Mon, Aug. 31, 7:13 AM
Mon, Aug. 24, 8:21 AM
- Private-equity firms have gathered into three separate packs to get enough juice to bid up to $6B on the South Korean business of Tesco (OTCPK:TSCDY), Reuters reports, in what could be Asia's biggest P-E deal ever.
- A combination of KKR and Affinity Equity Partners is in one group; Carlyle Group (NASDAQ:CG) and GIC are another; and MBK Partners will look for funding from South Korea's National Pension Service to pursue it.
- Divesting its South Korean business, Homeplus, would be the biggest move the chain has made as it tries to reverse a decline resulting from an accounting scandal.
- The Homeplus unit has annual revenue of about $5.9B. Final bids for the business are due today. Along with pretty much everything else, Tesco shares are down 3.5% in London.
- Carlyle Group is down 1.1% and KKR down 3.8% in premarket trading.
Fri, Aug. 21, 8:28 AM
- Carlyle Group's (NASDAQ:CG) Emerging Sovereign Group's Nexus Fund gained about $100M in two days last week as put options it owned on the yuan soared in value following this month's devaluation, reports the WSJ.
- The gain turned the year around for the fund - after being down 11% through the end of July, it's now up about 50% YTD.
- Carlyle purchased a 55% stake in ESG in 2011, and since then assets have tripled to about $5B. The profits at the Nexus fund are needed good news for Carlyle's hedge fund business. The company's Claren Road Asset Management has made news lately for its poor performance and mass redemptions.
Tue, Aug. 18, 3:43 PM
- The fast pace of redemptions continues at Carlyle Group's (CG -1.9%) Claren Road Asset Management, where investors submitted requests for the return of nearly $2B of the fund's $4.1B in AUM in July.
- At its peak less than a year ago, Claren Road was managing $8.5B.
- The fund's managers are hearing from exiting investors and are in the process of deciding on a future path, including maybe shutting the doors.
- Carlyle will write off up to $175M of the remaining $216M value of Claren Road still on its books. Trying to diversify its asset management business, the P-E firm bought a 55% stake in the fund in 2010 for an undisclosed price.
- Previously: Carlyle Hedge fund could face redemptions after warning (July 28)
Tue, Aug. 18, 7:51 AM
- Buyout firms are dominating the bidding at Airbus's (OTCPK:EADSY) defense asset auction, according to Bloomberg.
- Carlyle (NASDAQ:CG), KKR and Blackstone (NYSE:BX) are among private-equity firms that bid in the first stage of the auction. Rheinmetall (OTCPK:RNMBY) and Thales (OTC:THLEY) also submitted proposals by a July deadline.
- The operations, which comprise Airbus’s defense sensors and border security businesses, are said to have operations with 2015 revenue estimated at €1.1B.
Tue, Aug. 11, 7:41 AM
- Symantec (NASDAQ:SYMC) confirms the sale of Veritas to a group led by the Carlyle Group (NASDAQ:CG) for $8B; shares are halted.
- SYMC expects $6.3B in cash proceeds from the sale, and says it has added $1.5B to its share buyback program.
- Carlyle names Bill Coleman as CEO and Bill Krause as chairman of Veritas.
- Earlier: Symantec set to unveil Veritas sale to Carlyle
- Earlier: Symantec misses by $0.03, misses on revenue
Tue, Aug. 11, 2:55 AM
- Symantec (NASDAQ:SYMC) plans to sell its data storage business Veritas to Carlyle Group (NASDAQ:CG) under a deal set to be announced this afternoon, when the former reports its quarterly results.
- Carlyle would pay on the high side of a range between $7B-$8B. At that price, the deal would be this year's largest private equity takeover of a tech company.
Fri, Aug. 7, 7:07 AM
- Royal Dutch Shell (RDS.A, RDS.B) agrees to sell its 75% stake in Tongyi Lubricants in China to the Carlyle Group (NASDAQ:CG) and Huo's Group, an entity controlled by Tongyi's founder, for an undisclosed sum.
- Shell, which is selling off assets around the world amid low oil prices, says it is focusing on its own lubricants brands within China.
- For Carlyle, the Tongyi deal represents a bet that demand for lubricants in China will continue growing despite a downshifting of the Chinese economy.
