AIG wraps up $700M European fund

AIG Capital Partners has closed its New Europe Fund II with more than $700 million in capital commitments. The firm raised about $260 million for its first European buyout fund in 1998.

The fund’s Warsaw-based team will focus on private equity opportunities in Central and Eastern European countries, such as Poland, Czech Republic, Slovakia, Hungary, Romania, Bulgaria, and the Baltics.

In other AIG news, the firm said that it is opening an office in Tianjin, China. It will be its second China office, following a Shanghai satellite that was established in 2002.