3i Group plans to list a new closed-end investment vehicle on the London Stock Exchange, which will acquire control positions in small and mid-cap quoted companies, primarily in the UK and continental Europe. 3i Quoted Private Equity (3i QPE) is expected to raise at least £400m, of which 45 percent will come from 3i Group itself.
Advent International is looking to raise more than $1 billion for its fourth Latin American private equity fund, according to a published report. A final close is expected in July.
Apollo Management is planning to raise at least $15 billion for its seventh buyout fund. Apollo closed on $10 billion for its sixth fund in February 2006.
Asia Alternatives of Hong Kong has closed its debut fund-of-funds targeting the Asia market, with $515 million in capital commitments. It had originally targeted $350 million. Limited partners include CalTech, CalPERS, Comprehensive Financial Management, Mass Mutual Asia, Mass Mutual Japan, Massachusetts Mutual Life Insurance Company, OHIM Asia Investors (affiliate of Oak Hill Investment Management), OMERS, PSERS, Warren Hellman and Arthur Rock. C.P. Eaton Partners served as placement agent.
Bank of America plans to float a private equity fund-of-funds on the Amsterdam Euronext later this year, according to a published report. The vehicle will be co-managed by Oak Hill Investment Management.
The Blackstone Group has set terms for its initial public offering, just one day after confirming that it would sell a $3 billion non-voting stake in its management company to the government of China. The IPO terms work out to around 133.33 million common units being offered at between $29 and $31 per unit, which could net up to $4.13 billion. Blackstone also could offer an additional 20 million units at the underwriters’ discretion, which would bump the total up to $4.75 billion.
The Carlyle Group confirmed reports that it will list its first publicly-traded fund on the Euronext Amsterdam, either in the second or third quarter of this year. It will be a $1 billion leveraged finance vehicle mostly made up of mortgage-backed securities, with a target of $400 million.
Citi Alternative Investments has formed Citi Infrastructure Investors, which will manage equity investments in infrastructure assets and will oversee a management company focused on the operation of these investments. The CII team will be co-led by Juan Bejar, former CEO of Ferrovial Infrastructure in Spain, and Felicity Gates, former head of Deutsche Bank’s RREEF’s North America infrastructure business. CII also named three managing directors: Colin Campbell, previously with the global banking infrastructure team at Citi Markets & Banking; J.G. Duthie-Jackson, previously with Citi’s European infrastructure & corporate securitization group; and Michael Froman, current COO of Citi Alternative Investments and former CEO of CitiInsurance.
Continuum Capital Partners has launched as a Bay Area growth equity firm that will soon begin marketing a $500 million debut fund, according to a published report. Firm management includes Greg Black (formerly with Warburg Pincus), Vladimir Jacimovic (New Enterprise Associates) and Ashley Fiedlein (General Atlantic).
Excellere Partners has closed its inaugural fund with $265 million in capital commitments. The Denver-based firm will focus on middle-market majority recaps and management buyouts, and is run by former KRG Capital Partners pros David Kessenich and Robert Martin.
Golub Capital Partners, a New York-based provider of debt financing to private equity sponsors, has filed for a $150 million IPO. It plans to trade on the Nasdaq under ticker symbol GCAP, with Wachovia Securities serving as lead underwriter. The publicly-traded entity will serve as a holding company for Golub’s funds, including the $1 billion Fund V closed earlier this year.
Greenhill & Co. has held a £106 million first close for its debut European mid-market buyout fund.
Jefferies & Co. has formed a Corporate Equity Services group, which will provide equity services to corporations, financial sponsors and venture capital firms. It will be led by Peter Rosenthal, who previously was managing director and head of corporate services with Needham & Company.
JPMorgan has launched a private equity fund services business in the UK, which will focus on both Europe and the Middle East. It will offer fund administration services, including investor tracking, fund accounting, tax support services and investor reporting. It also will provide portfolio administration services to limited partners.
KPS Capital Partners has closed its third special situations fund with $1.2 billion in capital commitments. Probitas Partners served as placement agent.
LS Power has closed its second energy-focused private equity fund with $3.085 billion in capital commitments. Credit Suisse served as placement agent. The New York-based firm’s debut fund had closed on $1.2 billion in 2005.
Mekong Capital is looking to raise up to $100 million for its third fund, which will focus on privatized companies in Vietnam.
Merrill Lynch has acquired a minority stake in GSO Capital Partners, and will invest in certain GSO strategies. No financial terms were disclosed. GSO manages around $8 billion in assets, and was formed in 2005 by former Credit Suisse pros Bennett Goodman, Tripp Smith and Douglas Ostrover.
The Oregon state legislature has passed a bill codifying the type of information that the state treasury must disclose regarding its private equity investments. The disclosed data will include—as it currently does—the name of firm or fund, the amount committed and the internal rate of return.
Park Square Capital of London has closed a new Credit Opportunities Fund with €315 million in equity commitments, from limited partners like Caisse de dépôt et placement du Québec and the Ontario Teachers’ Pension Plan. The fund will be leveraged, which is expected to give it €1.25 billion in investment capacity.
Penfund, a Toronto-based private equity fund focused on the middle-markets, has held a C$240 million first close on its third fund. It expects to hold a final close on roughly C$250 million within the next few weeks.
SBI Holdings Inc. has signed an agreement with Goldman Sachs to jointly invest in growing mid-sized companies in Japan. Under the agreement, SBI will sell 40 percent of its buyout and enterprise revitalization funds unit, SBI Capital Co. Ltd, to Goldman Sachs. SBI Capital will continue to manage its existing buyout and restructuring fund, plus to launch new funds. The joint venture plans to deploy approximately $820 million within three years, and will not restrict investment activity to Japan or to any specific industry or sector.
Teachers’ Private Capital has opened a London office, which is its first effort outside of Canada. The office is led by director Andrew Claerhout, and will focus on European and international private equity opportunities