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The article discusses private equity. The structure, fees, and internal rate of return for private equity firms are outlined, the launch of the European digital private equity platform Moonfare by former KKR managing director Steffen Pauls is described, and possible U.S. legal restrictions on private equity are speculated about.

Keywords: 0230417Z; ALLTOP; BUSINESS; COS; EXE; FIN; GEN; GLOBALMACR; GOV; INDUSTRIES; NORTHAM; TOP; US; WORLD; WWTOP; WWTOPAM; WWTOPAS; WWTOPEU EN 0230417Z ALLTOP BUSINESS COS EXE FIN GEN GLOBALMACR GOV INDUSTRIES NORTHAM TOP US WORLD WWTOP WWTOPAM WWTOPAS WWTOPEU Private equity's most lucrative tax break is in peril once more. "As long as private equity returns are among the highest across asset classes overall, private equity managers are unlikely to depart for greener pastures", said Kelly DePonte, a managing director at Probitas Partners, which helps raise money for private equity funds. [Extracted from the article]

(Bloomberg) -- Apollo Global Management Inc., Blackstone Inc. and their rivals handed back $45 billion to investors last quarter as they reported record earnings in a hot market for deals. Carlyle is reportedly seeking as much as $27 billion for its next fund and Blackstone may seek as much as $30 billion for its next main buyout pool, which would make it the industry's largest. And firms including Carlyle Group Inc. and KKR & Co. are rapidly spending current funds as they prepare to return to the market with bigger buyout pools. [Extracted from the article]

(Bloomberg) -- The giants of private equity are on a tear. Apollo Global Management Inc., KKR & Co., Carlyle Group Inc. and Blackstone Group Inc. have enjoyed record earnings selling off assets in a hot market. Private Equity Giants Thrive in "Perfect" Market for Deals. [Extracted from the article]

Read more: Kravis Signs Off as Next Generation Rises in Private Equity Other earnings highlights: Distributable earnings of $1.05 a share beat the average analyst estimate of 94 cents, according to a Bloomberg survey. (Bloomberg) -- KKR & Co. deployed a record amount of money in new investments in the third quarter as assets soared and the dealmaker pushed deeper into technology-related bets. [Extracted from the article]

(Bloomberg) -- You can't do private equity by Zoom. KPS, which invests in manufacturing companies, hasrequired all its New York staff to be in the office fivedays a week since early September, provided they'revaccinated. [Extracted from the article]

While some Wall Street firms have been requiring keystaff to show up at the office every day for at least ayear, KPS's demand that everyone do so makes it anoutlier. Read more: KPS Capital Goes on Offense Buying Humvee andLawn Mower Makers "The opportunities in the market were so compelling thatwe basically were able to deploy within a yearapproximately one-third of our mid-cap fund", Psarossaid, "as well as over one-third of our flagship fund'scapital". KPS, which invests in manufacturing companies, hasrequired all its New York staff to be in the office fivedays a week since early September, provided they'revaccinated. [Extracted from the article]

Read more: Kravis Signs Off as Next Generation Rises in Private Equity Bae and Nuttall succeeded KKR founders Henry Kravis, 77, and George Roberts, 78, who will remain executive co-chairmen. (Bloomberg) -- KKR & Co. awarded Joe Bae and Scott Nuttall about $75 million each as part of their promotions to co-chief executive officers. [Extracted from the article]

Read more: Thoma Bravo Billionaire Says Virtual Dealmaking Is Here to Stay Transactions this year include the firm's $6.6 billion acquisition of online postage company Stamps.com, and its $3.7 billion deal for financial software provider Calypso Technology. Bravo also called for more transparency around special purpose acquisition companies. (Bloomberg) -- Billionaire private-equity manager Orlando Bravo said that his firm plans to invest in blockchain technology companies. [Extracted from the article]

(Bloomberg) -- Private equity firm 10T Holdings raised$750 million for its first fund to pursue investments infast-growing cryptocurrency companies. Private equity firm 10T Holdings raised $750 million forits first fund to pursue investments in fast-growingcryptocurrency companies. [Extracted from the article]

