Ronbowlens - Ron's Blog

VIDEO: Cara Delevingne & Michelle Rodriguez Cozy Up At Knicks Game!

Do we have a hot new Hollywood couple on our hands? Ok, we might be jumping the gun on this one,…

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May the force of a good employer recommendation be with you. [contd]

After offending much of his market base, Lululemon chairman and founder Chip Wilson will step down, according to a press release from the company. 

Wilson has been at the center of a firestorm of bad press after he said some women’s bodies just “don’t work” in the brand’s pants. This fall, Wilson responded to criticisms of low quality by saying that women’s thighs that rub together were eroding the pricey brand’s athletic clothing.

(Photo by Lucas Jackson/Reuters)

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.

Alexander Navab co-heads KKR’s North American Private Equity business and heads the Media and Communications industry team in the U.S.

Former Bush aide now top private equity lobbyist

By Lawrence Delevingne

Kenneth Mehlman, the public affairs chief at Kohlberg Kravis Roberts & Co. who was previously a leading Republican operative in Washington, is now the top lobbyist for the private equity industry.

Mehlman was elected Thursday as the chairman of The Private Equity Growth Capital Council, the most prominent industry advocacy group for firms like TPG Capital, Silver Lake, Apollo Global Management, Carlyle Group and Blackstone Group.

He will continue several long-running fights in Washington, including higher taxes for PE firms from a potential change in the treatment of carried interest and increased registration and disclosure rules from the Dodd-Frank Act.

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Henry McVey, KKR, explains why he likes allocation in emerging markets with Fed tapering looming.

Mehlman succeeds Mark Tresnowski, the top lawyer for Madison Dearborn Partners. PEGCC, launched in 2007, is also led day-to-day by president and chief executive officer Steve Judge.

Mehlman joined KKR in 2008 from Akin Gump Strauss Hauer & Feld, where he was a partner in the law firm's legislative and regulatory counseling practice. He is best known for his work on behalf of conservative politicians before: chairing the Republican National Committee and running George W. Bush's presidential reelection campaign in 2004.

Mehlman is also a prominent gay rights advocate and serves as a director of the American Foundation for Equal Rights.

Mehlman's primary responsibilities will be to "help expand the PEGCC's outreach efforts to educate and engage a broad set of stakeholders about the value of a vibrant and dynamic private equity industry," according to a statement from the association.

"I have enormous respect for the PEGCC's important work engaging with public policy makers to encourage more economic growth and retirement security for millions of Americans," Mehlman said. "I also share the PEGCC's goal of building a community of investors who seek superior returns while also emphasizing active, responsible governance, long term investment and measuring success in years not quarters."

Mehlman also credited Tresnowski for his work in helping block changes to carried interest taxes as yet and countering negative views of the private equity industry that emerged during former Bain Capital executive Mitt Romney's failed presidential bid.

Financial Advice - We need to reform the European economy

The global economic crisis that began in 2007 has posed huge challenges for European citizens and…

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6 tips from Jack Bogle on teaching your kids how to invest

Vanguard group founder Jack Bogle has some advice for you on instilling investing principles in your children.

Remembering Nelson Mandela’s 1993 visit to Chicago:

“It was emotional for all of us. To be in the presence of someone so committed to a cause, you rarely meet people in your life like that.” Via Crain’s Chicago Business

Cheezborger! Cheezborger! Salad? The Billy Goat quietly opens a nicer outpost in the Loop with a new menu. Via DNAinfo