Nielsen Initial Public Offering

Private Equity-Owned Nielsen Debuts with $1.6 Billion IPO

In 2006, the Nielsen Company was bought by several buyout firms including heavyweights like Blackstone, the Carlyle Group and KKR.  The Nielsen Company's public debut this week was not only a welcome event for its private equity owners, but by all private equity firms that have been eagerly awaiting some positive signs from the stock market.  For the last four years, IPOs have been a risky exit and many private equity firms have avoided launching an initial public offering lately--especially one as large as Nielsen's $1.6 billion public offering. 

The IPO defied projections and closed its first day up 8.7%, a strong showing for the company and a happy day for its private equity owners.  This IPO will likely unleash that IPO storm that we've all been waiting for and the Economist has a great article on how private equity firms will follow suit with IPOs from their own portfolio companies this year. 

The shares were priced higher than their sponsors had proposed, and finished up 8.7% on their first day of trading. Nielsen’s owners weren’t the only ones giddy about the IPO’s reception. Other private-equity firms have been watching it closely, as a test of the prospects for lots of leveraged buy-outs whose owners hope to take them public this year.

Many companies owned by private-equity firms have put off their plans to list because of the wobbly equity markets of recent years. For example, last year Merlin Entertainment, a British amusement-park operator owned by Blackstone, and Fairfield Energy, an energy firm belonging to a consortium led by Warburg Pincus, both shelved offerings.

Now there is a queue of private-equity-owned firms waiting to go public. Thomson Reuters, a research firm, reckons 39 of them have filed for IPOs in the United States, including some of the most high-profile leveraged buy-outs from  private equity’s heyday.  Source

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Tags: private equity IPO, IPO private equity, private equity firms initial public offering, initial public offering private equity firms, private equity Initial public offering nielsen

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SEC Private Equity Advisers

SEC Proposes More Reporting from Private Equity Advisors

Advisers to hedge funds and private equity firms will likely have to report key information to regulators in the near future. The Securities and Exchange Commission proposed increasing the information available to the Financial Stability Oversight Council on hedge funds and private equity advisers.

Advisers to hedge funds and other private funds would have to report key information to regulators under a rule proposed by the U.S. Securities and Exchange Commission on Tuesday.

The proposal, required by the Dodd-Frank Wall Street reform law, would arm the newly formed Financial Stability Oversight Council with better information about hedge funds and other private pools of capital to ensure their trading activities do not pose a risk to the broader marketplace.

The new regulations would impose new requirements on the relatively lightly regulated private fund industry. Source

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Pension Funds Insider Trading

Pension Funds Reeling After Hedge Funds Insider Trading

Although the insider trading probe has primarily affected hedge funds and to some extent the rest of the alternative assets industry, pension funds also seem to be reeling from the probe. Pension funds are reportedly debating whether or not to sell their positions and are demanding answers from hedge fund managers.

This could mean that pension funds shift allocations from hedge funds to private equity.   The other possibility is that this could mean a shift away from seemingly riskier alternative investments to traditional stocks, mutual funds and bonds.

The federal insider-trading probe is being felt beyond the world of hedge funds and "expert network" firms in New York and Silicon Valley. Investors in some of the hedge funds involved are struggling to get information and decide whether to sell their positions.

The scandal hit close to home for the $10 billion School Employees Retirement System of Ohio: The pension fund is invested in two hedge funds raided as part of the investigation. Soon after the news of those raids broke in November, executives of the pension fund flew to New York to question the two firms, Level Global Investors LP and Diamondback Capital Management LLC.

A contact at Diamondback told them the fund's managers would be limited in what they could say about the investigation but offered to provide an update on the fund's portfolio. The pension executives balked. "We have to do our job. I don't want a portfolio update," one of the pension fund's investment executives, Phil Roblee, wrote to another employee in an email on Dec 6. Source

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Private Equity Investor Optimism

Are Private Equity Investors Turning More Optimistic?

Are private equity investors becoming more optimistic?  According to a recent survey of institutional investors, yes.  The Coller Capital report finds that more investors are expecting bigger gains on their private equity investments than last year, signaling that the perception that many investors had of private equity has shifted to a more positive and hopeful one. 

One third of institutional investors expect annual returns of at least 16% on their private equity investments over the next 3-5 years.  That's an increase from last year's 29%.  Admittedly, it's not a huge increase, but it's a start.  More importantly, 87% of investors expect a net internal rate of return of 11% or more.  Whether that optimism translates into better fundraising and whether those expectations will be met by private equity managers is another matter still.  Nevertheless, this should give private equity firms some confidence when pitching to old and new investors.

