Christopher Witkowsky

A California bill that would require placement agents to take flat fees for fundraising services failed to pass a committee Wednesday, prompting key state officials to threaten a push for a full ban on placement agents.

Private equity distressed players are finding good returns by helping to capitalise small, distressed businesses, and by scouting for buyout-backed companies being groomed for exit.

Leon Shahinian, the 12-year pension veteran described as ‘honest’, has been placed on leave after allegations he failed to disclose a lavish trip paid for by placement agent Alfred Villalobos.

Leon Shahinian, the 12-year pension veteran described as ‘honest’, has been placed on leave amid a burgeoning pension scandal in California.

The pension’s CIO Joseph Dear said LPs that can 'stick together' in the face of GP opposition will be able to win more LP-friendly terms.

The firm and the pension have forged a ‘strategic relationship' in which fees will decrease on existing and new investments Apollo manages solely on behalf of the California pension.

The firm has accused its departed co-founder of 'unethical' conduct in a pension pay-to-play scandal. Rattner denies the accusation.

The $10.5bn pension's investment committee is considering committing to Draper Fisher Jurvetson and HIG Bayside.

The mega-firm has hired a lobbyist to advocate against a proposed California law that would end payments to placement agents for successful fundraisings.

The firm had offered $2.4bn, which included the assumption of debt, to acquire Ohio-based Cedar Fair. The deal did 'not have the required level of investor support', the company said.