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☆ 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

☆ China mutual funds cut fees as regulator targets $3.7 trillion sector
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +4 min

The cuts, which the fund companies said in identical phrasing were "aimed at reducing investors' costs in managing their wealth", come after China's securities regulator on Saturday vowed to guide mutual fund fees lower. Fund management fees would be capped at 1.2% of assets and custodian fees at 0.2%, state media reported. Nevertheless, the industry collected 144.1 billion yuan in management fees in 2022, up 1.7% from a year earlier, according to TX Investment Consulting Co. FEE CUTFullGoal Fund Management Co said it would cut fees on 119 products starting Monday, while Harvest Fund Management announced cuts for 113 products. The CSRC published opinions in April last year to promote high-quality growth of the mutual fund industry.

Persons: Morningstar, Ivan Shi, China's, Warburg Pincus, Samuel Shen, Tom Westbrook, Selena Li, Muralikumar Anantharaman, Jamie Freed Organizations: China Asset Management Co, Bank of Communications Schroder Fund Management, China Securities Regulatory Commission, Ben Advisors, Investment Consulting Co, Management, Harvest Fund Management, Asset Management Co, Ou Asset Management Co, Warburg, Shanghai Securities News, Thomson Locations: SHANGHAI, SINGAPORE, China, United States, Shanghai, China's

☆ Explainer: What's next for Ant after its nearly $1 bln fine?
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +3 min

After the fine, the next step would be to obtain the financial holding license, which is crucial for reviving any listing plans by Ant. A second license Ant is waiting to procure is one for a personal credit reporting company. IPO PROSPECTSThe resolution of Ant's regulatory woes has revived talk of whether the company's listing could be back on the cards. Alibaba, which has a 33% stake in Ant, said on Sunday it was considering whether to participate in the buyback. Ant's major shareholders, Hangzhou Junhan Equity Investment Partnership and Hangzhou Junao Equity Investment Partnership, have voluntarily decided not to participate in the repurchase.

Persons: Ant, Ant ., Jack Ma, Warburg Pincus, Ant's, Roxanne Liu, Brenda Goh, Christina Fincher Organizations: Ant, Financial Regulatory Administration, State Council, Reuters, Ant Group, Shanghai's STAR, Hangzhou Junhan Equity Investment Partnership, Hangzhou Junao Equity Investment Partnership, China Life Insurance, China Pacific Life Insurance, Plan Investment, Yunfeng, Thomson Locations: BEIJING, Hong Kong, Hangzhou, Canada

☆ Goldman Sachs faces big writedown on GreenSky deal, CNBC reports
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +1 min

June 23 (Reuters) - Goldman Sachs (GS.N) is likely to take a large writedown for its $2.2 billion acquisition of fintech lender GreenSky after seeking to divest the business it bought in 2021, CNBC reported on Friday, citing people with knowledge of the sale process. One bidder said GreenSky's loan origination platform is worth roughly $300 million, while another said it was worth closer to $500 million, according to the report. CNBC added the bids for the platform, which facilitates home improvement loans to consumers, were coming in well below Goldman's expectations. Shares of Goldman were down about 1.4% in mid-morning trading. The bank has been running a sale process for GreenSky, and may take a writedown on the $500 million of goodwill, or the premium it paid above the assets' book value, Goldman President and Chief Operating Officer John Waldron told investors at a conference in June.

