Posts Tagged ‘tpg’

TPG’s Bonderman Sees Mega LBO Coming – $10-15B Deal

Friday, March 4th, 2011

David Bonderman, the founder of TPG, claims that large deals are back, and they are back to stay.  Fueled by cheap credit and impatient investors, mega LBOs will return, and according to him, TPG will be at the forefront.  TPG has not been shy of these deals in the past, leading the $44 billion takeover of TXU with Goldman Sachs and KKR in 2007.  Surprisingly, investor memories are short, and the same leverage multiples and weak capital structures we saw in 2006 are emerging today in the private equity industry.  As takeover multiples rise, so will leverage.  And funny thing is, banks are willing to provide it more than ever.

“Larger deals are back,” Mr. Bonderman said Thursday at the SuperReturn conference in Berlin. “It is as I said before absolutely possible to do a 10-to-15-billion-dollar deal now. It might not be one you want to do. It might not be one you should do. But the capital is available.”

Recent private equity deals have been valued at $5 billion or less, a far cry from those of the 2006-2007 buyout boom. Indeed, in 2007 TPG teamed up with KKR and Goldman Sachs to buy the energy company TXU for $44 billion.

But money for private equity deals dried up in the financial crisis and the recovery so far has brought only smaller deals.

Among those deals is the $3 billion leveraged buyout of the preppy retailer J. Crew by TPG and Leonard Green & Partners, a deal that  was approved by the company’s shareholders this week.

Along with larger deals, Mr. Bonderman and other private equity executives at the SuperReturn conference were all abuzz about the potential of emerging markets.

Mr. Bonderman called emerging markets the “flavor of the month” and predicted that initial public offerings in emerging markets would represent an even larger proportion of the deals in years to come.

“Interesting enough, if you survey folks like all of us in this room, everybody sees emerging markets growing just about as fast as mature markets in the deal business, which of course has never been the case before now,” Mr. Bonderman said, adding that the upside potential for deals remained high.

Growth in emerging markets is being fueled by China’s booming economy, which could even be on the verge of a bubble, as well as broader trends, including the rise of the middle class in those regions, Mr. Bonderman said.

“Even Brazil is a China story,” Mr. Bonderman said, adding that the emerging middle class would add trillions of dollars to emerging economies, particularly on the consumption side. This should lead to a “huge rebalancing of how the world sees itself,” he said.

Mr. Bonderman was asked about TPG’s recent exit from the Turkish spirits company Mey Icki , which TPG acquired in 2006 for about $800 million and sold in February for $2.1 billion.

He responded: “We thought it was a good opportunity, and it turned out to be. We would have taken it public had Diageo not shown up. As in any other place, if you can sell the whole business, you’re better off than taking it public, where you have to dribble it out even though you might get a nominally higher value. We like Turkey as a place to invest and we’ll be back.”

On the sovereign crises, such as the one in Greece, Mr. Bonderman said: “When governments are selling, you should be buying. And when governments are defaulting, we should look at that as an opportunity. Prices are always lower when the troops are in the street. A good default, like Portugal or Greece, would be very good for the private equity business. Might not be so good for the republic, but it would be good for us.”

KKR Tries to Fool Investors with Toys R’ Us IPO

Wednesday, March 2nd, 2011

Toys R Us was an Opco-Propco deal done by KKR, Bain, and Vornado in 2005 for $6.5+ billion.  The company was one of the largest owners of real estate in the United States, other than McDonalds.  Since the toy business was not performing well and Babies R Us could not yet produce enough EBITDA to drive the company’s public valuation, these three players found an opportunity to take advantage of its real estate holdings (good call, right?).  Unfortunately, the company now has $5.5 billion in debt on its balance sheet and only has 2.3% growth in sales, a $35mm loss in earnings, down from $95mm in profit last year, and a 25% increase in expenses year over year (SA).  Cash used in operations also increased from $800mm to $1.2 billion over that time period.  Sounds like a great time to IPO, right?  Well, the sponsors in this deal seem to think so.  With equity markets topping, they are trying their hardest to take advantage of foolish retail investors.  Invest at your own risk:

“(Reuters) – Toys R Us Inc TOY.UL is looking to raise around $800 million in an initial public offering in April, though a final decision has not been reached, the New York Post said on Saturday.

The New Jersey-based retailer, which operates stores under its namesake brand and the Babies R Us and FAO Schwarz labels, had put off plans for an IPO in 2010.

“Toys R Us took more market share from competitors last year than they have in the past 20 years,” said one source the Post described as close to the company. “But I don’t think they were satisfied with how they did on the profit level.”

Toys R Us spokeswoman Kathleen Waugh said the company could not comment on the matter.

For December 2010, Toys R Us reported a 5.4 percent total sales rise at its U.S. unit as it lured holiday shoppers away from No. 1 toy retailer Wal-Mart with more temporary stores and exclusive toys. But same-store sales fell 5 percent at its international segment.

Overall, a tough 2010 holiday season had margins hit across the toy industry by bargain-seeking, recession-hit consumers.

So the economic environment has stoked continued debate between management and owners at Toys R Us about whether this is the best time to re-launch an IPO, according to a source briefed on the situation, the Post reported.

Toys R Us was taken private in 2005 by Kohlberg Kravis Roberts KKR.AS, Bain Capital and Vornado Realty Trust in a $6.6 billion deal.

In May 2010, the company filed to raise as much as $800 million in an IPO. But that was not launched.

Toys R Us’s net loss widened to $93 million in the third quarter ended on October 30, 2010, from $67 million a year earlier. While sales were up 1.9 percent in the period, total operating expenses rose about 9.4 percent.

Last fall, the retailer opened 600 smaller “pop-up” stores that added to the more than 850 larger year-round stores it operates in the United States, the Post said.”

Blackstone Buying Failed Banks with Aid of Former Bank President Oates

Thursday, March 18th, 2010

While TPG recently returned more than $2 billion in commitments to purchase failed banks, Blackstone has found a former bank President who is guiding them to buy financial institutions in the United States, a very risky, but potentially lucrative endeavor.

According to Ms. Thornton and Mr. Keehner, “Blackstone Group LP, the world’s largest private-equity firm, is in preliminary talks to raise $1 billion to buy failed banks, according to a person with knowledge of the discussions.

