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    Private equity firms are known for buying struggling companies and slashing costs — often via layoffs — as a way of turning them around. But such strategies might have deadly consequences when applied to nursing homes. A recent economic analysis found that patients in nursing homes owned by buyout firms — which raise money from outside investors to make acquisitions across a range of industries, including health care — have a 1.7 percentage point higher chance of dying during their stays and for 90 days after leaving the homes. While that might not seem like a huge increase, it amounts to more than 20,000 additional deaths over the 12-year period of the study. Another way to think of the higher death rate the researchers found in nursing homes owned by private equity firms is to compare it to that of COVID-19, which has a similar death rate of about 1.8%...
    White House press secretary Jen Psaki said Hunter Biden is still working to end his ten percent stake in an investment firm formed with state-owned entities in China. “He has been working to unwind his investment, but I would certainly point you — as a private citizen — would point you to him or his lawyers on the outside on any update,” Psaki replied in response to a question from New York Post reporter Stephen Nelson. Hunter Biden resigned from the board of Bohai Harvest RST (BHR) in October 2019 after questions were raised during his father’s presidential campaign regarding if he used his father’s position to profit handsomely on deals with foreign governments. Even though Hunter Biden has had months to divest himself from the firm, it appears he still has his stake in the investment. During the campaign, candidate Biden promised no one in his family would have a...
    Climate crisis: An invisible, odorless gas is pitting Texas against the Biden administration Real people are hurting. Biden says weak jobs report shows why $1.9 trillion in COVID relief is needed How to invest in equity crowdfunding, a way to give small private firms a boost - and possibly profit yourself © Hinterhaus Productions/Getty Images Equity crowdfunding provides an online platform that puts private companies and individual investors together. Firms receive funding, and investors an ownership share in the business. Hinterhaus Productions/Getty Images Equity crowdfunding lets individuals invest in private companies in return for an equity stake. You can invest via equity crowdfunding platforms, which vary in their standards and specialties. Equity crowdfunding investments are riskier and less liquid than publicly traded securities. Visit Business Insider's Investing Reference library for more stories. Have you ever made a donation to a worthy cause or budding business enterprise in...
    More On: race Biden’s ‘racial justice’ agenda: Judge everyone by the color of their skin Why ‘Bachelor’ Matt James is under ‘pressure’ to pick a black woman Black Americans are getting vaccinated at lower rates than white Americans Biden has embraced lunatic ‘critical race theory’ — but you can still fight it President Biden’s embrace of utter nonsense pushed by the “woke” continued with last week’s executive orders to “advance racial equity” and “root out systemic racism in housing and criminal justice.” The “equity” approach assumes that any outcome that doesn’t meet inane racial quotas is the result of bias. It is, in fact, systematically racist. The four executive orders Biden signed Tuesday don’t seem that earth-shattering. He directed the Department of Housing and Urban Development “to take steps necessary to redress racially discriminatory federal housing policies,” told the Justice Department to stop using private prisons, recommitted the feds...
            by Andrew Kerr  Hunter Biden continues to hold a 10% stake in the Chinese private equity firm BHR Partners, Chinese business records show, despite multiple reports from December suggesting he was divesting his position in the company. Both the Daily Mail and Fox News reported in late December that Hunter Biden was in the process of offloading his stake in BHR. Both outlets cited an unnamed source with Hunter Biden and his business dealings. But Hunter Biden continues to hold his equity stake in BHR through his company, Skaneateles LLC, as of Wednesday, according to Qixinbao and Baidu, two independent services that provide business records on Chinese corporations based on China’s National Credit Information Publicity System. Hunter Biden is the sole beneficial owner of Skaneateles LLC, according to Washington D.C. corporate records. BHR manages the equivalent of $2.1 billion in assets and is co-owned by the Chinese state-controlled Bank of China. Hunter Biden’s...