Persons: Goldman Sachs, Goldman, We're, John Waldron, Warburg Pincus, Manya Saini, Jaiveer Shekhawat, Shinjini Organizations: CNBC, Goldman, KKR, Apollo Global Management, Sixth Street Partners, Synchrony Bank, Thomson Locations: Bengaluru

☆ Goldman Sachs faces big writedown on CEO David Solomon’s ill-fated GreenSky deal
▼ + stars: | 2023-06-23 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

Goldman Sachs CEO David Solomon speaks during the 2023 Forbes Iconoclast Summit at Pier 60 on June 12, 2023 in New York City. Goldman Sachs is likely to take a large write-down for its 2021 acquisition of fintech lender GreenSky after seeking to unload the business, CNBC has learned. Bids for the installment loan business are coming in well below what Goldman had hoped for, according to people with knowledge of the sale process. Under CEO David Solomon, Goldman bought Atlanta-based GreenSky for $2.24 billion to help accelerate its push into consumer finance. "Everybody's been coming in low, and the Goldman team keeps pushing back, pounding the table about the value of it," said one of the bidders.

Persons: Goldman Sachs, David Solomon, Goldman, Solomon, Warburg Pincus, Everybody's Organizations: Forbes, CNBC, KKR, Apollo Global Management, Sixth Street Partners, Synchrony Bank, Goldman Locations: New York City, Atlanta

☆ India’s $1 bln education buyout is a studied bet
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, June 21 (Reuters Breakingviews) - The biggest merger in Indian corporate history has opened the door for private equity giant EQT (EQTAB.ST) to enter the country’s education finance market. The deal is touted as the largest ever PE buyout in the country’s financial sector and values Credila at roughly 101 billion rupees ($1.2 billion), or roughly 37 times earnings in the last financial year. The target specalises in education financing for those looking to universities in the United States, the UK and Canada for higher education. The buyers will also inject 20 billion rupees into Credila, which should help give the company, already a market major, an edge over rivals including state-controlled banks and the Warburg Pincus-backed Avanse Financial Services. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: HDFC, Credila, BPEA EQT, Warburg Pincus, Shritama Bose, Robyn Mak, Thomas Shum Organizations: Reuters, Chrys Capital, Bajaj Finance, Financial, Twitter, Virgin, Thomson Locations: MUMBAI, Swedish, United States, Canada, India, Credila, Cava

☆ How to land a job with Blackstone, Apollo, KRR, and other private equity titans
▼ + stars: | 2023-06-06 | by ( Kaja Whitehouse | ) www.businessinsider.com time to read: +6 min

Private equity is often seen as the Holy Grail of finance jobs — but breaking in can be challenging. We also have data on private equity pay and the industry's top recruiters. Here is what we found about pay at private equity firms, including Blackstone, Apollo, and Bain Capital. Private equity recruiting has been starting earlier than ever Getty ImagesPrivate equity firms like to recruit young talent from investment banks. These days, the private equity recruiting process has started earlier than ever, resulting in middle-of-the-night interviews with offers being made — and blown up — all before Labor Day.

Persons: —, bymuratdeniz, Blackstone, Samantha Lee, Drew Angerer, Skye Gould, Jon Gray, Grace Koo, Read, Carlyle, Alex Crisses, Thoma Bravo, Warburg Pincus, Wharton's, Axel Springer Organizations: Blackstone, KKR, Service, Apax Partners, Oaktree, of Foreign Labor, Apollo, Bain Capital, Labor, General Atlantic, PJT Partners, Partners, dealmakers, Wall, University of Michigan Locations: Carlyle, Blackstone, Axel

☆ VC Ian Chiu's passion for education began when he shared his secrets to getting scholarships in a book. Now he helps edtech startups make a difference as a top investor at Owl Ventures.
▼ + stars: | 2023-05-30 | by ( Madeline Renbarger | ) www.businessinsider.com time to read: +4 min

At 18, Ian Chiu started writing a book with his brothers on how to land college scholarships. Now as managing director at Owl Ventures, Chiu has coached founders that are edtech success stories. If you ask Owl Ventures' Ian Chiu about the moment he first realized he could help others through education, he will immediately have an answer. So the three brothers decided that writing a guidebook on getting scholarships could be a fun project to share their newly acquired knowledge. But beyond the business side, writing the book also showed Chiu how his work helping others access better education opportunities could make a difference in people's lives.

