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☆ Why private equity has been involved in every recent bank deal
▼ + stars: | 2024-03-06 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Greg Nash | ReutersThe $1 billion-plus injection that New York Community Bank announced Wednesday is the latest example of private equity players coming to the need of a wounded American lender. Led by $450 million from ex-Treasury Secretary Steven Mnuchin's Liberty Strategic Capital, a group of private investors are plowing fresh funds into NYCB. That happened to Silicon Valley Bank, whose failure to raise funding last year was effectively its death knell. On Wednesday, headlines around noon that NYCB was seeking capital sent its shares down by 42% before trading was halted. "With private deals, you can talk for a while, and we almost got to the finish line before there was any publicity."

Persons: Jerome Powell, Steven Mnuchin, Greg Nash, Steven Mnuchin's, Warburg Pincus, HomeStreet, Steven Kelly, NYCB Organizations: Financial, Treasury, Reuters, York Community Bank, Strategic Capital, Centerbridge Partners, FirstSun, Wellington Management, Yale Program, Silicon Valley Bank Locations: Rayburn, Washington , U.S, NYCB, PacWest, Banc, California, it's, Silicon

☆ How the fortune of one of America’s biggest pharmaceutical families has quietly funded conservative causes
▼ + stars: | 2024-03-03 | by ( Casey Tolan | ) edition.cnn.com time to read: +21 min

From The Searle Freedom TrustThis year, the Searle trust is poised to play an even bigger role as it empties out its coffers. Researchers who study political nonprofits say that the Searle trust has had a major impact, even as the Searle family has stayed under the radar compared to more well-known conservative benefactors. The Searle trust is one of the most prolific funders of conservative groups among all private foundations, according to a CNN analysis of nonprofit tax data. The Searle trust has given millions to the Foundation for Government Accountability, which has worked behind the scenes to push conservative policies such as stricter voting laws. Dennis, the CEO of the Searle trust, is also the chair of DonorsTrust.

Persons: Searle, Daniel C, Trump, Donald Trump, ”, Galen Hall, who’s, Kimberly Dennis, ” Searle, “, Sarah Scaife, doesn’t, Michael B, Thomas, SPN, They’ve, ” Brendan Fischer, Brendan Fischer, “ They’ve, ” Hall, Caleb Rossiter, ” Galen Hall, movement’s MAGA, It’s, Mike Pence, that’s, Dennis, Henry Ford, John D, Rockefeller, ” Fischer, Gideon, Michael Searle, ” Dennis, “ We’re, Dan, Gideon Daniel Searle, Daniel Searle, Jonathan Eig, Jack Searle, Daniel Searle’s, Gregory Pincus, John Rock, Pincus, weren’t, –, Sue, Eig, Margaret Marsh, Enovid, misoprostol, Searle –, Pfizer –, ” Daniel Searle, Donald Rumsfeld, Searles, Biden, Wade, Dobbs, Kristen Batstone Organizations: CNN, Searle Freedom Trust, University of Michigan, Sarah Scaife Foundation, Searle, American Enterprise Institute, Reason Foundation, Tax Foundation, Manhattan Institute, Cato Institute, Foundation, Government, State Policy Network, American Legislative Exchange Council, Fair, Pacific Legal Foundation, Federalist Society, Competitive Enterprise Institute, Environment Research Center, CO2 Coalition, Heartland Institute, ”, CO2, Heartland, Republican Party, movement’s, America, Policy Institute, Trump, American Freedom Foundation, Everett, FDA, Rutgers University, Pfizer, Monsanto, Heritage Foundation, Reason, Affordable, New Civil Liberties Alliance, Public Policy Center, Claremont, National Women’s Health Network, Trust, IRS Locations: Missouri, St, Louis , Missouri, California, judgeships, ”, Omaha, Metamucil, Dramamine, Puerto, Brazil, Diet Coke, America

☆ Meet the Man Behind Litquidity, the Anonymous Instagram Account Dominating Wall Street
▼ + stars: | 2024-02-07 | by ( Reed Alexander | Hayley Cuccinello | ) www.businessinsider.com time to read: +26 min

The deck kicked off a game of one-upmanship among Wall Street banks trying to keep their employees happy. Lit capitalized on poking fun at Wall Street culture, selling $35 dad hats that read, "Do You Know Who My Father Is?" There have, of course, been endless rumors about Lit's identity, especially among Wall Street underlings. Wall Street underlings have speculated about Litquidity's identity for years. Basak, one attendee said, wanted to take a "wrecking ball through it all" and hold Wall Street heavy hitters accountable.