The New York-based firm is working with R. Brad Oates, a former president of Bluebonnet Savings Bank, to raise the funds for a blind pool, said the person, asking not to be named because the information is private. Blind pool investors usually back a single management team without having a say in what company it will acquire.

Peter Rose, a spokesman for Blackstone, declined to comment.

Buyout firms are seeking bargains as lenders fail at the fastest pace since 1992. Regulators have seized at least 160 lenders since Jan. 1, 2009, and the FDIC’s confidential list of “problem” banks stands at 702 with $402.8 billion in assets, according to a Feb. 23 report.

Related Cos. founder Stephen Ross and partners Jeff Blau and Bruce Beal Jr. raised about $1.1 billion last month to help their SJB National Bank acquire a seized U.S. lender. Among their investors are New York hedge-fund firm Elliott Management Corp. and David Einhorn’s Greenlight Capital Inc., a person with knowledge of the matter said last month.

Regulators have been debating how much leeway to give private buyers of failed banks because of concern that they may take too much risk with federally insured deposits. Some investment groups have recruited former bankers as officers to reassure regulators.

William Isaac, the Federal Deposit Insurance Corp.’s former chairman, is also leading a group of ex-regulators and bankers raising $1 billion to buy failed lenders in the U.S. Southeast, a people briefed on the plan said last month.

Last May, Blackstone partnered with WL Ross & Co. and Carlyle Group to buy BankUnited Financial Corp. The group agreed to inject $900 million and named John Kanas, the former head of North Fork Bancorp, to run the Florida lender after it collapsed.”

Private Equity Firms Can’t Find Places to Invest $503 Billion

Thursday, March 11th, 2010

Surprisingly, buyout firms are having difficulty finding good companies to invest in because of regulations and the perceived risk still in the market.  There is approximately $503 billion in dry powder just waiting on the sidelines, waiting to be invested.  Berkshire Partners still does not know how to invest 40% of the $3 billion fund it raised in 2006.  TPG recently released investors of $2 billion in commitments.  Harvest Partners, a NY based middle market fund still has to invest 60% of its fund!
According to Ms. Thornton, Ms. Alesci, and Mr. Kelly of Bloomberg, ” Buyout funds sitting on half a trillion dollars committed by investors may need more than a decade to put the money to work if mergers and acquisitions continue at the current pace.

Firms led by Blackstone Group LP and KKR & Co. announced $87 billion in deals over the past 12 months, according to data compiled by Bloomberg. At that rate, it would take until the middle of 2021 to invest an estimated $503 billion in unspent money, assuming they borrow half the purchase price. Firms usually have three to six years to deploy commitments.

“Unless things really change, larger funds will be especially hard pressed to put their money to work,” said Steve Kaplan, a finance professor at the University of Chicago.

The record amount of capital, most of it raised during a three-year boom that ended with the financial crisis, coupled with fewer and smaller purchases, means firms may have to ask for more time or release investors from capital commitments if they can’t put the money to work. Boston-based Thomas H. Lee Partners has three years left to invest almost half of a $10 billion fund raised in 2006, and London-based Permira Advisers LLP has until the end of 2012 to put $4.9 billion of a $12.2 billion fund to work, according to researcher Preqin Ltd.

“Investors only give the fund a particular investment period, typically three to six years, to invest the capital,” said Michael Harrell, co-chair of Debevoise & Plimpton LLC’s private-equity funds group in New York. “If you don’t use it, you lose it.”

‘Dry Powder’

The funds that may eventually face the toughest time are the industry’s largest, raised in 2007 and 2008. TPG has $15.3 billion left of an $18.9 billion fund raised in 2008, according to a person with direct knowledge of the fund. A European fund raised by CVC Capital Partners Ltd. in the same year has $11.3 billion left of $14.2 billion, according to London-based Preqin.

TPG and CVC declined to comment.

Of the $503 billion in unused capital, $86 billion is from funds raised between 2004 and 2006, Preqin data show. Funds raised in 2007 and 2008 account for $310 billion in so-called dry powder.

Palladium Equity Partners LLC, a firm that makes equity investments of $15 million to $75 million in the U.S. Hispanic market, has until the end of the third quarter to deploy about half of $800 million raised in 2004, according to a person with knowledge of the firm’s investments who declined to be identified because the information is private.

Harvest, Palladium

New York-based Harvest Partners, which specializes in buyouts of middle-market companies, has yet to deploy 64 percent of $815 million it raised in 2006, according to the firm. The fund’s investment period ends in 2012.

“A lot of people are in this position,” said Robert Finkel, managing partner of a Chicago-based private-equity firm Prism Capital and author of “The Masters of Private Equity and Venture Capital.”

Spokesmen for THL, Permira, Harvest and Palladium declined to comment on their funds and how they plan to invest the capital.

By rushing to deploy billions of dollars, buyout firms are driving up price tags. Prices paid in leveraged buyouts last year, after the worst financial crisis in seven decades, were about 25 percent higher on average than in 2001 after the dot- com bubble, according to Standard & Poor’s Leveraged Commentary & Data.

Driving Up Prices

Prices in Europe are “almost as high as they’ve ever been,” Blackstone President Tony James said on a call with reporters Feb. 25. “When there’s something in the right range, it’s very competitive.”

Blackstone and KKR, the largest publicly traded private- equity firms, have told investors they see a pick-up in the pace of buyouts. Between the second quarter and the fourth quarter of last year, the value of deals doubled to $31.9 billion. Still, deals announced in the past three months, at $23.9 billion, remain below the $25.3 billion in the same period a year earlier, data compiled by Bloomberg show.

CCMP Capital Advisors LLC is among those that have returned to the buyout market. The New York-based firm on March 8 agreed to buy database marketing company Infogroup Inc. for about $463 million in cash. When the deal is completed, CCMP will have deployed half of its current fund and must allocate the remainder by 2012, when the investment period ends, according to the firm.

Returning to Market

“The market has just returned to a level where transactions can happen because they’re a fair reflection of the asset values,” CCMP Chief Executive Officer Stephen Murray said in an interview.

CCMP offered $8 a share for Infogroup, a discount of 2 percent compared with the previous closing price of $8.16. The price values the company at 9.2 times earnings before interest, tax, depreciation and amortization. The average for U.S. private-equity-led transactions in 2009 was 7.7 times Ebitda. Including a debt restructuring, the Infogroup deal is valued at $635 million, or 12.6 times Ebitda, according to Bloomberg calculations based on company data. Excluding restructuring and one-time charges, CCMP paid 5 times Ebitda for Infogroup.