"Last year was a horrible time for raising private equity," Frank Morgan, president of New York-based Coller Capital U.S., said in an interview. “People feel that 2010 and 2011 will be good vintage years and they expect higher returns.”

Thirty-four percent intend to increase their private equity target allocation over the next 12 months, up from about 18% in last winter's survey. However, the number of investors that plan to decrease their private equity allocations is also up, to 16% from 12%. Last year, the majority of investors, 70%, expected to maintain their private equity allocations during the 12-month period.

“One of the themes of the survey is people are coming back to private equity. They are more selective,” Mr. Morgan added.

Eighty-one percent of those surveyed expect to invest with private equity managers they have not invested with before in the next two to three years, this year's report said. The most cited reason for investing with new general partners is a policy to continue to expand relationships.  Source

Is your private equity firm looking for a new edge in capital raising?  If you are a private equity firm and would like to raise capital by contacting private equity investors, see our Private Equity Investor Database.  This database is only released to a select number of private equity firms to ensure that each lead is valuable in your capital raising efforts.  Be sure to get your copy today by visiting Private Equity Investor Directory.

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Banks Credit Private Equity

Federal Reserve Says Banks Eased Credit to Private Equity

The Federal Reserve--rarely the bearer of good news in the last 2-3 years--has announced that banks eased credit to private equity in the fourth quarter of 2010. Despite slight improvements in the economy during 2010, banks seemed reluctant to extend credit to hedge funds and private equity firms until Q4.

Wall Street’s largest dealers during the fourth quarter eased credit terms to hedge funds and private-equity firms that borrow against securities while provisions for private derivatives trades were little-changed, according to the Federal Reserve.

More banks said credit terms “eased somewhat” than said terms “tightened somewhat” in the three months ended in December, the Fed said today in its December 2010 financing survey. Hedge funds and other investors tried harder to negotiate favorable price terms for deals, with 55 percent of dealers saying that clients “increased somewhat” or “increased considerably” their demands for concessions.

Increased competition from rivals and improvements in the general market functioning were the main reason that terms were loosened, according to the survey released by the Fed in Washington. Nine out of 10 respondents cited each factor as “very important” or “somewhat important” in their easing of terms. Source

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ILPA Private Equity Principles

ILPA Publishes Updated 2011 Private Equity Principles and First Standardized Reporting Industry Template to Help Enhance the Private Equity Asset Class Globally

Updated Principles reflect continued feedback and input from GPs and LPs throughout 2010 and increase focus, clarity and practicality

Toronto (January 11, 2011)- The Institutional Limited Partners Association, (“ILPA”), a not-for-profit
organization committed to serving institutional investors of private equity, today released an updated
version of its Private Equity Principles (the “Principles”) and the first of its five recommended
Standardized Reporting Templates as part of its continued commitment to drive asset class best
practices and support long-term partnerships between Limited Partners (“LPs”) and General Partners
(“GPs”).

First published in September 2009 with the aim of providing a set of globally recognized industry
guidelines, the initial version of the Principles have successfully received formal endorsement by 140
industry organizations. The updated 2011 Principles maintain the three guiding tenets of “Alignment of
Interest”, “Governance” and “Transparency”, while further incorporating feedback solicited throughout 2010 from GPs, LPs and industry third parties to increase focus, clarity, practicality and adoption.

New components in the updated 2011 Principles have been included to allow funds to adopt the
guidelines more effectively and include:

An appendix on Carry Clawback best practice guidelines (given the complexity of this subject)
Increased clarity and description of the three existing guiding Principles
Expanded context around the purposes of key guidelines

“Since the Principles were first launched in 2009, communication between LPs and GPs has been
enhanced, improvements with respect to alignment of interests have been recognized and GPs have
been proactively contributing to the ongoing development of the ILPA best practices,” said Tim Recker,Chairman of the ILPA. “Moving into 2011, alignment of interest, governance and transparency will become even more important to strengthen private equity as an asset class, especially as liquidity
returns to the market, investments shift towards global emerging markets where risk exposures
increase, and investors become more discerning about the various asset classes post-financial crisis.”

As part of its efforts to generate greater industry efficiencies, improve uniformity and transparency, and reduce expenses in administering and monitoring private equity investments, ILPA has also launched the Capital Call and Distribution Notice Templates – the first of its series of five Standardized Reporting Templates which have been developed in consultation with GPs. Standardized templates for annual and quarterly reporting as well as portfolio metrics are also in development.