Persons: Goldman Sachs, I've, David Solomon, Litquidity, Goldman, Solomon, Evercore, Michael Kovac, Lit, Warburg Pincus, Jamie Dimon, Jamie Dimon's, Banksy, Bennett Jordan, who've, Lit's, — Mark Moran, —, Jefferies, Richard Handler, Spencer Platt, Isaac Laifer, Laifer, Handler, We'd, Henry, Hank, Medina, He's, he's, Jefferies Medina, Bart P, Fuchs, Karl Smith, Mark Moran, Moran, Bloomberg he'd, Zack DeZon, Getty Images Moran, Brian Hanly, Hanly, Sonali Basak, Angela Weiss, cryptocurrency, we'll, Mark, Medina's, weren't, CoinFLEX, Litquidity doesn't, Dave Portnoy, wasn't, Medina Ayden Syal, Kyle Zappitell, Zappitell, he'd, hasn't, Bennett Jordan —, Craig Sjodin, Litney, Paul Argenti, Wall Organizations: Goldman, New York Times, CNBC, Business, Bloomberg, Metropolitan Club of New, Nomura, Citigroup, Financial Times, Litney Partners, Whitney Partners, BI, ESPN, Litquidity, Centerview Partners, New York, Getty, Bain Capital, Litquidity Venture Partners, SEC, Cornell University, Wexford Capital —, Deutsche Bank, Deutsche, CFA, Getty Images, Bullish, Vice, Wall Street, Litquidity's, Manhattan's Rue, Fox Business, Litquidity Ventures, Coatue Management, SAFE, Soho House, Dartmouth University Locations: New York, Tribeca, Metropolitan Club of New York, Instagram, San Francisco, Medina, New York City, Miami, NoHo, Chad, Connecticut, Litquidity, Linktree, Soho

☆ Dan Loeb's Third Point sold chip stocks last quarter. Here's where his money went instead
▼ + stars: | 2023-11-15 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Dan Loeb's Third Point hedge fund took profits on a handful of chip stocks in the third quarter, instead buying into other, marquee technology names, regulatory fillings show. While contending with these challenges in the third quarter, the billionaire fund manager sold of his holdings in the three chip stocks. Those gains have come amid the artificial intelligence boom that has driven up chip makers and other stocks tied to the technology. In the same vein, Loeb raised the size of his Microsoft stake by 46% in the third quarter. In addition to the chip makers, Leob also sold out his entire stakes in HCA Healthcare and Black Knight , among others.

Persons: Dan Loeb's, Loeb, Warburg Pincus, Leob, Black Knight Organizations: Devices, Micron Technology, Nvidia, Securities and Exchange, VanEck Semiconductor, Nasdaq, Meta, Microsoft, Xbox, Intercontinental Exchange, Jacobs Solutions, Warburg, Jefferies, Citigroup, Taiwan Semiconductor, DuPont de Nemours, Healthcare, Black Locations: New York, Meta, California

☆ We're continuing to look for more opportunities in Vietnam, says Warburg Pincus CEO
▼ + stars: | 2023-11-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe're continuing to look for more opportunities in Vietnam, says Warburg Pincus CEOChip Kaye, CEO of Warburg Pincus, discusses Vietnam's attractive qualities, including its "reasonably stable macroeconomic framework over the last 10 years."