Some funds say their investors are glad they have held on to their commitments during the buyout boom, when rising prices hurt returns. Boston-based Berkshire Partners LLC has not yet decided how to invest 40 percent of a $3.1 billion fund it raised in 2006. The investment period ends in 2013.

‘Bunch of Blanks’

“Our investors care most about making good investments, not the quantity. Our investors give us a lot of credit for not investing as much as many others did in 2006 and 2007,” said Kevin Callaghan, a managing director of Berkshire Partners. “You’d rather have dry powder than a bunch of blanks.”

New York-based Diamond Castle has $479 million, or 26 percent, of $1.82 billion it raised in 2005 that has not been deployed. The firm says it’s keeping commitments in reserve for portfolio companies’ needs.

“It is not unusual for private-equity firms to reserve a portion of the committed capital for follow-on investments,” Diamond Castle senior managing director Ari J. Benacerraf wrote in an e-mail.

New York-based JLL Partners has $200 million, or 13 percent, left of $1.5 billion raised in 2005 and an investment period that ends at the end of the year. Paul Levy, a founding partner, said the fund is looking at potential acquisitions and has reserved capital to invest in its existing portfolio companies.

Venture Capital’s Lesson

If funds “have a lot of money that’s not invested, they’ll ask for an extension,” Levy said in an interview.

The industry’s predicament has parallels with the venture capital industry in 2002, according to Josh Lerner, a professor of investment banking at Harvard Business School in Boston. By 2002, more than 20 venture capital firms had returned near or in excess of $1 billion, because acquisitions had slowed and shrunk in value compared with the peak of the Internet bubble when the money was raised.

“Like the venture capital firms in 2002, the pace of buyout firms’ deals has become slower and the size of their deals has become smaller,” said Lerner. “It’s a real issue for private-equity firms.”

Announced buyouts reached volumes of as much as $43 billion in 2007, when Goldman Sachs Group Inc., KKR & Co. and TPG banded together to buy the largest power utility in Texas, known at the time as TXU Corp. That’s 8.6 times the $5 billion that TPG and the CPP Investment Board agreed in November to pay for IMS Health Inc. in the largest buyout of the past 12 months.

Releasing Investors

The average leveraged buyout in the last three months has shrunk to $185 million from $646 million in 2007, according to Bloomberg data.

Fort Worth, Texas-based TPG has already released investors from $2.1 billion of commitments to a $4.6 billion fund raised in 2008 to invest in financial institutions. The buyout firm decided there were fewer opportunities to invest in financial institutions in part because of regulations, according to a person familiar with the firm.

Some older funds have also released investors from their commitments or asked for extensions of the life of their funds. New York-based buyout fund Vestar Capital Partners, with $7 billion of capital committed to its funds, cut commitments to a $2.48 billion fund raised in 1999 by 2 percent at the end of last year. The firm had kept 6 percent of the commitments for add-on investments or other purposes, according to Vestar spokeswoman Carol Makovich.

“If I were an investor and it’s been 11 years, I’d say ‘enough already,’” said University of Chicago’s Kaplan.

KKR & TPG Interested in Purchasing CICC Stake from Morgan Stanley

Monday, March 1st, 2010

Over the past three years, Morgan Stanley has had difficulty managing its stake in CICC or China International Capital Corp., one of China’s most prominent investment banks.  Recently both TPG and KKR, two of the most powerful private equity firms in the U.S. announced that they were interested in purchasing this stake from Morgan Stanley.  Other firms, including Bain and J.C. Flowers had showed interest in 2008, but valuations for too low at that point for Morgan Stanley to sell.  Morgan Stanley will now be able to start its own investment bank in China without having a conflict of interest.

According to Bloomberg’s Cathy Chan, ” TPG Capital LLP and Kohlberg Kravis Roberts & Co. are in final talks to buy Morgan Stanley’s stake in China International Capital Corp., the first Sino-foreign investment bank, for more than $1 billion, said four people with knowledge the matter.

The U.S. private equity firms plan to equally split Morgan Stanley’s 34.3 percent holding in CICC, the people said, asking not to be identified because the talks are confidential. Bain Capital LLC lost out in bidding for the stake after offering less than $1 billion, one person said.

Selling the stake will allow Morgan Stanley to build its own investment bank in China after being a shareholder in CICC for a decade without having management control. It’s the bank’s second attempt to dispose of the stake, after talks with buyout firms fell apart in early 2008 on disagreements about price. New York-based Morgan Stanley invested $35 million in CICC when it was established in 1995.

“It’s a good profit and Morgan Stanley has been seeking to build its own platform as they can’t exert influence on CICC,” said Liang Jing, a Shanghai-based analyst at Guotai Junan Securities Co. “For the buyout funds, it’s nice choice of investment if you don’t mind being a passive investor.”

Morgan Stanley ceded management control in 2000 and CICC is now run by Levin Zhu, the son of former Chinese Premier Zhu Rongji.

China Fortune

The Chinese government allowed Morgan Stanley to invest in CICC in return for the expertise required to build China’s first investment bank. Elaine La Roche, the last Morgan Stanley- appointed head of CICC, stepped down in June 2000. The partners bickered about compensation, management and strategy and that lack of consensus worked against both firms, she said in a 2005 interview.

Wei Christianson, Morgan Stanley’s chief executive officer in China, declined to comment, as did Joshua Goldman-Brown, an outside spokesman for KKR in Hong Kong, and officials at TPG. The Wall Street Journal and Financial Times earlier reported the two buyout firms are close to acquiring the CICC stake.

Morgan Stanley signed an initial agreement in 2007 to buy a one-third stake in China Fortune Securities Co. Regulators declined to sign off on that venture, partly because Morgan Stanley already owned a stake in CICC, people with knowledge of the matter have said.

“They have to start building the business from scratch and it will take five years before they can expand beyond underwriting business if they decide to be on their own,” Liang said.

Top Underwriter

The China Securities Regulatory Commission said late 2007 that overseas-invested financial firms that had been operating for five years would be allowed to expand into brokerage services.

