Carlyle CEO’s sudden exit puts the private equity giant back at square zero
Five years ago, Bill Conway had bid Carlyle Group investors a farewell on the company’s third quarter earnings call: “I’m grateful to all of you who participated on these calls for the past 21 quarters with me.” At the time, Conway and his co-CEO David Rubenstein, two of the private equity giant’s co-founders, had just alerted investors […]
Private Credit club snags $2.9B ManTech buyout debt
A consortium of private credit firms has lined up a roughly $2.9bn debt package backing Carlyle Group Inc.’s acquisition of US government contractor ManTech International marking the latest win for deal-hungry direct lenders. The group of lenders includes the credit arm of Blackstone Inc., as well as Oak Hill Advisors, Crescent Capital Group and Blue Owl Capital Inc., according to people familiar with […]
Private Equity firm Advent International acquires Digital Transformation Consultancy Neoris
Private equity firm Advent International has acquired 65% of Neoris, a digital transformation and IT consulting firm that supports SAP on Microsoft Azure. The majority stake seller was CEMEX — which will retain a 35% stake in Neoris. The deal’s valuation was not disclosed. This is technology M&A deal number 717 that ChannelE2E has covered […]
Liberty Street Advisors’ Private Shares Fund surpasses $1bn in AuM
Liberty Street Advisors’ Private Shares Fund has increased assets under management to more than $1 billion. The Fund seeks capital appreciation by investing in the equity securities of private, operating, late-stage, growth companies. While traditionally, such access to private companies has only been available to institutional and high net worth investors through high minimum, complex […]
War for talent pushes PE firms to remodel
In an effort to recruit and retain new talent, PE firms of all sizes have prioritised talent management above everything aside from asset growth. With private markets taking a hit after two years of record returns, PE firms may have to be less selective when it comes to hiring new talent and focus more on […]
AllianceBernstein closes latest real estate debt fund on $1.3B
US investment firm AllianceBernstein has closed Commercial Real Estate Debt Fund IV with $1.3bn of capital commitments. AB launched the US commercial real estate debt platform in 2013. It currently has $9bn of AUM under active management. The team has deployed $8.6bn of capital to over 130 loans since inception. “The expansion in the cost […]
French utility Veolia agrees to sell Suez UK assets to Macquarie for €2.4B
French utility company Veolia confirmed it would sell Suez’s UK waste business to Australia’s Macquarie Group for around $2.4bn, in a deal aimed at resolving antitrust concerns. Veolia’s shares rose around 3% in early session trading – the top performers on Paris’ SBF-120 equity index. The disposals, amounting to a total of 3.4 billion euros, […]
StepStone closes fifth co-investment fund at $2.36B
StepStone Group Inc, a global private markets investment firm, has made the final closing of StepStone Capital Partners Fund V (SCP V), its fifth dedicated co-investment fund, raising $2.36 billion of commitments. Through SCP V, StepStone seeks to build a diversified portfolio of co-investments alongside leading private equity firms, in select transactions according to their […]
Vista Equity Partners to acquire Avalara for $8.4B
Vista Equity Partners (Vista), is to acquire Avalara, a provider of tax compliance automation for businesses of all sizes, for $93.50 per share in an all-cash transaction valued at $8.4 billion, inclusive of Avalara’s net debt. The per share purchase price represents a premium of 27% over the Company’s closing share price as of 6 […]
Carlyle CEO Kewsong Lee steps down; Conway to be Interim Chief
Carlyle Group Inc. said Chief Executive Officer Kewsong Lee stepped down, a setback to the private equity giant’s bid to navigate a generational transition during a period of market turbulence. His sudden exit, announced late Sunday, reverses a changing of the guard set in motion just five years ago when Carlyle’s founders ceded leadership duties […]