“The launch of the first industry-sponsored Standardized Reporting Template in private equity is a
significant milestone,” said Joe Dear, Chief Investment Officer at the California Public Employees'
Retirement System (CalPERS). “Institutional investors and their constituents will benefit from the
additional transparency and consistency that standardized reporting offers, which will help improve risk management and portfolio monitoring, thereby creating a more sustainable asset class and a win-win for GPs and LPs alike.”

Going forward, ILPA will issue further appendices, where relevant, to the updated 2011 Principles to
address new topics as industry best practices continue to evolve. Suggestions for such consideration can be submitted by members and/or interested third-parties to the ILPA Best Practices comment site on the ILPA website www.ilpa.org.

John Breen, Head of Funds & Secondaries at the Canada Pension Plan Investment Board, said “While the updated version of the Principles provides latitude for using different ways to achieve common objectives, the overriding spirit of the document is universal. This update is an example of how GPs and LPs have worked together to create appropriate frameworks for best practices which will enhance the long term attractiveness of the private equity asset class. Private equity remains a growing component of our long term global investment strategy and alignment, governance and transparency are critical success factors.”

The ILPA Principles and Standardized Reporting Templates are only a few facets of the work undertaken by ILPA as it highlights the value that comes with having direct accountability from private ownership of a business, not only to the investment industry but to the ultimate beneficiaries of this value creation – the pensioners, charities, educational foundations, employees and companies.

Along with promoting industry best practices, ILPA addresses key issues that impact private equity,
including regulatory reform, risk management and the amount of capital circulating in the industry.

The ILPA’s education platform which includes executive level course curricula enables private equity
professionals to stay abreast of key issues impacting the market. The ILPA hosts networking events
throughout the year to allow its members the opportunity to connect with their fellow LPs, and it also
hosts an annual meeting between GPs and LPs.

###

About the ILPA:
The Institutional Limited Partners Association is a not-for-profit association committed to serving limited
partners investors in the global private equity industry by facilitating value-added communication,
enhancing education in the asset class and promoting research and standards in the private equity
industry. ILPA has over 240 institutional member organizations that collectively manage approximately
$1 trillion of private equity assets. For a copy of the ILPA Private Equity Principles and a list of endorsing
organizations, please visit www.ilpa.org or contact Kathy Jeramaz-Larson.

About the ILPA Private Equity Principles:
First published in September 2009, the ILPA Private Equity Principles outline best practices with respect
to establishing strong governance, appropriate transparency and the alignment of interests between LPs
and GPs. Since 2009, the ILPA has surveyed participants in the private equity industry, including both
LPs and GPs, and found that most LPs use the Principles as a framework to help assess GPs and believe
that incorporating the Principles during discussions with GPs will help align the interests between the
two parties. Additionally, a majority of responding GPs believe the Principles will enhance GP/LP
relations and provide long-term benefits to the private equity asset class.

For further information contact:
Kathy Jeramaz-Larson, Executive Director, ILPA
(416) 941-9393 ext 2223
kjeramaz-larson@ilpa.org
www.ilpa.org

Lekha Rao, Director, Burson-Marsteller
(212) 614-4873
lekha.rao@bm.com

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Private Equity 2011 Outlook

How Will Private Equity Firms Fare in the New Year?

Private equity firms had a promising 2010 but not the type of turnaround year that hedge funds had in 2009.  This begs the question, will private equity firms have a far better year in 2011?  The following video is an interview with Scott Sperling of THL Partners in which he talks about his expectations for private equity in the new year.

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January 15th, 2011

CHP Registration Opens For Spring 2011 Session

The hedge fund industry has a strong affiliation with private equity.  Hedge funds, private equity firms and venture capitalists are often lumped together in regulations and under the broad alternative asset class.  There are many similarities in the two industries and many private equity professionals transfer to work for hedge funds and vice versa.  Therefore, it is important to be educated on the hedge fund industry, no matter if you where you work in the alternative investment community.  With that introduction, I wanted to let readers know that the Certified Hedge Fund Professional program is opening registration for the Spring 2011 session.

On Saturday January 15th, 2011 the Certified Hedge Fund Professional (CHP) designation program will open for registration to a limited group of just 200 additional participants.

The CHP designation is the industry standard #1 most popular hedge fund training and certification program that is provided for and by hedge fund professionals. The CHP program is provided by the 40,000 member Hedge Fund Group (HFG), the largest and most well known networking association in the hedge fund industry.

Since the CHP program is provided 100% online you can complete it along with the examination from anywhere in the world as long as you have a secure and consistent internet connection.