☆ Investment consortium to buy Syneos Health in $7.1 bln deal
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

May 10 (Reuters) - An investment consortium, comprising of Elliott Investment Management, Patient Square Capital and Veritas Capital, has agreed to buy Syneos Health Inc (SYNH.O), in a deal valued at $7.1 billion, including debt, the contract research firm said on Wednesday. Syneos said the consortium will pay about $43 per share in cash, which represents a premium of about 12% to the company's last close of $38.45. The deal comes at a time when Syneos faces challenges in winning new business, as many of its clients, which includes medium-sized biotechs, have cut spending as they have found it difficult to raise funding in a post-COVID-19 market downturn. Deal comes days after a private-equity groups including Warburg Pincus and Advent International agreed to buy Baxter International (BAX.N) biopharma solutions unit for $4.25 billion. Reporting by Bhanvi Satija and Khushi Mandowara in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Investment consortium to take Syneos private for $4.46 billion
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +2 min

May 10 (Reuters) - An investment consortium, comprising of Elliott Investment Management, Patient Square Capital and Veritas Capital, has agreed to take Syneos Health Inc (SYNH.O) private for $4.46 billion, the contract research firm said on Wednesday. Syneos said the consortium will pay about $43 per share in cash, which represents a premium of about 12% to the company's last close of $38.45. The acquisition is valued at $7.1 billion including debt. Syneos, which helps pharmaceutical companies with clinical trials and marketing their drugs, currently carries a debt of nearly $3 billion. The company reported a total backlog of contracts of $9.83 billion, as of March 31, 2023, down from $11.63 billion at the end of the first quarter of 2022.

☆ Do antidepressants prescribed for chronic pain work?
▼ + stars: | 2023-05-09 | by ( Katie Hunt | ) edition.cnn.com time to read: +6 min

CNN —Around one-third of people globally live with chronic pain — pain experienced for more than three months — and millions of people are prescribed antidepressants to relieve the condition. However, a new review of prior research published Tuesday has found that most antidepressants used to relieve chronic pain are being prescribed without sufficient reliable evidence of their effectiveness. The studies mainly investigated three types of chronic pain: fibromyalgia, nerve pain and musculoskeletal pain. The most commonly prescribed antidepressant for chronic pain globally was amitriptyline, the study said. Anyone taking antidepressants for chronic pain relief should speak to their doctor before stopping their medication due to concerns over the new report, the authors stressed.

☆ Baxter Selling Biopharma-Solutions Arm for $4.25 Billion
▼ + stars: | 2023-05-08 | by ( Colin Kellaher | ) www.wsj.com time to read: 1 min

Baxter expects net after-tax proceeds of about $3.4 billion from the sale. Photo: Kristoffer Tripplaar/Sipa USA/Associated PressBaxter International on Monday said it agreed to sell its biopharma-solutions unit for $4.25 billion, as the medical-products maker continues to streamline its focus. The Deerfield, Ill.-based company is selling the unit to private-equity firms Advent International and Warburg Pincus .

The buyout consortium has turned to other private equity firms to help fund the deal as direct lenders, one of the sources added. There is no certainty that Warburg Pincus and Advent will successfully complete negotiations to acquire the unit and Baxter may still opt to sell to another bidder or keep the business, according to the sources. Baxter, Warburg and Advent did not immediately respond to requests for comment. 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. The company said dialysis operations, which are a part of Baxter's renal care unit, had become a drag on its margin.

The U.S. Treasury Department since 2020 has protected Citgo from creditors with claims against Venezuela, and its change of heart will allow claims to be settled by negotiation or through an auction of shares in Citgo parent PDV Holding. Citgo is PDV Holding's only asset. Houston-based Citgo is the seventh-largest U.S. oil refiner. Other creditors with at least $2.6 billion in claims against Venezuela have received conditional approvals to join the case. Pincus proposed starting the sales process on Sept. 5 with the highest bid reviewed by the court in June 2024.