Persons: Warburg Pincus, Chip Kaye Locations: Vietnam

☆ 9 investors betting millions on the rebound in live events and entertainment
▼ + stars: | 2023-10-20 | by ( Lucia Moses | ) www.businessinsider.com time to read: +9 min

"Live events are having a moment as consumers want to get out and about," said John Harrison, Americas Media & Entertainment lead at EY. But over the past few years, established and upstart investors have seized the opportunity to capitalize on live events spending, which is outpacing media and entertainment spending overall. PWC projects live events revenue hitting $68.7 billion in 2024, up from $66.6 billion in 2019.Insider identified nine firms, listed alphabetically, that are making significant investments in live entertainment-related companies. It most recently led a $65 million round in Dice, an events discovery and ticketing platform for live events like comedy and drag cabaret. Courtesy of Shamrock CapitalThe Los Angeles-based investment firm has a long history of backing media, entertainment, and communications businesses.

Persons: Taylor Swift, hasn't, Tait, Scott Marimow, John Harrison, there's, Harrison, Coldplay, PEHub, Bluestone Equity Partners Bobby Sharma, Michael Weschler, Bobby Sharma, Bluestone, Juggernaut, Eric Kuhn, Tre, Scott, Matt Pincus, Pincus, Marimow, Shamrock Capital Andrew Howard, Marc Geiger, Alan Waxman's Organizations: Providence Equity Partners, Yankee, Wembley, Bluestone Equity Partners, Providence, Americas Media, Entertainment, Fourier, NBA, PMY, SoFi, New York's Citi, RWS, Apple, Holland America, Capital Partners, Street Journal, Folk Media Group, CBS, Microsoft, Folk Productions, Quest Entertainment, MUSIC, Liontree, JS Capital Management, Investments, Providence Equity Partners Providence Equity Partners, Theatre Group, Shamrock Capital, Sixth, Spain's, San Antonio Spurs, New York Yankees, Dallas Cowboys, Sixth Street Locations: Americas, Paris, Europe, Asia, Vegas, Fiume, Wilmington , Mass, Devon , Pennsylvania, Miami , Florida, North America, Providence, US, Germany, Los Angeles, SaveLive, Spain's Real Madrid, Real Madrid's

☆ Warburg Pincus to invest in Everise, valuing US healthcare outsourcing company at $1bln
▼ + stars: | 2023-10-03 | by ( Yantoultra Ngui | Thomson Reuters | Yantoultra Ngui Is A Southeast Asia Deals Correspondent With Reuters In Singapore | ) www.reuters.com time to read: +2 min

"We have continued to see strong underlying demand for quality customer experience, driven by an increasing outsourcing trend across the global healthcare industry," Warburg Pincus' Mumbai-based managing director Viraj Sawhney said in the statement. Warburg Pincus has invested in the healthcare sector for over five decades and counts Ensemble Health Partners, which offers revenue cycle management for healthcare firms, and U.S consumer healthcare navigation company Quantum Health among its portfolio companies, according to the statement. The entry of Warburg Pincus into Everise will see Singapore-headquartered private equity firm Everstone Group exiting the company, according to the statement, which said the transaction is expected to close by the end of this year. Founded in 2016, Everise has over 19,000 employees in eight markets from Singapore to India, according to its website. Brookfield, with some $850 billion in assets under management, agreed to buy into Everise from Everstone in 2020.

Persons: Warburg Pincus, Everise, Viraj Sawhney, Yantoultra Ngui, Kane Wu, Catherine Evans, Emelia Organizations: Health Partners, Quantum Health, Everstone Group, Brookfield, Thomson Locations: SINGAPORE, Everise, U.S, Brookfield, Mumbai, Singapore, India, Everstone

☆ Enbridge C$4.6 bln equity sale raises hopes for Canada market revival
▼ + stars: | 2023-09-26 | by ( Maiya Keidan | ) www.reuters.com time to read: +3 min

"I think there is evidence out there that for the right transaction for the right reasons, investors will show up," said François Carrier, co-head of Desjardins Capital Markets. But not many dealmakers are expecting a rush of supply with an uncertain macroeconomic environment still keeping secondary equity markets volatile. The shares dropped well below their first-day high, potentially limiting a comeback in Canadian equity capital raisings and IPOs. "We do not have enough data to declare the IPO market open. Our own view is that we are still 12 to 18 months away from a robust IPO market," he added.

