Christopher Witkowsky
The joint venture to provide growth capital to Chinese companies was created in 2006 with commitments of $90m each from Lehman Brothers and International Business Machines.
The Chicago-based media company failed owing to the $13bn of debt loaded onto its balance sheet when it was acquired by billionaire real estate investor Sam Zell last year. The company said in its bankruptcy filing it had just $7.6bn of assets. Zell invested $315m in the deal.
The Teachers' Retirement System of Illinois made commitments to Onex Partners III and StarVest Partners II despite losing $4bn of value since the end of September. The pension is studying possible allocation changes to adjust to struggling markets.
The Chicago-based media company, acquired last year by real estate investor Sam Zell in an $8bn LBO, has collapsed under a $13bn debt load. Meanwhile, Avista Capital-backed Star Tribune, a major Minnesota newspaper, is cutting costs to stave off bankruptcy as it struggles with its debt load.
Carlyle has raised $14bn on its way to $15bn for Carlyle Partners V, while Apollo was reportedly set to close Fund VII on $15bn last week.
Harvard’s endowment has lost 22% of its $40bn portfolio value since June. It is bracing for up to a 30% drop in value for the year, once its receives fully updated private equity and real estate valuations.
A management group from Lehman Brothers beat out a $2.15bn bid from Bain Capital and Hellman & Friedman for the bank's investment management division, which includes infrastructure and some private equity businesses.
The global buyout firm will eliminate 100 jobs and close its Menlo Park office to adjust to the contractions in global financial markets. It recently closed its Warsaw office and eliminated its Asian leveraged finance team.
The global buyout firm had objected to the $2.15bn bid submitted by Bain Capital and Hellman & Friedman and said the bankruptcy auction process was driving away alternative bidders.
The largest telephone carrier in Hawaii cited a heavy debt load, increased competition and market turmoil as reasons to seek protection under Chapter 11 while it restructures its business.