Deal Size Inflation Val. Cap as of Current Company Name Date ($B) ($B) Debt % Key Investor(s) Exit Date ($B) 5/7/2014 Debt What Happened? Energy Future KKR, TPG Capital, Filed for Natural gas prices tanked as supply increased, and Holdings 10/10/07 $39.8B $45.4B 79.1% Goldman Sachs Bankruptcy N/A N/A $49.7B this massive Texas utility couldn’t make up the (Former: TXU) Capital Partners 4/29/2014 losses. Tens of billions in debt didn’t help. Chapter still being written. But things look positive Equity Office The Blackstone 2/9/07 $39.0B $44.5B 91.0% Still in portfolio N/A N/A N/A for Blackstone, which sold numerous properties at Properties Trust Group a profit shortly after the buyout. Apollo Global Caesars While this chapter is still being written, Caesars’ Management, The Entertainment value has collapsed so far that it’s hard to imagine 1/28/08 $30.7B $33.7B 65.1% Blackstone Group, IPO: 2/7/2012 $1.1B $2.9B $21B (former: Harrah's the PE firms involved in this deal regaining their The Carlyle Group, Entertainment) original equity investment. TPG Capital While its market cap is still less than what it was originally acquired for, it has regained a Hilton The Blackstone substantial portion of its valuation and Blackstone 10/24/07 $26.7B $30.4B 79.4% IPO: 12/11/2013 $19.7B $22.3B $12.7B Worldwide Group has used profits to pay down debt substantially. This is unquestionably the biggest IPO success among mid-decade mega-buyouts. Chapter still being written. But things look bleak, First Data 9/24/07 $25.6B $29.2B 93.8% KKR Still in portfolio N/A N/A $23.0B as KKR has propped up the company with new debt in recent years. Silver Lake Partners, Dell 10/29/13 $24.9B $25.3B 63.3% MSD Capital, Still in portfolio N/A N/A $15.8B Chapter still being written. Michael Dell One of TPG’s few successes from this era, Alltel was sold to Verizon & Vodaphone for $5.9 billion TPG Capital, Acquisition: in cash (and $22.2 billion in assumed debt). The Alltel 11/16/07 $24.7B $28.2B 81.8% Goldman Sachs $28.1B N/A N/A 1/9/2009 investment group originally put down $4.6 billion Capital Partners in equity, meaning they exited with a combined $1.3 billion profit. 3G Capital, H.J. Heinz 6/7/13 $23.2B $25.5B 58.6% Berkshire Still in portfolio N/A N/A $13.6B Chapter still being written. Hathaway One of the deals that contributed to Lehman Lehman Brothers, SBO: Brothers’ collapse. Lehman Holdings and Archstone Smith 10/5/07 $22.2B $25.3B N/A $16.0B N/A $9.5B Tishman Speyer 11/29/2012 Tishman Speyer sold the REIT to Equity Residential and other firms for $16 billion in 2012. Bain Capital, KKR, Bain and KKR invested a combined $4.9 billion Merrill Lynch Global in equity. Since the IPO in March 2011, the two HCA Holdings 11/17/06 $21.3B $25.0B 75.1% IPO: 3/9/2011 $15.5B $22.6B $27.9B Private Equity, HCA firms have recouped their investment through Management secondary offerings & an increase in market cap.