Hi Everyone,
When I first started trying to learn about investment funds I read alot of filings to understand how they were positioned and try to find the logic of their decisions. I'm now interested in PE and was wondering if there was anything similar I can do?
I am looking for investment letters(but they seem rarer than hedge fund letters). For distressed PE funds I have been reading their submitted proposals to courts and its very helpful to understand how they think but I'm not sure about how to learn about non-distressed PE funds. Any suggestions or ideas?
Assuming you know the high-level differences between mutual funds and PE, I'd say your best to at least figure out what the distressed funds are holding is in searching for 13D and 13F filings in the SEC database.
13F's are great to find, because its a quarterly report of all public holdings for the fund (must be over $100mm in AUM). You can easily track buy-ins/buy-outs via these reports.
13D's are filed whenever a firm acquires more than 5% of a public company and is not a typical investment fund (example-they aren't Fidelity, and may have an activist agenda with the company). These are also helpful, because certain information must be disclosed re the investment (source of the funds and the purpose of the transaction (what the PE firm's intent is)). As a side note, if you see a 13G - this is essentially the same as a 13D but there is not intention to be/become an activist (not sure how a PE firm would make the distinction).
Here is a decent example for each of the 3, for Wasatch Advisors: http://sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000814133&ow…
I know this isn't exactly what you're looking for, but I haven't come across many PE firm letters (unless they are publicly traded - then just skim through the SEC filings)
Hope this marginally helps.
Thanks so much. This was exactly what I was looking for. I was able to find tennenbaum capital, KKR,etc...
I'll go through them and hopefully can learn a thing or two.
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