Persons: Dado Ruvic, Carrier, We're, we're, Enbridge's, Jeff Hershenfield, Stikeman Elliott, Stephen Pincus, Goodmans, John McKenzie, Neil Selfe, Maiya, Bernadette Baum Organizations: REUTERS, Rights, Dominion Energy, Desjardins Capital Markets, Arm Holdings, Capital Markets, TMX, Thomson Locations: IPOs, Canada, Unite States, Toronto, Klaviyo, raisings

Competition for buy-side jobs, including at private equity firms and hedge funds, can be fierce. Insider identified the 13 recruiting firms aspiring dealmakers and traders should know for a buy-side job. The buy-side hiring spree is expected to continue despite a slowdown in mergers and acquisitions — a cornerstone of private equity investing. BellCast Partners works with mega funds, middle market funds, infrastructure funds, impact funds, real estate private equity funds, sector-focused funds, sovereign wealth funds, family offices, and credit funds. Today it does searches in private equity, growth equity, distressed, credit, venture capital, hedge funds, family offices, and select investment banks.

Persons: headhunting, Brain O'Callaghan, John Arbolino, Arbolino, Amity, Pamela Esterson, Susanna Nichols, Nichols, Esterson, Danielle Caston Strazzini, Alison Bellino Johnson, BellCast, Caston Strazzini, Jill Pierce, Spencer Stuart, Pierce, —, Brian O'Callaghan, it's, Renee Hylton, Keith Mann, Josh Grauer, Grauer, Mann, Adam Zoia, Annette Krassner, Katie Cunningham, Sarah Armstrong, Cunningham, Armstrong, Anna Brady, Janelle Matthews, Beth Grossman, Brady, they've, Morgan Stanley Eleni Henkel, Henkel, Leah Trabich, HSP, Carlyle, Warburg Pincus, Adam Kahn, Kahn, Anthony Keizner, Keizner, Nina Swift, Marty Brady, Vedica Qalbani, Qalbani, Lindsey Mead, Jessica Wu, Michael Garmisa, SearchOne, Sheri Gellman, Gellman Organizations: Citadel, nab, Boothroyd, Co, Wall, Amity Search Partners, Palm Beach Staff, SG Partners, Bain Capital, Centerbridge Partners, Trian Partners, BellCast, Charlotte Staff, CPI, BellCast Partners, Investor Relations, Nashville, San Francisco, Wharton, Harvard, Stanford, New York Staff, Partners, San Francisco Staff, Los Angeles Staff, TPG, Thoma Bravo, Bessemer Venture Partners, EQT, Elliott, Equity, KKR, ICONIQ, Spectrum Equity, Henkel Search, Search Partners, New York, Oxbridge, Nashville Staff, Time Warner, Indiana University, SG Locations: New York, San Francisco, Austin, San Diego, Chicago, Los Angeles , New York, Phoenix, West Coast, Los Angeles, NYC, California, United States, Boston, Dallas, Atlanta, Columbia, Latin America, Asia, Europe, San Francisco , New York, Bay, Gold, Los Angeles , Greenwich, Nashville, Amity, South Florida

☆ Meet Russell Horwitz, the ex-Goldman partner who is stepping in as David Solomon's chief of staff at a vulnerable time for the CEO
▼ + stars: | 2023-08-08 | by ( Dakin Campbell | Kaja Whitehouse | ) www.businessinsider.com time to read: +7 min

Russell Horwitz has been named David Solomon's new chief of staff at a difficult time for the CEO. Russell Horwitz, a partner and former chief of staff to CEO Lloyd Blankfein, is returning to the firm after roughly two years away. Another, Jake Siewert, left Goldman for Warburg Pincus in June 2021. Horwitz left soon after. He has Washington experienceLike Rogers, Horwitz also has a past working in Washington DC.