CICC was last year’s top manager of Chinese domestic equity offerings, rising from No. 2 in 2008, according to data compiled by Bloomberg. Domestic equity and equity-linked sales in China rose to 245.6 billion yuan ($36 billion) in 2009 from 232 billion yuan a year earlier.

Buyout firms including TPG, Bain Capital, CV Starr & Co., J.C. Flowers & Co. and General Atlantic LLC showed interest in the CICC stake in 2008, people familiar said at the time.

Goldman Sachs Group Inc. was the first Wall Street investment bank to gain approval to form a securities venture in China in 2004, followed by UBS AG.

Credit Suisse Group AG and Deutsche Bank AG ventures won approval to underwrite bond and stock sales in 2008 and 2009 respectively, while Macquarie Group Ltd. is in the process of getting regulatory approval. CLSA Asia-Pacific Markets, the regional broking arm of Credit Agricole SA, formed its China venture in 2003.”

~I.S.

Over 1,100 Top Private Equity Firms

Friday, February 26th, 2010

2i Capital Group
3 I
3i
4C Ventures
Aavin Equity Partners
Abacus Private Equity Group
Abell Venture Fund
Aberdare Ventures
Aberdeen Asset Managerment
Abingworth Venture Management
ABN AMRO Private Equity
ABS Capital Partners
ABS Ventures
Abundance Venture Capital Sdn. Bhd.
Accel Partners
Accel-KKR
Access Venture Partners
ACF Equity Atlantic
ACI Capital
Acorn Angels
Acorn Ventures
Adams Capital Management
ADD Partners
Advanced Equities
Advanced Technology Ventures
Advanced Technology Ventures
Advantage Capital Partners
Advent International
Advent Venture Partners
Adveq Management AG
Affarsstrategerna Sverige
Affinity Capital
Agio Capital Partners
Akers Capital
Alacrity Ventures
Albion Investors
Alchemy Partners
Alerion Capital Group
Alexander Hutton Venture Partners
Alice Ventures
Allegis Capital
Allegra Partners
Alliance Technology Ventures
Allied Capital
Alloy Ventures
Alpha Capital
Alta Communications
Alta Partners
Alta-Berkeley LLP
Altira Group
Altos Ventures
Altus Capital Partners
Ambient Capital Group
American Capital Strategies
American Industrial Partners
American Securities Capital Partners
Ampersand Ventures
Andlinger & Company, Inc.
Antares Capital Corporation
Anthem Capital Management
Apex Venture Partners
APV Technology Partners
Arbor Partners
Arbor Private Investment Company
Arcapita Inc. (Formerly Crescent Capital Investments, Inc.)
ARCH Venture Partners
Archelion Capital Partners
Ardent Services, LLC
Argentum Capital Partners
Argos Soditic
Argosy Capital
Argosy Partners
Arlington Capital Partners
Artemis Group
Ascend Technology Ventures
Ascent Venture Partners
Ashby Point Capital
Asset Management Company
Atlanta Equity
Atlas Venture
Audax Group
August Capital Management
August Equity
Aureos Capital
Aurora Capital Group
Aurora Funds
Austin Ventures
Avitas Capital
Axcel
Axxon Group
BA Venture Partners
Bachow & Associates
Bain Capital
Baird Capital Partners
Baird Venture Partners
Baker Capital
Bancroft UK – Bancroft Eastern Europe Fund
Band of Angels
Banyan Capital Partners
Baring Latin America Partners
Baring Private Equity Partners
Baring Private Equity Partners (India)
Baring Private Equity Partners Asia
Baring Vostok Capital Partners
Basileus Capital Partners, LLC
Batterson Venture Partners
Battery Ventures
Bay BG Bavarian Venture Capital Corporation
Bay Partners
Bayview Capital Group
b-business partners
BC Partners
BCE Capital
Beecken Petty O’Keefe & Company
Beer & Partners Limited
Behrman Capital
Belvedere Capital Partners
Ben Franklin Technology Center of Southeastern Pennsylvania
Benchmark Capital
Benelux Capital
Berkeley International Capital Corporation (BICC)
Berkshire Partners
Berwind Group
Bessemer Venture Partners
BG Affiliates
Bio Asia Investments
Blackford Capital
Blackrock
Blackwater Capital Group
Blue Chip Venture Company
Blue Point Capital Partners
Blue Rock Capital
Blue Water Capital
Blueprint Ventures
BlueRun Ventures
Bluestem Capital Partners
BlueStream Ventures
Blumberg Capital
Boston Capital Ventures
Boston Financial & Equity Corporation
Boston Millennia Partners
Boston Ventures Management
Boulder Ventures
Bow River Capital Partners
Bradford Equities Fund
Brandon Capital Group, Inc.
Brantley Partners
Brass Ring Capital, Inc.
Brentwood Private Equity
Brentwood Venture Capital
Brera Capital Partners
Bridge Ventures
Bridgepoint Capital
Brockway Moran & Partners
Broe Companies, Inc.
Brown Brothers Harriman
Bruckmann, Rosser, Sherrill & Company
Bunker Hill Capital
Business Partners
BV Capital
Calera Capital
Caltius
Caltius Capital Management
Cambria Group
Canaan Partners
Candover Partners
Capital 33 Investment Tech. Limited
Capital For Business
Capital International
Capital Investments
Capital Markets Group, Inc.
Capital Resource Partners
Capital Southwest Corporation
Capital Z Partners
Capitaline Advisors, LLC
Capitol Health Partners
Capitol Partners
CapMan Capital Management
Capricorn Holdings
CapStreet Group
CapVis Equity Partners
Cardinal Capital Partners, Inc.
Cardinal Growth
Cardinal Partners
Cardinal Ventures
Carela Pacific Prvate Equity
Caris & Company
Carlyle Group
Carmel Ventures
Carousel Capital
Castanea Partners
Castile Ventures
Castle Harlan
Catalana d’Iniciatives
Catalyst Equity Partners
Catalyst Fund Management & Research
Catterton Partners
CCG Venture Partners
CCMP Capital Advisors, LLC
CDC Capital Partners
CDC Group
Cedar Creek Partners
Cedar Fund
Celerity Partners
Centennial Ventures
CenterPoint Ventures
