Lazard Has $100 Million More For Investments
Lazard has $100 million more for investments
By Brett Cole
Lazard Australia Private Equity Ltd has made only one investment from its 2011, $120 million fund but that investment in sportswear company 2XU has been spectacular. It may however be hard to repeat as Lazard looks to make as many as five more investments with the $100 million left in the fund.
Gareth Young, director of Lazard Australia Private Equity, told DataRoom the fund’s realised return from its 2XU investment is in excess of two times money multiple, or a 50 per cent internal rate of return, per annum.
Lazard has sold some of its shareholding in 2XU to LVMH Moet Hennessy Louis Vuitton SA, enabling it to monetise an investment that is just two years old.
Lazard Australia has until 2021 to invest and liquidate investments from its second fund that will take stakes of up to 49 per cent in companies headquartered in Australia. The firm’s 2006, $330 million fund is fully invested and Lazard has five investments to sell from the fund in the next couple of years.
The firm’s $120 million fund usually takes minority stakes in companies using a minimal of leverage. Six people, mostly in Melbourne, work on investments.
Young says the Lazard fund is not a leveraged buyout or venture capital investor but a “corporate opportunities fund” that has no sector specialty and invests along “macro thematic” lines.
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[Credit scores as a basis for hiring is] one more way in which the system is rigged. If you’re rich and you get divorced, it’s not going to hurt your credit rating. If you’re rich and you have a medical problem, it’s not going to hurt your credit rating. If you’re rich and you end up quitting your job or losing your job, you walk out with a whole lot of savings, you walk out with a nice package. It’s not going to hurt your credit rating. But how about families who work hard every day, who live a lot closer to the economic margin? Those are the ones who get hit with a problem, with a medical problem, with a job loss. And boy, it’s not only the hit, it’s the financial fallout from that hit. And here’s the deal: it stays on their credit report for seven years, in some cases even longer. So what does that really mean? This is a problem that hits hardworking families who are struggling to get back on their feet. It’s not one that hits the rich, and I think that’s just wrong.
Elizabeth Warren, commenting on credit scores being a rigged way to deny poor people employment, as reported by Common Dreams. (via america-wakiewakie)
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Now that the long overdue (and predicted) contagion from the cash market has hit repo, things are going from bad to horrifying. Following overnight news that HK is hiking haircuts on Bill collateral, and with increasingly more counterparties now segregating what collateral is eligible, if not shutting down the bill market outright, suddenly the universe of eligible repo market securities has imploded. It also means the overnight repo rate, as we said on Monday would happen, is exploding. Moments ago ICAP reported, via SMRA, that the general collateral overnight rate has nearly doubled from 0.15% to 0.27% and rising.
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UPDATE: The earlier rumors have been confirmed: People’s Bank of China told more than 10 third-party payment service providers yesterday not to give clearing services to online Bitcoin exchanges, China Business News reports, citing a central bank meeting with the companies. This news is pressuring Bitcoin to $678 (on Mt.Gox) but more notably, BTC China rates imply a $588 equivalent price - down 57% from its highs. From a $100-plus premium, BTC China now trades $130 cheap to Mt.Gox as the ‘arb’ flips.
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Sen. Rand Paul took on the “war on women” debate on Sunday, saying women are succeeding and that the war is something Democrats have concocted against Republicans. The Morning Joe panel discusses.
Gonna be awesome,
His greatest battle begins. Watch The Amazing Spider-Man 2 trailer NOW!
