Firms & Funds

Abbott Capital Management is targeting $1 billion for its sixth private equity fund-of-funds, according to LBO Wire. Its fifth fund closed in $850 million in 2005.

Advent International has closed its sixth global buyout fund with $10.4 billion in capital commitments. It had originally targeted $7.6 billion, and received over $15 billion in requested subscriptions. Limited partners include Canada Pension Plan Investment Board, GIC Special Investments, AlpInvest Partners, Pantheon, California State Teachers’ Retirement System, SL Capital Partners, Universities Superannuation Scheme and Partners Group.

Arapima Partners is raising its debut fund with a $150 million target, according to Private Equity International. It will focus on middle-market opportunities in Indonesia.

Banco Santander SA of Spain is planning to raise €1.5 billion for infrastructure investments in Europe and Latin America.

The Blackstone Group has closed its ninth real estate fund – Blackstone Real Estate Partners VI — with $10.9 billion in capital commitments. It is the largest real estate private equity fund ever raised.

Cadent Energy Partners, a Rye Brook, N.Y.-based private equity firm focused on energy opportunities, has closed its second fund with $473.3 million. Lazard served as placement agent, while limited partners include CommonFund, University of Chicago and the Andrew W. Mellon Foundation.

The Carlyle Group has raised $1.35 billion for its second distressed debt and corporate opportunities fund. It can make investments in bank loans, public debt, public equity and private equity. Carlyle’s first “Strategic Partners” fund closed last year with around $652 million in capital commitments.

Chicago Growth Partners has closed its second fund with $500 million in capital commitments.

Clayton Dubilier & Rice has secured nearly $2 billion in capital commitments for its eighth fund, according to a regulatory filing. Its listed target is $7.5 billion, although that likely represents an upper limit. CD&R closed its previous fund with $4 billion in 2006, and later added a $550 million co-investment vehicle.

DLJ Merchant Banking Partners has opened an office in Troy, Michigan. It will be staffed by former Questor Management partners John Janitz and Dominick Schiano.

DLJ South American Partners has closed its debut fund with $300 million in capital commitments. The firm is a joint venture between Credit Suisse’s Alternative Investments group and an investment team co-led by Carlos Garcia (former head of South American investments for DLJ Merchant Banking Partners) and Marcelo Medeiros (former manager of the Brazil Private Equity Fund). It has already made three investments: The creation of Arcos Dorados BV, to acquire the master franchise of McDonald’s restaurants in Latin America and the Caribbean; The acquisition of Fispal, a promoter of food and beverage trade shows in Brazil; and the acquisition of a large stake in Brazilian education company EBEC.

Graham Partners has held a $450 million first close on its third fund. The Newton Square, Pa.-based firm is targeting $650 million, and focuses on mid-market opportunities in the manufacturing and industrial sectors.

The Iowa Public Employees’ Retirement System (IPERS) last week decided to issue RFPs for new general and real estate investment consultants. Its current contracts with Wilshire Associates (general) and The Townsend Group (real estate) expire in September. The $23.8 billion plan as an 8% allocation to private equity.

The Kansas Public Employees’ Retirement System has selected LP Capital Advisors as its non-discretionary private equity consultant.

Kohlberg Kravis Roberts & Co. has closed its latest buyout fund with $17.6 billion in capital commitments.

Lovell Minnick Partners is raising up to $350 million for its third fund. Credit Suisse is serving as placement agent. Los Angeles-based Lovell Minnick closed its second fund in 2006 with $220 million, and focuses on mid-market buyout opportunities.

MBK Partners is targeting $3 billion for its second fund. The Seoul-based buyout firm was formed in 2005 by Michael Kim, who previously was co-head of Asian buyouts for The Carlyle Group. It closed its debut fund in 2006 with $1.56 billion, from LPs like Temasek Holdings, the Ontario Teachers’ Pension Plan, Morgan Stanley, Bank of Tokyo and the National Agricultural Cooperatives Federation of South Korea.

Newbury Partners has closed its debut secondaries fund with $702 million in capital commitments. The firm was founded in late 2006 by former professionals at Auda Private Equity. It used Citigroup as fund placement agent.

Pacific Equity Partners of Australia has closed its fourth fund with Au$4 billion in capital commitments. Its prior fund had closed in early 2006 with Au$1.3 billion.

Partners Group of Switzerland has held a $250 million final close for a fund-of-funds focused on U.S.-based venture capital and growth capital funds. The vehicle is already 75% committed, to funds managed by firms like Draper Fisher Jurvetson, TA Associates and Battery Ventures.

Permavest Investment has raised $63 million for a fund-of-funds focused on Chinese venture capital and private equity partnerships.

Serent Capital has raised its inaugural fund with $250 million in capital commitments. The San Francisco-based firm was founded last year with a focus on services businesses. Its founders are David Kennedy, former president of ServiceSource, and Kevin Frick, former head of McKinsey & Co.’s West Coast private equity practice. Limited partners include Harvard Management Co., Horsley Bridge, Adams Street Partners and the private office of the Ziff family.

SJ Berwin has held informal merger discussions with Goodwin Procter, according to Financial News Online. SJ Berwin has 132 private equity-focused attorneys in the UK, while Goodwin has one of the largest U.S. practices.

Tano Capital is raising its second India-focused middle-market private equity fund with a $300 million target, according to LBO Wire.