Here are three pages of our site to help you learn more about the program:

1) Our Job Placement Services for CHP Participants: http://hedgefundcertification.com/Hedge-Fund-Jobs.html

2) Our Benefits Page: http://hedgefundcertification.com/Benefits.html

3) Our 220+ Participant Quotes Page: http://hedgefundcertification.com/Quotes.html

If you have any questions at all about registration, tuition, or how the program works please see our very detailed website at ttp://HedgeFundCertification.com, or you may reach us at (212) 729-5067 or by email at team@hedgefundcertification.com.

- Richard

Richard Wilson
(212) 729-5067
Hedge Fund Group (HFG)
http://HedgeFundCertification.com

"The CHP designation is a great program to educate new employees who and join our hedge fund down the road."

- Tom Jordan, President of TCJ Capital

"The CHP curriculum is a great place for people within or entering the industry to gain a fundamental foundation on the history, structure, and concept of the Hedge Fund Industry with freedom of time allocation and limited cost."

- Jeffrey Ziglar | Vice President of Hedge Fund Strategies at Goldman Sachs and Co.

"The course subjects allows you to develop an in-depth understanding of the portfolio analytics methods and measures which are constantly evolving. The organizers were able to accommodate to my unique request and prompt to resolve issues encountered."

- Majieb Zain | Trader at Barclays Bank Plc

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Tags: Hedge Fund Certification Program, Hedge Fund Designation Program, Hedge Fund Designations, Hedge Fund Certification Programs, Hedge Fund Certifications

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Pamlico Capital Clearlink Technologies

Pamlico Capital Clearlink

Pamlico Capital Makes Majority Investment in Clearlink

I received the following press release the other day and thought I would share it on the blog.  I do not ordinarily include press releases but I was surprised to find that Pamlico Capital is not included in the current version of our Private Equity Firm Directory.

With the hundreds of firms included in our database, I have tried to provide contact details and information on as many private equity firms as possible.  I am recommending to our team that Pamlico Capital be included in the next version of the database, but until then you can learn more about Pamlico Capital in this article.

This Private Equity Firm Directory contains the private equity fund firm name, primary contact name, physical location, assets under management, phone number, fax, and email address as well.  Collectively the 1,000+ private equity firms in our database control well over $200B in assets.  Click here to learn more about this directory of private equity firms.

SALT LAKE CITY--(BUSINESS WIRE)--Pamlico Capital and management announced today that they have recapitalized CLEARLINK Technologies, LLC. CLEARLINK, founded in 2004, is a rapidly growing provider of performance-based customer acquisition solutions to a number of the largest suppliers of home services in the U.S. CEO Phil Hansen, CTO Bruce Westenskow, and COO Ben Henderson will remain significant owners of CLEARLINK and will continue to manage the growth of the company in partnership with Pamlico. Terms of the transaction were not disclosed.

CLEARLINK is dedicated to becoming the nation's leading technology-driven customer acquisition marketing company. CLEARLINK utilizes a diverse suite of online and offline local marketing services to reach fragmented consumers, generate leads, convert those leads into paying subscribers, and create incremental growth for some of the most recognized home services brands in the nation. CLEARLINK’s marketing solutions provide end to end customer acquisition, delivering performance-based advertising at a known, positive ROI.

“We chose to partner with Pamlico because of their track record of supporting companies and entrepreneurs as a first-time institutional capital provider,” said Phil Hansen, CLEARLINK CEO. “CLEARLINK is poised to continue to scale and expand its services into adjacent verticals. The expertise and resources Pamlico brings to our team will be critical assets in these endeavors.”

Pamlico Partner Walker Simmons said, “Our focus on making growth equity investments in technology enabled outsourced services companies led us to CLEARLINK. We were tremendously impressed by the caliber and breadth of the management team, as well as the opportunity CLEARLINK has to capitalize on the favorable trends in online and performance-based marketing.”
CLEARLINK was advised by Petsky Prunier Securities (financial advisor) and Holland & Hart LLP (legal advisor). Pamlico was advised by Alston & Bird LLP (legal advisor).

