Christopher Witkowsky
The Florida-based firm joins several other high-profile private equity firms that have cut back on staff to control costs amid recession, including Blackstone and Carlyle. Sun invested alongside Lubert-Adler in US retailer Mervyns, which last year filed for bankruptcy.
The US private equity firm has closed its latest mega-fund, Carlyle V, below its original $15bn target owing to the economic climate. The fund consists of primarily returning investors and is 30% committed.
The Pension Benefit Guaranty Corporation, which guarantees the pensions of about 44 million Americans, has hired gatekeepers as it prepares to allocate a portion of its $5.5bn in assets to private equity and real estate.
The publicly listed private equity and hedge fund manager has seen its share price plummet from an initial IPO value of $18.50 in February 2007. One analyst said the firm’s management could elect to take Fortress private.
The New York-based private equity firm has agreed to buy a 70% stake in Flagstar Bancorp as long as the US government injects $250m from the Troubled Assets Relief Program in the bank.
The former investment bank, which has applied to become a bank holding company, took a loss of $1.8bn in its asset management division, which includes real estate and private equity businesses.
The bank lost $3.9bn over the past year in its principal investment area, which includes alternatives. Goldman’s CFO said the company is well-capitalised and is being patient for good investment opportunities.
The $17bn endowment has suffered from declining financial markets. The university says it has been establishing reserves in anticipation of 'substantial' write-downs in its private equity and real estate portfolio. Real assets, including real estate, makes up a quarter of the fund's portfolio.
The auto-parts supplier has succumbed to its debt load after failing to refinance $53m on loans. Distressed debt firm Wayzata Investment Partners has bought the company’s debt and will control the bankruptcy process.
LPs in Lehman's private equity funds have retained Kirkland & Ellis and private equity advisor StepStone to guide them through the auction of Lehman's venture and private equity funds. The bank also hopes to close a deal on its real estate funds in the first half of 2009.