Buyout firms are hauling in ever-bigger tallies of cash as yield-starved investors seek better returns amid low interest rates. Swiss firm Partners Group Holding AG is also bolstering its U.S. focus, with more than half of its deals already involving companies based there, the firm said in March. [Extracted from the article]

KKR is looking at potentially broadening the initiative, said Stavros, who first had the opportunity to implement the strategy when he was head of industrials at the firm. KKR sold its remaining 7% stake in Ingersoll Rand, or 29.8 million shares of common stock, on the secondary market on Aug. 4, according to a filing. [Extracted from the article]

Now it's rolling out new green asset funds at a record clip in a bid to lure the institutional money flocking to climate-friendly investments. Especially over the last 18 months, environmental, social, and governance factors have also become a much stronger consideration for North American investors, said Kelly DePonte, a managing director at Probitas Partners, which helps raise money for private equity funds. For instance, the median net internal rate of return for conventional energy funds that started investing in 2010 was a loss of 5.6% since inception through March 2021, while renewable-focused funds from the same period gained 8%. [Extracted from the article]

Now it's rolling out new green asset funds at a record clip in a bid to lure the institutional money flocking to climate-friendly investments. For instance, the median net internal rate of return for conventional energy funds that started investing in 2010 was a loss of 5.6% since inception through March 2021, while renewable-focused funds from the same period gained 8%. Especially over the last 18 months, environmental, social, and governance factors have also become a much stronger consideration for North American investors, said Kelly DePonte, a managing director at Probitas Partners, which helps raise money for private equity funds. [Extracted from the article]

(Bloomberg) -- Veritas Capital is seeking to raise $10billion for what would be its biggest buyout fund as theprivate equity industry aims to build larger pools ofcash. The latest capital-raising would be for the firm's eighthflagship buyout fund, according to a person withknowledge of the matter. [Extracted from the article]

Company owners would be smart to get out now,one private equity executive noted, because by this fallin the U.S. there will be too many sellers crowding intothe market. (Bloomberg) -- For 110 years, four generations of Millsfamily members earned their money by expanding theirgreat-grandfather's Chicago apron business into a medicalsupplier that ranked among the nation's largest privatecompanies. QuickTake: How Capital Gains Are Taxed and What BidenWould Do Meanwhile, company owners are eager for certainty -- pressingtax experts, bankers and even theircongressional representatives to specify how much highertax bills will jump if they wait to sell in the future. [Extracted from the article]

(Bloomberg) -- For 110 years, four generations of Millsfamily members earned their money by expanding theirgreat-grandfather's Chicago apron business into a medicalsupplier that ranked among the nation's largest privatecompanies. Company owners would be smart to get out now,one private equity executive noted, because by this fallin the U.S. there will be too many sellers crowding intothe market. More than 20 House Democrats from high-tax states havethreatened to reject Biden's tax plans unless they alsoaddress the so-called SALT cap imposed under PresidentDonald Trump. [Extracted from the article]

(Bloomberg) -- In the gilded realms of private equity, where mega deals and mega paydays beckon, the masters of leveraged buyouts are feeling a little put out. A decade ago, private-equity billionaire Stephen Schwarzman likened the mere possibility of raising taxes on his industry to Adolf Hitler invading Poland in 1939. [Extracted from the article]

(Bloomberg) -- As the world begins to emerge from lockdown, some hedge funds are slashing technology investments that thrived in the work-from-home era. The activist investor, which launched its own blank-check company last year, made relatively small investments in 18 such companies in the quarter, including ones being run by notable investors such as Michael Klein and Alex Rodriguez and private equity firms KKR & Co. and Warburg Pincus. [Extracted from the article]

(Bloomberg) -- As the world begins to emerge from lockdown, some hedge funds are slashing technology investments that thrived in the work-from-home era. The hedge fund trimmed its overall exposure to tech stocks by about 5%, Bloomberg data show. [Extracted from the article]

