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Firms & Funds

Insurer AXA is putting its private equity unity up for sale, Reuters reported, citing Sky News. The unit could reportedly fetch as much as £1 billion ($1.5 billion).

A unit of Banco do Brasil is planning to raise 1 billion reais ($555 million) for a private equity fund focused on renewable energy projects, Reuters reported. The unit, known as BB DTVM, launched the fund in August jointly with Banco Votorantim and an undisclosed foreign investment fund, Reuters wrote.

Cerberus Capital Management is looking to raise $3.75 billion with its fifth fund, a person with knowledge of the plan told peHub. Fundraising for the pool is in the early stages. Cerberus has received lots of interest in Fund V and the New York firm may boost the size of the fund, the source said. However, the firm is unlikely to increase the pool to $5 billion or more.

First Capital Partners said it has raised $91 million with its second fund. FCP Fund II LP will make subordinated debt and private equity investments in companies with $10 million to $100 million in revenue. Senior managers of First Capital Partners have acquired majority ownership of the firm. Omaha, Neb.-based First Capital is now managed independently from First National of Nebraska.

Global Capital Management, the alternative asset management arm of Kuwait’s Global Investment House, is planning a $350 million private equity fund in Turkey, Reuters reported. The fund will invest in sectors such as financial services, logistics, retail, health care and manufacturing, Reuters wrote. Global Capital Management manages private equity, real estate and hedge funds in the Middle East and North Africa region.

Chicago-based private equity real estate investment firm Green Courte Partners has closed its third fund, Green Courte Real Estate Partners III. The fund closed with $406.9 million in equity, and will focus on niche real estate, including land-lease communities and parking assets. Green Courte was founded in 2002.

Paris-based G Square has closed its first fund, G Square Capital I, with €209 million ($285.9 million). The firm is focused on mid-cap companies operating in the health care sector.

KKR Asset Management said it has closed its mezzanine fund, KKR Mezzanine Partners I, with more than $1 billion in commitments. The fund is backed by unnamed investors including insurers, pension plans, family offices and sovereign funds. Formed in 2004 by Kohlberg Kravis Roberts & Co., KKR Asset Management invests across secured credit, bank loans and high yield securities and alternative assets such as mezzanine financing, distressed investing and structured finance.

New York-based investor Level Equity has raised $130 million for its debut fund, Level Growth Equity Partners I. The firm said funding came from from investors including corporations, endowments, funds of funds and entrepreneurs. Level Equity also announced Glen Shields as the fund’s controller and the addition of Christopher Isaac and Joseph McGroarty to the firm’s investment team.

Joncarlo Mark, a former senior portfolio manager at CalPERS, has formed his own firm, Upwelling Capital Group, peHub reported. Sacramento-based Upwelling will help institutional investors deal with their orphan assets. The firm is targeting any institutional investor that has made commitments or investments to private equity or other alternative investments.

New Health Capital Partners closed its first private equity vehicle, which will focus on investing capital through loans, control investments and other financings to life sciences companies. The New York-based firm received an initial commitment of $150 million from ORIX USA Asset Management. The founders of NHCP, Richard Baxter and Aron Dantzig, have worked together for the past seven years, deploying in excess of $1 billion

Renovus Capital Partners has raised $100 million for its debut fund. Philadelphia-based Renovus is an education focused buyout firm. Renovus was founded in January 2010 by Bradley Whitman, Atif Gilani and Jesse Serventi who had each worked at Leeds Equity Partners.

The Riverside Company said it has closed its second micro-cap fund at $137 million, which is 37 percent above its $100 million target. The pool, Riverside Micro-Cap Fund II, is structured as a small business investment company. RMCF II will invest in companies with less than $5 million in EBITDA.

The $10 billion Russian Direct Investment Fund is fully staffed and ready to begin making investments, Reuters reported. The fund, a Kremlin initiative, plans to co-invest with private equity, sovereign wealth funds and strategic investors. The fund was created in June with backing of President Dmitry Medvedev and Prime Minister Vladimir Putin.