    Vice President Kamala Harris watches as President Joe Biden signs executive orders after speaking on racial equity in the State Dining Room of the White House in Washington, D.C., on January 26, 2021. On Tuesday, President Joe Biden signed four sweeping executive actions as part of his ongoing racial equity plan. The actions aimed to eliminate discriminatory housing practices, end contracts with private prisons, combat anti-Asian racism and xenophobia, and underscore a commitment to Tribal sovereignty. “I firmly believe the nation is ready to change, but government has to change as well,” Biden said before signing the actions. The actions are just a few of the several executive orders the president has signed the past week to advance racial equity and improve race relations. As Prism recently reported, Black and brown organizers had some big hopes for Biden’s first 100 days and saw promise in his agenda. Now, one week into the...
    Hunter Biden, the youngest son of President Joe Biden, appears to have kept his ten percent stake in an international private equity firm with ties to the Chinese government, despite promising to sell his share in the venture. Biden, a one-time lobbyist who reinvented himself as an international businessman during his father’s tenure in the Obama administration, officially resigned from the board of Bohai Harvest RST (BHR) in October 2019. At the time, the younger Biden cited his father’s then-budding presidential campaign as the reason for his departure, suggesting he did not want to give the appearance of a conflict of interest. As part of his decision to resign, Hunter Biden’s family associates suggested he would unload his stake in BHR to finally lay to rest questions about his business dealings. That impression was only bolstered in late 2019, when then-candidate Joe Biden pledged that, if elected, his family would relinquish any...
            by Fred Lucas  Denouncing what he called “systemic racism that has plagued our nation for far, far too long,” President Joe Biden signed executive actions Tuesday aimed at “racial equity,” including a measure to end the use of private prisons to hold federal inmates. “We are in a battle for the soul of this nation and the simple truth is, our soul will be troubled as long as systemic racism is allowed to persist,” Biden said before signing the executive orders, adding: We can’t eliminate it. It’s not going to be overnight. We can’t eliminate everything. But it’s corrosive. It’s destructive and it’s costly. It costs every American, not just [those] who felt the sting of racial injustice. We are not just less of a—we are not just a nation of morally deprived because of systemic racism. We are also less prosperous. We’re less successful. We’re less...
    Hunter Biden continues to hold a 10% stake in the Chinese private equity firm BHR Partners, Chinese business records show, despite multiple reports from December suggesting he was divesting his position in the company. Both the Daily Mail and Fox News reported in late December that Hunter Biden was in the process of offloading his stake in BHR. Both outlets cited an unnamed source with Hunter Biden and his business dealings. But Hunter Biden continues to hold his equity stake in BHR through his company, Skaneateles LLC, as of Wednesday, according to Qixinbao and Baidu, two independent services that provide business records on Chinese corporations based on China’s National Credit Information Publicity System. Hunter Biden is the sole beneficial owner of Skaneateles LLC, according to Washington D.C. corporate records. BHR manages the equivalent of $2.1 billion in assets and is co-owned by the Chinese state-controlled Bank of China. Hunter Biden’s lawyer, George...
    NBA Commissioner Adam Silver addresses the media prior to the game of the Miami Heat against the Los Angeles Lakers in Game one of the 2020 NBA Finals as part of the NBA Restart 2020 on September 30, 2020 at AdventHealth Arena at ESPN Wide World of Sports Complex in Orlando, Florida.Garrett Ellwood | National Basketball Association | Getty Images Ownership accoutrements. It's the phrase National Basketball Association commissioner Adam Silver used in 2019 to help frame the attraction of becoming a sports owner. And Silver suggested the NBA could incentivize those looking to join its club, even on a minority level.   The NBA's plan to lure private equity money is in motion, and it's betting on the allure of owning limited partnerships in its clubs will pay off. With valuations in clubs rising to astronomical levels, the NBA joined the private equity chase when owners approved a plan...
