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Rivian said on Monday it delivered 12,640 vehicles in the second quarter on steady demand from customers, beating market estimates. That result was in line with that of market leader Tesla Inc (TSLA.O), which on Sunday reported record quarterly vehicle deliveries fueled by incentives such as prices cuts and U.S. federal credits. The shares of several EV makers have risen since last week on market expectations of strong quarterly delivery reports. Multiple analysts have raised their price targets for Rivian's stock as the EV maker is seen as having overcome production and supply chain challenges that restricted deliveries. Twenty-three Wall Street brokerages covering Rivian on average recommend buying the stock and set a median price target of $24, Refinitiv data showed.

Persons: Rivian, Chibuike Oguh, Richard Chang Organizations: YORK, Rivian Automotive, Tesla Inc, Thomson Locations: Rivian, Irvine , California, New York

☆ Bill Ackman says it'll be a 'huge loss' if JPMorgan boss Jamie Dimon doesn't run for US president
▼ + stars: | 2023-07-06 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +2 min

Billionaire investor Bill Ackman once again urged Jamie Dimon to campaign for US President. It would be a 'huge loss' if the JPMorgan boss didn't run for office, he tweeted. "It is a huge loss for us all if Jamie won't run," Ackman tweeted, alongside a video of the 67-year-old speaking at a conference hosted by The Economic Club of Washington D.C. in 2016. This isn't the first time that Ackman, who is the CEO of the hedge fund Pershing Square, backed Dimon as a potential president. Others including famed investor Warren Buffett, former US president Bill Clinton, and real estate developer Ross Perot Jr. have also praised Dimon's leadership qualities and political skills over the past decade.

Persons: Bill Ackman, Jamie Dimon, didn't, Warren Buffet, Bill Clinton, —, Jamie won't, Ackman, Dimon, Carlyle, David Rubenstein, Warren Buffett, Ross Perot Organizations: US, JPMorgan, Service, Privacy, The Economic, of Washington D.C, Ross Perot Jr, Bloomberg Locations: America

Cboe on Friday refilled an application with the U.S. Securities and Exchange Commission (SEC) to launch a bitcoin exchange-traded fund by asset manager Fidelity. In that filing it named Coinbase as the crypto platform that would help the exchange police manipulation in the ETF. The SEC had also raised the same concerns with Nasdaq (NDAQ.O) over a similar recent filing for a spot bitcoin ETF from BlackRock (BLK.N), the person said. The SEC has rejected dozens of spot bitcoin ETF applications in recent years, saying they did not meet the standards designed to prevent fraudulent and manipulative practices and protect investors. Bitcoin , the world's largest cryptocurrency, jumped to a more than one-year high last month after BlackRock (BLK.N) and Fidelity filed to launch bitcoin ETFs.

Persons: Cboe, Bitcoin, Coinbase, Chibuike Oguh, Michelle Price, Conor Humphries Organizations: YORK, U.S . Securities, Exchange Commission, SEC, Fidelity, Reuters, Nasdaq, BlackRock, Thomson Locations: U.S, BlackRock, New York

SL Green announced on Monday that it had sold the building at 245 Park Avenue to a U.S. subsidiary of Japanese real estate developer Mori Trust Co Ltd at a $2 billion valuation, sending its stock up nearly 20%. The transaction is a "significant milestone" for SL Green given that it represents nearly half of the planned asset sales for 2023 and more than covers the company's share of redevelopment costs, said BTIG analysts, who reiterated their "buy" rating. Analysts at Scotiabank, who rate SLG a "sector underperform", hiked their price target for the company's shares, calling the transaction "positive." SL Green's stock jumped 11% on Tuesday to a high of $31.35 per share. SL Green took control of 245 Park Avenue last year after lenders seized the building from HNA Group.

