Today: 22.06.2018
News
Opinion
Business
Living
Metro
Tech
Sport

Last News

20:35
Today
20:25
Today
19:45
Today
19:32
Today
18:41
Today
17:33
Today
17:10
Today
16:46
Today
16:25
Today
16:23
Today
15:35
Today
15:11
Today
14:45
Today
14:38
Today
14:29
Today
13:59
Today
13:27
Today
13:24
Today
13:22
Today
13:08
Today
12:17
Today
11:31
Today
11:16
Today
11:01
Today
09:46
Today
09:08
Today
09:03
Today
08:06
Today
07:59
Today
07:54
Today

Under-pressure KKR poised to take pension money deal.

Henry Kravis is about to blink. In exchange for roughly $3 billion in New York City pension money, Kravis’ KKR & Co. has agreed not to take any piece of the investment’s gain until it surpasses a minimum threshold, sources tell The Post. It could not be learned what that threshold is, but New York...
Time: 23:05     Date: 13.09.2017
Last US Business News: Under-pressure KKR poised to take pension money deal. NY Post 24 - US News

In exchange for roughly $3 billion in New York City pension money, Kravis’ KKR & Co. has agreed not to take any piece of the investment’s gain until it surpasses a minimum threshold, sources tell The Post.

It could not be learned what that threshold is, but New York City Comptroller Scott Stringer’s office targets a 7 percent annual return.

The five city pensions, which have a combined $181 billion in assets, expect returns from private market investments like this to at least match the public markets.

However, the KKR money could have a lower or higher minimum, sources familiar with the situation cautioned.

Stringer and NYC Chief Investment Officer Scott Evans are in late-stage negotiations with KKR — the firm immortalized in the book “Barbarians at the Gate” — on the precedent-setting deal, sources said.

The Stringer demand is the latest in a long-simmering battle between state and local pension funds and firms getting alternative investment cash over high fees and low returns.

Pension funds have been pushing the hedge funds and private equity firms to accept fees and profits below the traditional 2 percent management fee and 20 percent of the profits.

Many firms have cut their prices in order to get the pension loot.

Stringer’s pending deal with KKR may be the first in the US to include a zero take of profits below an agreed-upon level of return across a variety of asset classes.

“This is really about investing with a top private equity firm with extremely favorable terms,” one of the sources said.

“Scott has struck a great deal,” the other source said.

KKR is expected to invest the $3 billion across its platforms, including private equity, infrastructure, real estate and credit.

Presently, New York City has no investments with a single asset manager over a variety of its funds.

The deal, if finalized, would mark the first time KKR received NYC pension cash.

If KKR’s blended returns across all investment areas surpass the minimum, the firm will get its piece of the upside, sources said.

Stringer approached several firms about the $3 billion investment, seeking similar terms before selecting KKR, one of the sources said.

“It is a new approach” for pensions, a source said.

Stringer’s choice of KKR is a bit of an eyebrow-raiser.

In 2008, Stringer, then the Manhattan Borough president, took part in a rally in front of KKR’s offices calling on officials to close tax loopholes that allow PE firms to pay a lower tax rate.

KKR, which still takes advantage of the same loopholes Stringer complained about in 2008, made the case in recent meetings with the comptroller that it was working to create sustainable value in the companies it owns by addressing environmental, social and governance challenges, a source said.

KKR’s businesses include credit card processor First Data, GoDaddy and Toys ‘R’ Us.

A Stringer spokesman declined to comment on the talks with the PE firm. KKR declined to comment.

Business

Last US Business News: CNN staffer who resigned over retracted Russia story named interim head of CBSNews.com. NY Post 24 - US News
CNN staffer who resigned over retracted Russia story named interim head of CBSNews.com.
One of the three CNN staffers who resigned in June 2017 over a retracted story about alleged collusion between Russia and...
Last US Business News: Netflix PR chief exits over insensitive remarks. NY Post 24 - US News
Netflix PR chief exits over insensitive remarks.
Netflix Chief Communications Officer Jonathan Friedland is leaving the company following a controversy over insensitive remarks....
Last US Business News: This is the most American-made car. NY Post 24 - US News
This is the most American-made car.
Years of auto shareholders change — with parts manufacturing and vehicle assembly scattered around the world — leave...
Last US Business News: Sale price for Weinstein Co. cut by $23 million. NY Post 24 - US News
Sale price for Weinstein Co. cut by $23 million.
The Weinstein Company has agreed to reduce its sale price to Lantern Capital by $23 million, as doubts have been raised about...