Centre Partners Management
Centura Capital
Century Capital Management
CGS Investment
Channel Medical Partners
Charles River Ventures
Charlesbank Capital Partners
Charter Ventures
Charterhouse
Charterhouse Group
CHB Capital Partners
Cherokee Investment Partners, LLC
Chicago Venture Partners
ChinaVest
Chisholm Private Capital Partners
Chrys Capital
Chrysalis Ventures
Churchill Capital
CID Capital
Cipher Securities (India) Private Limited
CIT Group/Venture Capital
Citizens Capital
City of London Investment Group
CIVC Partners
Clarity Partners
Clayton Associates
Clayton, Dubilier & Rice
ClearLight Partners, LLC
Clearstone Venture Partners
Clearview Capital
CM Equity Partners
CMEA Ventures
CMGI@Ventures
Code, Hennessy & Simmons, LLC
Cogent Partners
Coller Capital
Collinson Howe & Lennox
Colonial First State Private Equity
Columbia Capital
Columbia Capital Group
Columbia Partners Private Capital
Comcast Interactive Capital
Commerz Beteiligungsgesellschaft
Commonwealth Capital Group
Commonwealth Capital Ventures
Community Technology Fund
Companhia Riograndense de Participaçoes (CRP)
Compass Partners
Compass Technology Partners
ComSpace Development
ComVentures
Concord Ventures
Concourse Capital
Conexus Financial Partners
Connecticut Innovations
Conning & Company
Coral Ventures
Cordova Ventures
Core Capital Partners
Cornerstone Capital Holdings
Cornerstone Management Group
Corpfin Capital
Cortec Group
Cramer Rosenthal McGlynn
Crawford Capital
Crescendo Venture Management
Crescendo Ventures
Cross Atlantic Capital Partners
Cross Atlantic Partners, Inc.
CrossBow Ventures
Crosslink Capital
Crosspoint Venture Partners
Crystal Internet Venture Funds
Custer Capital
CVC Capital Partners
CVC Investment Managers
CW Group
Dakota Capital Partners
Dansk Kapitalanlaeg Aktieselskab
Danske Private Equity
Darby Overseas Investments
Dauphin Capital Partners
DB Capital Partners
De Novo Ventures
DEA Capital
Dearborn Capital Corporation
Delaware Innovation Fund
Delphi Ventures
Delta Partners
Delta Ventures
Demuth, Folger & Wetherill
Desai Capital Management
Detroit Investment Fund
DFJ Athena
DFW Capital Partners
DH Capital, LLC
Diamond State Ventures
Digital Partners
Digital Partners
Dimeling Schreiber & Park
Discovery Capital Corporation
Doll Capital Management
Dolphin Equity Partners
Domain Associates
Dome Capital
Dominion Ventures
Dougery Ventures
Doughty Hanson & Company
Draper Atlantic Management
Draper Fisher Jurvetson
Draper Richards
Dresdner Kleinwort Capital
Drug Royalty
Dubin Clark & Company
Duchossois TECnology Partners
Duff Ackerman and Goodrich
DynaFund Ventures
Earlybird Venture Capital
EarlyBirdCapital
East River Ventures
Eastern Technology Fund
Easton Hunt Capital Partners
Eccelera do Brasil Ltda
ECI Ventures
eCompanies-Evercore Venture Management (E2VM)
Edelson Technology Partners
EDF Ventures
Edgestone Capital Partners
Edgewater Capital Partners
Edgewater Funds
Edison Venture Fund
Egan & Talbot Capital
Egan Managed Capital
El Dorado Ventures
Elderstreet Investments
Electra Partners Asia
EM Capital/EM Management, Inc.
Emerging Markets Partnership
Eminent Capital Partners, LLC
Empire Ventures
Encore Consumer Capital
Endeavour Capital
EnerTech Capital Partners
Eno River Capital
Enterprise Development Fund
Enterprise Equity
Enterprise Partners
Entertainment Media Ventures
Envest Entrepreneurial Investments
EOS Partners
Equitas Partners
Equity Partners
Equity Ventures Limited
Equus Capital Management
Essex Woodlands Health Ventures
EuclidSR Partners
European Bank for Reconstruction and Development
European Investment Fund (EIF)
Euroventures Management
Excel Partners
Excel Partners S.A.
Excellere Partners
Explorador Capital Management
FA Technology Ventures
Fairfax Partners
Fairmont Capital
FCP Investors
FE Clean Energy Group Inc.
Fenway Partners
Fidelity Equity Partners
Fidelity Global Group
Fidelity Ventures
Financial Technology Ventures
Firemark Investments
Firestarter
First Analysis
First Atlantic Capital
First Capital Group
First New England Capital
First Reserve Corporation
Flag Venture Management
Flagship Partners
Flanders Language Valley Fund
Flatwater Ventures, LLC
Fluke Venture Partners II, LP
FNJ Group, INc.
Fond fondov
Fond Rizikového Kapitálu
FondElec Group Inc.
Fonds de solidarité des travailleurs du Québec
Forrest Binkley & Brown
Forward Ventures
Foundation Capital
Four Seasons Venture Capital
Fox Paine & Company
Francisco Partners
Frazier & Company
Freeman Spogli & Company
Freestone Partners
Fremont Group
Friedman Billings Ramsey
Friedman Fleischer & Lowe
Friend Skoler & Co., Inc.
Frontenac Company
Frontier Capital
Fulcrum Ventures
Funk Ventures, Inc.
G-51 Capital
Gabriel Venture Partners
Gaebler Ventures
Galen Partners
GE Equity Capital
Gemini Investors
Gemini Israel Fund
General Atlantic Partners
Generation Partners
Genesis Partners
Geneva Venture Partners
Genstar Capital
Geocapital Partners
Gilbert Global Equity Partners
Gilde Investment Management
GIMV
Giza Venture Capital
GLE Development Capital
Glencoe Capital LLC
Glenmount International
Global Environment Fund
Global Internet Ventures
Global Partner Ventures
Global Retail Partners (GRP)
Global Vision AG Private Equity Partners
GMT Communications Partners
Goense Bounds & Partners
Golder Thoma Cressey Rauner (GTCR)
Goldman Sachs Asset Management
Goldner Hawn Johnson & Morrison
Goode Partners
Graham Partners Investments
Grand Central Holdings
GrandBanks Capital (in partnership with SOFTBANK Inc.)
