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Firms & Funds

Abu Dhabi Capital Management has launched its first fund, ADCM Secondary Private Equity Fund, with a target of $100 million. The firm held a $30 million first close of the fund earlier this month, the firm said in a written release. A final close is planned for February 2012.

European firm Cinven has kicked off fund-raising for its fifth buyout fund, planning to raise €5 billion ($7.1 billion) for new deals, Reuters reported. Despite a tough fund-raising market, Cinven is aiming for a first close in autumn, Reuters said. It has deployed 70 percent of its fourth fund and will continue investing that fund until mid-2012.

Golub Capital BDC Inc. commenced a public offering of 3.5 million of its common shares. In connection with the offering, the company plans to grant the underwriters an over-allotment option to purchase up to 525,000 more shares. Wells Fargo Securities and UBS Investment Bank are acting as joint book-running managers for the offering. Stifel Nicolaus Weisel is a co-manager. Golub Capital will use proceeds to invest in portfolio companies and for general corporate purposes.

Chinese airline group HNA Group and private equity firm H&Q Asia Pacific plan to raise up to $760 million in private equity funds, Reuters reported, citing a company press release. HNA’s Shanghai Grand China Investment Management Co. and H&Q will invest the funds in China’s logistics and consumer sectors, including transportation, shipping and warehousing companies, Reuters reported.

Buyout firms investing in Latin America raised $8.1 billion in 2010, more than twice the amount raised the previous year, Reuters reported, citing a new study by the Latin American Venture Capital Association. The size of deals in the region also grew, with the average deal size increasing to about $41 million last year from roughly $19 million in 2009, Reuters said.

Hong Kong-based Longreach Group has reached a first close on its new $750 million Japan-focused fund, Reuters reported. The firm said $125 million came from return investors from the firm’s first fund, Longreach Capital Partners 1.

Financier Jacob Rothschild has launched a $750 million private equity fund to help Chinese investors to take part in international deals. The new fund, capitalizing on fresh economic reforms and appetite for overseas investment, will target investors from the newly formed China International Chamber of Commerce for the Private Sector.