PE Layoffs: Slashin’ and Burning
By BankersBall on Dec 4, 2008 in Private Equity
Ummmm. Guess the messages are not so mixed after all.
* First layoffs ever for The Carlyle Group, which is close to closing a pretty big fund (but apparently not as big as they are used to). The job cuts, numbering about 100 out of its 1,000 staff, will largely affect admin and support, though the WaPo reported that some investment professionals would be axed as well. The company notified people on Tuesday. “We are still going to be the largest firm out there in terms of products offered. These are modest, targeted cuts to position the firm” a Carlyle spokesman told the WaPo. Carlyle’s Silicon Valley office is also being closed, reports the WSJ. Recently, Carlyle has also closed is leveraged finance units in Europe and Asia.
* the UK’s 3i plans to cut 100 out of its 660 staff, reports the FT. Cuts are targeted towards HR, marketing and the back office. The firm is publicly traded.
* Behrman Capital, a PE firm with offices in NYC and SF, is shuttering its West Coast presence, reports PEWeek/PEHub. Most of its SF-based staff will be laid off. Two were also laid off in its NYC office. The firm’s website listed the following as SF-based staff: Gregory Chiate (Partner), Mark Grimes (Principal), Pradyut Shah (Sr Associate) and Ken Cheung and Ryan Foltz (Associates).
* Publicly-traded American Capital is also laying off about 19% of its US and European employees. The firm announced cost-saving measures that include the “closing of two offices, the elimination of certain functions at other offices and a reduction of approximately 110 positions.”


On Dec 4, 2008, John Pozzi said:
http://www.grb.net - New World Order