Suzanne Weinstock
The firm’s real estate vehicles generated earnings of $4m, down 20% from last year. It compares to a 78% drop in private equity earnings. The firm's real estate management fees increased 8% over the past year.
Lehman Brothers Private Equity Partners, which is unaffiliated with the collapsed investment bank, saw its losses for the year nearly double during the month of October.
The $37bn university endowment will make substantial cutbacks to its private equity portfolio, which one secondary investor calls a 'sophisticated' move to sell before other LPs do the same.
Goldman Sachs has invited 94 executives to become partners including the co-heads of Goldman Sachs Asset Management's private equity group.
The resort operator, which was reportedly in danger of filing for bankruptcy, has refinanced its loan on the day it came due. Intrawest owns and develops resorts in the US and Europe, including Whistler Blackcomb, a host venue for the 2010 Olympic Winter Games.
The Alaska Permanent Fund has brought on former Microsoft executive Jeffrey Scott to manage the $30bn state investment fund. The fund allocates 10 percent, around $4bn, of its pension pot to real estate.
A report from Moody's Corporate Finance reveals an increase in private equity-backed companies that are electing to use their payment-in-kind option to make interest payments.
Department store Mervyns, bought in 2004 by Lubert-Adler, Cerberus and Sun Capital for $1.2bn, will liquidate after filing for bankruptcy protection in July. Mervyns blamed the decision by its private equity-backers to separate its real estate assets from the operating company as the reason for the failure.
The Dubai government-backed private equity firm has opened an office in New York following the opening of a Shanghai office last year. The firm’s high-profile investments in North America have included Cirque du Soleil and Barneys New York.
American International Group will retain core business lines while entertaining the divestiture of all remaining units. The embattled insurance company plans to sell as many assets as necessary to repay its $85bn loan from the US government.