☆ Argentina vows to battle peso slide towards 500 per dollar in black market
▼ + stars: | 2023-04-25 | by ( Rodrigo Campos | ) www.reuters.com time to read: +4 min

The peso hit 495 against the dollar on Tuesday in informal markets that have flourished as the official foreign exchange market is under tight controls. That is down from 400 pesos per dollar just over a week ago and compares to the official spot rate of around 221. The official peso, which is in a controlled, sliding peg to the dollar, has fallen 20% so far this year. The gap between the black and official rates of some 122% is the widest since July. Last week, Argentina's central bank raised its benchmark interest rate by 300 basis points to 81% after inflation soared past expectations in March to 7.7%, the fastest monthly increase in two decades.

☆ 5 things the Supreme Court will take into account in medication abortion case
▼ + stars: | 2023-04-12 | by ( Ariane De Vogue | ) edition.cnn.com time to read: +10 min

CNN —As the Supreme Court prepares for yet another controversial abortion case to come its way, the justices will pore over District Court Judge Matthew Kacsmaryk’s ruling last week to block the government’s approval of the key medication abortion drug at issue. “There are serious questions on whether the Supreme Court is willing to endorse the district’s court’s very broad approach to those questions,” he said. As he often does, Supreme Court Justice Brett Kavanaugh wrote separately last June to explain his thinking in voting to overturn Roe v. Wade. The Supreme Court might also take issue with the relief that Kacsmaryk ordered. None other than the liberals on the Supreme Court who dissented in Dobbs.

☆ Exclusive: The University of California has invested billions in venture capital firms since 2000 and it has lost hundreds of millions so far. Here's why.
▼ + stars: | 2023-04-11 | by ( Ben Bergman | Darius Rafieyan | ) www.businessinsider.com time to read: +6 min

Insider obtained UC Investments' returns through a Public Records Act request. Unlike many other financial institutions, VC funds are not required to show their return on investment in startups. UC Investments, which has been managed by Jagdeep Singh Bachher since 2014, declined to comment. Though selling early produced an initial windfall, UC Investments could have ultimately missed out on substantial gains from these VC funds. By comparison, UC Investments earned a 8.3% return for its investment in public markets.

☆ Warburg Pincus Cashes Out of Polyplus in Lucrative Exit
▼ + stars: | 2023-04-05 | by ( Maria Armental | ) www.wsj.com time to read: 1 min

Warburg Pincus notched a hefty gain on its 2020 investment in gene-therapy technology company Polyplus-transfection SA, the latest in a string of healthcare transactions with big payoffs for the private-equity firm. Warburg Pincus stands to make a more-than fourfold return on its initial investment through a sale to strategic buyer Sartorius AG for about €2.4 billion, or roughly $2.62 billion, according to people familiar with the deal announced last week. Polyplus co-owner ArchiMed, a European healthcare investment specialist, could reap a much greater gain as it first backed the company in 2016 at a valuation of less than €10 million, according to a person familiar with the deal.

☆ Check out the 9-slide pitch deck Quantexa, a data intelligence startup, used to raise $129 million at a $1.8 billion valuation
▼ + stars: | 2023-04-04 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Quantexa, a data intelligence startup, has become a unicorn following its latest funding round. The London-based company has raised $129 million in a round led by GIC. The startup positions itself as a "decision-making" platform that provides companies with the best data available to help reduce costs and optimize growth. The new investment values the business at $1.9 billion, bringing Quantexa's total funds raised to $370 million. The company had seen a lot of inbound interest from investors leading into this funding round, Marria added.

