Firms & Funds

Avenue Capital Group has held a €563 million first close for its first European distressed debt fund, according to LBO Wire. The vehicle has a €1.5 billion target.

Bear Stearns Private Equity has completed its previously-announced acquisition of Macquarie Private Capital Group, at an adjusted price of A$113.9 million.

Brown Rudnick LLP has formed a cleantech team for companies and investors involved in “renewable, sustainable, and environmentally safe technologies.”

Carl Marks & Co. has formed a new business unit called Carl Marks Healthcare Partners. It will provide operational and financial performance improvement and turnaround management to the healthcare industry.

Centre Partners has closed its fifth fund with $880 million in capital commitments. Its fourth fund had closed in 2004 with $780 million.

Cerberus Capital Management is raising a distressed debt fund, firm chairman John Snow told Reuters.

The Edgewater Funds of Chicago is raising up to $750 million for its third growth equity fund, according to a regulatory filing.

H.I.G. Capital has raised $3 billion for H.I.G. Bayside II, a distressed debt fund focused on middle-market and lower middle-market opportunities.

Industri Kapital, a European mid-market private equity firm, has changed its name to IK Investment Partners.

The Massachusetts Pension Reserve Investment Trust (PRIM) has approved the following fund commitments: Onex Partners III ($150m), Tenaska Power Fund II ($100m), Quantum Energy Partners V ($100m), TCW Crescent Mezzanine Partners V ($100m), Avenue Europe Special Situations ($100m), American Securities Fund V ($75m) and Thoma Bravo IX ($50m).

Waterland Private Equity Investments has closed its fourth fund with €800 million in capital commitments. The firm focuses on mid-market buyouts in Europe.

Weil, Gotshal & Manges LLP has opened an office in Beijing, its third in Asia.