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Illustration: Rebecca Zisser / Axios

After the Sandy Hook massacre five years ago, I wrote about how the weapons used had been produced by Freedom Group, a massive firearms conglomerate owned by Cerberus Capital Management. Among the indirect owners were teacher pension plans, and their outrage ultimately caused Cerberus to try selling Freedom Group. When that failed — namely because Cerberus had formed a company too big to buy and too integrated to split — it bought out Freedom Group (since renamed Remington) shares from limited partners who wanted to divest.

Bottom line: We do not yet have official word on what the deranged Las Vegas murderer used to commit his atrocities on Sunday night. But there is a very good chance that private equity money is again involved, and some institutional investors will again reconsider their commitments.

Some scene photos yesterday appeared to show AR-15 rifles, popular makers of which include Remington (still owned by Cerberus) and Stag Arms (owned by White Wolf Capital). But the photos also showed that the rifles appeared to be modified with two things:

  1. The first was a "bump stock," which basically helps someone increase the speed of their trigger finger. The primary maker is a company called Slide Fire, and its bump stocks are sold by retailer like Cabela's, which was recently purchased by Bass Pro Shops (which last year raised $2.4 billion from Goldman Sachs Merchant Banking and Pamplona Capital Management).
  2. The second was what TMZ identified high-capacity magazine made by Surefire, which about a decade ago raised private equity funding from Goldman Sachs and Broadsword Partners.

I got no comment from Surefire, Slide Fire, Pamplona, Bass Pro Shops or Broadsword, but a Goldman Sachs spokesman said the following about its Surefire investment:

"We are horrified by what has happened in Las Vegas. We are aware of allegations that SureFire magazines were used in the Las Vegas shootings but we cannot confirm the accuracy of such reports. We invested in SureFire ten years ago because it was selling world-leading illumination technology to military and law enforcement. Against our advice, the company moved into other products beyond lighting, including magazines. We stepped down from the board five years ago after they ignored our advice on this change in strategy and have tried to sell our stake repeatedly without success. We plan to exit this investment as soon as possible."

Go deeper

Updated 2 hours ago - Science

Huge wildfire reaches edge of Sequoia National Park

A plume of smoke and flames rise into the air as the fire burns towards Moro Rock during the KNP Complex fire in the Sequoia National Park near Three Rivers, California, on Saturday. Photo: Patrick T. Fallon/AFP via Getty Images

Firefighters in Sequoia National Park were working into the night after two wildfires merged to reach the Giant Forest Saturday.

Why it matters: This forest contains over 2,000 giant sequoias, including the General Sherman Tree — the world's largest tree by volume. Park officials wrapped the redwoods in foil last week as the Paradise and Colony Fires, now known as the KNP Complex Fire, neared. Protection efforts appeared to be working overnight.

3 hours ago - World

Hong Kong holds first "patriots only" elections

Hong Kong Chief Executive Carrie Lam during a news conference last Monday. Photo: Lui Siu Wai/Xinhua via Getty Images

Hong Kong's elections to choose the city's Election Committee members opened to a select group of voters on Sunday, under a new "patriots only" system imposed by China's government.

Why it matters: All candidates running to be members of the electoral college have been "vetted" by Beijing, per Reuters. They will go on to choose the Asian financial hub's next leader, approved by China's government, and some of its legislature.

5 hours ago - World

Israeli forces capture final 2 escaped Palestinian prisoners

An Israeli security forces member on Saturday stands guard at the Gilboa prison in northern Israel, from where the six inmates escaped. Photo: Ahmad Gharabli/AFP via Getty Images

Israeli forces captured the two remaining Palestinian prisoners who tunneled their way out of an Israeli maximum-security prison with four others in a "Shawshank Redemption"-style escape, authorities announced Sunday.

Why it matters: The escape sparked a massive manhunt and turned the prisoners into heroes in the West Bank and Gaza, with Hamas and Islamic Jihad in Gaza threatening an escalation if they were harmed, per Axios' Barak Ravid.