Persons: Angelo Gordon, Chibuike Oguh, Lisa Shumaker Organizations: YORK, Green Realty, SL Green, Mori Trust, Barclays, Green, Scotiabank, Grand, Ares Management, Societe Generale, HNA Group, Thomson Locations: New York City, U.S, Manhattan, New York

SL Green Realty said it sold the building at 245 Park Avenue, which has 1.8 million-square-foot of office space, to a U.S. affiliate of Japanese real estate developer Mori Trust Co Ltd. Its sale represents a slight discount to the $2.21 billion that China's HNA Group paid to acquire the building in 2017 when New York City's commercial real estate market was at its peak. SL Green took control of 245 Park Avenue last year after lenders seized the building from HNA Group. Jesse Keenan, sustainable real estate professor at Tulane University, said the transaction is a speculative investment that suggests the deep downturn in the New York commercial real estate market may have bottomed out. SL Green Realty was the biggest gainer among listed REITs, leading its peers Vornado Realty Trust (VNO.N), Office Properties Income Trust (OPI.O), and Boston Properties Inc (BXP.N).

Persons: Kohn Pedersen Fox, Angelo Gordon, Jesse Keenan, Keenan, Vornado, Chibuike Oguh, Herbert Lash, Lisa Shumaker, Lance Tupper, Michelle Price Organizations: YORK, SL Green Realty Corp, Big, SL Green Realty, Mori Trust, Kohn Pedersen Fox Associates, Grand, Ares Management, Societe Generale, HNA, Green, HNA Group, Tulane University, New York, Green Realty, Vornado Realty, Income, Boston Properties Inc, Thomson Locations: New York City, U.S, Manhattan, New York

☆ How 5 private-credit players, from Apollo to Carlyle, are investing in sports, media, and entertainment as content costs soar and a writers' strike paralyzes Hollywood
▼ + stars: | 2023-06-26 | by ( Reed Alexander | Rebecca Ungarino | ) www.businessinsider.com time to read: +4 min

Asset managers big and small, from Carlyle and Apollo to Serengeti and Shamrock, are pushing into the space. The entertainment industry's love affair with private credit is one of the hottest storylines in Hollywood right now. Credit lenders are saying "lights, camera, action" to the idea of deploying dollars into movies, TV, and live sports. Insider previously reported that analysts were warning of the risks that could mount across private credit as rates rise. Insider gathered details on asset managers' lending strategies in Hollywood, media, and sports.

Persons: Carlyle, Christopher Marinac, Janney Montgomery Scott, Blackstone, Moody's, Marinac, JPMorgan Chase Organizations: Bank of America, Citigroup, JPMorgan Locations: Shamrock, Hollywood, Republic

☆ David Rubenstein on China: Unrealistic to think you can 'decouple' the economic relationship
▼ + stars: | 2023-06-23 | 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 EmailDavid Rubenstein on China: Unrealistic to think you can 'decouple' the economic relationshipDavid Rubenstein, The Carlyle Group co-founder and co-chairman, joins 'Squawk Box' to discuss the Fed's rate hike campaign, commercial real estate, U.S.-China relations, and more.

Persons: David Rubenstein Organizations: The Carlyle Group Locations: China, U.S

☆ Discounted real estate debt 'the biggest opportunity over the next 2 or 3 years': David Rubenstein
▼ + stars: | 2023-06-23 | 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 EmailDiscounted real estate debt 'the biggest opportunity over the next 2 or 3 years': David RubensteinDavid Rubenstein, The Carlyle Group co-founder and co-chairman, joins 'Squawk Box' to discuss the market trends, the Fed's rate hike campaign, commercial real estate, and more.

Persons: David Rubenstein David Rubenstein Organizations: The Carlyle Group

☆ Watch CNBC’s full interview with The Carlyle Group’s David Rubenstein
▼ + stars: | 2023-06-23 | 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 co-chairman, joins 'Squawk Box' to discuss the market trends, the Fed's rate hike campaign, commercial real estate, and more.