And D1 Capital added 124,000 shares of Shopify Inc. for a stake valued at $137 million. Lee Ainslie's Maverick Capital exited its stake in the video-game retailer, valued at $88 million at the end of December, when the shares traded at $18.84. (Bloomberg) -- Here are the key takeaways from hedge funds' first-quarter 13F filings. [Extracted from the article]

(Bloomberg) -- KKR & Co. expects to raise more than $100 billion by 2022, building on last year's record and an abundance of growth opportunities. "We have many more strategies coming to market now than we did at the beginning of 2020", Scott Nuttall, KKR's co-president, said Tuesday at the New York-based firm's virtual investor day. KKR is either already in the market with or planning to raise capital for more than 20 strategies this year and next, including its flagship Americas and Europe private equity funds as well as its global impact and opportunistic real estate funds, according to the presentation. [Extracted from the article]

(Bloomberg) -- KKR & Co. expects to raise more than $100 billion by 2022, building on last year's record and an abundance of growth opportunities. Earlier this month, KKR said it brought in $15 billion for its biggest buyout fund in Asia, the largest private equity pool in the region. [Extracted from the article]

Wecker joined New York-based Two Sigma in July from Goldman Sachs Group Inc. -- in the middle of the pandemic -- and said he hasn't been able to meet many of his new colleagues in person. (Bloomberg) -- Two Sigma Investments won't require employees to return to the office until at least September and will experiment with a hybrid model that allows them to work remotely two days a week. [Extracted from the article]

(Bloomberg) -- Apollo Global Management Inc. agreed to acquire Athene Holding Ltd. in an all-stock deal that values the annuity business at about $11 billion. Apollo was already the annuity seller's biggest shareholder, with the firm and related entities owning a 35% stake. [Extracted from the article]

(Bloomberg) -- New Jersey's $83 billion pension fund is eyeing further investments in private equity and credit to boost performance. In July, the fund raised its private equity target allocation to 13% from 12% and private credit to 8% from 6%, according to a meeting document. [Extracted from the article]

(Bloomberg) -- Partners Group Holding AG bought medical-apparel company Careismatic Brands for about $1.3 billion including debt, according to a person with knowledge of the matter, in the private equity firm's latest health-care deal. It previously was a shareholder of Careismatic's predecessor, Strategic Partners Inc. Partners Group, founded in 1996, has more than 1,500 employees and 20 offices globally, including a regional headquarters in Denver. [Extracted from the article]

(Bloomberg) -- Partners Group Holding AG bought medical apparel company Careismatic Brands for about $1.3 billion including debt, according to a person with knowledge of the matter, in the private equity firm's latest health-care deal. The Swiss firm purchased Careismatic from New Mountain Capital, the New York-based private equity shop that acquired the company in 2016. [Extracted from the article]

(Bloomberg) -- Investcorp took a passive minority position in private equity firm Centre Lane Partners, the latest investment for the alternative-asset manager in the booming world of stake sales. Firms are buying stakes in alternative-asset managers as investors seek different sources of yield and as aging founders look to pare their ownership. [Extracted from the article]

(Bloomberg) -- It was a rare issue in Washington that had support from both parties at the expense of Wall Street firms and the health-care industry: lawmakers were determined to end surprise medical billing. Under the new rules, doctors and hospitals can't charge patients fees on most out-of-network care that their insurers won't cover, and patients' financial responsibility for emergency care from such providers is limited. [Extracted from the article]

(Bloomberg) -- It was a rare issue in Washington that had support from both parties at the expense of Wall Street firms and the health-care industry: lawmakers were determined to end surprise medical billing. Neal, Alexander Murphy congratulated the bill's champions, which included House Ways and Means Chairman Richard Neal, a Massachusetts Democrat. [Extracted from the article]

Add-on transactions from firms including Cinven and HarbourVest Partners comprised 51% of global buyouts in the third quarter, a new high, according to data compiled by PitchBook. The 34 portfolio companies in its fifth and sixth funds have made more than 300 add-on deals since the funds began, according to a company spokeswoman. Among them: portfolio company Fortune International, a seafood and specialty food distributor, acquired Neesvig's Inc., another seafood, meat processor and distributor. [Extracted from the article]

