One Rock Capital hits $2 billion hard cap with third buyout fund
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One Rock Capital Partners held a final close of its third middle-market buyout fund, One Rock Capital Partners III, at its $2 billion hard cap, a spokesman said in an email.
The latest fund is more than twice the size of its predecessor, the $964 million One Rock Capital Partners II.
One Rock makes control investments in companies in sectors, including manufacturing, chemicals, business services and auto retail.
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Waterton raises $1.5 billion for latest value-added real estate fund
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Waterton held a final close of its latest value-added real estate fund, Waterton Residential Property Venture XIV, reaching its hard cap of $1.5 billion.
The fund invests in multifamily properties in major U.S. markets. The firm has already deployed capital from the fund, including the acquisition of a four-property portfolio in the greater Atlanta area, a two-property portfolio in Hawaii and three assets in California.
Its predecessor fund, Waterton Residential Property Venture XIII, closed at $920 million in April 2018.
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The U.S. Supreme Court recently granted certiorari to review a Second Circuit Court of Appeals decision that could alter the landscape of class action litigation under Rule 10b-5. The issue in
Goldman Sachs Group, Inc. v. Arkansas Teacher Retirement Sys., Case No. 20-222, 2020 WL 7296815 (U.S. Dec. 11, 2020), would impact the nature of the evidence that can be offered to rebut the “
Basic presumption.” Goldman Sachs urges that it should have been permitted to rebut the
Basic presumption at the class certification stage in an “inflation maintenance” case with evidence that the allegedly false or misleading statements were merely immaterial, generic superlatives that did not impact the stock’s price. If the Supreme Court were to agree, the decision would establish another important, real-world line of defense in securities class actions. More broadly, such a decision could further blur the lines between class
Connecticut pension fund CIO resigns
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Laurie Martin will resign as chief investment officer of the Hartford-based Connecticut Retirement Plans & Trust Funds, effective Jan. 15.
Shawn T. Wooden, state treasurer and principal fiduciary of the $40 billion state pension system, announced at the state s investment advisory council Wednesday that Ms. Martin has accepted a new opportunity in Massachusetts.
Mr. Wooden s office has launched a national search for a new CIO.
Steven Meier, assistant treasurer and senior principal investment officer at the state treasurer s office, will assume the role of interim CIO while the office seeks a permanent replacement.
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Seventh Circuit Vacates and Remands Class Certification in Securities Fraud Action
Carpenters Pension Tr. Fund for N. Cal. v. Allstate Co., No. 19-1830 (7th Cir. July 16, 2020)
In a securities fraud case against Allstate Corporation, the Seventh Circuit vacated certification of a plaintiff class for legal error and remanded the case for further consideration.
In early 2013, Allstate announced it would be “softening” underwriting standards for its auto insurance business in an effort to attract new customers and increase profitability, but it acknowledged the softer standards held the risk of increasing auto claims frequency. The company’s CEO said the company would monitor claims frequency and adjust business practices as necessary. Two years later, Allstate announced that the growth strategy had indeed increased claims frequency and that it would be retightening underwriting standards. Its stock immediately dropped by more than 10 percent.