Granite Equity Partners
Granite Hall Partners
Granite Ventures
Granville Baird
Great Circle Capital
Great Hill Partners
Greenbriar Equity Group LLC
Gresham Partners
Greylock
Grosvenor Funds
Grotech Capital Group
Ground Swell Equity Partners
Growth Capital Partners
Growth Works
Growthworks Capital
Grumman Hill Group
Gruppo Levey & Company
Gryffindor Capital Partners
GSC Group
GTI Capital
Guide Ventures
H&Q Asia Pacific
Haddington Ventures
HAL Investments
Halder Holdings
Halpern, Denny & Company
Halyard Capital Fund
Hambrecht & Quist Capital Management
Hamilton Funding, Inc.
Hamilton Investment Partners, LLC
Hamilton Robinson
Hammond Kennedy Whitney & Co., Inc.
Hampshire Equity Partners
Hannover Finanz
Harbour Group
HarbourVest Partners
Harlingwood Equity Partners
Harren Equity Partners
Harris & Harris Group
Harvest Partners
Headway Capital
Health Business Partners
HealthCare Ventures
HealthEdge Investment Partners
Heartland Industrial Partners
Helios Investment Partners
Hellman & Friedman
Henderson Private Capital
Heritage Partners
HG Capital
Hibernia Capital Partners
Hickory Venture Capital Corporation
HIG Capital
High Ridge Capital
High Street Capital
Highland Capital Partners
HLM Management Company
HMS Hawaii Management Partners
HO2 Partners
Holland Venture
Horatio Capital
Horizon Holdings
Horizon Ventures
Horizonte Venture Management
Housatonic Partners
Houston Venture Partners
Howard Industries
HRL Morrison & Company
HSBC Private Equity
Humana Venture Capital
Hummer Winblad Venture Partners
Hunt Growth Capital
Hunt Private Equity Group
Hunt Ventures
Huron Capital Partners
Ibero American Investors Corporation
iD Ventures America, LLC
Idanta Partners
IDG Technology Venture Investment
IDG Ventures
IDJ Limited
IEG Venture Partners
Ignite Group
Impact Venture Partners
Imperial Capital
Index Ventures
Industri Kapital
Industrial Development & Investment (IDI)
Industrial Growth Partners
Industrics Capital Partners, Inc.
Infinity Capital
Infinity Fund
Inflection Point Ventures
InnoCal
Innova Capital
Innovacom
Innovations Kapital
In-Q-Tel
InSight Capital Partners
Institutional Venture Partners (IVP)
Integra Ventures
Intel Capital
Inter-Atlantic Group
Intermezzo Capital Limited
Internet Capital Group
Intersouth Partners
InterWest Partners
Invencor
Invesco Private Capital
Invest Equity Management
Invest Mezzanine Capital Management
Investar Sgr Spa
Investcorp
Investeringsmaatschappij voor Vlaande
Investment Fund for Central and Eastern Europe
Invus
Ironside Ventures
Ironwood Capital
ISIS Private Equity Partner
Island Forest Enterprises
Israel Seed Partners
IT Partners
ITC Ventures
J. Alan Enterprises, Inc.
J.L. Albright Venture Partners
J.W.Childs Associates
Jafco America Ventures
JatoTech Ventures
Jefferson Capital Partners
JK&B Capital
JM Galef & Company
JMI Equity Fund
Jupiter Partners
Kachi Partners
Kansas Technology Enterprise Corporation
Kansas Venture Capital
Katalyst Venture Partners
KB Partners
KBL Healthcare
Kelso & Company
Kennet Capital
Kestrel Venture Management
Key Principal Partners
Keystone Capital Inc.
Keystone Capital, Inc.
KfW Mittelstandsbank
Kidd & Company
Kildare Enterprises
Kinetic Ventures
Kirtland Capital
Kleiner Perkins Caufield & Byers
Kline Hawkes & Company
Knight Ridder Ventures
Knightsbridge Advisers
KPS Special Situations Fund
Kreos Capital
Labrador Capital, LLC
Labrador Ventures
Lake Capital
Lake Pacific Partners
Landmark Partners
LaSalle Capital Group Incorporated
Latin Healthcare Investments Management
Lazard Technology Partners
Leasing Technologies International (LTI)
Lee Munder Venture Partners
Levine Leichtman Capital Partners Incorporated
Levy Trajman Management Investment (LTMI)
Lewis Hollingsworth
Lexington Partners
LF Venture Capital
Liberty BIDCO Investment
Liberty Ridge Capital
Liberty Venture Partners
Liberty Venture Partners
Life Science Ventures
Life Science Ventures
Lightspeed Venture Partners
Lightyear Capital LLC
Lincolnshire Management, Inc.
Lion Selection Group
Litorina Kapital
LiveOak Equity Partners
LJH Global Investments
Lloyds Development Capital
LLR Equity Partners
Lombard Investments
Lone Star Equity Partners, LLC
Long Point Capital
LongueVue Capital, LLC.
Longworth Venture Partners
Lovett Miller & Company
Lynwood Capital Partners
M Group
M/C Venture Partners
Mad River Associates
Madison Dearborn Partners
Madrona Investment Group
Magic Venture Capital
Maguey Management
Malmohus Invest AB (MAIB)
Management Capital, LLC
Marathon Partners LLC
Mariseth Ventures
Marquette Venture Partners
Mason Wells
Massachusetts Technology Development Corporation (MTDC)
Massey Burch Capital
Matrix Capital Markets Group
Matrix Partners
Maveron
Mayfield Fund
MB Ventures
MC Venture Partners
McCown, De Leeuw & Company
McGraw-Hill Ventures Incorporated
McKenna Gale Capital
McLean Watson Capital
MCM Capital Partners
MCM Capital Partners, LP
MDS Capital
MDT Advisers
Medallion Capital
Medequity Investors
Medical Imaging Innovation & Investments
Medventure Associates
Mekong Capital
Mekong Capital
Melwood Capital
Menlo Ventures
Mentor Capital Partners
Mercanti Group
Mercantile Capital Group, LLC
Mercapital Servicios Financieros
Merchant Capital
Merchants Capital Partners
Meridian Management Group
Meridian Venture Partners
Merit Capital Partners
Merit Energy Company
Meritage Private Equity Fund
Meritech Capital Partners
Mesirow Financial
Metapoint Partners
Mid Oaks Investments