Persons: Russell Horwitz, David Solomon's, Horwitz, Goldman, John F, Rogers, Goldman Sachs, Lloyd Blankfein, David Solomon, John Rogers, Jon Corzine, Ronald Reagan, Gerald Ford, Joshua Roberts, Solomon, John Waldron, Fiona Carter, Carter, Dina Powell McCormick, Gregg Lemkau, Byron Trott, Jake Siewert, Warburg Pincus, Blankfein, He's, Ken Griffin, John, David, Pablo Salame, Umesh Subramanian, Arthur Levitt Organizations: Goldman, The New York Times, Reuters, BDT, MSD Partners, Miami . Partners, Citadel, Citadel Horwitz, Washington DC, Securities and Exchange Commission, Clinton Locations: Miami, Citadel's, Washington

☆ Global investors skip Ant’s buyback after valuation slumps 70% - Bloomberg News
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +1 min

A sign of Antchain, the blockchain technology branch under Ant Group, is seen at Ant Group's booth during the World Artificial Intelligence Conference (WAIC) in Shanghai, China, July 8, 2021. REUTERS/Yilei Sun/File PhotoAug 7 (Reuters) - A number of global investors are opting out of Ant Group's (688688.SS) proposed share buyback after the Chinese fintech's valuation was slashed by more than 70%, Bloomberg News reported on Monday. However, a few money managers, including Fidelity Investments and T. Rowe Price Group, have agreed to sell their shares, the report added. In July, Ant Group announced a surprise share buyback of up to 7.6% of its equity interest at a price that represents a group valuation of about 567.1 billion yuan ($78.68 billion). Ant Group, Warburg Pincus, GIC, Fidelity Investments and T. Rowe Price Group did not immediately respond to Reuters' request for comment.

Persons: Ant Group's, Warburg Pincus, Rowe Price, Nilutpal, Varun Organizations: Ant, Artificial Intelligence, REUTERS, Yilei, Bloomberg, Plan Investment, Carlyle Group, Fidelity Investments, Rowe Price Group, Ant Group, GIC, Reuters, Thomson Locations: Shanghai, China, Canada, Bengaluru

☆ Before There Was Pee-wee, There Was Pinky
▼ + stars: | 2023-08-01 | by ( Guy Trebay | ) www.nytimes.com time to read: +1 min

The comedian Paul Reubens, a.k.a. Though Pinky Lee is an unfamiliar name today, it would not have been to a man of Mr. Reubens’s generation. Pee-wee Herman was born Paul Rubenfeld in 1952 in Peekskill, NY; Mr. Lee was born Pincus Leff in 1907 in Saint Paul, Minn. Rubenfeld, who was a talented child actor, would rename himself Reubens and become an improv comic. His early work with the The Groundlings in Los Angeles, notably in a Pinky parody skit, would eventually form the basis for one of the more indelible characters in show business. Mr. Lee came up through the ranks as a tap dancer on the vaudeville circuit.

Persons: Paul Reubens, Herman, Pinky Lee, Reubens, Paul Rubenfeld, Lee, Pincus Leff, Roy Rogers, Dale Evans, palomino, Trigger Organizations: Minn Locations: Peekskill , NY, Saint Paul, Rubenfeld, Los Angeles, Caliente

☆ A Florida Republican running for Congress says DeSantis may have tanked his own political career in the state by running against Trump
▼ + stars: | 2023-07-30 | by ( John L. Dorman | ) www.businessinsider.com time to read: +2 min

Republican Alan Pincus told WaPo that DeSantis may have tanked his political future in Florida over his 2024 bid. DeSantis once led Trump in earlier Florida surveys of the Republican presidential primary. But Trump has continued to dominate the GOP race and DeSantis has had to reboot his campaign. DeSantis once led in early Florida polling among the GOP presidential contenders. But even in the Sunshine State, he's fallen behind Trump — in a head-to-head contest, the latest Florida Atlantic University/Mainstreet Research survey had Trump leading DeSantis 54%-37%.