About CLEARLINK
CLEARLINK is a rapidly growing supplier of performance-based customer acquisition solutions to a number of the largest providers of home services in the U.S., including DISH Network, ADT Security Services, AT&T, Qwest and Verizon. The company was founded in 2004 and is based in Salt Lake City, Utah. CLEARLINK utilizes a diverse selection of marketing and media buying expertise that spans online and offline sources, delivering a multi-channel marketing solution that reaches increasingly fragmented consumer audiences. Through this marketing and media reach, the company generates customer leads in the form of in-bound phone calls which are converted into paying subscribers via an in-house sales center. CLEARLINK added more than 200 employees in 2010, nearly doubling the size of its workforce and foresees substantial growth in the year to come. CLEARLINK has received numerous awards and recognition from the Inc. 500, Utah Work/Life Awards, MWCN Utah 100, and Utah's Fast 50, among others.  Clearlink

About Pamlico Capital
Pamlico Capital, formerly known as Wachovia Capital Partners, was founded in 1988 and has invested in excess of $3.5 billion in over 200 middle market companies since its inception. Pamlico Capital seeks growth equity and buyout investments of up to $100 million alongside proven management teams in its target industries, which include business & technology services, communications, and healthcare. The firm, based in Charlotte, NC, currently manages over $2 billion in assets. Please refer to Pamlico Capital for additional information.

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Private Equity Fortune Brands Inc.

Private Equity Firms Circling Fortune Brands Inc.

Private equity firms led by Bain Capital are circling Fortune Brands Inc. (FO), specifically the firm's home products unit.  Blackstone Group has also expressed interest in the firm as it sells and spins off its home products unit and golf operations. 

Fortune Brands told Dow Jones Newswires it continues to pursue a tax-free spinoff of the home products unit, which includes Moen faucets and Simonton windows.

Fortune Brands announced last month it would spin off the home products unit and spin off or sell its golf operation, which includes Titleist golf balls, while keeping its core spirits business.

According to Reuters, people familiar with the matter said calculating a valuation of the home products business could be difficult given the wide range of opinions on the pace of the housing recovery.

Meanwhile, Bloomberg reported Wednesday afternoon that Fortune Brands has chosen Morgan Stanley to run an auction for its golf division. According to Bloomberg, which cites people familiar with the matter, the unit could go for as much as $1.5 billion.  Source

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Private Equity Company Valuations

The Struggle of Private Equity Firms Deciding Valuations

The Times had an article today on how different private equity firms arrive at different valuations for the same company.  For example, in a club deal involving two or more buyout firms, one private equity firm may look at the target and estimate that it is worth $10 billion while the other private equity firm (looking at the same company with more or less the same information) could arrive at a radically different number.

This can occur at the initial valuation of a buyout target or throughout the life of the investment as the buyout firms calculate whether the investment was a good one, and maybe a buyout firm is making fifty cents for every dollar invested in the portfolio company.  (Or 25 cents on the dollar, as TPG estimates its stake in Freescale Semiconductor is now worth.)  This can be even more problematic when one investor tries to buyout another investor's stake in the company--the buyer may estimate a value that is less than the seller believes that the stake it worth.  Anyway, the article gives a pretty good summary of this dilemma and how private equity firms sort out different values and may even inflate values.

But private equity investing is private, so company values are negotiated confidentially and are not openly available.

Yet more than a few well-heeled Wall Street deal makers have an interest in how investments like Freescale play out. Public pension funds, endowments and other institutions piled into private equity in good times. Some deal makers are trying to keep those investors happy by giving some investments higher values than they may deserve.
Accounting rules give the deal makers a lot of wiggle room, because even experts often disagree on how to value investments. At the big firms, at least, independent auditors examine the figures and how they were reached.

But analysts agree that valuations on the books of private equity firms can be skewed by the firms’ motivation to place high values on their investments. In a business driven by big money and bigger egos, they want to claim the best returns possible to lure new investment dollars and the fat fees those dollars bring.  Source

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Tags: investments, Private Equity Company Valuations, Private Equity Company Valuation, Private Equity Company Values, Valuation, Valuation private equity firm, private equity, management, contact, website, LP, group, news

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Carlyle Group China Pacific

Carlyle Sells $860 Million Stake in China Pacific Insurance

Carlyle Group has sold off its $860 million stake in a Chinese insurance company.  Carlyle Group sold 215 million shares of China Pacific Insurance in a partial exit after the insurance company had an $2.04 billion initial public offering in December of last year.

The company, which has the second-largest property insurance company and the third-largest life insurance company in Mainland China, has represented a series of profitable investments for Carlyle, which paid a little over $800m in a series of investments in the company between 2005 and 2007 for its stake, which stood at 15.4 per cent before the sell-down.

China Pacific raised $2.04bn from a Hong Kong IPO in December 2009, which set Carlyle up to begin exiting its investment once the one year lock-up period expired.

Earlier this week, the firm announced that it is to become the first firm to set up and manage an investment vehicle within the Dubai International Finance Centre business hub.  Source

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