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Bloomberg – The office of Kenneth Moelis in Los Angeles is a shrine to an investment banking career spent catering to the rich. Shelves and a table groan under the weight of dozens of Lucite deal tombstones featuring companies controlled by Carl Icahn, John Kluge, Donald Trump, Steve Wynn, Sam Zell and other business-section boldface names.
“My job is to be ready when the bat phone rings,” says Moelis, 51, perched on the edge of a leather chair. He’s referring to the hot line used in the 1960s-era Batman television series. Reinforcing the point, a framed architectural drawing of the fictional Wayne Manor that housed Batman’s wealthy alter ego, Bruce Wayne, leans against a table.
West Palm Beach (HedgeCo.net) – Alternative investment management firm and Hedge Fund Launch of the Year Award Winner, AdultVest, Inc., announced it officially closed its offering in the Priapus Investment Fund, LLC.
"In spite of the US and Global economic condition, the Priapus Investment Fund, LLC is on track for a great year," Francis Koenig, the Manager of the Priapus Fund said, saying also that he has plans to re-open a new offering soon.
This year the Priapus Investment Fund acquired iPorn. com, HandJob. com, and several adult content libraries. The fund has invested in the development and acquisition of several internet technologies, software platforms, and mobile technologies, and also acquired a stake in a public company operating gentlemen’s clubs.
"We have identified a few more opportunities that will close out the year and expect the fund to be fully invested by early 2009," Koenig said, 2We are already hard at work on the development of Priapus Investment Fund II and have very high expectations for the new fund."
The Beverly Hills, California-based investment company deals exclusively in the estimated 100 billion dollar Adult Entertainment Industry. It is active in mergers, acquisitions, and operates the only on-line investment community with over 4,500 registered investors and over 1,000 adult entertainment companies seeking investments, mergers, and acquisitions.
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Bloomberg – Wolver Hill Japan Multi-Strategy Fund, run by Deutsche Bank AG’s former prime brokerage sales chief in Tokyo, resisted the worst month for the nation’s stocks in almost 15 years to be little changed in September.
The $11 million fund of hedge funds, which invests in 14 hedge funds with a combined $5.8 billion of assets, slipped 1.4 percent in September based on preliminary figures, said Ed Rogers, chief executive officer of Wolver Hill’s local advisory firm, Rogers Investment Advisors Y.K. The Topix index of 1,714 companies tumbled 13 percent.
Foreseeing a decline in equity prices, Wolver Hill made a shift during the past year into hedge funds that use trading- focused strategies, and away from so-called long-short funds that depend on rising and falling stock prices, Rogers said. Trading- focused funds, including so-called event-driven strategies, trade securities of companies going through events such as mergers, acquisitions and management changes.
West Palm Beach (HedgeCo.net)- Hedge fund manager Pali Capital has hired M&A veteran Randal V. Stephenson as a Senior Managing Director and Head of its new Corporate Advisory Group.
"Pali is in the midst of a major, global expansion,” said Brad Reifler, to whom Stephenson will report, "Since we are committed to providing world-class investment banking products and services, we see Randal as a vital part of our plan to build out a competitive mergers and acquisitions practice on a global scale. Randal has the right mix of skills and experience, and we look forward to working with him."
Stephenson will be based in New York and will lead the build-out of a mergers, acquisitions and corporate advisory practice to compliment a broader investment banking platform.
"Pali’s core clients, hedge fund, are among the most active in the global deal market," said Mr. Stephenson, "and are eagerly searching for new opportunities to apply capital and achieve enhanced investor returns. I look forward to helping Pali build a world-class mergers and acquisitions practice that should have no equal in the middle market."
Mr. Stephenson is assembling a team of seasoned bankers with experience in distressed and special situation transactions, as well as cross-border M&A deal experience, particularly in Asia. The team’s services for Pali’s core client base of hedge funds and institutional investors include originating distressed and special-situation opportunities for equity or debt investment, helping funds seek strategic alternatives for underperforming portfolio investments, and assisting and advising in shareholder activism.
Prior to Pali, Stephenson was the Head of Middle Market Mergers & Acquisitions and the Head of Distressed & Special Situations M&A at CIT Group, Inc. Stephenson is a member of the Turnaround Management Association, the American Bankruptcy Institute, and the bars of Massachusetts and New York.
Pali is an independent, global, full-service institutional securities firm and investment bank that has served leading hedge funds and money managers since 1995. The hedge fund manager is headquartered in New York, with offices in London, Singapore, Boston and Minneapolis.
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