Persons: Alan Pincus, WaPo, DeSantis, Trump, Ron DeSantis, Donald Trump, Sen, Tim Scott of, Charlie Crist, Republican Alan Pincus —, —, Pincus, he's, Vivek Ramaswamy Organizations: Trump, Republican, GOP, Service, Democratic Rep, Republicans, Washington Post, Sunshine State, Florida Atlantic University, Mainstreet Locations: Florida, Wall, Silicon, Tim Scott of South Carolina

It will be based in Los Angeles and led by Banc of California CEO Jared Wolff. Shares of PacWest surged 34% after the market close, while Banc of California jumped 9%. PacWest stockholders will receive 0.6569 Banc of California shares for each PacWest share they currently own. Meanwhile, the two private equity firms will be issued new Banc of California stock worth $400 million at a price of $12.30 per share. PacWest had total assets of $44 billion at the end of March, while Banc of California had assets of $10 billion, according to separate company filings.

Persons: Warburg Pincus, Centerbridge, Jared Wolff, PacWest, Timothy Coffey, Janney Montgomery Scott, Janet Yellen, Ares Management, Wolff, We've, David Smith, Nomura, Niket, Nupur Anand, David French, Pete Schroeder, Tatiana Bautzer, Megan Davies, Lananh Nguyen, Arun Koyyur, Jonathan Oatis, Sonali Paul Organizations: PacWest Bancorp, Warburg, Centerbridge Partners, midsize, RARE, Bank, Pacific Western Bank, Federal Deposit Insurance Corporation, Autonomous Research, U.S, Thomson Locations: Banc, California, Los Angeles, U.S, Bengaluru, New York

☆ Stocks making the biggest midday moves: Microsoft, Alphabet, Boeing and more
▼ + stars: | 2023-07-26 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

Microsoft — The Xbox owner saw its shares slide 3.7% after issuing quarterly revenue guidance that fell short of analysts' expectations. Microsoft did report earnings and revenue that beat Street estimates for the calendar second quarter, however. Alphabet — Shares of the Google parent rose 5.8% after Alphabet beat analysts' revenue and profit in the second quarter. Boeing's revenue of $19.75 billion topped analysts' estimates of $18.45 billion, according to Refinitiv. The company also reported an 82-cent-loss per share, while Refinitiv analysts had estimated a loss of 88 cents per share.

Persons: Refinitiv, Morgan Stanley, Lauren Schenk, Chubb, Spotify's, selloff, PacWest, Warburg Pincus Organizations: Microsoft, YouTube, Boeing, Texas, Texas Instruments, FactSet, Visa, Spotify, Deutsche Bank, Warburg, Centerbridge Locations: Banc, California

☆ Banc of California and PacWest Bancorp will merge into a new bank holding $36 billion in assets
▼ + stars: | 2023-07-26 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Banc of California and PacWest Bancorp shares surged after announcing an all-stock merger. The new bank will have $36 billion in assets and $30.5 billion in total deposits. Banc of California shares jumped 8.4% to $15.85 apiece in after-hours trade, extending gains from an 11% rise on Tuesday. The all-stock deal will result in a new bank with $36 billion in combined assets, Banc of California and PacWest announced on Tuesday. It will have $25.3 billion in total loans and $30.5 billion in total deposits.

Persons: PacWest, Jared Wolff, Warburg Pincus, Wolff, We've, Timothy Coffey, Janney Montgomery Scott Organizations: PacWest Bancorp, Morning, Warburg, Centerbridge, Reuters, Silicon Valley Bank, Signature Bank, JPMorgan, First Republic Bank, First Citizens Bank, New York Community Bancorp Locations: California, Banc, Silicon, Signature Bank , New York

July 26 (Reuters) - PacWest Bancorp's (PACW.O) shares rose nearly 38% in premarket trading on Wednesday, a day after smaller rival Banc of California (BANC.N) agreed to buy the lender for $1.1 billion in an all-stock deal. Banc of California's shares jumped nearly 13% after the lender said it would pay 0.6569 share to PacWest stockholders for each share they own. PacWest stock was trading at $10.47, higher than the offer price of $9.60 per share, per calculations based on Banc of California's closing price on Tuesday. "The deal marks a structural transformation for BANC and accelerates its evolution, with a much improved profitability profile exiting 2024." Private equity firms Warburg Pincus and Centerbridge Partners have agreed to invest $400 million in Banc of California's buyout deal.