    ‘Car Choir,’ bear boom, festival changes: News from around our 50 states The acting Capitol Police chief’s tough task Birkenstock in Talks for $5 Billion Sale to CVC Capital (Bloomberg) -- Birkenstock, the German company behind the iconic sandals worn by hippies and preppies alike, is in talks to be taken over by CVC Capital Partners, according to people familiar with the matter. The private equity firm is in advanced negotiations with the family owners of the nearly 250-year-old brand, according to the people, who asked not to be identified discussing confidential information. A deal could value the business at more than 4 billion euros ($4.8 billion) including debt, the people said. © Photographer: Sean Gallup/Getty Images Europe Popular Retail And Other Chain Brands In Germany Birkenstock sandals on display at a store in Berlin. Load Error Photographer: Sean Gallup/Getty Images While Birkenstock launched its sandals in the...
    Hunter Biden still owns a 10% stake in a Chinese private equity firm, less than one month before his father, President-elect Joe Biden, is set to take office, business records reviewed by Fox News show.  Joe Biden pledged in October 2019 that his family members wouldn't engage in foreign business dealings if he was elected president. "No one in my family will have an office in the White House, will sit in on meetings as if they are a cabinet member, will, in fact, have any business relationship with anyone that relates to a foreign corporation or a foreign country," Joe Biden said at the time.  Chinese business records reviewed by Fox News on Wednesday show that a U.S. company, Skaneateles LLC, owns a 10% equity stake in Bohai Harvest RST (Shanghai) Equity Investment Fund Management Co.  Hunter Biden is the sole beneficial owner of Skaneateles, according to Washington corporate records reviewed by...
    The 15 best sports movie sequels The best wine you can buy at Walmart or Target KKR Names New PE Chief in India as Nayar Becomes Chairman (Bloomberg) -- KKR & Co. appointed a new chief for its private equity business in India as Sanjay Nayar, who set up shop in the South Asian country more than a decade ago, will become chairman for the buyout firm in the nation. © Photographer: Mint/Hindustan Times Sanjay Nayar Nayar, currently chief executive officer for India, will take on the role to “advise and assist” business in the country, KKR said in a statement Monday. The transition will take effect Dec. 31. Gaurav Trehan, who joined from TPG Capital, is the new head of its private equity business in the country. Load Error Trehan left TPG in May as he was set to join KKR, Bloomberg News had reported at the...
            by Andrew Kerr  Hunter Biden was repeatedly told by his business partner that he would begin receiving significant payments from a Chinese private equity firm starting in 2019, emails obtained by the Daily Caller News Foundation show. The business partner, Eric Schwerin, also told Hunter Biden in a December 2018 email that the Chinese private equity firm, BHR Partners, would generate income for him “over the next couple of years.” The revelations conflict with an October 2019 statement issued from Hunter Biden’s lawyer, George Mesires, that said Biden had not received any return on his investment in BHR, nor had there been any distributions to the firm’s shareholders since he obtained his 10% equity stake two years prior through his company, Skaneateles LLC. The emails, which were located on a copy of Hunter Biden’s alleged laptop, show that he took out a $150,000 capital loan with one of...
    Hunter Biden was informed in multiple emails from his business partner that he was set to receive payments from the Chinese private equity firm BHR Partners starting in 2019 and for years to come. “BHR is due to have a significant distribution in 2019 because of the CATL exit,” Eric Schwerin wrote in a November 2018 email to Hunter Biden. Schwerin also told Hunter Biden in December 2018 he can expect BHR to generate income for him “over the next couple of years,” one email shows. The revelations conflict with a statement released by Hunter Biden’s lawyer in October 2019 which stated he had not received any distributions from BHR. Hunter Biden was repeatedly told by his business partner in emails that he would begin receiving significant payments from a Chinese private equity firm starting in 2019. The business partner, Eric Schwerin, also told Hunter Biden in a...