Mid-Atlantic Venture Funds
MidBlock Capital Management
Middlebury Partners
Middlefield Capital Fund
MidMark Capital
Midwest Mezzanine Funds
Milestone Captial Partners
Milestone Partners
Miller Group
Mission Ventures
Mofet
Mohr Davidow Ventures
Momentum Funds Management
Monarch Financial Group
Monitor Clipper Partners
Montauk Advisors
Montreux Equity Partners
Morgan Stanley Private Equity
Morgan Stanley Venture Partners
Morgenthaler Ventures
Morpheus, LLP
Mosaix Ventures
Mountaineer Capital
MPM Asset Management
MTI Partners Limited
Murphee Venture Partners
Murphree Venture Partners
myQube
Navigation Capital
Nazem and Company
Needham Capital Partners
NeoCarta Ventures Incorporated
Nephila
Nest Ventures
Net Partners
New Business Venture Fund
New Day EQUITY GROUP
New England Partners
New Enterprise Associates
New Horizons Venture Capital
New Millenium Partners
New Mountain Capital
New Vantage Group
New World Ventures
New York Business Development Corporation (NYBDC)
New York Life Venture Capital Group
Newbury Ventures
Newbury, Piret & Company
NewCastle Partners LLC
Newhaven Corporate Finance Limited
Newlight Associates
Newlight Capital LLC
NewSpring Ventures
Newton Technology Partners
NewVista Capital
Next Generation Fund
NextGen Capital
NextPoint Partners, L.P.
Nexus Group
NIB Capital Private Equity
Nordic Capital
Noro-Moseley Partners
North American Business Development Company
North Atlantic Capital
North Bridge Venture Partners
North Coast Technology Investors
North Hill Ventures
Northern Venture Managers
Northwest Capital Appreciation
Northwest Venture Associates
Northwood Ventures
Norwest Venture Capital
Norwest Venture Partners
Norwood Venture Corporation
Nova Capital Management Ltd
Novak Biddle Venture Partners
Noveltek Capital Corporation
Noventi
Novo A/S
NPM Capital
Oak Hill Capital Management Incorporated
Oak Investment Partners
Oaktree Capital Management
Oasis Private Equity
OCA Ventures
Octavian Growth Partners
Odeon Capital Partners
Odewald & Compagnie Gesellschaft für Beteiligungen
Odin Capital Group
Odyssey Investment Partners
Olive Capital LLC
Olympic Venture Partners
Olympus Partners
ONSET Ventures
OntologicsWorldwide
Open Prairie Ventures
OpenGate Capital
Opes Ventures
Oracle Investment Management Incorporated
Orchid Holdings
Oresa Ventures
Osprey Ventures
O’Sullivan Pullini
OVP Venture Partners
Oxford Bioscience Partners
PA Early Stage Partners
Pacesetter Capital Group
Pacific Century Group Ventures
Pacific Corporate Group
Pacific Equity Partners
Pacific Horizon Ventures
Pacific Mezzanine Fund
Pacific Venture Group
PALMETTO FUND LLC
Palomar Ventures
Panarama Capital LLC
Pappajohn Capital Resources
Pappas & Associates
Pappas Ventures
Parallel Investment Partners
Paramount Capital Investments
Parente Capital Group
Partech International
Parthenon Capital
Patria Finance
Paul Capital Partners
Peachtree Equity Partners
Peninsula Capital Partners, L.L.C.
Pennell Venture Partners
Permal Capital Management
Peterson Patners LP
Petra Capital Partners
Pfingsten Partners
Phillips Smith Machens Venture Partners
Phoenix Growth Capital
Pinecreek Capital
Plantagenet Capital
PME Investimentos
PNC Equity Management Corporation
Polaris Private Equity
Polaris Venture Partners
Polestar Capital Inc.
Pomona Capital
Portage Venture Partners
Portfolio Equities Inc.
PortView Communications Partners
Postern Fund Management
Pouschine Cook Capital Management
PPM America
PPM Ventures
Prairie Capital
Prelude Technology Investments
Primary Capital
Primedia Ventures
Primus Capital
Prism Capital
Prism Venture Partners
Private Equity Investors
Private Equity Partners
Private Equity Partners, Inc.
Procuritas Partners
Prometheus Partners
ProQuest Associates
Prospect Partners
Prospect Street Ventures
Providence Equity Partners
Psilos Group Managers
Quadrangle Group
Quaestus & Company
Quantum Capital Partners
Quantum Technology Ventures
Quester Capital Management
QuestMark Partners
R.D. Funding and Consulting
Radius Ventures
RAF Industries
Rankin Capital Investments
Ravenswood Capital
Red River Ventures
Red Rock Capital
Redleaf Group
Redshift Ventures
Redwood Capital Corporation
Redwood Capital Group
Redwood Venture Partners
Rein Capital
Ren-Cap Holdings
Rennaisance Ventures
Resilience Capital Partners
Retail & Restaurant Growth Capital
RFE Investment Partners
RHO Management Company
Rice Sangalis Toole & Wilson
Richland Ventures
Ridge Capital Partners
Ridgewood Capital
River Associates Investments, LLC
River Capital, Inc.
River Cities Capital Fund
Riverside Company, The
Riverside Partners
RLH Investors
Roark Capital Group
Rock Creek Capital
Rocket Ventures
RockWood Equity Partners
Roda Group
Roser Ventures
RoundTable Healthcare Partners
Royal Bank Ventures
RRE Ventures
Rutledge Capital
RWI Group
Safeguard International Fund
Safeguard Scientifics
Safron Advisors
Sage Capital Partners
SAIC Venture Capital Corporation
Sail Venture Partners
Salix Ventures
Samsung America Venture Capital
Sanderling Ventures
Sanders Morris Harris Incorporated
Sandler Capital Management
SÄNTIS Investment AG
Saratoga Partners
Saugatuck Capital Company
Saw Mill Capital
SawMill Capital
SB Partners
Schroder Ventures Group
Schroder Ventures International Life Sciences
Scottish Equity Partners
SCP Private Equity Partners
SE Interactive Technology Funds
Seacoast Capital Partners
Seaflower Associates
Seaport Capital
Seed Capital
Seidler Equity Partners, LP
Selby Venture Partners