Persons: Raymond James, David Long, Long, Ares Management, PacWest, Omar Fahmy, Fahmy, Warburg Pincus, Niket Nishant, Manya, Shinjini Organizations: Reuters, PNC, Western Alliance, Warburg, Centerbridge Partners, Manya Saini, Thomson Locations: California, Banc, U.S, Los Angeles , California, Bengaluru

☆ JPMorgan to buy almost $2 bln of mortgages in the PacWest deal - source
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

July 26 (Reuters) - JPMorgan Chase & Co (JPM.N) will buy almost $2 billion worth of mortgages to facilitate Banc of California's (BANC.N) purchase of PacWest Bancorp (PACW.O), a source with knowledge of the matter told Reuters. The investment bank has entered into an agreement to buy $1.8 billion of single-family residential loans at a discount, the source said. Banc of California had entered into a "contingent forward asset sale agreement" for its residential mortgage portfolio, the lender said in a presentation on Tuesday, without naming the buyer. The source said the mortgage transaction will also close at the same time. The mortgage purchase was earlier reported by Bloomberg News.

Persons: Warburg Pincus, PacWest, Jaiveer Singh, Nupur Anand, Arun Koyyur Organizations: JPMorgan Chase &, PacWest Bancorp, Reuters, Centerbridge Partners, Bank, Bloomberg News, Thomson Locations: Banc, California, PacWest, Bengaluru, New York

☆ PacWest merges with Banc of California in all-stock deal
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: 1 min

July 25 (Reuters) - Banc of California (BANC.N) and PacWest Bancorp (PACW.O) on Tuesday announced an all-stock merger with a $400 million equity raise from Warburg Pincus and Centerbridge Partners. Reporting by Niket Nishant in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Warburg Pincus, Niket, Arun Koyyur Organizations: PacWest Bancorp, Tuesday, Centerbridge Partners, Thomson Locations: California, Bengaluru

☆ Banc of California in talks to buy PacWest Bancorp - WSJ
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +1 min

July 25 (Reuters) - Banc of California (BANC.N) is in advanced talks to buy PacWest Bancorp (PACW.O) and a deal could be announced as soon as Tuesday, the Wall Street Journal reported, citing people familiar with the matter. Shares of PacWest were down 27%, while Banc of California gained 10% in afternoon trading. PacWest has been signing deals to shed some assets and strengthen its balance sheet. PacWest had a market capitalization of $1.24 billion as of Monday, almost 63% higher than that of Banc of California, according to Refinitiv data. Private equity firms Centerbridge and Warburg Pincus are planning to contribute equity to help fund Banc of California's acquisition of PacWest, the Journal report said.

Persons: Janet Yellen, PacWest, Ares Management, Warburg Pincus, Niket, Arun Koyyur Organizations: PacWest Bancorp, Wall Street Journal, midsize, PacWest, Thomson Locations: California, Banc, Bengaluru

☆ Banc of California set to merge with rival PacWest
▼ + stars: | 2023-07-25 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

New York CNN —PacWest Bancorp (PACW) is set to merge with Banc of California in a $400 million equity deal, according to a joint announcement the banks released Tuesday afternoon, ahead of their second-quarter earnings results. The move aims to restore confidence in the sector after the collapse of three regional banks earlier this year. Banc of California reported a much smaller decline in net income of $2.4 million last quarter. PacWest has been under considerable pressure after Silicon Valley Bank failed in March, sending shock waves across regional banks in the United States. Once the deal closes, PacWest shareholders are set to receive 0.66 of a share of Banc of California for each share they own.

Persons: “, ”, Jared Wolff, Wolff, PacWest, SVB, Warburg Pincus Organizations: New, New York CNN — PacWest, Western Bank, Beverly, Santa, Bank, Federal Reserve, Centerbridge Partners, Wall Locations: New York, Banc, California, Santa Ana, United States

☆ PacWest Bank, Thrashed by Deposit Crisis, Will Be Taken Over
▼ + stars: | 2023-07-25 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +1 min

PacWest Bank, which never fully recovered from its hammering during this year’s banking crisis, will be absorbed by a smaller lender, Banc of California, the banks announced on Tuesday. The development was a humbling end for the 24-year-old PacWest, a once fast-growing Los Angeles bank whose clients fled amid turmoil for regional lenders this year. The PacWest name will be retired, and the combined banks will operate under the Banc of California name. Jared Wolff, the chief executive of Banc of California, will run the new entity. In an indication of how weakened PacWest has become, the combined bank will have just $30.5 billion in deposits — considerably less than the $34 billion that PacWest had at the start of the year.

