Earlier this year, another Quadrangle hedge fund split off from the PE firm.
The chief argument I hear being made against this being a secular bull is that no prior secular bull has ever begun from a PE multiple above ten on the broad market.
The second big feature that will dominate deal making in 2013 will be the continued popularity of sponsor-to-sponsor transactions, which is sure to reignite the controversy over whether sales of assets from one PE fund to another are good or bad for investors.
One of the selling points when PE firms speak with management of a publicly-traded target is getting away from the quarterly guideposts set by investors and analysts, which is an attractive alternative for companies struggling through a turnaround or trying to undertake a major growth initiative.
Thus, prices exceeded corporate earnings growth by a considerable margin and expanded stock valuation as measured by the price-to-earnings ratio (PE) from 14.5 PE to 16.2 PE.
FORBES: Portfolio Solutions' 30-Year Market Forecast for Investment Planning (2013 edition)
Additionally, results from a third study showed extended Xarelto treatment reduced the risk of recurrent DVT and PE in patients.
FORBES: Rivaroxaban Gains FDA Indications For The Treatment And Prevention Of DVT And PE
Some LPs have learned from hard experience that most PE funds can lay claim to top-quartile performance by selecting the benchmark that makes them look best.
As private equity enters 2013, the industry is poised to benefit from strengthening fundamentals, and it would not take much to rouse PE activity out of its slumber.
One top-of-mind concern for LPs is the motivation level of the younger partners at some PE firms, particularly partners whose first fund may have been from a peak market vintage.
Finally, sponsor-to-sponsor transactions will stay strong for all the compelling reasons discussed in our earlier blog post, although PE firms may encounter stiffer competition from strategic acquirers.
Tokyo Star Bank emerged in 2001 from the bankruptcy in 1999 of Tokyo Sowa Bank through a partial buyout and capital injection by the U.S. PE fund Lonestar.
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