[1/2] Goldman Sachs CEO David Solomon speaks during the Goldman Sachs Investor Day at Goldman Sachs Headquarters in New York City, U.S., February 28, 2023. REUTERS/Brendan McDermidHONG KONG/SHANGHAI, March 31 (Reuters) - A flurry of top financial executives have visited China for the first time since the COVID-19 pandemic as global financial giants seek to cement their relations with Beijing at the start of President Xi Jinping's new term. International financial institutions and investors are welcome to expand in China, the chairman of the country's securities regulator said. Goldman Sachs' Solomon and Blackstone (BX.N) CEO Stephen Schwarzman met Peng Chun, chairman of China Investment Corporation (CIC), this week, according to official social media posts from the $1.35 trillion sovereign wealth fund. Meanwhile, Chip Kaye, Warburg Pincus's CEO, met Beijing's major Yin Yong during his visit to the city last week, according to a municipal statement from Beijing.

☆ Shares and bonds ride high after soothing euro zone data
▼ + stars: | 2023-03-31 | by ( Marc Jones | ) www.reuters.com time to read: +6 min

Government bonds have gained as much as 5%, gold is 8% higher, while oil is down and the dollar has barely budged. The euro zone inflation numbers showed consumer prices rising 6.9% in March after an 8.5% increase in February, representing the sharpest deceleration since Eurostat started collecting data in 1991. Japan's Nikkei (.N225) also jumped 1% on Friday，as inflation data for the capital Tokyo highlighted broadening price pressures. The euro , which hit a one-week high against the dollar overnight on sticky German inflation data, dipped back under $1.09 again after the euro zone data but was still set for a 3% monthly rise. U.S. crude futures were flat at $74.40 per barrel, while Brent crude futures slipped 0.1% to $78.52 per barrel.

The Arctic Council was created in 1996 to discuss issues affecting the polar region, ranging from pollution to local economic development to search-and-rescue missions. The Arctic Council comprises the eight Arctic states of Russia, the United States, Canada, Finland, Norway, Iceland, Sweden and Denmark. Russia's possible degree of involvement with the Council once Norway takes over is still unclear. Russian Foreign Minister Sergei Lavrov had earlier extended an invitation to Arctic officials to attend a transition ceremony in Salekhard, Siberia. Russian Arctic Ambassador Nikolay Korchunov, chair of the Senior Arctic Officials on the council, told Reuters the transition would "presuppose active and responsible participation of all Arctic Council member states in this preparatory process."

"Not only are these big banks not sitting around and waiting for the phone to ring, they are also being proactive." Amid the nation's most troubling turmoil in banking since the global financial crisis nearly 15 years ago, the big banks are flexing their collective muscle. The 2008 financial crisis humbled the banking behemoths; the 2023 crisis of regional banks has now only cemented their power. For an increasingly stretched financial system, the big banks provide a needed stability. The flight to safety that is benefiting the big banks will have a cost, however.

It would help organize a $2.25 billion stock sale for SVB to fill the funding gap caused by the bond portfolio sale, two of the sources said. It is unclear whether Goldman has held onto all or part of the bond portfolio or sold it. In a regulatory filing on Tuesday, SVB said its bond portfolio sales to Goldman were done at "negotiated prices". Goldman was not paid the underwriting fee it had agreed for the stock sale because that deal fell through, two of the sources said. UNDISCLOSED ROLESVB did not disclose in its stock sale prospectus to investors that Goldman was the acquirer of the bond portfolio it sold at a loss.

☆ How Credit Suisse has evolved over 167 years
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +5 min

Here is how Credit Suisse has developed over 167 years:1856Politician and business leader Alfred Escher founds Schweizerische Kreditanstalt (SKA) to finance the expansion of the railroad network and promote Swiss industrialisation. 1997A reorganisation turns CS Holding into Credit Suisse Group and drops the SKA name; it also buys insurer Winterthur, a strategic partner. 2002A reorganisation creates two units: Credit Suisse Financial Services and Credit Suisse First Boston; two years later it splits into three units by adding Winterthur. 2005Credit Suisse and CSFB merge and stop using the Credit Suisse First Boston brand name. The Swiss authorities provide assurances that Credit Suisse has met "the capital and liquidity requirements imposed on systemically important banks".

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