Skip to main content
MENU
Subscribe
  • Sign Up Free
  • LOGIN
  • Subscribe
  • Topics
    • Alternatives
    • Consultants
    • Coronavirus
    • Courts
    • Defined Contribution
    • ESG
    • ETFs
    • Face to Face
    • Hedge Funds
    • Industry Voices
    • Investing
    • Money Management
    • Opinion
    • Partner Content
    • Pension Funds
    • Private Equity
    • Real Estate
    • Russia-Ukraine War
    • SECURE 2.0
    • Special Reports
    • White Papers
  • Rankings & Awards
    • 1,000 Largest Retirement Plans
    • Top-Performing Managers
    • Largest Money Managers
    • DC Money Managers
    • DC Record Keepers
    • Largest Hedge Fund Managers
    • World's Largest Retirement Funds
    • Best Places to Work in Money Management
    • Excellence & Innovation Awards
    • WPS Innovation Awards
    • Eddy Awards
  • ETFs
    • Latest ETF News
    • Fund Screener
    • Education Center
    • Equities
    • Fixed Income
    • Commodities
    • Actively Managed
    • Alternatives
    • ESG Rated
  • ESG
    • Latest ESG News
    • The Institutional Investor’s Guide to ESG Investing
    • ESG Sustainability - Gaining Momentum
    • Climate Change: The Inescapable Opportunity
    • Impact Investing
    • 2022 ESG Investing Conference
    • ESG Rated ETFs
  • Defined Contribution
    • Latest DC News
    • DC Money Manager Rankings
    • DC Record Keeper Rankings
    • Innovations in DC
    • Trends in DC: Focus on Retirement Income
    • 2022 Defined Contribution East Conference
    • 2022 DC Investment Lineup Conference
  • Searches & Hires
    • Latest Searches & Hires News
    • Searches & Hires Database
    • RFPs
  • Performance Data
    • P&I Research Center
    • Earnings Tracker
    • Endowment Returns Tracker
    • Corporate Pension Contribution Tracker
    • Pension Fund Returns Tracker
    • Pension Risk Transfer Database
    • Future of Investments Research Series
    • Charts & Infographics
    • Polls
  • Careers
  • Events
    • View All Conferences
    • View All Webinars
    • 2023 Defined Contribution East
    • 2023 ESG Investing
Breadcrumb
  1. Home
  2. COURTS
August 21, 2012 01:00 AM

EIG Global Energy sues to stop TCW buyout

  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print

    EIG Global Energy Partners, an energy investment team that spun off from TCW in 2009, announced Tuesday that it is suing TCW to stop a buyout of the money manager because of the involvement of private equity firm The Carlyle Group.

    French banking giant Societe Generale agreed on Aug. 9 to sell its majority stake in TCW to two Carlyle funds and to TCW’s managers

    The complaint filed in federal court in U.S. District Court in Los Angeles involves a $4.2 billion joint private equity fund that closed in April 2011 after EIG was no longer part of TCW. The fund was raised by EIG, but both TCW and EIG share in the profits as part of a 10-year spinout agreement, said Blair Thomas, CEO of EIG, in a phone interview.

    EIG officials maintain in the court complaint that its agreement with TCW for the private equity fund ensures EIG cannot be forced into a business relationship with a firm with which it does not want to do business.

    EIG and Carlyle Group both invest in energy projects.

    The suit alleges that if the deal goes through, Carlyle would have access to competitively sensitive information about EIG's operations.

    “We view Carlyle as a competitor,” Mr. Thomas said. “We negotiated specific protections against this happening for exactly this reason.”

    Mr. Thomas said Carlyle is one of several buyout firms that have aggressively invested in the energy and energy infrastructure business in the last several years.

    Mr. Thomas said his firm’s concerns over the deal were made known to TCW, its owner — French bank Societe Generale — and Carlyle, but negotiations were unsuccessful.

    He said the agreement with TCW on the energy fund calls for disputes between his firm and TCW to be settled by arbitration. While Mr. Thomas said his firm filed for arbitration last week, he is concerned that the TCW buyout could occur before the arbitration process is completed.

    TCW spokesman Peter Viles said, “We do not comment on matters in arbitration.” But he praised the deal. “This is an excellent transaction for TCW, its clients and its employees, and we are confident it will go forward on schedule.”

    The transaction is expected to close in the first quarter of 2013, Mr. Viles said.

    Elizabeth Gil, a spokesman for the Carlyle Group, declined comment.

    EIG is represented in this litigation by the law firm Munger, Tolles & Olson.