Opinion

Last US News - Opinion: Cynthia Nixon fudges numbers like a true politician. NY Post 24 - US News
Cynthia Nixon fudges numbers like a true politician.
Cynthia Nixon is proving she has what it takes to be a real New York pol — and can fudge numbers with the best of ’em....
Last US News - Opinion: Latest cop-killer’s parole is a slap in the face to all New Yorkers. NY Post 24 - US News
Latest cop-killer’s parole is a slap in the face to all New Yorkers.
Will Gov. Cuomo’s appointees to the state parole board spring every last cop killer from prison? The board, 10 of whose...
Last US News - Opinion: Inside the state’s system for inflating Regents scores. NY Post 24 - US News
Inside the state’s system for inflating Regents scores.
Mayor de Blasio’s educrats aren’t alone in trying to mask school failure: Turns out the state actually has a formal system...
Last US News - Opinion: How we can reunite migrant kids with parents. NY Post 24 - US News
How we can reunite migrant kids with parents.
They’ve been arriving in New York City in the dead of night. Quietly placed in temporary foster care, hundreds so far,...
Last US News - Opinion: Time for Dems to give Trump his wall and other commentary. NY Post 24 - US News
Time for Dems to give Trump his wall and other commentary.
Liberal take: End the Border Crisis and Give Trump His Wall Despite President Trump’s backdown on separating migrant children...

Living

US Living News: How to go fly fishing in NYC. NY Post 24 - US News
How to go fly fishing in NYC.
When Natasha Eng, 33, boards the subway after work, fishing rod in tow, she knows what you’re probably thinking: “I basically...
US Living News: Where Gayle takes Oprah to eat in NYC. NY Post 24 - US News
Where Gayle takes Oprah to eat in NYC.
Gayle King was born in Tennessee, but thanks to her father’s job, spent first grade to sixth grade in Ankara, Turkey. From...
US Living News: Next fast food trend is probably coming from Latin America. NY Post 24 - US News
Next fast food trend is probably coming from Latin America.
The next big food franchise will come out of Latin America, experts have claimed, with a number of chains eyeing up global...
US Living News: Airline workers busted for turtle-smuggling operation. NY Post 24 - US News
Airline workers busted for turtle-smuggling operation.
Two China Eastern Airlines staffers could face jail time after unsuccessfully attempting to smuggle 45 spotted and box turtles...
US Living News: Bill Gates wants mosquitoes to screw each other to death. NY Post 24 - US News
Bill Gates wants mosquitoes to screw each other to death.
Microsoft founder Bill Gates is pouring $4 million into a project to create killer mosquitoes that destroy each other through...
US Living News: Mysterious ancient civilization left signs across vast desert. NY Post 24 - US News
Mysterious ancient civilization left signs across vast desert.
People don’t tend to spend days traveling through the desert if they can help it. Which could be why most people outside...
US Living News: Woman discovers her long-lost sister lives next door. NY Post 24 - US News
Woman discovers her long-lost sister lives next door.
A woman who spent seven years hunting for her long-lost sister discovered she was her next door neighbor – after spotting...
US Living News: Toxic algae blooms becoming more common across US. NY Post 24 - US News
Toxic algae blooms becoming more common across US.
SALEM, Ore. — The words blasted to cellphones around Salem, Oregon were ominous: “Civil emergency. prepare for action.”...

Business

Last US Business News: CNN staffer who resigned over retracted Russia story named interim head of CBSNews.com. NY Post 24 - US News
CNN staffer who resigned over retracted Russia story named interim head of CBSNews.com.
One of the three CNN staffers who resigned in June 2017 over a retracted story about alleged collusion between Russia and...
Last US Business News: Netflix PR chief exits over insensitive remarks. NY Post 24 - US News
Netflix PR chief exits over insensitive remarks.
Netflix Chief Communications Officer Jonathan Friedland is leaving the company following a controversy over insensitive remarks....
Last US Business News: This is the most American-made car. NY Post 24 - US News
This is the most American-made car.
Years of auto shareholders change — with parts manufacturing and vehicle assembly scattered around the world — leave...
Last US Business News: Sale price for Weinstein Co. cut by $23 million. NY Post 24 - US News
Sale price for Weinstein Co. cut by $23 million.
The Weinstein Company has agreed to reduce its sale price to Lantern Capital by $23 million, as doubts have been raised about...
Last US Business News: Tesla’s workforce cut will hit solar operation hard. NY Post 24 - US News
Tesla’s workforce cut will hit solar operation hard.
Electric car maker Tesla’s move last week to cut 9 percent of its workforce will sharply downsize the residential solar...
Last US Business News: OPEC agrees to increase oil output to avoid deficit. NY Post 24 - US News
OPEC agrees to increase oil output to avoid deficit.
OPEC agreed on Friday on a modest increase in oil production from July after its leader Saudi Arabia persuaded arch-rival...
Last US Business News: Pilgrim’s Pride bids on Hain Celestial’s protein business: source. NY Post 24 - US News
Pilgrim’s Pride bids on Hain Celestial’s protein business: source.
Pilgrim’s Pride is bidding for Hain Celestial’s protein business, a source close to the process told The Post. Hain,...
Last US Business News: Supreme Court rules SEC in-house judges unconstitutional. NY Post 24 - US News
Supreme Court rules SEC in-house judges unconstitutional.
A financial radio host and investment adviser scored a big win on Thursday when the Supreme Court ruled that administrative...