(Bloomberg) -- It's widely understood that the private equity industry lacks diversity. Across all levels, the number was about 250, the firm said, citing data from a third party hired to analyze industry progress. [Extracted from the article]

(Bloomberg) -- A $1.5 billion value-oriented equity hedge fund climbed 30% in the first half by buying tech stocks amid Covid-19 induced market dislocations and the return of volatility. Founded in 2014 by former Vector Capital managing director Amish Mehta, SQN is among a handful of equity hedge funds that have posted double-digit gains this year. [Extracted from the article]

(Bloomberg) -- Here are the key takeaways from hedge funds' first-quarter 13F filings. Warren Buffett's Berkshire Hathaway Inc. trimmed two of its bank holdings, JPMorgan Chase & Co. and Goldman Sachs Group Inc., during the the period as the pandemic started to roil financial markets. Another popular name was Peloton Interactive Inc. Soros Fund Management LLC and Coatue were among the firms that boosted holdings in the exercise company ahead of a huge rally. [Extracted from the article]

(Bloomberg) -- Hedge fund manager Bill Ackman is buying shares of private equity heavyweight Blackstone Group Inc., according to a person familiar with the matter, as the growing coronavirus pandemic roils markets. Ackman said in a CNBC interview earlier in the day that he's aggressively buying stocks, including Hilton Worldwide Holdings Inc., which his hedge fund Pershing Square Capital Management owns. [Extracted from the article]

(Bloomberg) -- Private equity firms have big plans for 2020. Private equity firms are also becoming one-stop shops, launching more non-traditional offerings such as private debt, real asset and real estate funds as a way to expand product lines and create more options for investors. [Extracted from the article]

(Bloomberg) -- Private equity firms are ready to pounce in 2020, armed with a record level of cash.Firms led by Blackstone Group Inc. and Carlyle Group LP have amassed almost $1.5 trillion in unspent capital, the highest year-end total on record, according to data compiled by Preqin. Low interest rates, the rise of index-tracking funds and years of lackluster hedge fund performance have pushed investors to private equity in search of higher returns. "From a fundraising perspective, we believe any prospective hesitation among experienced investors will be at least partially offset by the flow of new investors moving into the space -- high-net worth individuals and family offices in particular", said Andres Saenz, who leads EY's global private equity practice. [Extracted from the article]

(Bloomberg) -- Private equity firms may be taking it on the chin these days, but the drubbing isn't hurting their stock prices. That should help the stock prices gain regardless of the broader market's performance, Parikh said. [Extracted from the article]

(Bloomberg) -- KKR & Co. has gathered more than $2 billion to invest in fast-growing technology companies as it further expands beyond the mega-deals that made its reputation. KKR invested in companies including cybersecurity firm KnowBe4 Inc., OneStream Software LLC and Lyft Inc. through its first growth fund. [Extracted from the article]

Firm likely to have raised $110 billion by end of this year The Washington-based private equity firm will likely have raised about $110 billion, co-Chief Executive Officer Glenn Youngkin said Tuesday at the Morgan Stanley Financials Conference in New York. [Extracted from the article]

Private-equity giants see fourth-quarter fundraising surge KKR reported a profit gain fueled by private equity fundraising and higher fees. [Extracted from the article]

Fourth-quarter loss driven by annuity seller Athene's decline Net inflows, fee-related earnings were bright spots in period. [Extracted from the article]

Equity hedge funds on average lost about 6 percent in 2018 on an asset-weighted basis, according to Hedge Fund Research Inc. He's one of the more successful Tiger Cubs, a term coined for alumni of Julian Robertson's hedge fund Tiger Management, where Coleman was a technology analyst. [Extracted from the article]

Sundheim invests in private equity; Cohen likes venture bets Knighthead Capital Management, a distressed-debt hedge fund founded in 2008, is raising money for its first drawdown fund to make opportunistic wagers. [Extracted from the article]