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☆ Apollo assures investors deposit flight won't spill over to Athene
▼ + stars: | 2023-03-30 | by ( Chibuike Oguh | ) www.reuters.com time to read: +5 min

Reuters GraphicsIn a quarterly update to shareholders published on March 13, Apollo outlined how Athene's funding model is different than a bank's. In the wake of the banking crisis, however, Apollo has been fielding questions from analysts and investors about Athene's funding model. Following a meeting with Apollo executives, Hone wrote in a note last week that he does not anticipate a spike in withdrawals from Athene's annuity holders and that Athene's funding base was stable. Apollo said in its March 13 presentation to investors that it had seen inflows of $8.8 billion to Athene from the start of the year to March 10. Questions from investors and analysts to Apollo have focused on this subset of annuity policies that have a potentially higher flight risk.

☆ Exclusive: ICU Medical to compete against GE Healthcare for Medtronic units -sources
▼ + stars: | 2023-03-29 | by ( David Carnevali | ) www.reuters.com time to read: +2 min

GE Healthcare and private equity firms Carlyle Group Inc (CG.O) and Clayton, Dubilier & Rice (CD&R), which have been pursuing rival offers separately, are also through to the second round, the sources added. Carlyle is bidding through its newly formed healthcare investment platform Atmas Health, according to one of the sources. Medtronic has been taking offers for its patient monitoring and respiratory interventions businesses even as it presses on with preparations to spin them off to its shareholders. ICU Medical, GE Healthcare, Carlyle and CD&R declined to comment. The patient monitoring technology portfolio includes Nellcor pulse oximetry and BIS brain monitoring, while the respiratory interventions business comprises ventilators and breathing systems.

☆ Why big investors like Carlyle and Ares are zeroing in on Hollywood and sports deals — and driving private credit in media to new highs
▼ + stars: | 2023-03-28 | by ( Rebecca Ungarino | Reed Alexander | ) www.businessinsider.com time to read: +7 min

And Ares raised $3.7 billion for a fund last fall geared specifically toward sports, media, and entertainment investments across private debt and private equity. Unlike private equity investing, where managers take stakes in companies or buy them, private credit investors lend to businesses and make money on interest payments. (Private investment firm KKR's media, entertainment, and sports portfolio includes Insider parent company Axel Springer.) Carlyle's $146 billion credit arm has also provided capital to Clair, a media tech company that specializes in live production services and audio products. The strategists said driving that uptick are private credit defaults that include so-called softer forms of default, like breaching a loan's terms and conditions, along with private credit portfolio companies having generally lower ratings and less diversified businesses.

☆ Hedge funds are dumping these stocks most exposed to tight financial conditions
▼ + stars: | 2023-03-28 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

As the banking crisis unfolded, hedge funds turned bearish on financials and other stocks exposed to tightening credit conditions, according to Goldman Sachs. The smart-money cohort has sharply reduced net exposures to "Lending Sensitive Stocks" in the aftermath of the collapse of Silicon Valley Bank, according to Goldman's prime brokerage data. The hedge funds' long positions in those credit-sensitive companies divided by short positions — known as the long/short ratio — ended last week at 1.72, the lowest level in more than five years, the data said. Meanwhile, hedge funds have been dumping U.S. bank stocks amid the chaos with long/short ratio in that category standing at 1.28, near a 10-year low, Goldman said. The demise of Silicon Valley Bank left investors concerned that other regional banks might face similar balance sheet issues, a possible mismatch between long-dated assets and short-dated liabilities.

☆ Powell is leader of the free world – for now
▼ + stars: | 2023-03-28 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +8 min

As former President Donald Trump will attest, Powell will do what he thinks it’s right. This month, Democratic Senator Elizabeth Warren, a left-wing firebrand, went on TV and called Powell a “dangerous man,” saying she doesn’t think that he should be Fed Chair. CNN television host Jake Tapper asked her if she had told Biden that Powell should be fired. Then Trump called Powell “a golfer who can’t putt, has no touch.” Trump wanted economic growth. Powell resisted and later responded saying that the Fed chair, more than anyone else, needs to be free from political pressures.

March 20 (Reuters) - U.S. scientific instruments maker Thermo Fisher Scientific Inc (TMO.N) and South Korea's Celltrion Inc (068270.KS) are among those competing to acquire the biopharma solutions business of medical device maker Baxter International Inc (BAX.N), according to people familiar with the matter. Baxter, which has a market value of $19 billion, had total debt of $16.6 billion as of the end of December. Private equity firms, including KKR & Co (KKR.N) and Carlyle Group (CG.O), have also expressed interest in the Baxter business, the sources said. Baxter said in January it was exploring alternatives for its biopharma solutions business and would also spin off its kidney care units. Baxter's biopharma solutions unit supports drugmakers in the formulation, development and commercialization of drugs typically given by infusion or injection, such as biologics and vaccines.

