PE Closer Look

What is $XHR’s best use of a possible $800 million proceeds from hotel sales for Xenia shareholders? A special dividend for investors? Read UNITE HERE’s report: bit.ly/XHRspecialdivi… $DRH $PEB $RLJ @rwbaird @Instinet @JefferiesEvents @MorganStanley @RaymondJames @WellsFargo

Could Xenia Hotels Issue a Special Dividend of 10% or More with Proceeds from Upcoming Hotel Sales? Asks a New Report by UNITE HERE. $XHR businesswire.com/news/home/2019…

Could Xenia Hotels Issue a special dividend of 10% or more with proceeds from upcoming hotel sales? Read UNITE HERE's report: hotelcorpgov.org/wp-content/upl… $XHR

@eisingerj When you think about it, private equity especially, but also many hedge funds, have been every bit as destructive to society as Facebook, Google and Amazon. Why haven’t people turned on the finance industry the way it has turned on the tech industry?

The Dayton Daily News is being sold to private-equity giant Apollo Global Mgt, which is also buying local TV & radio stations. But a recent court ruling on FCC rules bars ownership of both local TV & daily paper. So Apollo may stop publishing DDN daily. daytondailynews.com/news/ruling-fc…

What's theirs is their and what's yours is theirs too. @RanaForoohar takes on the tech platforms and double standards on copyright issues in this fascinating conversation with @felixsalmon @EmilyPeck on her new book, Don't Be Evil. slate.com/podcasts/slate…

@ceordc. @dawniederhauser Great to see Rose Batt interviewed for the News Hour talking private equity and healthcare and surprise billing.

Carlyle nets major payout from bankrupt refinery pitchbook.com/newsletter/car…

From Feb. 2018: Refiner goes belly-up after big payouts to Carlyle Group l reuters.com/article/us-usa…

"Each of the city’s five pension funds will decide whether to include the new restrictions in side-letters that regulate the terms of new commitments to Platinum." bloomberg.com/news/articles/…

.@lphalippou81 is not mincing words ft.com/content/ceacac…

Investing Outside the Box: Evidence from Alternative Vehicles in Private Equity hbs.edu/faculty/Public… Lerner et al on the underperformance of alt vehicles relative to main funds

Covenant-lite share of US #leveragedloan outstandings continue to hold at ~79%. That's roughly $950B of what's now a $1.2T market

"The increasing dominance of the largest fund groups also calls into question whether their stewardship teams, which oversee their voting and engagement at tens of thousands of investee companies, have sufficient resources." #CorpGov

Adviser Teneo faces arbitration over oil deal conflict ft.com/content/5d7ede… via @financialtimes

BlackRock adopts building trade group's responsible contractor policy pionline.com/online/blackro… via @pensionsnews

@MonocleMan1 @ROIChristie The ILPA's recommendation around disclosing what IRR's would look like without the use of sub line would seem to make most more comfortable, while maintaining ability to have more predictable cap calls.

@ROIChristie I think that's fair. Either way, I have seen a lot of complaining about sub lines, mainly by the usual private-markets-are-the-devil-you-should-buy-my-index-fund types. My thought is just that perhaps there are actual benefits to the practice that should be considered.

Workers suffer from Shopko's bankruptcy while Sun Capital made money axios.com/shopko-bankrup…

“[I]ndustry insiders are now seeing the practice extend into the mid-market, where it is arguably less justified as lenders are usually chosen much earlier in the transaction” link.privatedebtinvestor.com/view/562f94d33…