PRIVATE EQUITY GAINS MUTED - BidenLaptopEmails

SUBJECT:

PRIVATE EQUITY GAINS MUTED

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FROM:

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eschwerin@rosemontseneca.com

DATE:

2011-01-25 13:08:02

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<8CE02F09-8FEB-4AA6-9F38-741E29A0CAB8@rosemontseneca.com>

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Hunter Biden <hbiden@rosemontseneca.com>

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PRIVATE EQUITY GAINS MUTED - WSJ's Gregory Zuckerman reports on pg. C1: "What private-equity honchos once received from initial public offerings: instant cash, heady gains and quick exits from their investments. What they likely will get from a coming surge of IPOs: muted initial gains, help reducing staggering debt loads and hope of finally handing some cash back to investors. Private-equity shops are set to unleash a wave of public offerings of companies they control, beginning with this week's expected IPO of Nielsen Holdings BV. ... The last flood of such IPOs, from 2004 to 2006, resulted in annual returns of about 35% for the leveraged-buyout firms and their investors. ... This time around, investors in LBO firms are especially eager for profits. Many firms have handed back only small amounts of cash to investors in funds launched around 2006. But the gains, while decent, stand to be more meager than in the past." http://on.wsj.com/ia5pMj

Eric D. Schwerin
eschwerin@rosemontseneca.com

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