Largest investment management transactions in 2007
All amounts are in U.S. billions.
In the largest U.S. IPO in five years, this leading private equity/alternatives manager achieves a $33.6 billion valuation, equivalent to nearly 40% of AUM and 18 times expected earnings. Potentially the sign of a "market top" when the private equity is selling?
Central Huijin Investment
Simultaneous with the IPO, Blackstone's partners secure another $3 billion from China's new State Investment Co. and open the door for more investment opportunities in China.
Announced just before the credit crunch, Madison Dearborn takes Nuveen private in the largest private equity investment ever in the industry, paying 16.3 times EBITA of which 9.3 times was borrowed.
Power Financial, the dominant mutual fund group in Canada, enters the U.S. fund market through the acquisition of Putnam, a once-premier name tarnished by market-timing scandals and poor performance.
One of Europe's largest hedge fund managers becomes the first pure-play hedge fund business to list on the NYSE, through a reverse merger with a SPAC.
Marsico Capital Management
Tom Marsico puts up $150 million to buy back this mutual fund company that he had previously sold to Bank of America for $1.1 billion.
Och-Ziff Capital Management
Floating in the challenging November market, this highly successful hedge fund manager settles for a more modest multiple of 13 times expected earnings.
Dubai International Capital
In tandem with the IPO, Och-Ziff takes on a Middle East partner that may co-invest in future deals.
Jupiter Asset Management
TA Associates and Management
Commerzbank eventually finds a home for its U.K. fund management business in this TA-backed management buyout, completed just before the credit crunch.
BlackRock makes a major bet that institutional demand for hedge fund-of-fund products will continue to grow. Includes a significan earnout worth up to $970 million in addition to $750 million paid at closing.
Mubadala Development (Abu Dhabi)
Eyeing a potential IPO down the road, Carlyle sells a minority stake to the Abu Dhabi government and establishes a pro forma $20 billion valuation.
Banco Santander Latin American Pensions
ING becomes the second largest pension fund administrator in Latin America while Santander raises cash for its participation in the ABN AMRO purchase.