Category: Uncategorized

Audax joins other firms seeking to hire restructuring professionals

It may be a good time to brush up on your restructuring and turnaround skills.

Boston-based Audax Group, for example, has opened a search for a restructuring professional to help manage underperforming credits.

The role isn’t a new one. Nor is it part of a new investment strategy for the firm’s credit arm, Audax Private Debt, according to a source familiar with the firm. The new hire would join an established workout team focused on monitoring portfolio companies for credit risk and on capital preservation.

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TPG raises $560M+ for emerging, diverse GP stakes vehicle

Private equity giant TPG has raised at least $564.5 million for its inaugural  vehicle earmarked to take GP stakes in diverse and emerging fund managers.

The San Francisco-based firm, with approximately $250 billion AUM, has secured backing from at least 14 investors for TPG NEXT (A) LP and its parallel vehicle, according to new regulatory filings.

Launched in 2023, the fund was seeded with $500 million from the California Public Employees’ Retirement System, suggesting that the additional $64.5 million was raised from third-party investors. A November filing showing a then-tally of $520 million for the vehicle indicates that an additional $44.5 million has been raised in the past six months.

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Three managing directors leave Madison Dearborn as firm launches Fund IX

Three managing directors have left Chicago buyout firm Madison Dearborn Partners as the large-cap firm heads out to raise a ninth flagship fund targeting $3 billion, Private Equity Career News has learned.

Leaving the firm in the last few months were Drew Macha, Jay Pauley and William Ritchie. Former basic industries team member Macha joined Madison Dearborn in 2014 after earning an MBA at Harvard Business School. He has recently served on the boards of Air Control Concepts, Align Precision and Ankura Consulting, according to his Linkedin profile.

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You know how valuable it is to have accurate compensation data that reflects current market conditions.

In fact, you’d spend close to $4,000 for a copy of the annual compensation study that I oversaw a few years ago as executive editor of Buyouts Magazine.

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Big Moves: Angeles Equity Partners, Argand Partners, Quilvest

The following Big Move! items appeared in the April 11 free edition of Private Equity Career News.

Big Move! Freddie Briggs joins Los Angeles-based niche-manufacturing, industrial services and specialty distribution investment firm Angeles Equity Partners as an operating principal, according to a press release. Briggs most recently served as chief transformation officer at electric vehicle charging company Ampure.

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RCP Advisors secures $170M for emerging managers; seeks three new hires

Lower-mid-market buyout specialist RCP Advisors has closed its latest emerging manager fund of funds at $170.3 million as it continues to have confidence in the performance of younger firms. The firm is also advertising three open positions.

The Chicago-based firm, with some $15.3 billion AUM, has closed RCP Small and Emerging Fund III LP at roughly $20 million more than its $150 million target, per a firm announcement. A spokesperson at RCP Advisors said he could not comment further on the vehicle.

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Talent partner retires from Hellman & Friedman to join portco Zendesk

Talent executive Annmarie Neal has retired as a partner at Hellman & Friedman to become chief people officer at software company Zendesk, acquired in 2022 by Hellman & Friedman and London buyout firm Permira.

Neal spent just over 10 years with the buyout firm. Her time there coincided with a surge of interest by PE executives in working more closely with their management teams on hiring and executive coaching. The ultimate aim: to increase the valuations of their companies at exit time.

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Big Moves: GCM Grosvenor, AVALT, Brinkmere Capital Partners

The following Big Move! items appeared in the April 4 free edition of Private Equity Career News:

Martin Laguerre joins the New York City office of money manager GCM Grosvenor as managing director, private equity investments and co-head of global diversified private equity, according to his Linkedin profile. Laguerre most recently served as a senior advisor at private equity firm Warburg Pincus LLC.

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