Rod James
LPs can bring a lot more to the table than just cash.
Profit-with-purpose has made a mark in the past year, despite recent negative headlines.
Emerging market GP-led deals are rife with difficulties but Carlyle’s name and the dynamics of the secondaries market suggest a deal can be done on its Africa fund.
Joseph Lombardo, who left AlpInvest's partnerships team in December, has joined former MD Sean Gallary at mid-market fund of firms outfit Stonyrock Partners.
The private equity giant approached secondaries buyers about acquiring LP stakes in its 2013-vintage Sub-Saharan Africa Fund and making a stapled commitment to its successor.
The size of the alleged fraud, the involvement of the US government and his high-level political connections in Pakistan make granting the Abraaj founder bail too great a risk, a UK court decided.
As the Abraaj case plays out in the criminal courts, the impact on private equity investors and the GP-LP relationship will become palpable.
The former managing partner and head of impact appeared by video-link at Westminster Magistrates Court on fraud charges brought by the US government.
A timeline shows what Abraaj and founder Arif Naqvi are alleged to have done regarding the misappropriation of capital from its 2015-vintage Growth Markets Health Fund, according to the US regulator's complaint.
The spin-out of 55 people, 35 companies across three continents and the need to juggle the interests of several LPs that happen to be secondaries firms: the deal shows just how far things have come.