Wed, Jul. 29, 6:32 AM
Tue, Jul. 28, 9:23 AM
- Influential hedge fund consultant Cliffwater LLC has advised clients invested in Carlyle Group's (NASDAQ:CG) Claren Road Asset Management to pull their money. The details of Cliffwater's about-face - the group was a strong proponent of Claren Road not long ago - aren't known, but Claren Road's flagship fund lost 4.9% in June, and shed 10% last year.
- Claren Road has $4.9B in AUM, and Cliffwater has clients with about $800M of that. As recently as September, Claren Road had $8.5B in AUM, but soured bets on Greece and the GSEs have stung results.
- Cliffwater's call doesn't necessarily mean a rush of redemptions at Claren, as some clients could ignore it, and others have their own bureaucratic hoops to jump through before making a decision to pull money.
- Carlyle purchased a 55% stake in Claren Road in 2010, part of a move to diversify beyond LBOs.
- Source: WSJ
Wed, Jul. 22, 3:37 PM
- Carlyle Group (CG -1.7%) is teaming up with TCW Group (majority owned by Carlyle funds) to offer three mutual funds giving ordinary investors access to hedge fund-style bets. The move comes a few months after Carlyle shut two so-called liquid alternative mutual funds after neither garnered much in the way of assets.
- Carlyle's P-E brethren are also making a retail push, though none have made much success out of it yet.
- The TCW/Carlyle Trend Following Fund, the TCW/Carlyle Liquid Tactical Fund, and the TCW/Carlyle Absolute Return Fund are the three upcoming vehicles.
- Source: Bloomberg
Mon, Jul. 13, 11:41 AM
- The team at Morgan Stanley has "high conviction" headed into earnings season on Bank of America (BAC +1.6%), Carlyle Group (CG +1%), and MSCI (MSCI +0.7%).
- Bank of America has 20% upside to Morgan's $20 price target, they say, the highest potential upside of all the large cap banks. Catalysts: 1) Lower expenses; 2) Rising rates; 3) Fuller valuation of the wealth management unit.
- Carlyle is the best-positioned in the alternative management space, also with potential 20% upside to the $33 price target.
- In addition to strong operations, MSCI could see further upside from the announcement of a new buyback program.
Tue, Jul. 7, 6:41 PM
- Bloomberg reports Symantec (NASDAQ:SYMC) is "nearing a deal" to sell its Veritas storage software unit (currently set to be spun off) to P-E firm Carlyle (NASDAQ:CG) for $7B-$8B. For reference, Symantec closed today with a $15.4B market cap.
- Deal terms are still being negotiated. Symantec hasn't been shy about its willingness to field offers for Veritas, which was acquired for $13B+ in 2005. Reuters reported in April tax concerns had hurt buyout interest.
- Symantec has risen to $23.40 AH. The company's Information Management ops had FY15 (ended in March) revenue of $2.56B (+1% Y/Y).
Tue, Jun. 16, 2:57 PM
- An earlier report from Reuters has Blackstone (NYSE:BX) and The Carlyle Group (NASDAQ:CG) making a joint bid to take out NCR for more than $10B, and NCR is up 10.7% on the news. Also mulling a bid are Apollo Global (NYSE:APO) and Thoma Bravo, according to Reuters.
- Previously: NCR +14.8%; Blackstone, Carlyle reportedly making joint bid (June 16)
Tue, Jun. 9, 11:31 AM
- Carlyle Group (NASDAQ:CG) is pitching clients about interest in a "core-plus" U.S. real estate strategy targeting returns of 9-11%, says co-founder David Rubenstein.
- Competitor Blackstone manages more than $5B in core-plus real estate after starting its offering in 2013, and believes the strategy could have $100B in AUM in a decade.
- Carlyle currently manages about $15B in real estate, with an "opportunistic strategy" targeting returns of 15-20%.
- Source: Bloomberg
Mon, Jun. 8, 8:04 AM
- A list of external managers used by the $305B retirement system includes giants like KKR, Carlyle Group (NASDAQ:CG), and Blackstone (NYSE:BX).
- The industry bellwether today will make public plans to reduce to 100 from 212, the direct relationships it has with private-equity, real estate, and other external funds, reports the WSJ.
- The move - coming under the leadership of CIO Ted Eliopoulos who took the reins last year - won't necessarily change Calpers' investment strategy nor the amount of assets managed internally vs. externally. The 100 left will just get a bigger pool of funds to manage, though they likely will be pushed to lower fees.
- As recently as 2007, Calpers had about 300 external managers.
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