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Campbell Lutyens Builds Up New GP Capital Advisory Unit | Barings' Nazemi Talks Emerging Managers
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Welcome back from the long weekend! Although they might be best known for placing funds and intermediating secondary deals, Campbell Lutyens is taking steps to establish itself as an active adviser to general partners looking to grow their businesses by selling a minority stake in their management companies or forging strategic partnerships with investors, as Preeti Singh reports this morning. Meanwhile, Preeti also caught up with Mina Pacheco Nazemi, who co-heads Barings’ funds and co-investments unit, to talk about her outlook on their evolving fundraising landscape for newer private-equity firms.
Read on for more…
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A view of the skyline of London, where Campbell Lutyens has one of its main offices. PHOTO: NEIL HALL/SHUTTERSTOCK
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Placement agent Campbell Lutyens is betting on the growth of private-equity firms and their balance sheets, setting up a dedicated team to advise firms on their management-company and financing options, Preeti Singh writes for WSJ Pro Private Equity. The firm has recently added three new professionals to the team, bringing its number to seven, and plans to add three more people by year-end.
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Capital for funds pitched by newer private-equity firms may have gotten harder to secure, but investor Barings LLC is open for business. Barings typically commits capital to an average of 12 to 15 emerging managers annually, focusing on firms that raise funds of less than $1 billion and target investments in companies with enterprise values of less than $300 million, according to Mina Pacheco Nazemi, who co-heads the team. The firm defines emerging managers as those firms raising first, second or third funds, including ones launched by teams spinning out of larger, established institutions. WSJ Pro Private Equity’s Preeti Singh spoke to Ms. Nazemi about the landscape
for emerging manager fundraising.
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4.4%
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The U.S. savings rate as of April, down from 5% in the prior month and its lowest level since 2008.
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Baby formula has been in short supply for months partly because of supply-chain issues caused by the Covid-19 pandemic.
PHOTO: JOVELLE TAMAYO FOR THE WALL STREET JOURNAL
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Reckitt Benckiser Group PLC, the maker of Enfamil, is pushing ahead with a multibillion-dollar sale of its infant-formula business as severe shortages scramble the key U.S. market, Saabira Chaudhuri and Ben Dummett report for The Wall Street Journal. First-round bids were submitted this week, according to people familiar with the matter. Bidders include buyout firm Clayton Dubilier & Rice, they said.
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Hill Path Capital, a firm launched by former Apollo Global Management partner Scott Ross, began amassing shares in SeaWorld Entertainment Inc. at a time when the amusement park operator was reeling from declining attendance and bad publicity. But as Dave Sebastian writes for The Wall Street Journal, Mr. Ross, now SeaWorld’s chairman and controlling shareholder, is sitting on a 37% stake valued at close to $1.5 billion.
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Our add-on deal interactive tool allows you to sort and analyze volumes of add-on deal data compiled by WSJ Pro. View more.
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Silver Lake Managing Director Egon Durban in the stands at a Premier League soccer match in 2019. PHOTO: ANDREW YATES/REUTERS
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Egon Durban, co-chief executive of private-equity firm Silver Lake, will continue to serve on Twitter Inc.’s board but agreed to serve on no more than five public company boards by May 25, 2023, Will Feuer reports for the Journal. Mr. Durban, who failed to get a majority of shareholder votes for his re-election to Twitter’s board, currently serves on the boards of seven publicly traded companies, including Twitter. Mr. Durban has been part of Twitter's transaction committee and closely involved in talks between the company and Elon Musk, according to a person familiar with the matter and a regulatory filing.
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Red Arts Capital LLC, a Chicago-based middle-market investment firm that focuses on supply chain-related businesses, hired Christopher DeLetto as vice president. Before joining Red Arts, Mr. DeLetto worked for Grey Mountain Partners.
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Bill Gurley of Benchmark Capital has been offering advice to startups on Twitter. PHOTO: BRENDAN MCDERMID/REUTERS
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After years of funneling cash into startups’ grand ambitions, Silicon Valley’s investors are engaging in the grim ritual of delivering survival advice to their portfolio companies, Meghan Bobrowsky and Vipal Monga report for The Wall Street Journal. In recent online slide presentations, blog posts and social-media threads, venture-capital doyens including Lightspeed Venture Partners, Craft Ventures, Sequoia Capital and Y Combinator are telling the founders that they need to take emergency action for what could be the sharpest turn in more than a decade.
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At least 25 companies that merged with special-purpose acquisition companies between 2020 and 2021 have issued so-called going-concern warnings in recent months, The Wall Street Journal’s Eliot Brown reports. The companies with warnings amount to more than 10% of the 232 companies that listed through SPACs in that period, according to research firm Audit Analytics. That percentage is roughly double that for companies that listed through more-traditional initial public offerings, Audit Analytics said. The count excludes hundreds of IPOs by blank-check companies—SPACs before they merge with a private company—which often carry going-concern notices of their own.
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