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Is a Private Equity Club Deal Coming to a Pension Fund Near You?
Partnerships between private equity firms to buy large enterprises have historically turned out very badly.
Kristoffer Tripplaar/Sipa USA via AP Images
Medline Industries, the nationâs largest manufacturer and distributor of medical supplies to hospitals and doctorsâ offices, is about to become entangled in a private equity club deal.
One way that private equity (PE) firms have historically been able to take on larger and larger companies is through the use of so-called âclub deals.â This refers to when two or more private equity funds join together to acquire a huge enterprise, and share ownership. Once a more common structure, club deals have declined from more than 40 percent of all leveraged buyouts (LBOs) (not including add-ons) in 2004 to just 20 percent in 2018. Burned by past agreements that promised high returns but ended in distress or bankruptcy, pension funds and other limited partner
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NEW YORK, May 12, 2021 (GLOBE NEWSWIRE) QuadReal Property Group, a global real estate investment, development and operating company, announced today that Jameson Weber has assumed the role of Managing Director, International Real Estate, Americas.
Mr. Weber joined QuadReal in 2018 as the company s first U.S.-based hire, establishing the New York City office and acting as Managing Director, Head of Special Situations. In his new role, Mr. Weber will oversee investment activities in the Americas, which currently includes the U.S., Mexico and Brazil markets, across all property types. His focus now will be on the growth and performance of the U.S. portfolio. Currently, the Americas portfolio represents 23 per cent of QuadReal s global business and is expected to grow to 35 per cent by 2025, translating to $14.5 billion of growth that will expand to over $25 billion in four years.
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