Goldman Sachs doesn't make many acquisitions, but when it does buy a company, the founders often end up working at the Wall Street firm, as appears to be the case for Joe Duran, founder of United Capital.
Colfax strikes a deal to sell its air and gas handling division to private-equity firm KPS Capital Partners for approximately $1.8 billion.
The five biggest U.S. private-equity firms have raised almost $350 billion of 'dry powder' from pension funds, foreign governments and other institutional investors that must now be spent on everything from corporate acquisitions to business loans and real estate. The problem is, the assets have gotten too expensive.
KKR, the $200 billion U.S. private-equity firm, benefited from higher performance revenue and investment income during a period when the S&P 500 jumped by the most in 10 years.
Stephen Schwarzman, founder and CEO of the giant U.S. private-equity firm Blackstone, was already one of the world's richest men. But after an announcement that the partnership will convert to a stock corporation sparked the biggest one-day rally in its publicly traded units, Schwarzman is immediately $573 million richer on paper.
The private-equity firm says the conversion will allow investors to buy its shares without creating the need for a Schedule K-1, an Internal Revenue Service tax form that's used to report earnings from partnerships.
Morgan Stanley says first-quarter profit falls 9% from a year earlier as revenue tumbles in the New York-based investment bank's trading business. But the results still exceed the expectations of Wall Street analysts.
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