    More On: private equity Why everyone isn’t hailing a NYC taxi bailout plan Top dealmaker leaves Goldman Sachs to run Michael Dell’s investment firm AT&T reportedly considers selling big minority stake in DirecTV Private equity firms fear Joe Biden in the Oval Office Private equity giant Thoma Bravo is marketing a $750 million “blank check” company — and pivoting from its usual business model in order to invest in a fast-growing tech startup, a source close to the situation told The Post. Chicago-based Thoma Bravo’s usual approach to investing is to acquire controlling stakes in companies through leveraged buyouts instead of taking minority positions. By raising a blank-check company, it can buy a minority stake in a promising tech firm and help it go public, the source said. Thoma Bravo, which also has offices in San Francisco, is among the biggest in the US. In October, the firm raised...
    President-elect Joe Biden announced Monday that he would nominate his longtime aide Tony Blinken to serve as his secretary of state. Blinken’s bio on the Biden transition website does not disclose that he co-founded a corporate consulting firm in 2018 that he allegedly used to cash in on his experience working in the Obama administration. Over 275 delegates to the Democratic National Convention urged Biden in a letter in August to cut his ties with Blinken. President-elect Joe Biden’s transition website does not disclose that his secretary of state pick, Tony Blinken, co-founded a corporate consulting firm in 2018 that he allegedly used to cash in on his experience working in the Obama administration. Blinken co-founded WestExec Advisors in 2018 following his service as Biden’s national security advisor from 2009 through 2013 and former President Barack Obama’s deputy national security advisor and deputy secretary of state from 2013...
    AT&T is in talks with private-equity firms to sell a “significant” minority stake in its pay-television businesses including DirecTV, according to a report. A number of private equity firms including Apollo Management are said to be submitting bids for the units, which also include AT&T U-Verse and AT&T Now businesses, CNBC reported Tuesday. Bids are due in early December. While valuations haven’t been determined, a deal may value DirecTV at less than $15 billion including debt, CNBC said. The Post reported last month that AT&T was fielding lowball offers “well below $20 billion.” AT&T acquired DirecTV in 2015 for $67 billion including debt. A deal will not include the unit’s Latin American business, the report noted. As part of a potential deal, AT&T would shift the legacy assets off AT&T’s balance sheet, CNBC said, citing anonymous sources. The report said that under the terms of the proposed deal, telecom giant...
    (CNN) — Dunkin Brands’, the parent company of Dunkin’ and Baskin-Robbins, is in “preliminary discussions” to be acquired by private equity-backed Inspire Brands. The potential deal was first reported by the New York Times on Sunday. Inspire would purchase Dunkin’ Brands at $106.50 per share, the Times reported, citing two people with knowledge of the negotiations. That would make the deal worth roughly $8.8 billion. The deal could be announced as early as Monday, sources told the Times. “Dunkin’ Brands confirms that it has held preliminary discussions to be acquired by Inspire Brands. There is no certainty that any agreement will be reached. Neither group will comment further unless and until a transaction is agreed,” said Karen Raskopf, chief communications officer of Dunkin’ Brands. The brand was taken private back in 2005. Dunkin’ Donuts and Baskin-Robbins was sold by Pernod Ricard SA to three private equity firms including Bain Capital, Carlyle Group and Thomas...
    A fanciful reality: Trump claims Black Lives Matter protests are violent, but the majority are peaceful The fast food favorites from the year you were born Dunkin Brands in talks to go private Dunkin Brands', the parent company of Dunkin' and Baskin-Robbins, is in "preliminary discussions" to be acquired by private equity-backed Inspire Brands. © Alexi Rosenfeld/Getty Images People walk past Dunkin' Donuts on the Upper West Side as the city continues Phase 4 of re-opening following restrictions imposed to slow the spread of coronavirus on July 31, 2020 in New York City. The potential deal was first reported by the New York Times on Sunday. Load Error Inspire would purchase Dunkin' Brands at $106.50 per share, the Times reported, citing two people with knowledge of the negotiations. That would make the deal worth roughly $8.8 billion. The deal could be announced as early as...