Employees have been working around the clock to onboard as many startups as possible in the wake of the implosion of Silicon Valley Bank. Silicon Valley Bank, which had more than $175 billion in deposits and served nearly half of US VC-backed startups, was taken over by US regulators on March 10. "That said, I am worried that this bias towards a Big Four bank is a double-edged sword," Shekar added. "SVB did not think like a big bank. They could understand your operating plan when a big bank would balk at it," Ashley Tyrner, CEO and founder of FarmBoxRX, told Insider.

☆ Cautious calm returns to bank stocks as focus shifts to regulation
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +5 min

Focus is also shifting to the possibility of tighter regulation in the U.S. banking sector, particularly for mid-tier banks like SVB (SIVB.O) and New York-based Signature Bank, whose collapses last week roiled financial markets. Investors had been particularly concerned about the huge bond holdings, particularly in U.S. Treasuries, of Japanese lenders. However, Japanese finance minister Shunichi Suzuki said on Wednesday differences in the structure of bank deposits, meant local banks wouldn't face incidents similar to SVB's collapse. In an attempt to avert a similar crisis down the line, the Federal Reserve is also considering tougher rules and oversight for midsize banks similar in size to SVB. "A year after starting to raise interest rates, the Federal Reserve is still chasing evidence that higher borrowing costs are slowing the U.S.

☆ Billionaire David Rubenstein says the Fed will keep hiking in March to show it's still fighting inflation despite SVB collapse
▼ + stars: | 2023-03-15 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

The Fed is likely to keep raising interest rates after the collapse of SVB, David Rubenstein said. Markets see a potential pause in rate hikes after SVB was seized last week. For the March 21-22 meeting, the "big decision that has to be made by the Federal Reserve is do they increase interest rates by 50 basis points, 25 basis points, or no basis points?" But an increase of 50 basis points might be too much for some of the banking companies right now, he added. "So I suspect 25 basis points is the split-the-baby decision that's most likely," Rubenstein said.

☆ Investors tiptoe back into US bank stocks, regulators probe SVB collapse
▼ + stars: | 2023-03-14 | by ( Chris Prentice | ) www.reuters.com time to read: +6 min

March 14 (Reuters) - Bruised U.S. bank stocks regained some ground on Tuesday, as a sell-off sparked by Silicon Valley Bank's collapse gave way to bargain-hunting by investors hopeful that efforts to shore up confidence would avert a wider financial crisis. The S&P 500 regional banks index (.SPLRCBNKS) rebounded 1.4%, leaving it with a 26% loss over the past five sessions. Investors worry about the health of smaller banks, the prospect of tighter regulation and authorities' preference for protecting depositors before shareholders. Reuters Graphics Reuters GraphicsINVESTIGATIONSAs markets adjusted to the impact of SVB's collapse, regulars turned their focus to the circumstances around the bank's collapse. Officials are also examining stock sales by officers of SVB Financial Group, which owned the bank, the WSJ reported, citing people familiar with the matter.

☆ Private equity firms Apollo and KKR among those reviewing Silicon Valley Bank loans
▼ + stars: | 2023-03-14 | by ( Seema Mody | ) www.cnbc.com time to read: +1 min

People wait outside the Silicon Valley Bank headquarters in Santa Clara, CA, to withdraw funds after the federal government intervened upon the bank's collapse, on March 13, 2023. Two of those people said Apollo may be interested in acquiring a piece of the business at par. Private equity firms Apollo Global Management and KKR are among the parties reviewing a book of loans held by Silicon Valley Bank, people familiar with the discussions told CNBC. Previously, Bloomberg reported that several private equity firms have been conducting due diligence on the loan assets. That report, which cited several people with knowledge of the talks, said Apollo, Ares Management , Blackstone , Carlyle Group and KKR were among those reviewing a potential deal.

☆ Private equity giants including Apollo, Blackstone eye SVB loan book- reports
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +2 min

[1/2] Customers wait outside as an employee enters the Silicon Valley Bank branch office in downtown San Francisco, California, U.S., March 13, 2023. REUTERS/Kori Suzuki/File PhotoMarch 14 (Reuters) - Apollo Global Management Inc (APO.N), Blackstone Inc (BX.N) and KKR & Co Inc (KKR.N) have expressed interest in a book of loans held by Silicon Valley Bank (SVB), Bloomberg News reported on Tuesday, citing people familiar with the matter. Buyout giants Ares Management (ARES.N) and Carlyle Group (CG.O) are also looking to buy the loan book, the Financial Times reported, citing people familiar with the matter. The surge in interest in the book follows the tech lender's failure last week to raise equity to plug a $1.8 billion hole after selling its $21 billion portfolio of securities at a loss. On Monday, SVB said it was planning to explore strategic alternatives for its businesses, including holding company SVB Capital and SVB Securities.