    Related Articles
    Carlyle-TCW deal announcement could come soon
    Carlyle, TCW management reach deal on acquisition
    Carlyle likely to do more money manager deals
    TCW-Carlyle deal could be stalled by judge over EIG claim
    Carlyle's TCW Group acquisition won't be blocked by EIG lawsuit
    EIG drops opposition to Carlyle's TCW deal
    Recommended for You
    Schneider Electric 2-main_i.jpg
    Schneider Electric, 401(k) participants settle ERISA lawsuit for $200,000
    gavel_closeup_court_1550-main_i.jpg
    ERISA lawsuit against Rollins gets mixed ruling from federal judge
    ONLINE_180209882_AR_0_QXHIIWOILOQD.jpg
    Eversource Energy settles ERISA lawsuit over 401(k) fees, performance
    The Institutional Investor's Guide to ESG Investing
    Sponsored Content: The Institutional Investor's Guide to ESG Investing

    Reader Poll

    January 25, 2023
    SEE MORE POLLS >
    Sponsored
    White Papers
    Show Me the Income: Discovering plan sponsor and participant preferences for cr…
    The Future of Infrastructure: Building a Better Tomorrow
    Outlook 2023: Opportunity in a volatile world
    Research for Institutional Money Management
    View More
    Sponsored Content
    Partner Content
    The Industrialization of ESG Investment
    For institutional investors, ETFs can make meeting liquidity needs easier
    Gold: the most effective commodity investment
    2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios
    Ten ways retirement plan professionals add value to plan sponsors
    Gold: an efficient hedge
    View More
    E-MAIL NEWSLETTERS

    Sign up and get the best of News delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    Subscribe Today
    December 12, 2022 page one

    Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors.

    Subscribe
    Connect With Us
    • RSS
    • Twitter
    • Facebook
    • LinkedIn

    Our Mission

    To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market.

    About Us

    Main Office
    685 Third Avenue
    Tenth Floor
    New York, NY 10017-4036

    Chicago Office
    130 E. Randolph St.
    Suite 3200
    Chicago, IL 60601

    Contact Us

    Careers at Crain

    About Pensions & Investments

     

    Advertising
    • Media Kit
    • P&I Content Solutions
    • P&I Careers | Post a Job
    • Reprints & Permissions
    Resources
    • Subscribe
    • Newsletters
    • FAQ
    • P&I Research Center
    • Site map
    • Staff Directory
    Legal
    • Privacy Policy
    • Terms and Conditions
    • Privacy Request
    Pensions & Investments
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • Topics
      • Alternatives
      • Consultants
      • Coronavirus
      • Courts
      • Defined Contribution
      • ESG
      • ETFs
      • Face to Face
      • Hedge Funds
      • Industry Voices
      • Investing
      • Money Management
      • Opinion
      • Partner Content
      • Pension Funds
      • Private Equity
      • Real Estate
      • Russia-Ukraine War
      • SECURE 2.0
      • Special Reports
      • White Papers
    • Rankings & Awards
      • 1,000 Largest Retirement Plans
      • Top-Performing Managers
      • Largest Money Managers
      • DC Money Managers
      • DC Record Keepers
      • Largest Hedge Fund Managers
      • World's Largest Retirement Funds
      • Best Places to Work in Money Management
      • Excellence & Innovation Awards
      • WPS Innovation Awards
      • Eddy Awards
    • ETFs
      • Latest ETF News
      • Fund Screener
      • Education Center
      • Equities
      • Fixed Income
      • Commodities
      • Actively Managed
      • Alternatives
      • ESG Rated
    • ESG
      • Latest ESG News
      • The Institutional Investor’s Guide to ESG Investing
      • ESG Sustainability - Gaining Momentum
      • Climate Change: The Inescapable Opportunity
      • Impact Investing
      • 2022 ESG Investing Conference
      • ESG Rated ETFs
    • Defined Contribution
      • Latest DC News
      • DC Money Manager Rankings
      • DC Record Keeper Rankings
      • Innovations in DC
      • Trends in DC: Focus on Retirement Income
      • 2022 Defined Contribution East Conference
      • 2022 DC Investment Lineup Conference
    • Searches & Hires
      • Latest Searches & Hires News
      • Searches & Hires Database
      • RFPs
    • Performance Data
      • P&I Research Center
      • Earnings Tracker
      • Endowment Returns Tracker
      • Corporate Pension Contribution Tracker
      • Pension Fund Returns Tracker
      • Pension Risk Transfer Database
      • Future of Investments Research Series
      • Charts & Infographics
      • Polls
    • Careers
    • Events
      • View All Conferences
      • View All Webinars
      • 2023 Defined Contribution East
      • 2023 ESG Investing