Mitt, raised much more than it was looking for.

  • With an estimated personal net worth of nearly a billion and a stable of high-end residences, managing state workers’ retirement savings for decades-- shielded from public scrutiny-- has worked out very nicely for private equity titan Bruce Rauner. You’d think he’d be thanking his lucky stars that public pensions have contributed generously …

  • Big hedge funds suffer brutal October @ Financial Times - Mon, Oct 27, 2014 12:57 PM EDT

    Volatile markets and a series of large concentrated bets that went awry combined to make October a brutal month for some of the world's largest hedge funds, including York Capital and Discovery. Several ...

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