The PIPE will give the buyout firm 11.5 million of the bank’s common shares at $10 per share, a 4% premium over Friday’s closing price.
2 min read · 21 January 2013
Mark Neporent and two former directors at Tokyo-based Kokusai Kogyo, a Cerberus joint venture, are alleged to have ‘violated their fiduciary duties’. The court action being taken by Kokusai Kogyo Holdings, which co-owns the transportation and property company, has reportedly been characterised by Cerberus as a means to pressure the private equity firm into selling them its stake.
2 min read · 21 January 2013
Registration as an investment advisor: your clients will demand it; Congress may soon require it. Here's what you should be doing now. By Robert Rabinowitz of Becker & Poliakoff
7 min read · 21 January 2013
The US regulator wants to prevent private equity real estate firms from using placement agents when dealing with US public pensions. The agency also wants to eliminate political contributions from the interaction between investment firms and public pension officials, SEC chairwoman Mary Schapiro told Congress.
2 min read · 21 January 2013
The two powerful California pension funds have announced huge write-downs in private equity and real estate over the fiscal year ending in March. Both funds have implemented measures to counter the losses, including moving allocations and negotiating for lower fees.
2 min read · 21 January 2013
The $119bn pension’s new ‘absolute return’ asset class will include infrastructure investments and could lead to a search for a manager to run the investment programme. The move is part of a wider asset allocation shift to be unveiled at its August meeting after CalSTRS saw its portfolio value tumble 25 percent over the last year.
3 min read · 21 January 2013
The New York-based private equity real estate firm has reportedly written down its $1.45bn investment in the hotel chain to just $742m as of the end of 2008. It has also written down investments in casino company Harrah's Entertainment and semi-conductor unit Freescale.
2 min read · 21 January 2013
The Swiss gatekeeper will manage the Korean sovereign wealth fund's nascent secondaries programme.
1 min read · 21 January 2013
The US lobbying group for a dozen or so mega-firms is keen to support new regulations in the States, but warns the bulk of the US private equity and private equity real estate industry may be adversely affected by proposed registration requirements.
2 min read · 21 January 2013
The Association of Real Estate Funds (AREF), which represents UK unlisted vehicles, and the Property Industry Alliance (PIA), made up of various UK property associations, have fired off letters to the Treasury in London and the UK’s Financial Services Authority amid concerns about a European Union draft directive that has huge implications for private equity real estate funds operating in Europe.
3 min read · 21 January 2013
