Even the most pedigreed hedge fund managers are considering seeders since the financial crisis has made investors wary of putting money with managers striking out on their own.
FORTUNE -- Hedge fund pioneer Michael Steinhardt has criticized hedge fund managers for becoming nothing more than asset gatherers. Steinhardt told CNBC this spring that managers today seem happy to perform just well enough to stay ahead of the market, and make their MORE
Katie Benner - May 31, 2011 1:37 PM ET
Real Desrochers
The nation's largest public pension system names its choice to run the nation's largest private equity program.
The California Public Employees' Retirement System (CalPERS) today will announce that it has hired Real Desrochers as senior investment officer for its $49 billion private equity investment program. Fortune had first predicted the hire back in March.
It is, quite simply, the best possible choice for a program beset by scandals (both real MORE
Dan Primack - May 31, 2011 1:31 PM ET
Ready to be Depressed?
House prices have fallen further in the past five years than they did in the Great Depression – and there's no sign the free fall is about to stop.
Downtrend resumes
The Case-Shiller index of U.S. national house prices fell again in the first quarter, S&P reported Tuesday.
The index is off 33% since it peaked in 2006. The peak-to-trough decline during the Great Depression, by contrast, was 31%, says Paul MORE
Colin Barr - May 31, 2011 11:49 AM ET
Garmin (Nasdaq: GRMN) is in talks to acquire German GPS device maker Navigon for approximately €50 million, according to Financial Times Deutschland. Navigon is majority-owned by private equity firm General Atlantic.
Thoma Bravo has sold Manatron, a Portage, Mich.–based provider of tax automation and land registry software for governments, to Thomson Reuters (NYSE: TRI). No financial terms were disclosed. Thoma Bravo took Manatron private in 2008 for approximately $66 million. www.manatron.com
Molson MORE
Dan Primack - May 31, 2011 11:46 AM ET
Burger Lounge, a San Diego-based fast-casual dining concept focused on grass-fed beef burgers, has raised an undisclosed amount of growth equity from KarpReilly. www.karpreilly.com
EQT Partners has agreed to sell Cimbria, a Denmark-based manufacturer of equipment for handling and processing of grain and seed products, to Danish private equity firm Axcel. No financial terms were disclosed for the deal, which is expected to close in August. www.cimbria.com
Magnablend Inc., a Waxahachie, Texas-based MORE
Dan Primack - May 31, 2011 11:46 AM ET
VirtualWorks Group Inc., a Boca Raton, Fla.-based content virtualization startup, has raised $8.5 million in Series A funding led by New World Angels. Skyway Capital Partners served as placement agent. www.virtualworks.com
OnSwipe, a New York-based platform for tablet publishing and advertising, has raised $5 million in Series A funding led by existing shareholder Spark Capital. Other backers include Lightbank, Lerer Ventures, SVAngel, Betaworks, Thrive Capital, ENIAC Ventures and Yuri MORE
Dan Primack - May 31, 2011 11:45 AM ET
A college dropout is trying to crack the code of Silicon Valley innovation.
By Steve Blank, contributor
In April 2010 I received an email that said, "I'm an incoming Stanford student in the fall and working on a project that a number of people suggested I get in touch with you about."
Ok, I get a lot of these. Is this some grad student or post doc who wanted to do some independent MORE
May 31, 2011 10:21 AM ET
Being a venture capitalist in unlike being any other type of businessman.
By Scott Maxwell, contributor
As an expansion-stage venture capitalist for 11 years, I still find it strange when I explain to people how a VC firm is different from a typical business. Here are some of the stranger differences:
1. Our target customer segment is very small
2. We want to meet all the potential customers in our target segment, but we MORE
May 31, 2011 10:19 AM ET
The government investigation of Steve Cohen's firm has reportedly prompted a well-known investor to put in a redemption request. Will more follow?
FORTUNE -- Last week I wrote that investors were standing by their man Steve Cohen, despite the fact that government investigators and a prominent Congressman were probing his hedge fund firm, SAC Capital.
While there's still no wave of redemptions, Institutional Investor broke the news that an investor wants out of MORE
Katie Benner - May 31, 2011 7:37 AM ET
* Airbnb, a marketplace for home-sharing, is raising more than $100 million at a $1 billion valuation
* Paul Farrell: RIP Reaganomics revolution (1981-2011)
* Izabella Kaminska: Goldman Sachs makes an expensive typo
* Keith Cochran: The essential AC/DC songlist for entrepreneurial survival
* Morning Call: U.S. futures point higher, London opens strong, European shares climb on Greek bailout talk and the Nikkei gains 2%.
* Peak deficit? Engineering the public-to-private handoff
* Divya Guha: VCs see sunshine in Indian MORE
Dan Primack - May 31, 2011 7:14 AM ET
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| Company | Price | Change | % Change |
|---|---|---|---|
| Ford Motor Co | 12.26 | -0.47 | -3.73% |
| Bank of America Corp... | 7.25 | -0.05 | -0.68% |
| Frontier Communicati... | 4.23 | -0.24 | -5.46% |
| Juniper Networks Inc... | 21.67 | -0.70 | -3.13% |
| Cisco Systems Inc | 19.55 | -0.28 | -1.41% |
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 12,644.45 | -90.18 | -0.71% |
| Nasdaq | 2,808.60 | 3.32 | 0.12% |
| S&P 500 | 1,313.15 | -5.28 | -0.40% |
| Treasuries | 1.92 | -0.01 | -0.36% |
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