By taking on additional leverage in an LBO, a PE fund could unleash value and make the capital structure of the company they take private more efficient.
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.
It looks as if it'll sell the unit to a private equity group made up of former executives, but there's a catch--the PE fund wants to leave the pension obligations behind.
And new fund-raising improved only marginally as pension funds, foundations, endowments and other limited partners (LPs) found it difficult to commit additional capital to PE fund general partners (GPs) following years without a pickup in investments and exits.
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.
Earlier this year, another Quadrangle hedge fund split off from the PE firm.
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.
The grants have been awarded under the Big Lottery Fund's New Opportunities for PE and sport programme.
BBC: NEWS | UK | Northern Ireland | Lottery cash for island sports
In particular he argues for the government to fund an army of around 100 primary PE Specialists who would spend a day a week for a term in every school in England to raise the profile of PE and improve teachers' expertise.
In a series of posts over the coming weeks, we will describe how the interplay of macroeconomic conditions and circumstances unique to the PE industry are influencing private equity investments, exits, fund-raising and returns.
Many LPs also see evidence that GPs are strengthening their operational expertise, and they are confident they will find attractive new segments within the PE asset class, including new geographies, sectors or fund types.
On the stalled fund-raising front, some large LPs are raising their target PE allocations in their quest to boost overall portfolio returns.
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