Christopher Witkowsky

A majority of the city council supports a proposal by the Working Families Party, a grassroots political group, to include carried interest under the city’s 4% unincorporated business tax. The lobby group said 'everyone has to pay their fair share'.

The New Jersey venture will provide food and other products at the New York Yankees baseball park and the Dallas Cowboys football stadium. The company will be led by Michael Rawlings, the former president of Pizza Hut.

The auction for Lehman's Neuberger Berman and units including private equity fund of funds and secondaries, as well as infrastructure, will proceed despite objections from Carlyle over a $2.15bn bid from Bain and Hellman & Friedman.

The publicly listed private equity firm is trying to keep afloat two of its portfolio companies, Gagfah, a German real estate company, and Intrawest, a ski resort company, that are both burdened by debt, according to media reports. Gagfah said the report was not true.

Apollo Global Management bought a $201m stake in Linens ‘n Things, once the US' second largest housing retailer, in 2006. The firm has told investors the bankruptcy will only minimally affect their returns. More than 370 stores will now be liquidated.

The Washington, DC-based firm wants to outbid Bain and Hellman & Friedman for Lehman’s investment management unit, but has said provisions in the sales agreement including a $110m break-up fee will have a chilling effect on additional bidders.

Simpson Thacher & Bartlett, the law firm for private equity and real estate heavyweights like Blackstone, KKR and JC Flowers, will guide the government as it spends up to $250bn purchasing equity stakes in banks.

Oak Hill Capital Partners bought US drug store chain Duane Reade in 2004 for $750m, a price allegedly based on inflated earnings numbers.

The firm has been investing from the fund for several months, including a recent $650m commitment to Reliant Energy.

The California-based gatekeeper has signed onto a global framework that allows institutional investors to evaluate their portfolios to make sure risks related to environment, social and governance issues are being addressed.