    The prospect of Joe Biden becoming president has large swaths of corporate America scared, and none more so than the whipping boys who run the private equity business. Private equity is mainly in the business of buying public companies — many of them hurting from bad management and financial distress — and then running them as private concerns so the problems can be fixed without having to answer to shareholders on a daily basis. But if you read up on the exploits of the big PE firms — Blackstone Group, KKR, Carlyle Group, Apollo, etc. — in the liberal media, you would think the guys running these outfits are modern-day robber barons. For every 10 success stories where workers’ jobs were saved, there is breathless coverage of one-off disasters (read up on Toys ‘R’ Us). This is why during every presidential election — and this one is no exception —...
    The U.S. Department of Justice on Thursday announced that private equity firm CEO Robert F. Smith has entered into a non-prosecution agreement on an international tax fraud scheme, agreeing to pay $139 million, abandon $182 million in charitable contribution deductions and cooperate with an ongoing government investigation. Smith founded Vista Equity Partners, which maintains offices in both San Francisco and Oakland and invests mainly in software companies in 2000. Vista acquired Cvent, the McLean events data company, in 2016. Smith ranked No. 125 on Forbes’ 2020 list of wealthiest Americans at $5.2 billion and is frequently identified as the wealthiest Black American. Smith’s firm was not a named party to the agreement, but on Thursday, Houston billionaire Robert Brockman was charged in a $2 billion tax evasion scheme tied to Vista Equity Partners. According to the DOJ indictment, Brockman in 2000 committed $300 million to Vista Equity’s first...
    As California wildfires get worse, the role of private firefighting crews helping well-heeled clients protect their property has become a growing issue from Brentwood and Malibu to Santa Barbara and Napa. Authorities are now investigating new allegations that private crews set illegal backfires last week during the destructive Glass fire that has swept through wine country. California Department of Forestry and Fire Protection investigators confirmed they were examining the claims but provided few details about the location of the backfires or who hired the crews. The Glass fire has destroyed numerous wineries in Napa and Sonoma counties and hit upscale communities along Highway 12, the main road through wine country. The investigation is heightening scrutiny around the use of private crews, which has been a repeated source of concern among fire departments and was the subject of new laws after numerous private companies were seen across Malibu and Calabasas...
    STOCKHOLM (Reuters) - Swedish lithium-ion battery maker Northvolt is raising $600 million in fresh equity in a private placement joined by investors such as Volkswagen , Scania, Baillie Gifford and Spotify founder Daniel Ek, it said on Tuesday. Northvolt, which aims to take on major Asian players such as CATL and LG Chem and targets a 25% market share in Europe by 2030, said the equity raise would enable further investments in capacity expansion, research and development, and recycling. "With these world-class partners behind us, we have created a solid foundation to go on and execute our plans to enable large-scale manufacturing of green batteries in Europe,” Northvolt CEO Peter Carlsson said in a statement. (Reporting by Johannes Hellstrom, editing by Anna Ringstrom) Copyright 2020 Thomson Reuters.
    BOSTON - An insurance and private equity executive pleaded guilty Monday to participating in a vast U.S. college admissions fraud and bribery scheme in which he agreed to pay $40,000 to rig his daughter's ACT college entrance exam.  Mark Hauser, 59, entered his plea during a hearing before a federal judge in Boston held virtually because of the COVID-19 pandemic, becoming the latest wealthy parent to admit wrongdoing in the college admissions scandal.  As part of a plea deal, prosecutors agreed to recommend that Hauser, who lives in Los Angeles, serve six months in prison and pay a $40,000 fine. He faces sentencing on Jan. 21.  Fifty-eight people have been charged in the "Varsity Blues" scandal, in which prosecutors said parents conspired with California college admissions consultant William "Rick" Singer to secure their children's college admissions fraudulently.  FILE - William "Rick" Singer, front, founder of the Edge College...
