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Firms & Funds

An upcoming initial public offering by The Carlyle Group could raise around $1 billion, Reuters reported. Carlyle is currently holding meeting with investment banks to pick the underwriters for its IPO, Reuters said. Carlyle was valued at $20 billion in September 2007, when an investment unit of the Abu Dhabi government bought a 7.5 percent stake in the company, Reuters reported. The firm had an implied value of about $6 billion in June 2010—based on the $334 million value CalPERS gave to its 5.5 percent stake, bought in 2001. Carlyle is expected to pick JPMorgan Chase, Citigroup and Credit Suisse to lead its initial public offering, Reuters reported.CincyTech said it raised $4.4 million for its second fund. CincyTech Fund II received $2.4 million from Southwest Ohio Partners and another $2 million from Ohio Third Frontier. Fund II will invest in companies focused on information technology, bioscience and advanced manufacturing that are based in or willing to move to southwest Ohio.

Greenhill & Co. said it had sold its interests in private equity fund Greenhill Capital Partners II LP for about $45 million, Reuters reported. The investment bank is selling its interest in the fund to “investors advised by J.P. Morgan Asset Management and certain principals of GCP Capital Partners,” Reuters wrote. The move is part of Greenhill’s strategy to focus on its core client advisory business.

China’s Haitong Securities Co. is planning a 10 billion yuan ($1.5 billion) fund to aid overseas expansion by domestic companies, Reuters reported. The fund will help companies such as Bright Food Group with international growth, and will be managed through Haitong’s private equity unit, Reuters said.

China’s Hony Capital will begin raising its fifth U.S. dollar fund before the end of 2011, Reuters reported. The private equity fund raised one of China’s first market-driven private equity funds in 2003. The firm’s chief executive, John Zhao, announced the plan during a press conference but did not disclose other details, Reuters wrote.

Macquarie Group and China Everbright Ltd have raised $729 million for their Greater China infrastructure fund, Reuters reported. The first close includes $479 million from institutional investors including PGGM, the second largest pension manager in the Netherlands, and the Korean Teachers’ Credit Union, Korea’s second largest pension plan, Reuters said. The fund will focus on infrastructure projects such as toll roads, airports and railways in China, Hong Kong and Taiwan.

Northlight Financial has formed Northlight LP, a $100 million fund that will provide asset backed loans to middle market companies, acquire whole loans in the secondary market and purchase distressed assets in the commercial, industrial and real estate sectors. Northlight Financial will manage Northlight LP.

One Equity Partners, a private equity unit of JPMorgan Chase & Co., will pour $200 million into China over the next three years, and has partnered with conglomerate Beijing Capital Group to identify potential investments, Reuters reported. Separately, Beijing Capital has launched a yuan-denominated private equity fund worth $150 million, and backed by Lexington Investment and an unnamed Middle Eastern sovereign wealth fund.

San Francisco-based buyout shop VMG Partners has closed its new fund, VMG Partners II LP, with $375 million in capital commitments. VMG Partners focuses on consumer product companies in the lower mid-market, and now has a total capital under management of $700 million. Park Hill Group served as placement agent for the fund. Latham & Watkins provided legal advice.

New York-based Warburg Pincus is planning to raise a new buyout fund, Reuters reported, citing a news story by Bloomberg. The firm has reportedly invested more than 80 percent of its current $15 billion pool, which was raised in 2008, Reuters wrote.