The Morning Leverage: Pension Fund Executive Defends Private Equity

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February 16, 2012 /The Wall Street Journal/ – Top stories in today’s LBO Wire:

Coachman Energy Funds, a firm focused on acquiring oil and gas assets in the U.S.’s Bakken Shale region, is looking to raise $300 million in its first institutional fund, reports LBO Wire’s Jonathan Shieber.

The Denver firm has raised four previous investment vehicles.

The private equity backers of Lightower Fiber Networks LLC have taken a $150 million dividend through a refinancing. Pamlico Capital, M/C Venture Partners and Ridgemont Equity Partners received the dividend through a $380 million credit facility.

Also, Housatonic Partners led an all-equity investment in QMC Telecom International, a new platform that will build cell towers in Brazil; Peterson Partners is investing $4 million in the project. . . Credit Suisse Group’s secondary private equity arm, CS Strategic Partners, closed its fifth fund with $2.9 billion in commitments and aims to deploy more than $1 billion in capital in 2012. . .

(LBO Wire is a daily newsletter with comprehensive analysis of all the investments, deals, fund raisings and personnel moves involving private equity firms. For a two-week trial, click here.)

Elsewhere:

California Public Employees’ Retirement System, allow for a rebuttal: The Wall Street Journal features an opinion piece by Steve LeBlanc, senior managing director for private markets for the Teacher Retirement System of Texas, who explains how private equity keeps public pension funds sound. “From my perspective, it has provided a very public good,” he writes.

Deal Journal Australia reports Texas firm TPG Capital aims to strike a deal down under, making a “highly conditional offer” Billabong, a brand of surfing and snowboarding apparel that values the company at 765.3 million Australian dollars ($819 million).

By Mike Lucas
The Wall Street Journal