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#privateequity

6 posts6 participants1 post today
Public
Emeritus Prof Christopher May

As you will recall, Private Equity giant KKR (they of Barbarians at the Gate fame), has become the preferred bidder for Thames Water.... and so keen are Thames Water to keep their cash cow out of the hands of the state they are paying a substantial proportion of the costs of the KKR team undertaking some extensive due diligence ahead of any formal bid.

No conflicts of interest there, I'm sure....

h/t FT

Public
Emeritus Prof Christopher May

Some good news for those suspicious of the sorts of deals Private Equity seeks to mount; yields & risk-adversity have risen in the junk bond markets sufficiently to suddenly cut off this source of capital used to finance PE operations.

PE has access to other forms of credit, of course, but the junk bond markets have historically been their favoured source of cash; perhaps unintentionally, Trump has made Private Equity's work harder, to which many might respond: 'good'!


h/t FT

Public *
Klaus-Gerd Giesen

Shortly after the aquisition of #Komoot by Italian #PrivateEquity firm #BendingSpoons about 80% of its staff has already been fired.

When logging into the account the main page does not show anymore the latest activities of the followed people... It may be a good idea to download all traveled and plannend #tracks as #GPX files on the #computer - just to be on the safe side.

#BikeTooter #vélo #fahrrad #fahrradbubble #cycling #bike #cyclotourisme #biking #fahrradbubble

escapecollective.com/how-komoo

Escape Collective · How Komoot lost its wayMere days after the announcement of acquisition by an Italian tech firm, the route-planning platform laid off 80% of its staff, and former employees fear for its future.
Replied in thread
Public
Preston Maness ☭

@davidsirota The report:

pestakeholder.org/reports/priv

says:

>We have identified 121 private equity companies[36] that own at least 8,200 apartment buildings with over 2.2 million units.[37]
>
>...
>
>Private equity’s ownership of almost 2.2 million apartment units represents about 10 percent of the total number of apartment units in the country.[39]

Source 37 is only given as:

>Data Source: Yardi Matrix and Lexis Nexis

Which, unfortunately, is a duo of proprietary sources. The authors likely can't release it for verification :(

Source 39 is given as:

>According to the National Multifamily Housing Council’s tabulation of 2023 American Community Survey microdata from the US Census Bureau, there are almost 23.3 million apartment units in the U.S. An apartment unit is defined as any rental unit in a structure with 5 or more units. nmhc.org/research-insight/quic

Alas, that page gives only a bunch of spreadsheets, with no indication of where the 23.3 million number is coming from. Looks like it comes from the "State Distribution of Apartment Stock, 2022" XLS file, as the sum of all 50 cells with numbers for apartment units for each state comes up to "23,275,718" total units, which is indeed "almost 23.3 million."

Their underlying data source is the American Community Survey microdata, and the NMHC frustratingly does not release their work/code on how they go from that microdata to their tabulations.

Attempting to look at building stats from the microdata, for example, gives this:

data.census.gov/app/mdat/ACSPU

I can't get any of their numbers in their "State Distribution of Apartment Stock, 2022" XLS file (NMHC tabulations of 2023 American Community Survey microdata, US Census Bureau. Updated 10/2024) to line up with this table. According to the above linked table, there are 6,603,715 5+ apartment units, 6,205,203 10+ apartments units, 5,517,342 20+ apartment units, and 9,795,042 50+ apartment units, for a total of 28,121,302 estimated apartment units, across the United States. The table I selected includes DC, but that only accounts for 201,294 of the total.

28.1 million (or 27.9 million without DC) apartment units is pretty far from 23.3 million apartment units. What gives? Perhaps NMHC uses a different Housing Unit Weight? Does other prodcessing of the microdata?

The resulting percentage of apartment units owned by private equity would still be alarming (7.88%), just not quite at that double-digit 10.0% mark.

Private Equity Stakeholder Project PESP · Private Equity Multi-Family Housing TrackerPESP’s analysis of private equity buyouts in apartment housing reveals that PE firms own 10% of all US apartment units
#CivicTech#Census#landlords
Public
Emeritus Prof Christopher May

Barbarians at the Gate?

Assura, the landlord of hundreds of GP surgeries & health centres has just agreed a deal to be bought by notorious Private Equity group KKR.

While the purchase still needs to agreed by shareholders, and KKR claims it will be investing in their estate, anyone who knows the history of KKR will be expecting some difficulties for budget strapped NHS group using the facilities. Rent rises & asset stripping look likely in the next few years.

h/t FT

Public
Klaus-Gerd Giesen

#BendingSpoons is a #PrivateEquity firm. #Komoot #bike users should download their already ridden or planned #tracks as #GPX files as soon as possible before they have to pay a lot for them (or even to get a #map update). Better alternatives to Komoot: #Routing with #Brouter , #Cyclers , #VisuGPX or #Valhalla ; (free) navigation with #OrganicMaps or #CycleTravel . Everything else (photos, etc.) is anyway a #socialmedia feature.

#BikeTooter #fahrrad #vélo #cyclotourisme
road.cc/content/news/job-cuts-

road.cc · “Totally blindsided”: Cuts and job losses expected at Komoot after route planning app bought by Italian tech firm infamous for mass layoffsKomoot employees say they have been “blindsided” by Bending Spoons’ purchase, which comes after the brand introduced a new premium subscription for users to send routes to bike computers
Public
The Media & Democracy Project

"Stripped for Parts: American Journalism on the Brink" is the story of a secretive hedge fund plundering America’s newspapers, and the journalists who are fighting back.

Join our free Zoom screening followed by a discussion with Director Rick Goldsmith: March 29 at 8 pm ET

tiny.cc/screening329

MobilizeSCREENING: "Stripped for Parts: American Journalism on the Brink" + Director Rick Goldsmith · The Media and Democracy ProjectWorried about the media diets of your fellow Americans, the loss of local journalism jobs - and the impact of this on our democracy? Join our Zoom screening of "Stripped for Parts: American Journalism on the Brink" followed by discussion with Director Rick Goldsmith. Stripped for Parts is the story of a secretive hedge fund that is plundering what is left of America’s newspapers, and the journalists who are fighting back. Hedge fund Alden Global Capital is quietly gobbling up newspapers across the country and gutting them, but no one knows why– until journalist Julie Reynolds begins to investigate. Her findings trigger rebellions across the country by journalists working at Alden-owned newspapers. Backed by the NewsGuild union, the newsmen and women go toe-to-toe with their “vulture capitalist” owners in a battle to save and rebuild local journalism in America. Who will control the future of America’s news ecosystem: Wall Street billionaires concerned only with profit, or those who see journalism as an essential public service, the lifeblood of our democracy? Trailer: https://vimeo.com/923029964 This film is NOT available on streaming platforms. This is a unique opportunity to watch via Zoom with Director Q&A - and be empowered with *ACTIONS YOU CAN TAKE* to fight for local journalism! Rick Goldsmith is a Peabody award winner and an Academy Award-nominee. More here: https://strippedforpartsfilm.com/the-filmmaker/
#Press#Journalism#PrivateEquity
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