Persons: Jared Wolff, PacWest, Warburg Pincus Organizations: PacWest Bank Locations: Banc, California, Los Angeles

☆ Inside the private-equity recruiting tornado that just hit — and why it may be turning some young bankers away from a career on the buyside
▼ + stars: | 2023-07-24 | by ( Emmalyse Brownstein | Reed Alexander | ) www.businessinsider.com time to read: +8 min

Private-equity recruiting for 2025 roles officially kicked off Friday, including at Apollo and TPG. Many of those bankers had barely started their current investment-banking jobs, and others were still in training sessions for them. As always, the firms were recruiting first-year investment banking analysts for jobs that won't start until 2025. Midnight interviews are not uncommon in private-equity recruiting, nor are "exploding offers," which demand that candidates make a decision before leaving the interview room to prevent them from shopping around. $300,000 offersOver the years, on-cycle recruiting has crept up on candidates earlier and earlier.

Persons: I'm, It's, Carlyle, Warburg Pincus, —, webinar, headhunting, Brian O'Callghan, O'Callaghan Organizations: Apollo, TPG, nab, General Atlantic, KKR, Permira, TPG Capital, Labor Locations: York

☆ TikTok Shop strikes 'buy now, pay later' partnership in Malaysia as part of e-commerce push
▼ + stars: | 2023-07-21 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

TikTok struck a partnership with "buy now, pay later" service Atome to offer installment payments on its e-commerce marketplace in Malaysia, the latest in the company's e-commerce push into Southeast Asia. TikTok Shop will include Atome as a payment option, which would allow customers to spread deferred payments over three or six months. Atome is the BNPL arm of Singapore-based fintech firm Advance Intelligence Group, which is backed by major investors like SoftBank Vision Fund 2 and Warburg Pincus. The partnership is expected to "drive growth" and "enable merchants and small businesses to offer their customers a convenient and flexible payment option," Jonathan Low, e-commerce lead of strategy and special projects at TikTok Shop, said in a statement on Friday. "By integrating Atome as a payment option on TikTok Shop, we're excited to help drive ecommerce growth and support brands of all sizes," said William Yang, head of commercial at Atome.

Persons: TikTok, Atome, Warburg Pincus, Jonathan Low, William Yang Organizations: Advance Intelligence Group, SoftBank Locations: Malaysia, Southeast Asia, Singapore, Atome

☆ Warburg Pincus names Asia real estate chief Perlman as president
▼ + stars: | 2023-07-19 | by ( Kane Wu | ) www.reuters.com time to read: +2 min

July 20 (Reuters) - Private equity firm Warburg Pincus on Wednesday named its Asia head of real estate Jeffrey Perlman as successor to Timothy Geithner as president. Geithner, who was U.S. Treasury Secretary in the Obama administration and had headed the Federal Reserve Bank of New York, will become the chair of the New York-based investment firm. "Now is the ideal time to put in place a plan for the next generation of leadership at the firm," Warburg CEO Chip Kaye said. Warburg Pincus has already raised more than the targeted $16 billion in its global flagship private equity fund, said a person with knowledge of the matter. Founded in 1996, Warburg has more than $83 billion in assets under management and its portfolio spans more than 250 companies.

Persons: Warburg Pincus, Jeffrey Perlman, Timothy Geithner, Geithner, Obama, Warburg, Chip Kaye, Kaye, Perlman, Pritam Biswas, Niket, Kane Wu, Arun Koyyur Organizations: Wednesday, Treasury, Federal Reserve Bank of New, Reuters, Ou Asset Management Co, HK, Industrial Development JSC, Thomson Locations: Asia, Federal Reserve Bank of New York, York, China, Ou, Southeast Asia, Pacific, Bengaluru, Hong Kong, Lincoln

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