Angelo, Gordon & Co. has closed its AG Net Lease Realty Fund with $160 million in capital commitments. Including leverage, the fund will seek to purchase as much as $500 million of net leased corporate real estate properties in the U.S. and abroad, with an emphasis on providing sale-leaseback financing to financial sponsors and non-investment grade companies.
Black Diamond Capital Management of Greenwich, Conn. has closed its second distressed debt fund with $982 million in capital commitments. C.P. Eaton served as placement agent. The original distressed fund closed in September 2003 with $416 million.
Brysam Global Partners has been formed as a new private equity firm that will invest in financial services with a focus on consumer opportunities in emerging markets. Its two principals are: Robert Willumstad, former president and COO of Citigroup, and Marge Magner, former chairwoman and CEO of Citigroup’s Global Consumer Group. It already has secured around $1 billion in capital commitments, according to The Wall Street Journal.
The Carlyle Group is raising around $5.93 billion for its third European buyout fund, according to a regulatory filing. It already has secured nearly $3.1 billion.
CVCI Asia Pacific reportedly is planning to open an office in Japan. It will be run by managing director Eric Solberg, who will relocate from Hong Kong to Tokyo.
Englefield Capital has closed its second European mid-market fund with €1.06 billion in capital commitments.
Fortress Investment Group, a New York-based alternative asset manager, has set its proposed IPO terms to around 32.29 million shares being offered at between $16.50 and $18.50 per share. Fortress manages private equity funds, hedge funds and publicly-traded alternative vehicles.
GB Merchant Partners, the private equity affiliate of Boston-based Gordon Brothers Group, has closed its inaugural third-party fund with $320 million in capital commitments. The vehicle will focus on control and minority opportunities in mid-market retail and consumer products companies.
GormanThayer LLC has launched as an advisory firm for small and mid-market companies seeking to raise capital. Its principals are Mark Gorman and Brian Thayer, who both were most recently with Attalus Capital and, before that, with Hamilton Lane Advisors.
Giuliani Partners is planning to sell its boutique I-banking unit Giuliani Capital Advisors, according to The New York Times. The move is being made in preparation of firm founder Rudy Giuliani’s expected presidential campaign.
The Los Angeles Fire & Police Pension System has approved a $10 million commitment to Providence Equity Partners VI and a $10 million commitment to Sankaty Credit Opportunities III. The system is advised by Portfolio Advisors.
Merrill Lynch has agreed to acquire First Republic Bank for $1.8 billion in cash and stock. First Republic shareholders would receive $55 per share.
New York Life Investment Management has closed its second mezzanine fund with around $260 million in capital commitments, according to a regulatory filing.
Paul Capital Partners has completed its buyout of SGC Partners I, a North American private equity portfolio of Société Générale. Société Générale has retained a minority interest in the portfolio’s new fund. The new fund will be managed by the existing team— named Cowen Capital Partners—and will operate as a subsidiary of the newly independent and public Cowen Group Inc.
Pennsylvania State Employees’ Retirement System approved the following fund commitments: €100 million for Apax Europe VII (follow-on), $30 million to The Baring Vostok Private Equity Fund IV; $50 million to CVI Global Value Fund; $25 million to Bain Capital Asia Fund; $50 million to Sankaty Credit Opportunities III; $25 million to Weathergage Venture Capital and; $75 million to Blackstone Real Estate Partners VI.
Providence Equity Partners reportedly has secured $12 billion in capital commitments for its sixth buyout fund. It also announced plans to open new offices in Hong Kong and New Delhi. The Hong Kong office will be run by new managing director Andrew Rickards, current CEO of N.M. Rothschild & Sons in Asia and former co-head of Goldman Sachs’ Asia-Pacific communications, media and entertainment group. He will be joined by Thura Ko, currently an assistant director at Rothschild in Asia and a former member of the CME team at Goldman Sachs in Asia. The New Delhi office will be run by existing Providence managing director Biswajit Subramanian, who will relocate from London.
RREEF Alternative Investments, the alternative investments business of Deutsche Bank’s Asset Management division, has agreed to acquire a minority stake in Aldus Equity, an alternative asset management and advisory boutique specializing in customized private equity investing. No financial terms were disclosed. Aldus has over $3 billion in assets, including more than $600 million in new mandates won since October 2006. The deal is expected to close within the next few months.
Silver Lake Partners has held a $3.5 billion first close on its third fund, according to a regulatory filing. The vehicle is being marketed with a $10 billion cap, with Merrill Lynch serving as placement agent.
Spire Capital Partners of New York is raising up to $300 million for its second fund, according to a regulatory filing. As of Dec. 8, it had secured $89.95 million in commitments. The firm’s inaugural fund was capped at $260 million.
Tailwind Capital held a $320 million first close on its first fund since spinning off from Thomas Weisel Partners last January, according to Private Equity Insider. The overall target is $750 million, with Atlantic-Pacific Capital serving as placement agent.
Vintage Fund Management of Los Angeles has closed its inaugural private equity fund, which will focus on middle-market companies with annual revenue of between $20 million and $200 million. The fund is capitalized with $150 million, including capital from the SBIC and from limited partners like New York State Common Retirement Fund, Aldus Equity Partners, GKM Generation Funds, Pacific Western Bank and First Republic Bank.
Wingate Partners of Dallas has secured around $107 million in capital commitments for its fourth buyout fund, according to a regulatory filing. Limited partners include RCP Advisors, Portfolio Advisors and UTIMCO.