☆ Ken Griffin just keeps winning
▼ + stars: | 2023-03-08 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

No, 4.1 billion represents the number of dollars Ken Griffin made from his hedge fund, Citadel, in 2022 alone. Griffin made more money in one hour than the average American makes in their lifetime! Oh, and one more thing: That's not even all the money Griffin earned in 2022! I've said before you could make the case for Griffin being the most powerful person on Wall Street. And check out this fascinating profile from Insider's Dakin Campbell on Ken Griffin.

☆ Here are Thursday's biggest analyst calls: Apple, Tesla, Snowflake, Salesforce, Nio, Nvidia & more
▼ + stars: | 2023-03-02 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

JPMorgan downgrades Nio to neutral from overweight JPMorgan said it sees too many challenges after the Nio's earnings report on Wednesday. JPMorgan downgrades Dollar Tree to neutral from overweight JPMorgan said it sees too many macro headwinds for the discount retailer. Morgan Stanley upgrades Pinduoduo to overweight from equal weight Morgan Stanley said the ag-tech company is a "long-term growth story." Morgan Stanley reiterates Liberty Formula One as overweight Morgan Stanley said it's bullish on shares of the auto racing company. Morgan Stanley reiterates Tesla as overweight Morgan Stanley said competitors can't keep up after Tesla's investor day on Wednesday.

☆ Job cuts, a sole CEO, and AI bets: How Bridgewater is shaking itself up after the Ray Dalio era
▼ + stars: | 2023-03-01 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +8 min

The firm's CEO, Nir Bar Dea, said in a memo that it would lay off employees and restructure. Bar Dea had been a rising star at Bridgewater, which has transitioned leadership in recent years. Former co-CEO Mark Bertolini is also stepping out of the role and returning to Bridgewater's board as an independent director, leaving Bar Dea as sole CEO. "Over time, we expect this platform to produce the next round of growth in the business," Bar Dea wrote. 'Finding a home'As far as high finance executives go, Bar Dea has an unexpected background.

☆ 3 big questions about the state of Goldman Sachs heading into its second-ever investor day
▼ + stars: | 2023-02-28 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

All eyes are on 200 West Street in lower Manhattan today, the global headquarters of Goldman Sachs and site of the bank's second-ever investor day. Goldman's first investor day, in 2020, included plenty of discussion about the importance of building out its consumer bank. Will new details emerge regarding the asset and wealth management division that show the business is heading in the right direction? Goldman's asset and wealth management division will likely get plenty of attention today. Speaking of David Solomon... Goldman's CEO appeared on a recent episode of the bank's podcast, "Exchanges at Goldman Sachs."

☆ Carlyle veteran Peter Clare to retire after more than three decades
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, Feb 27 (Reuters) - Carlyle Group (CG.O) veteran and chief investment officer of its corporate private equity business, Peter Clare, will retire on April 30, weeks after the buyout firm named former Goldman Sachs Inc (GS.N) executive Harvey Schwartz as its chief executive. Clare, who joined Carlyle in 1992, has held several senior leadership roles in the unit. Carlyle also said on Monday Sandra Horbach and Brian Bernasek, currently co-heads of U.S. buyout and growth platform, will assume the role of co-heads of the Americas to oversee the firm's private equity business effective immediately. The appointments comes at a turbulent time for private equity firms as stubbornly high inflation, rising interest rates and geopolitical turmoil together crimped lucrative exits from investments. Earlier this month, Carlyle reported a steep 52% slide in its fourth-quarter distributable earnings as the private equity firm cashed out on fewer investments as dealmaking slowed.

☆ PayPal's CEO search amid an uncertain economy will be no easy task
▼ + stars: | 2023-02-21 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

In case you missed it, PayPal CEO and President Dan Schulman announced his plan to retire at the end of 2023 earlier this month. Coming off an extremely difficult 2022, and with competition seemingly coming at them from every which way, PayPal has to find a new CEO. I hesitate to compare this to the seemingly never-ending CEO search at Carlyle, but it's easy to see how a difficult quarter or two could complicate this entire search. The rich stay rich thanks to another loophole that helps them save on taxes. Elliott Management's Paul Singer and Two Sigma's David Siegel both played second fiddle to Haidar Capital's Said Haidar in 2022 when it came to comp.

