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Firms & Funds

American Industrial Partners, a New York-based mid-market firm, has closed its new fund, American Industrial Partners Capital Fund V LP, with $700 million. The firm, which focuses on buying North American industrial businesses, said it exceeded its $500 million target.

Emerging markets fund manager Aureos Capital Ltd has reached a final close of the Africa Health Fund, exceeding its target by raising $105.4 million from a range of private sector and development finance institutional investors. The Africa Health Fund was established by Aureos in June 2009 with the International Finance Corp., the African Development Bank, DEG, and the Bill & Melinda Gates Foundation as cornerstone investors.

The California Public Employees’ Retirement System has earned a profit of approximately $695 million from its investment in GI Partners Fund I. CalPERS committed $500 million to GI Partners Fund I in 2001 as part of joint initiative between its real estate and private equity programs to invest in technology-related assets. The investment generated a 31 percent net annualized IRR.

Credit Agricole is selling its private equity unit to UK-based buyout shop Coller Capital for roughly €300 million ($389.92 million), Reuters reported. The deal will reduce the risk-weighted assets of Credit Agricole by €900 million, Reuters wrote. Coller Capital specializes in buying secondary private equity assets.

Dubai Investment Group has appointed private equity firm Silverpeak Real Estate Partners to manage its U.S. and German real estate portfolio, Reuters reported. DIG is the real estate and asset management arm of Dubai Group.

Publicly traded British firm Electra Private Equity announced that it will use its £400 million ($628 million) war chest to go on a shopping spree amid an anticipated capital crunch owing to euro zone concerns.

Electronic Control Security, a provider of integrated entry control and perimeter security system technologies to the government and private sectors has decided to terminate its drawdown equity financing agreement with Auctus Private Equity Fund. The company decided that it would not be in the its best interest to retain or move forward with the equity line.

Denver-based Excellere Partners has launched its second fund, Excellere Fund II, with $465 million. The company focuses on mid-market deals in companies with revenues ranging from $20 million to $150 million. The firm has $730 million of capital under management.

India-focused Jacob Ballas Capital expects to invest about $150 million in Asia’s third-largest economy over the next 12 months, Reuters reported. The firm, backed by New York Life Insurance Co., currently manages funds worth $600 million in India, Reuters wrote.

Kotak Realty Fund, a unit of Kotak Mahindra Bank, said it raised 5.23 billion rupees ($98.2 million) from domestic Indian investors for a fund that will mainly invest in high-yield debt instruments of real estate developers, Reuters reported. The primary focus of the fund will be on residential projects, the fund said in a statement.

The Multilateral Investment Fund will invest $4 million in the Brazilian seed capital fund C-Ventures Primus. The investment is to support emerging firms in the states of Santa Catarina, Paraná and Rio Grande do Sul in sectors ranging from energy and life sciences to digital media and communication technologies.

Permira has signed a strategic partnership with Chinese government owned China Development Bank, Reuters reported. The partnership will allow Permira to become CDB Capital’s sole European private equity partner, Reuters wrote.

Providence Equity Partners is having trouble getting past $3 billion toward its $6 billion target for its new fund, Providence Equity Partners VII LP, an LP source told peHub. At $6 billion, Fund VII is half the size of Providence’s prior pool, sources said.

Ranieri Real Estate Partners LP, a real estate financial services company, is to acquire Occom Capital Partners, a boutique real estate investment banking and advisory firm based in New York and Portland, Maine. Terms were not disclosed. RREP also announced that it has established two new advisory services groups, Ranieri Real Estate Advisors and Ranieri Situs Solutions.

RCP Advisors said it has closed its first co-investment fund at $110 million. Chicago-based RCP is a fund-of-funds manager that focuses on the lower mid-market.

Sterling Investment Partners is in preliminary discussions with limited partners about raising its third fund, according to two sources. The firm will start raising the fund in the first half of the year and seek $500 million to $600 million, one of the sources said. The firm is working with Park Hill Group LLC, the placement agency owned by The Blackstone Group, instead of the placement group at Credit Suisse, which helped it raise its previous fund, the second source said.