High fees have morphed into a benefit-free annual donation to the finance industry Nearly half a century ago, Charles Ellis, a well-known US investment consultant, wrote an influential paper likening the money management business to a game of tennis. Just as amateur...
Carlyle Group will purchase a 20% stake in Indian billionaire Ajay Piramal’s pharmaceutical business, according to an exchange filing. The private equity fund will pay $490 million for the holding, valuing the business at an enterprise value of $2.7 billion. In...
Albertsons Cos. emerged from 14 years of private ownership by Cerberus Capital Management with a whimper Friday, as its shares sagged after a shrunken initial public offering. The stock opened in New York at $15.50 each having priced at $16, below the targeted price...
We’ve embedded an SEC Risk Alert on private equity abuses at the end of this post.1 What is remarkable about this document is that it contains a far longer and more detailed list of private abuses than the SEC flagged in its initial round of examinations of private...
A credit crunch is hitting many indebted companies, and Apollo Global Management Inc (APO.N) never had it so good. The private equity firm’s shares hit an all-time high earlier this month, outperforming its peers, as investors bet it can invest its $40 billion of... 