Persons: Carlyle Group’s David Rubenstein David Rubenstein Organizations: The Carlyle Group

The deal fits the Italian group's plan to increase the share of gas in its total hydrocarbon production and is expected to boost its earnings immediately, Eni said in a statement. Eni, which is controlled by the Italian government, owns 63% of Vaar and is the main beneficiary of cash dividends from the Oslo-listed unit. VAAR EXPANDING IN NORWAYUnder the agreement, Eni will acquire Neptune's entire portfolio other than its operations in Germany and Norway. The German operations will be carved out prior to the Eni transaction and the Norwegian operations will be acquired by Vaar directly from Neptune in a separate deal, the two groups said in a statement. The Vaar transaction will close immediately prior to the Eni deal with the proceeds from the Norway sale remaining with the business purchased by the Italian group.

Persons: Italy's Eni, Eni, Claudio Descalzi, Descalzi, Vaar, Torger Roed, Rothschild, Ernst, Young, Shadia Nasralla, Terje Solsvik, Alvise Armellini, Jason Neely, Simon Cameron, Moore, Philippa Fletcher Organizations: Eni, MILAN, Italy's, Neptune Energy, Vaar Energy, LNG, Eni's Gas, Royal Bank of Canada's, Neptune, China Investment Corporation, Carlyle Group, CVC Capital Partners, HSBC, White, Case, Thomson Locations: Europe, Algeria, Indonesia, Milan, Russia, Oslo, Norway, Vaar, NORWAY, Germany, Norwegian, Neptune, Neptune Norway, Italian, Britain, Netherlands, LNG, London

☆ Going Bankrupt in the Name of Efficiency
▼ + stars: | 2023-06-21 | by ( Jennifer Szalai | ) www.nytimes.com time to read: +3 min

People in favor of private equity will say that the firms serve a crucial function, making troubled businesses more robust and efficient. “Roughly one in five large companies acquired through leveraged buyouts go bankrupt in a decade,” he writes. By 2017, after years of layoffs, crushing debt and being charged regular management fees by the private equity firms “for the privilege to be owned by them,” Ballou writes, Toys “R” Us was bankrupt. Private equity firms have acquired nursing homes, provided staffing for hospitals and services for prisons. And, of course, the cost-cutting measures typically imposed on acquired companies often include slashed wages and abandoned pension obligations.

Persons: Ballou, ”, ” Ballou, Morgenson, Rosner, David Rubenstein, HCR, we’re, ” Rubenstein Organizations: KKR, Bain, Vornado Realty Trust, Carlyle Group, ” Industries

NEW YORK, June 20 (Reuters) - Savers Value Village (SVV.N) said on Tuesday it aims to raise up to nearly $320 million for an initial public offering that would value the U.S. thrift store operator at about $2.7 billion. Savers Value Village, owned by private equity firm Ares Management Corp (ARES.N), plans to sell up to 18.8 million shares at $15 to $17 apiece, regulatory filings showed. Based in Bellevue, Washington, Savers Value Village is one of the largest retailers of secondhand clothing, books, toys, shoes and household goods, with 317 stores in the United States and Canada. Revenue totaled $1.44 billion in 2022, up 19% from the prior year, while net income was flat at $84.7 million. Ares Management will retain an 88% stake in Savers Value Village after the IPO.

Persons: Morgan, Jefferies, Goldman Sachs, Chibuike Oguh, Lance Tupper, Richard Chang Organizations: YORK, Energy, Kodiak Gas Services, reinsurer Fidelis Insurance Holdings, Ares Management Corp, Revenue, Management, Canada's, Norges, Investment Management, J.P, UBS, underwriters, New York Stock Exchange, Thomson Locations: Cava, Bellevue , Washington, United States, Canada, Canada's Ontario, New York

☆ Carlyle Names John Redett as Chief Financial Officer
▼ + stars: | 2023-06-20 | by ( Miriam Gottfried | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/carlyle-names-john-redett-as-chief-financial-officer-f284dd02

