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Firms & Funds

Executives with Arle Capital Partners are preparing to raise their first independent fund since the London-based buyout shop spun out of the defunct Candover Investments plc to manage the old Candover portfolio earlier this year, Partner Nils Stoesser said. The fund is still very much in the planning stages. But Stoesser said the firm would likely try to raise around €750 million to €1 billion ($1 billion to $1.3 billion). The firm is in talks with placement agents and other fundraising intermediaries, he said, and will make a final decision on the fund next year.

AXA Private Equity, a division of French insurer AXA that is being reviewed for sale, is planning more deals in the secondary market, one of its executives said, according to Reuters. AXA Private Equity is raising a new fund for this market of existing private equity investments, on which it has spent $3.4 billion this year so far, Reuters wrote.

French lender BNP Paribas is considering selling a private-equity portfolio worth more than $700 million, the Financial Times reported, according to Reuters. The bank is mulling whether to dispose of more than 50 private-equity fund interests.

China Development Bank Corp. is setting up an overseas investment platform and forming a partnership with private equity firms TPG Capital and Kohlberg Kravis Roberts & Co., Reuters reported, citing the official China Daily.

Deutsche Bank said it is conducting a review of its global asset management business. A Deutsche Bank spokeswoman told peHub that all options are being considered for the business, including a sale or retaining some of the businesses. The review excludes DWS’ franchise in Germany, Europe and Asia. But DWS Americas is part of the review, the spokeswoman said.

Dragon Capital is raising a new private-equity fund to invest in Vietnam, Cambodia and Laos, Reuters reported, citing chief executive Dominic Scriven. The new product, the Indochina Opportunities Fund, is due to have an initial close with $100 million to $150 million in capital. It will be capped at a maximum of $250 million, Reuters wrote.

Norwegian oil and gas investor HitecVision has completed its most recent fundraising reaching a hard cap of $1.5 billion in less than four months. The fund had strong support from existing investors and significant interest from new international investors, the firm said in a press release.

Hony Capital is aiming to raise up to $2.6 billion in a new private equity fund, Reuters reported. The fund, launched in August, looks set to be the biggest ever dollar raising for a China-based fund, Reuters wrote.

The former management team of HSBC Capital has spun off to form the new firm, Graycliff Partners. Graycliff Partners will continue to manage and invest more than $1 billion in commitments from existing funds, and will also continue its focus on private equity, mezzanine and real estate investments in the mid-market of the United States and in Latin America, the firm said.

Maybank is to launch a $500 million private equity fund, the first private equity fund backed by a South East Asian bank dedicated to clean and renewable energy in Asia. The fund will focus on power generation infrastructure projects using renewable sources and will have a first close of $87.5 million, of which Maybank will contribute $50 million.

Chinese animal feed producer New Hope Group plans to set up a $200 million overseas fund that counts Singapore’s sovereign wealth fund Temasek among its key investors, Reuters reported. New Hope Vice President Wang Hang said the fund would mainly invest in businesses related to food security, food safety and farm technology, according to Reuters.

London-based Perusa Partners, a buyout firm that specializes in lower mid-market special situations in Germany and German-speaking countries, has closed on its second fund. The firm raised €207 million ($279.8 million) in what it reported to be three months’ time.

Revolution Growth, which is led by former America Online executives Steve Case, Ted Leonsis and Donn Davis, has closed its new fund with $450 million in commitments. The Hillman Co. is among the fund’s 24 limited partners, according to a press release from Revolution.

StepStone Group is acquiring the funds management business of Parish Capital Advisors, a private equity investment manager with $2 billion under management, the firms announced. Terms of the acquisition, which is expected to close in January, were not released.

Terra Firma Capital Partners is seeking to raise up to €1 billion ($1.33 billion) from a sovereign wealth fund so it can continue to do deals when its buyout fund’s investment period expires next year, Reuters reported, citing the Financial Times. The firm has up to €700 million available for new investment in its third fund.

TSG Consumer Partners announced it raised $1.3 billion for its sixth fund, TSG6 LP. That was about 30 percent more than the firm’s $1 billion target, said James O’Hara, a TSG managing director. The firm, which has offices in San Francisco and New York, had about $1 billion in additional interest, O’Hara said.

Vestar, a privately held real estate company, is planning a $250 million retail investment fund, Vestar Strategic Retail Partners, the company announced. Vestar Strategic Retail Partners will acquire value-add retail properties ranging from $20 million to $100 million in the western and southwestern regions of the United States. The fund is expected to close by mid-2012.

Victory Park Capital, an alternative asset management firm that provides financing to small cap and middle-market companies, has closed its newest fund, VPC Fund II, with $480 million. The fund is a distressed private equity and debt vehicle. Victory Park Capital is based in Chicago.