    By Nate Raymond BOSTON (Reuters) - An insurance and private equity executive pleaded guilty on Monday to participating in a vast U.S. college admissions fraud and bribery scheme in which he agreed to pay $40,000 to rig his daughter's ACT college entrance exam. Mark Hauser, 59, entered his plea during a hearing before a federal judge in Boston held virtually due to the COVID-19 pandemic, becoming the latest wealthy parent to admit wrongdoing in the college admissions scandal. As part of a plea deal, prosecutors agreed to recommend that Hauser, who lives in Los Angeles, serve six months in prison and pay a $40,000 fine. He faces sentencing on Jan. 21. Fifty-eight people have been charged in the "Varsity Blues" scandal, in which prosecutors said parents conspired with California college admissions consultant William "Rick" Singer to secure their children's college admissions fraudulently. The parents include "Desperate Housewives" star Felicity Huffman,...
    Minnesota dropping mens track, gymnastics, tennis programs Keep Your Kids Focused on School From Home With This Awesome Balance Board Here Is How to Value Kansas City Southern in a Private Equity Buyout The private equity arena seems to be losing at least some of its clout. Despite access to billions and billions of dollars as capital, private equity firms learned that the massive buyout binges before the Great Recession more than a decade ago just did not assure long-term profits. Many of the private equity firms are now publicly traded, and that means they have shareholders as stakeholders to answer to, on top of their clients who invest in their funds. In short, there are limits to how much even billionaires can pay for any given company. Kansas City Southern (NYSE: KSU) is among the largest of the publicly traded railroad operators in America. Its stock is now...
    Private equity companies—big businesses that buy up, merge, and sell off smaller ones—have long been sinking their profit-seeking teeth into the medical market. But a new study finds a previously overlooked area in which the male-dominated industry is rapidly expanding: Women’s health care. In a research letter published by the Journal of American Medical Association (JAMA) Monday, scholars from Harvard and Columbia found a “substantial increase” in the number of women’s health providers affiliated with private equity companies since 2010. And the trend seems to be growing: Of the 24 women’s health companies that gained private equity affiliation between 2010 and 2019, the researchers wrote, 17 of those happened between 2017 and 2019.  Even this estimate is likely a dramatic undercount, according to co-author Joseph Bruch, a Ph.D. student in Population Health Sciences at Harvard University and member of the university's GenderSci Lab. “I don't think you can use our...
    Hunter Biden and his younger sister Ashley Biden are scheduled to deliver remarks about their father on the final night of the Democratic National Convention on Thursday. Hunter Biden has been the subject of intense scrutiny by President Donald Trump over his work with the Ukrainian gas company Burisma Holdings while his father, former Vice President Joe Biden, pressured the country’s former president to fire a prosecutor who was investigating the firm. The president has also suggested that Hunter Biden traveled to Beijing with his father on Air Force Two in 2013 so he could improperly secure $1.5 billion in funding from the Bank of China for the private equity firm BHR Partners. Hunter Biden’s lawyer issued a statement in October denying that Hunter Biden engaged in any wrongdoing in his business dealings in Ukraine and China. The lawyer also stated that Hunter Biden would resign his board position with...
    The Department of Labor (DOL) recently issued guidance providing a road map for employers to add certain retirement savings funds into their investment lineup that invest in private equity. For those saving for retirement, this is a promising step in the right direction for expanding investment opportunities. 80% of older Americans can't afford to retire - COVID-19 isn't helping While this guidance does not necessarily enable a new type of investment structure, it does provide clarity around the fiduciary issues associated with a structure that has been in use for some time. Previously, defined-benefit plans, such as pensions, have been able to include private-equity investments as part of their portfolios, as have many retirement plans globally, but defined contribution (DC) plans in the U.S., such as a 401(k) accounts have not. The benefit? Accessing investment options that have exposure to more asset classes, like private equity, can provide diversification benefits...