Persons: Dow Jones, carlyle

☆ Carlyle names insider John Redett as finance chief
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +1 min

June 20 (Reuters) - Carlyle Group Inc (CG.O) named company veteran John Redett as its new chief financial officer, the investment firm said on Tuesday, in the first major appointment under Chief Executive Officer Harvey Schwartz's leadership. Redett, who will take over from Curt Buser on Oct. 1, joined Carlyle 16 years ago and currently leads the firm's global financial services. Redett, who previously worked for U.S. banking giants Goldman Sachs (GS.N) and JPMorgan (JPM.N), will also become the head of corporate strategy at Carlyle. Carlyle hired Schwartz, a former Goldman Sachs (GS.N) executive, as its chief executive officer earlier this year, after a six-month long search. Carlyle also said it has also appointed Jim Burr as the head of global financial services.

Persons: John Redett, Harvey Schwartz's, Redett, Curt Buser, Goldman Sachs, Carlyle, Buser, Schwartz, Jim Burr, Jaiveer Singh, Nivedita Bhattacharjee Organizations: Carlyle Group Inc, Carlyle, Goldman, JPMorgan, Thomson Locations: Bengaluru

☆ Carlyle names John Redett as Chief Financial Officer
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: 1 min

June 20 (Reuters) - Investment firm Carlyle Group Inc (CG.O) said on Tuesday it has appointed firm veteran John Redett to the role of chief financial officer effective October 1, 2023. Redett will succeed Curt Buser, who will retire at the end of the year after being finance chief at Carlyle since 2014, the company said in a filing. Redett, who currently leads the firm's global financial services, has also been appointed as the head of corporate strategy. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: John Redett, Redett, Curt Buser, Jaiveer Singh, Nivedita Organizations: Investment, Group Inc, Carlyle, Thomson Locations: Bengaluru

Northvolt, which counts BMW (BMWG.DE) and Volkswagen (VOWG_p.DE) among its investors, last year delivered its first battery cells from its gigafactory in Skelleftea in Sweden. In its largest deal in Europe yet, IMCO has invested $400 million in Northvolt through convertible notes, it told Reuters. "Whether it (Northvolt) goes public or stays private, we've done our homework and we are happy with the investment." Matthew Mendes, IMCO's head of infrastructure, said the Northvolt investment was examined jointly by his team and IMCO's public equities managers. IMCO has an investment team of 110 staff, which it plans to grow as it looks for more investments overseas.

Persons: IMCO, we've, Northvolt, Stoyanova, Carlyle, Matthew Mendes, IMCO's, Mendes, Simon Jessop, Tommy Reggiori Wilkes, Marguerita Choy Organizations: Energy, Canada's Investment Management Corporation of Ontario, BMW, Volkswagen, Reuters, Blackstone, Thomson Locations: Europe, Swedish, Skelleftea, Sweden, Germany, Britain, North America, Ontario, Brookfield

☆ The Best Place to Drink Is the Emptiest Bar in the City
▼ + stars: | 2023-06-20 | by ( John Cotter | ) www.nytimes.com time to read: +4 min

A decade on, I talk about this when I see old friends at hotel bars. It’s the kind of conversation we wouldn’t be able to have at a dark place full of thrum, or a pop-song bar with ironic cocktails. In a leather half-booth, in the emptiest bar in the city, there is no impetus to be decorous. I should clarify that I don’t mean fancy hotel bars — not the Ace, or even the W; not a storied corner like Bemelmans at the Carlyle. Return, for as long as you like, to the quiet place inside yourself that is always arriving, always traveling.