☆ The market finally recognizes inflation is not going away, says David Rubenstein
▼ + stars: | 2023-02-21 | 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 EmailThe market finally recognizes inflation is not going away, says David RubensteinDavid Rubenstein, The Carlyle Group co-founder and billionaire philanthropist, joins 'Squawk on the Street' to discuss his macroeconomic outlook, finding value in stocks, inflation and his thoughts on private equity.

☆ Watch CNBC's full interview with The Carlyle Group's David Rubenstein
▼ + stars: | 2023-02-21 | 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 EmailWatch CNBC's full interview with The Carlyle Group's David RubensteinDavid Rubenstein, The Carlyle Group co-founder and billionaire philanthropist, joins 'Squawk on the Street' to discuss his macroeconomic outlook, finding value in stocks, inflation and his thoughts on private equity.

Feb 17 (Reuters) - Insurance brokerage firm PCF Insurance said on Friday it had secured a $500 million investment at a valuation of $4.7 billion in a fundraising led by private equity firms Carlyle Global Credit and minority shareholder HGGC. Minority investors Crescent Capital and Owl Rock, a unit of alternative asset manager Blue Owl, also took part in the funding round, PCF said. HGGC, which was previously the owner of PCF, sold the company in 2021 to the insurance firm's management and Owl Rock, in a deal that had valued it at $2.2 billion. The brokerage connects its more than 415,000 clients to insurance agencies in its network, providing advisory services with its risk management programs. Reporting by Niket Nishant and Anirban Chakroborti in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Private equity firm TPG's Q4 earnings drop 26% on lower asset sales
▼ + stars: | 2023-02-15 | by ( Chibuike Oguh | ) www.reuters.com time to read: +2 min

NEW YORK, Feb 15 (Reuters) - TPG Inc (TPG.O) said on Wednesday that its fourth-quarter distributable earnings fell 26% year-on-year as it cashed out fewer investments in its private equity, growth, impact and real estate portfolios. TPG said its net profit from asset sales fell to $95 million in the fourth quarter, down 62% from the $251 million posted a year ago. TPG said its private equity funds appreciated 2.2% in the fourth quarter, its growth funds and impact funds were flat and its real estate funds fell 1.5%. The private equity funds of Blackstone, Carlyle and Apollo appreciated by 3.8%, 1% and 5.4%, respectively, while KKR's private equity funds were flat. TPG ended the fourth quarter with $135 billion in assets under management.

☆ Returns from top venture firms NEA, DCM, and Khosla have been dismal over the past 2 decades, according to filings from California's largest pension fund, CalPERS
▼ + stars: | 2023-02-15 | by ( Ben Bergman | ) www.businessinsider.com time to read: +4 min

CalPERS is the US's largest public pension plan, managing the retirement accounts of 1.5 million California employees and retirees. Unlike many other financial institutions, VC funds are not required to show their return on investment in startups. The CalPERS fund's $75 million bet in 2001 on a venture fund managed by the Carlyle Group lost money. A $25 million investment in DCM's 2000 fund had a 1.9% IRR. Its $260 million investment in two Khosla Ventures funds in 2009 yielded an IRR of 11.8% for the early-to-midstage fund and 6.9% for the seed-stage fund.

☆ Billionaire investor David Rubenstein predicts stubborn inflation and warns recession fears can freeze markets. Here are his 6 best quotes from a new interview.
▼ + stars: | 2023-02-11 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

The billionaire investor and Carlyle cofounder also forecast superior returns in private markets than public ones, and underlined the global growth opportunities for private equity. Trying to get to 2% and getting there quickly, you're going to almost certainly get a very high unemployment rate." "When you don't know if you're going into a recession or not, it tends to freeze markets. The largest part of the population of the world still has relatively modest penetration of private equity. (Rubenstein pointed to China, India, Latin America, Africa, and especially the Middle East as attractive growth markets for private equity.)

☆ Starboard nominates directors to the board at Rogers. Here’s how the firm could boost margins
▼ + stars: | 2023-02-11 | by ( Kenneth Squire | ) www.cnbc.com time to read: +7 min

Activist Commentary: Starboard Value is a very successful activist investor and has extensive experience helping companies focus on operational efficiency and margin improvement. On Dec. 15, 2022 , Starboard delivered a letter to the company nominating four directors for election to the board at the 2023 Annual Meeting. Both sides seem to share the same views regarding margin improvement, and there is a new CEO who Starboard likely supports. Having Starboard representation on the board would help management stay focused and get the support it needs. While Starboard is not advocating for any strategic transaction, the firm is an economic animal with fiduciary duties.

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