    Blackstone Group is taking a majority stake in DNA testing business Ancestry.com. The private-equity giant headed by billionaire Stephen Schwarzman is acquiring 75 percent of the family history research business for $4.7 billion, Bloomberg reports. The acquisition would be the first for Blackstone’s massive $25 billion private equity fund. The deal has been in the works for several months, according to the report, and may be announced as soon as Wednesday. Ancestry.com’s popular tests generally use saliva to determine the user’s ethnic heritage. It has run ad campaigns showing people who have found family members they didn’t know about through the service. The Pentagon last winter warned service members to stay away from DNA kits if they got one as a Christmas gift, warning that the genetic tests could put their private data at risk of exploitation by third parties.
    Blackstone Group is taking a majority stake in DNA testing business Ancestry.com. The private-equity giant headed by billionaire Stephen Schwarzman is acquiring 75 percent of the family history research business for $4.7 billion, Bloomberg reports. The acquisition would be the first for Blackstone’s massive $25 billion private equity fund. The deal has been in the works for several months, according to the report, and may be announced as soon as Wednesday. Ancestry.com’s popular tests generally use saliva to determine the user’s ethnic heritage. It has run ad campaigns showing people who have found family members they didn’t know about through the service. The Pentagon last winter warned service members to stay away from DNA kits if they got one as a Christmas gift, warning that the genetic tests could put their private data at risk of exploitation by third parties. Filed under blackstone group ,  dna ,  science ,  stephen...
    The Department of Labor (DOL) recently issued guidance providing a road map for employers to add certain retirement savings funds into their investment lineup that invest in private equity. For those saving for retirement, this is a promising step in the right direction for expanding investment opportunities. While this guidance does not necessarily enable a new type of investment structure, it does provide clarity around the fiduciary issues associated with a structure that has been in use for some time. Previously,... Get the retirement you deserve Retirement Weekly is the only weekly online resource that specializes exclusively in the financial, lifestyle, and health care issues of retirement. Learn More 30-day free trial. Already a subscriber? Log in Prepare for unpredictable life events Get the most benefit from tax laws Build the best portfolio for long-term income Discover estate-planning strategies Advanced Search Submit entry for keyword results Listings Columns Authors...
    Matthew Rozsa July 28, 2020 7:05PM (UTC) College students within California's premier research university system are wondering if their privacy is safe after learning that the University of California (UC) made a commitment to invest $200 million in an investment firm that has access to vast troves of student data through a subsidiary. The private equity investment firm, Thoma Bravo, announcing that it was purchasing the educational software firm Instructure Inc. in December in an all-cash deal for roughly $2 billion, an acquisition that was completed in March. Instructure Inc. owns Canvas, a popular virtual classroom platform. Given the platform's popularity within higher education institutions, Instructure has data on grades, lectures, tests, papers and more from tens of thousands of students. : Within a few weeks of the news announcement of Thoma Bravo's acquisition, more than 50 people who work at colleges signed a public letter urging Thoma Bravo to issue a legally-binding statement promising that it would not abuse its newfound access...
    VIDEO5:3105:31MLS Commissioner Don Garber on reopening soccer seasonClosing Bell In a move praised by sports investors, Major League Soccer will allow private equity financing to increase league capital that is suffering from the economic fallout of Covid-19, MLS Commissioner Don Garber told CNBC. Garber, who appeared on "Closing Bell" Friday, announced the move saying the league is "pretty close to finalizing something" that will allow private equity financing that "could come into investing with our local teams," he said. Allowing private equity financing could help unload some of the burden facing MLS owners suffering losses with no spectators planned to attend games this season. Garber admitted "not having day of game revenues have been really impactful for us," adding the MLS could suffer a $1 billion loss due to Covid-19. Jared Bartie, co-chair of O'Melveny's sports industry group, said the drop in revenues is problematic because MLS clubs have debt...
