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ACG New York Women of Leadership - Entrepreneur Series
Barbara Bradley Baekgaard, founder of Vera Bradley (Nasdaq: VRA), is the latest in a series of entrepreneurs highlighted at ACG New York Women of Leadership events. Photo credit: Robert Blumenfeld


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Expert's Corner

Pursuing Pharma Manufacturing
The fragmented pharmaceutical manufacturing industry provides plenty of opportunities for private equity investors, says JLL Partners founder Paul Levy

Today's Transactions:
Mass. Treasurer Steve Grossman Calls for Pension Fund to Review Investments In Gun Makers After Sandy Hook Shooting

The request comes after CalSTRS said it would review its investment in Cerberus, which later decided to sell off its interests in Freedom Group, a gun maker

Massachusetts treasurer Steve Grossman has reportedly asked the state’s pension fund, Pension Reserves Investment Management, to review any investments in gun companies in response to the Newtown, Conn. shooting on Dec. 14.

Grossman reportedly did not call for divestment from gun companies, saying it’s the pension fund’s duty to maximize returns, but he will not ignore the values of Massachusetts residents.

The request follows California treasurer Bill Lockyer statement to reporters on Dec. 17 that he believes neither California State Teachers’ Retirement Systems (CalSTRS) or California Public Employees’ Retirement System (CalPERS) “should have any investments in the makers of guns that are illegal in California, especially when those guns have been used to kill 20 innocent children and six innocent adults.”

As Mergers & Acquisitions reported on Dec. 18, private equity firm Cerberus Capital Management LP announced that it is selling its interests in Freedom Group Inc., which owns Bushmaster Firearms International. Bushmaster makes the AR 15 rife, one of the guns allegedly used in the Dec. 14 Sandy Hook Elementary school massacre.

Cerberus’ announcement came after a CalSTRS spokesperson told reporters that the pension fund was “examining the Cerberus investment to determine how best to move forward given the tragic events of last Friday.”

For more, see Mergers & Acquisitions' sister publication, Investment Management Mandate Pipeline's, "PRIM Chair Calls for Gun Investment Review."


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