Persons: Carlyle, Hilton, —, Kate Wagner, Jen, Sommer, Let’s Organizations: Marriott Locations: cacophony, The Atlantic, polyamory

NEW YORK, June 15 (Reuters) - Microsoft Corp (MSFT.O) shares are on course for a new record high close on Thursday as market optimism about the prospects of artificial intelligence (AI) has helped buoy the technology giant to a valuation of nearly $2.6 trillion. The stock, which has gained more than 45% in the year to date, reached its prior record close of $343.11 on Nov. 19 2021. J.P. Morgan analysts raised their price targets on Microsoft's stock on Thursday, citing AI driving demand for the company's products. Of the 53 analysts covering Microsoft, 44 recommended buying the shares and the median price target is $340, according to Refinitiv data. Reporting by Chibuike Oguh in New York; editing by Lance Tupper and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: J.P, Morgan, JP Morgan, Chibuike Oguh, Lance Tupper, Jonathan Oatis Organizations: YORK, Microsoft Corp, Microsoft, Google, Thomson Locations: OpenAI, San Francisco, New York

NEW YORK, June 15 (Reuters) - Microsoft Corp (MSFT.O) shares rose to a new record high close on Thursday as market optimism about the prospects of artificial intelligence (AI) has helped buoy the technology giant to a record market capitalization of $2.59 trillion. The stock, which has gained more than 45% in the year to date, reached its prior record close of $343.11 on Nov. 19, 2021. The stock's intraday record high was $349.67 on Nov. 22, 2021. In addition, Apple Inc (AAPL.O) shares also achieved a record high close of $186.01 on Thursday, while shares of graphics chipmaker Nvidia (NVDA.O) set a fresh intraday record of $432.89. Of the 53 analysts covering Microsoft, 44 recommended buying the shares and the median price target is $340, according to Refinitiv data.

Persons: Chibuike Oguh, Lance Tupper, Jonathan Oatis Organizations: YORK, Microsoft Corp, Microsoft, Google, Apple Inc, JPMorgan, Thomson Locations: OpenAI, San Francisco, New York

☆ Moncler can inspire Golden Goose’s next step
▼ + stars: | 2023-06-15 | by ( Lisa Jucca | ) www.reuters.com time to read: +3 min

MILAN, June 15 (Reuters Breakingviews) - Golden Goose may be close to laying another precious egg. Remo Ruffini’s brand could provide an inspiration for Golden Goose’s next step, or a solution. Golden Goose’s rapid growth makes it a good time for Permira to consider an exit, as reported by Bloomberg. On the same 14 times forward multiple as Moncler, Golden Goose would be worth 2.7 billion euros. Golden Goose’s next golden egg may land not far from home.

Persons: Reuters Breakingviews, Remo Ruffini’s, Golden Goose’s, Permira, Silvio Campara, LVMH, Ruffini, Golden, Neil Unmack, Katrina Hamlin Organizations: MILAN, Reuters, Permira, Bloomberg, Carlyle, Gucci, Twitter, Thomson Locations: Europe, Milan, EBITDA, Moncler, Italian, Golden

☆ Private equity risks gorging on its secret sauce
▼ + stars: | 2023-06-14 | by ( Liam Proud | ) www.reuters.com time to read: +7 min

Investors prefer pedestrian but steady management fees over the lumpy share of fund profit that is the industry’s special sauce. Private equity firms with a public listing funnel some of the carry to employees and some to shareholders. TPG (TPG.O) last year went public with a similar strategy of paying around two-thirds of performance-related revenue to employees. Assuming the general idea is to keep overall earnings steady, then higher fee-based income for shareholders must be matched by lower cash compensation for employees. It suggests that for KKR, TPG and the rest, there is a limit to just how much of their own secret sauce employees can eat.