Metro

Metro News: Couple sues dog walker after pooch dies in ‘freak accident’. NY Post 24 - US News
Couple sues dog walker after pooch dies in ‘freak accident’.
A Manhattan couple is suing a dog walking service after their “baby” — a 1-year-old mini Australian labradoodle named...
Metro News: ‘Grid Kid’ murder suspect’s lawyer requests DA  launch probe into his office. NY Post 24 - US News
‘Grid Kid’ murder suspect’s lawyer requests DA launch probe into his office.
A lawyer for the man awaiting retrial for a 2003 murder is personally​​ petitioning the Brooklyn ​district ​a​​​ttorney...
Metro News: Guardian Angels vow to raid drug-infested park on Staten Island. NY Post 24 - US News
Guardian Angels vow to raid drug-infested park on Staten Island.
The Guardian Angels vowed to raid a drug-ravaged Staten Island park and make citizens’ arrests if cops don’t step up...
Metro News: Actress recalls creepy moment she was groped, pushed onto subway tracks. NY Post 24 - US News
Actress recalls creepy moment she was groped, pushed onto subway tracks.
A brave Manhattan actress recalled the terrifying moment an accused sex fiend groped her and flung her onto the subway tracks...
Metro News: Cop-killer getting out on parole: I only have a few years left to live. NY Post 24 - US News
Cop-killer getting out on parole: I only have a few years left to live.
Black Liberation Army cop-killer Robert Hayes has good news and bad news for the family of Sidney Thompson, the transit officer...
Metro News: Belmont Park worker dies of suspected rare rodent-borne virus. NY Post 24 - US News
Belmont Park worker dies of suspected rare rodent-borne virus.
NEW YORK — New York state health officials believe a backstretch worker at Belmont Park died from a rare virus found in...
Metro News: Lawyers billed taxpayers $850 an hour to defend de Blasio. NY Post 24 - US News
Lawyers billed taxpayers $850 an hour to defend de Blasio.
The outside law firm hired by Mayor Bill de Blasio to defend him against a probe by federal law enforcement officials billed...
Metro News: Speed camera program could expire after latest Cuomo move. NY Post 24 - US News
Speed camera program could expire after latest Cuomo move.
Gov. Andrew Cuomo said Friday he won’t call the legislature back into special session to extend the use of speed cameras...

Sport

Last US Sport News: Islanders have first two draft picks of the Lou Lamoriello era. NY Post 24 - US News
Islanders have first two draft picks of the Lou Lamoriello era.
The Islanders grabbed two of the top names left on the board when their pair of picks came up in the draft Friday. With the...
Last US Sport News: Rangers take Russian winger with No. 9-overall pick. NY Post 24 - US News
Rangers take Russian winger with No. 9-overall pick.
DALLAS — The Rangers went a little away from what was expected, taking 18-year-old Russian winger Vitali Kravtsov with...
Last US Sport News: Knicks’ top pick needs to be ready for NYC pressure cooker. NY Post 24 - US News
Knicks’ top pick needs to be ready for NYC pressure cooker.
Shortly before the Knicks picked fourth in 2015 — their highest selection since they won the first NBA lottery — the...
Last US Sport News: Sandy Alderson: Mets will be sellers if wins don’t come soon. NY Post 24 - US News
Sandy Alderson: Mets will be sellers if wins don’t come soon.
On the highway to nowhere that connects with the border of irrelevancy, the Mets are stuck in the middle lane. Even with...
Last US Sport News: Hanley Ramirez allegedly being investigated for drug trafficking. NY Post 24 - US News
Hanley Ramirez allegedly being investigated for drug trafficking.
Former Red Sox slugger Hanley Ramirez’s name has reportedly been linked to a federal and state investigation into a...