Firms & Funds

Abu Dhabi Capital Management held a final close of its first fund—ADCM Secondary Private Equity Fund—with $45 million. The fund will focus on investing in secondary private equity funds in the Middle East and North Africa region, according to the firm. Abu Dhabi Capital Management will launch its second fund, which will have a target size of $100 million, later this year.

The Agricultural Bank of China is partnering with the Chinese city of Wuxi on a 15 billion yuan ($2.3 billion) private equity fund to invest in high-growth sectors such as logistics and energy conservation, Reuters reported. The Agricultural Bank of China is the country’s third-largest lender by assets. The fund will be based in Wuxi, which is near Shanghai.

Axa Private Equity is buying a portfolio of funds worth $740 million from Barclays Private Equity, Reuters reported. The price of the deal was not released. This is the second such deal for Axa in recent weeks; the company bought up a similar portfolio from Citigroup worth about $1.7 billion.

Axxon Group has closed its most recent fund with $315 million in LP commitments. Axxon Brazil Private Equity Fund II exceeded its original target of $250 million. Stanwich Advisors served as placement agent. Axxon, with offices in Rio de Janeiro and Sao Paulo, is a buyout firm that focuses on the small and mid cap market in Brazil.

BTG Pactual, Brazil’s biggest independent securities firm, raised $1.6 billion for a private equity fund as it expands investment in nonfinancial industries, BTG’s merchant banking chief told Reuters. More than half the capital of the BTG Pactual Brazil Investment I fund comes from investors in the United States, Europe, Asia and Latin America.

The Carlyle Group is in talks to buy energy-focused buyout shop Energy Capital Partners, according to the New York Times. Short Hills, N.J.-based Energy Capital Partners has raised about $7 billion in equity funds. Carlyle has roughly $106.7 billion under management.

Paris-based buyout shop Chequers Capital has closed its newest fund, Chequers Capital XVI, with €850 million ($1.23 billion). The firm exceeded its initial €800 million target for the fund. Chequers focuses on buyouts of French mid-market companies across a range of sectors. The firm typically backs companies with between €30 million and €300 million enterprise value, with typical equity investments of €20 million to €100 million.

Lexington Partners, the largest dedicated secondary private equity manager, closed its seventh fund at $7 billion, the investor revealed. LCP VII has been formed with commitments from more than 200 institutional investors, including public and corporate pension funds, sovereign wealth funds, financial institutions, endowments, foundations and family offices.

The Chinese government aims to raise 20 billion yuan ($3 billion) for a private equity fund focused on cultural industries such as media publishing, film and broadcasting, Internet entertainment and leisure, Reuters reported, citing an item in the Shanghai Securities News. Sponsors of the fund include the Ministry of Finance and BOC International. The fund, with about 4 billion yuan currently committed, has agreed to invest in China Publication Group and Xinhuanet.com, Reuters reported.

Kohlberg Kravis Roberts & Co. has received a license to conduct business in Saudi Arabia, Reuters reported. The license came from Saudi market regulator Capital Markets Authority. KKR began operating in the region in 2009, when it opened an office in Dubai.

McNally Capital and Black Coral Capital said a consortium of 11 wealthy U.S. families, including the families behind their respective operations, have formed the Cleantech Syndicate to invest in cleantech startups and projects. The families expect that 17 professional investors will invest $1.4 billion of their private capital over the next five years. Other than the McNally family, none of the families were named.

Terra Firma, Guy Hands’ private equity firm, has spoken with at least a couple of potential investors for a new fund, Reuters reported, citing news from the Sunday Telegraph. The new fund, Terra Firma Capital Partners IV, aims to raise up to £2.5 billion ($4 billion). The fund will not be formally marketed until 2012, according to the Sunday Telegraph.