    The son of a Wall Street tycoon allegedly violently raped and sodomized one of his dad’s employees — and the father turned against the victim when she spoke out, according to her claims in an explosive lawsuit. Taylor Lawrence, a former head of investor relations at $2 billion private equity fund Wellspring Capital Management, accused Christopher Dawson of drugging her and raping her at his parents’ swanky Lenox Hill apartment on the evening of Dec. 29, 2014, according to a complaint filed Thursday in New York state court. Lawrence likewise claims that when she reported the grisly incident to her boss, Wellspring Chief Executive Bill Dawson, the elder Dawson responded with threats, telling her “I will destroy you. I will ruin you.” According to the suit, Lawrence sought out Bill Dawson at his East 72nd Street co-op after he missed an appointment earlier in the evening, texting her that...
    Hunter Biden, the youngest son of former Vice President Joe Biden, appears to have kept his ten percent stake in an international private equity firm with ties to the Chinese government, months after resigning from the company’s board of directors. Biden, a one time lobbyist who reinvented himself as an international businessman during his father’s tenure in the Obama administration, officially resigned from the board of Bohai Harvest RST (BHR) in October 2019. His departure came amid scrutiny of Biden’s overseas dealings after President Donald Trump’s urging of Ukraine to probe his ties to one of its top energy conglomerates. Trump’s conduct, which the president claimed arose because of the appearance of potential conflicts of interest between Biden and his father, led to his impeachment and eventual acquittal by Congress. At the time of his resignation from BHR’s board, Biden denied any wrongdoing, especially the assertion that his role with the...
    Hong Kong (CNN Business)Virgin Australia has found a new owner.Administrators for the carrier announced Friday that it had selected Bain Capital, the US private equity firm, to take over the company, two months after its collapse. Terms of the deal were not disclosed.Bain won out over Cyrus Capital Partners, a New York-based investment firm, which had also submitted a binding offer."Several proposals from other interested parties" were also submitted this week, including a proposal by some of the airline's bondholders, according to the administrators.The deal comes as the coronavirus pandemic continues to hurt global demand for travel. The International Air Transport Authority has estimated that it could take more than three years for international travel to return to pre-crisis levels.Read MoreVirgin Australia, Australia's second biggest airline, filed for voluntary administration in April after failing to receive the government support it had asked for. Earlier that week, billionaire founder Richard Branson...
    Fixed income is out, and private equity is in. The superrich, according to Tiger 21, have been adjusting allocations in an attempt to make it out of this turbulent environment with their fortune intact. For them, it means dropping their fixed income allocation to a record low of 8% while added to their private equity stakes. Tiger 21 is a group of almost 800 investors with more than $100 million in assets each, on average. Here’s how their investments currently break down: As you can see from the chart, real estate is still the top pick for elite, followed by private equity. Publicly traded companies take up 21% of the average portfolio. Tiger 21 Chairman Michael Sonnenfeldt says that these deep-pocketed investors are looking to preserve their wealth and, understandably, not take any unnecessary risks. “The strong cumulative allocation to private equity and real estate,...
    Private equity firm Sycamore Partners is in preliminary talks to acquire JCPenney out of bankruptcy should the US department store chain’s negotiations with its creditors fail, three people familiar with the matter said on Friday. Shares of JCPenney jumped almost 55 percent on the news. JCPenney, which employs roughly 85,000 people, filed for bankruptcy protection in May after the coronavirus pandemic forced it to temporarily close its more than 800 stores across the US, compounding financial woes that stemmed from years of dwindling sales. Sycamore is weighing acquiring JCPenney outright or making an investment in the troubled retailer, the sources said. There is no certainty that the talks between Sycamore and JCPenney will result in a deal, which would require a bankruptcy judge’s approval, the sources said. JCPenney is also in touch with some of its landlords, including Brookfield Asset Management and Simon Property Group, about possible transactions, the sources...
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