Select Film Fund Management, LLC
Sentinel Capital Partners
Sentry Financial Corporation
Sequel Venture Partners
Sequoia Capital
Seven Hills Partners
Sevin Rosen Funds
SFW Capital Partners
SGF Soquia Incorporated
Shamrock Holdings
Sherbrooke Capital
Sherpa Partners
Shrem, Fudim, Kelner & Company (SFK)
Siemens Corporation
Sienna Ventures
Sierra Ventures
Sigma Partners
Signal Equity Partners
Siguler Guff & Company, LLC
Silicon Alley Venture Partners (SAVP)
Silver Brands Incorporated
Silver Creek Ventures
Silver Lake Partners
SilverHaze Partners
Siparex Group
Sipple Macdonald Ventures
SIRIS PARTENAIRES
SITRA (Finnish National Fund for R&D)
Skandia Investment
Slovak American Enterprise Fund (SAEF)
Sofinnova Partners
Sofinnova Ventures
Softbank Venture Capital
Solera Capital
Sonenshine Pastor /SP Capital
Sony Strategic Venture Investment
Sorrento Ventures
Source Capital
South Atlantic Venture Funds
Southcoast Investment Group
Southeast Interactive Technology Funds
Southeastern Technology Fund
Sovereign Capital
Sovereign Capital Limited
Spectrum Equity Investors
Spell Capital Partners
Spencer Trask Ventures
Spinnaker Ventures
Spire Capital Partners, LP
Spray Venture Partners
Spring Capital Partners
Sprout Group
S-Refit
SRIW
Staenberg Private Capital
STAR Capital Partners
Star Ventures Management
Starlight Capital
Start-up Australia
StarVest Management Company
Starwood Capital Group
Steel Capital
Steel Partners
Sterling Capital
Sterling Investment Partners, L.P.
Sterling Venture Partners
Sternhill Partners
Steve Walker & Associates
Still River Fund
Stolberg Equity Partners
Stolberg Equity Partners, LLC
Stone Point Capital
Stonebridge Partners
Stonington Partners
Strategic Advisory Group
Strategic Investments & Holdings, Inc.
Stratus Investimentos
Summer Street Capital Partners
Summit Park Partners
Summit Partners
Sustainable Jobs Fund
Sutter Hill Ventures
SV Investment Partners
Svenska Risk Kapital Foreningen
Svoboda, Collins
Swander Pace Capital
Synetro Capital
TA Associates
TALDE
Talon Equity Partners, LLC
Tamir Fishman Ventures
TCW/Crescent Mezzanine
TD Capital
Technnology Crossover Ventures
TechnoCap
Technology Crossover Ventures
Technology Funding
Technology Funding
Technology Partners
Technology Venture Partners
TechnoStart
Techxas Ventures
Telecommunications Development Fund
TeleSoft Partners
Telos Venture Partners
Tennessee Valley Ventures
Terra Firma Partners Limited
Teuza Management & Development
Texas Growth Fund
Texas Instruments
TGV Partners
Thayer Capital Partners
The Angels’ Forum
The Berkshires Capital Investors
The Compass Group International
The Cypress Group
The Gabriel Management Group
The Halifax Group
The Hermes Group LLC
The Renaldi Group
The Sangreal Group
The Shansby Group
The Shotgun Fund
The Sterling Group
The Succession Fund
The View Group
The Wicks Group of Companies
Thoma Cressey Bravo
Thompson Clive Partners
Thompson Street Capital Partners
Three Arch Partners
Three Cities Research
Tianguis Limited
Ticonderoga Capital
Timberline Venture Partners
TL Ventures
Top Technology
Tortoise Capital Partners
Toucan Capital
Transition Capital Partners
Trellis Partners
Triathlon Medical Ventures
Tricor Pacific Capital, Inc.
Trident Capital
Trimaran Capital Partners
Trinity Ventures
Triton Ventures
Trivest Incorporated
TriWest Capital Partners Inc.
Truffle Capital
TSG Equity Partners
Tsi Holding Company
Tullis-Dickerson
T-Venture
TVM Techno Venture Management
U. S. Bancorp Piper Jaffray Ventures
U.S. Venture Partners
UBS Capital
UNC Partners (UNCP)
Union Capital Corporation
Union Ventures
Unison Capital
United Max International
UPS Strategic Enterprise Fund
VækstFonden
Vanguard Venture Partners
Vantagepoint Venture Partners
Vaxa Capital Partners
VCF Partners
VCHub Venture
VC-Invest.com Management Service
Vector Capital
Velocity Capital
Vencon Management
VenGrowth Capital
Venrock Associates
Ventana Growth Funds
Venture Associates Partners
Venture Capital Fund of America
Venture Capital Partners
Venture Investment Management Company (VIMAC)
Venture Investors Management
Venture Management Services (VMS)
Venture Select
VentureHouse Group
Ventures West
Venturis
Verax Capital, LLC
Veritas Capital
Veronis Suhler Stevenson
Versant Ventures
Vertex Management
Vestar Capital Partners
Vestor Partners
Vintage Capital Group, LLC
Virginia Capital
Vision Capital
Vista Research and Management
Vortex Partners
Voyager Capital
vSpring Capital
Vulcan Ventures
W.J. Bradley Company
Wachovia Capital Associates
Wafra Partners
Wakabayashi Fund LLC
Wakefield Group
Walden Capital Partners
Walden Group of Venture Capital Funds
Walden International (WI)
Wales Fund Managers
Wand Partners
Warburg Pincus Global Private Equity Investing
Warwick Group
Wasatch Venture Fund
Washington Capital Ventures, L.L.C.
Washington Dinner Club
Washington Research Foundation Capital (WRF)
Waterland Private Equity Investments
Watermill Ventures
Waterside Capital Corporation
Waud Capital Partners
WI Harper Group
William Blair Capital Partners
Willis Stein & Partners
Winchester Capital Technology Partners
Wind Point Partners
Windward Ventures
Wingate Partners
Winston Partners Group
Wolf Ventures
Woodside Fund
Wynnchurch Capital, Ltd.
Yasuda Enterprise Development
YFM Group
Yozma Management and Investments
Zilkha Venture Partners
Zinno Group, Inc.
ZS Fund
Zurmont Finanz

Mega Deals in Default

Saturday, November 7th, 2009
Courtesy of Moodys & ZeroHedge

Courtesy of Moodys & ZeroHedge