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| The Federal Reserve and the Treasury aim to jump-start the economy by boosting consumer spending. The package includes up to $200 billion for investors who would lend it for credit card spending, auto purchases, college tuition and small businesses. But the lending plan, scheduled to begin in February, may be too late for some small and large retailers, which have been slashing prices to get customers through their doors and cutting employees to conserve cash. |
| (Source: The Washington Post (free reg. req'd), 2008-11-28) |
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| A push by the richest U.S. universities to unload their stakes in private-equity funds is flooding the market, driving down prices for the world's best-known buyout firms. Investors led by Harvard University, which manages the largest U.S. endowment at $36.9 billion, may increase so-called secondary sales of private-equity funds to more than $100 billion during the next year, overwhelming available pools of capital. |
| (Source: Bloomberg, 2008-12-01) |
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| Private equity has a heartbeat, at least if one can judge from the ability to raise sizable sums. In the largest case of recent capital-raising, Carlyle Group pulled in nearly $14 billion for a fund, while Actis, which specializes in investing in emerging markets, announced that it had closed the $2.9 billion private equity fund Actis Emerging Markets 3, exceeding a target of $2.5 billion. |
| (Source: CFO.com, 2008-12-01) |
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| A pair of bankers at a recent Securities and Exchange Commission panel on small-business capital formation said they are ready, willing, and able to lend to small businesses. The problem, they believe, is that vexed small businesses display little demand for credit. |
| (Source: CFO.com, 2008-11-21) |
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| The U.S. Patent and Trademark Office reported that patent processing increased by 14 percent in fiscal year 2008 compared with the prior year, outstripping the 5.7 percent increase in patent filings during the same time frame. |
| (Source: law.com, 2008-11-19) |
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| More companies that file for bankruptcy protection are shutting down, lawyers say, because they cannot obtain enough financing to operate while they reorganize. While they might have once gotten together with their creditors and worked out a plan in the common interest, they are avoiding bankruptcy court if at all possible because they know that without ready access to credit, the odds of emerging from legal proceedings are slim. |
| (Source: The New York Times (free reg. req'd), 2008-11-18) |
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| Foreign private equity funds, which had kept a low profile in South Korea in recent years amid fears of a backlash, are stepping up their hunt for bargains again as cash-strapped conglomerates look set to sell juicy assets. |
| (Source: International Herald Tribune, 2008-11-27) |
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| In the last big deal of the gilded buyout era, Blackstone paid $26 billion for the Hilton empire, making C.E.O. Stephen Schwarzman the world's largest hotelier. He checked in, but as the hotel industry slumps, he can't check out. |
| (Source: Portfolio.com, 2008-11-29) |
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| Even as they struggle amid the slowing economy, some states are giving retailers back about $1 billion in sales taxes each year as reimbursement for acting as tax collectors, according to a study. The Washington, D.C.-based watchdog group Good Jobs First, which is critical of government handouts to private enterprise, said 26 states allow for some kind of compensation to companies for collecting sales tax for the government. |
| (Source: Augusta Chronicle, 2008-11-18) |
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| Startups have been facing a difficult environment for raising capital. There are three factors that are contributing to this. Some of these factors will change in the short term, but others will likely continue to be a factor for a while. |
| (Source: Vator News, 2008-12-01) |
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| Detroit's automakers are expected to give Congress a detailed plan that explains exactly how they intend to use $25 billion in taxpayer funding to engineer a turnaround -- no doubt refueling the nationwide debate over the auto industry bailout. Meanwhile, venture capital funding for innovative automotive technologies has accelerated dramatically over the past five years. |
| (Source: xconomy, 2008-12-01) |
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| Kristine Danz |
Ice Miller Client Raises $60M in 2008
Angie's List, a fast-growing consumer service rating firm, announced it has raised $7 million from Chicago-based Prism Mezzanine Fund. The Indiana based company had previously raised $53 million from investors earlier this year. Prism will invest $1 million in exchange for an equity stake in Angie's List. It also will provide $6 million in subordinated debt. Angie's List, which now has 750,000 members in 124 U.S. cities, offers consumer ratings on service providers in more than 400 categories.
Source: Indianapolis Business Journal
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Middle Market Deals Are the Backbone of the Economy
According to a recent report by the Dow Jones Private Equity Analyst, middle-market deals are one of the few areas seeing activity. According to the report, a total of 264 U.S. private equity firms raised $222.6 billion during the first three quarters of 2008. This represents an 11% gain over the $200.4 billion raised by 298 private equity funds in the prior year.
The report also found that distressed and mezzanine funds are now among "investor darlings." Distressed firms raised a record $48.2 billion in 2007. So far in 2008, 18 funds raised $27.9 billion up 28% from this point last year.
Read more about the report.
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December
December 4 - Life Sciences Distinguished Speaker Series: Eric M. Meslin, Ph.D.
February 2009
February 6 - WFYI Wine Fest
February 27 - Indianapolis Motor Speedway's Centennial Era Gala
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Ice Miller has been active in the private equity industry for over 25 years, representing both management teams building great companies and the private equity firms and individuals that invest in them. We have extensive experience with all types of funds (formations and operations); mezzanine and senior secured financings; leveraged buyouts, roll-ups, build-ups, and consolidations; divestitures and exits; and complex litigation on behalf of investors and privately financed companies.
Read the complete profile of the Private Equity and Venture Services Practice Group.
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