Persons: Steve Schwarzman, Carlyle, Blackstone’s, Schwarzman, Henry Kravis, George Roberts, EQT, Blackstone, Harvey Schwartz, Rowe Price, Thoma Bravo, Jeffrey Goldfarb, Sharon Lam, Oliver Taslic Organizations: Reuters, Blackstone, KKR, Apollo Global Management, JPMorgan, Reuters Graphics, TPG, Apollo, Reuters Graphics Reuters, Alpha, Bain Capital, Thoma, Ares Management, Thomson Locations: BlackRock

☆ BlackRock just set a goal to double its private-markets business. It's on the hunt for deals to make that happen.
▼ + stars: | 2023-06-14 | by ( Michelle Abrego | ) www.businessinsider.com time to read: +4 min

BlackRock has set a target to double its revenue in its private-markets business. BlackRock wants to double its private-markets business over the next five years, and it's eyeing more deals to achieve that. An important piece of the puzzle to becoming a one-stop shop for investors is ramping up its private-markets business. BlackRock currently manages $156 billion in assets through its private-markets platform, which gives clients access to private equity, private credit, infrastructure, and real estate. He added that the management team is spending a "good amount of time" looking at deals to bolster its private-markets business, specifically around infrastructure, private credit, and the growth franchises.

Persons: Martin Small, Small, Edwin Conway, Conway, Carlyle, Larry Fink, Fink, BlackRock Organizations: BlackRock, Hudson Yards, Financial Times Locations: London

The growth in bookings is largely driven by pent-up demand from loyal customers returning to taking summer vacations and other leisure travel, said the analysts. JPMorgan upgraded Carnival shares to "overweight", while Bank of America raised its rating on the stock to "buy", and the analysts raised their price targets on all the three cruise companies. Carnival shares rose 14% to a more than 1-year high in early trading on Monday while Norwegian Cruise gained nearly 8%. The S&P 500 Hotels Resorts & Cruise Lines Sub-Industry Index was up 0.9% led by gains in cruise stocks. Commercial airline shares were also making gains on Monday amid falling crude oil prices and growth in demand for seats.

Persons: Chibuike Oguh, Granth Vanaik, Stephen Culp, Lance Tupper, David Gregorio Our Organizations: YORK, Carnival Corp, Cruise Line Holdings, JPMorgan, Bank of America Global Research, Carnival, Royal Caribbean Cruises, Bank of America, Norwegian Cruise, Royal, Hotels Resorts, Cruise, Southwest Airlines, Hawaiian Holdings, American Airlines, Thomson Locations: Royal Caribbean, New York

BERLIN, June 8 (Reuters) - Reality star Kim Kardashian's arrival at a gathering of the globe's top deal brokers in Berlin failed to dispel their dark mood as the rising cost of money puts the brakes on the private equity industry. But private equity is currently experiencing one of its toughest runs since coming of age in the 1980s as rapid rises in interest rates to combat inflation make the debt that underpins the industry scarce and expensive. "It has been easier in the past, deal flow is reduced significantly...we have to pedal harder," said Jose Pfeifer, who leads Investcorp's European private equity group, on the sidelines of SuperReturn. "Europe is doing better than expected...we are seeing opportunity in corporate carve-outs," said Marco De Benedetti, co-head of Europe private equity at Carlyle (CG.O). Emmanuel Laillier, head of private equity at Tikehau Capital, said that makes it hard to read the level of competition, although there is more flexibility in the M&A process.

Persons: Kim Kardashian's, Kardashian, Jose Pfeifer, Hythem, Marco De Benedetti, Sellers, Emmanuel Laillier, Christian Sindig, Jay Sammons, Emma, Victoria Farr, John O'Donnell, Kirsten Donovan Organizations: European Central Bank, Bundesliga, TA Associates, Carlyle, Tikehau, Thomson Locations: BERLIN, Berlin, Europe, SuperReturn

☆ Credit spreads could increase, says Carlyle
▼ + stars: | 2023-06-07 | 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 EmailCredit spreads could increase, says CarlyleMark Jenkins, head of global credit at Carlyle, says a rise in defaults could increase credit spreads, but credit spreads are still "well below recessionary levels from a historic perspective."

Persons: Carlyle Mark Jenkins, Carlyle

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