| |||||||||||
| |||||||||||
 With limited partners hoping he's still got the golden touch when it comes to distressed investing, Goldman Sachs Group Inc. (NYSE:GS) alum Mark McGoldrick has reportedly held the final closing of his firm's $2.5 billion inaugural private equity fund. Two unnamed sources told Reuters that his firm, Mount Kellett Capital Management, recently completed fundraising for the Asia-focused vehicle. Nick-named "Goldfinger" for his success running Goldman's global special situations group, McGoldrick had nailed down $1.5 billion in commitments for the fund by January in spite of the tidal wave of troubles that rocked financial markets throughout 2008. Mount Kellett has also drawn in several other Goldman veterans ready to try their hand at LBO deals as the financial crisis wears on Wall Street. McGoldrick himself left a position at Goldman in 2007, where he made between $40 million and $70 million annually, to cash in on the buyout bonanza going on at the time. McGoldrick has not completely cut ties with Goldman, because the Wall Street bank assisted in fundraising for the nascent PE firm, which has offices in New York, Mumbai and Beijing and will typically target deals in the $100 million range. Although the Mount Kellett fund was initially targeted at $5 billion, the fact that McGoldrick only had to scale it back by 50% for a first-time fund is an important indicator not only of limited partners' confidence in his dealmaking prowess, but also that appetite for the asset class remains relatively strong, as does confidence that Asia remains fertile ground for LBO deals. - George White See Reuters story See Dealscape post on Mount Kellett's first fund closing See Dealwatch on PE/VC fundraising
CategoriesPrivate capital video
Categories
Blog roll
Archives
| |||||||||||
|
|
|
|
|
©Copyright 2009, The Deal, LLC. All rights reserved. Please send all technical questions, comments or concerns to the Webmaster.
