Firms & Funds

3i Group said that 96.6 percent of shareholders subscribed to a $1.2 billion rights issue, which was designed to strengthen the firm’s balance sheet.

The Board of CalPERS voted to increase its target allocation to venture capital and private equity to 14 percent from 10 percent. The move is largely a reflection of its current exposure.

Bridgescale Partners, a Menlo Park, Calif.-based growth equity firm, announced plans to open a Toronto office later this summer. It did not name any staffers, but did say that it’s recruiting.

Cipio Partners has held a €61 million ($85 million) first close on its sixth direct secondaries fund, which is targeting €200 million.

Claire’s Stores, a fashion accessory and jewelry retailer owned by Apollo Management, posted a loss of $29 million for its first quarter. That figure is narrower than the $35.6 million loss in the same period a year earlier but the company also warned that sales have weakened in the second quarter.

Clear Channel Communications is confident of reaching and agreement with its lenders on a debt restructuring, according to an interview conducted by U.K. newspaper The Financial Times with Clear Channel’s international chief William Eccleshare. Clear Channel is owned by Bain Capital and THL Partners.

First Vanguard, a Hong Kong-based asset manager, plans to form a $100 million fund with film producer Raymond Wong, to invest in movies and television programs targeting the Chinese market.

Moody’s Investors Service has raised its senior unsecured credit rating on GMAC LLC by one notch to ‘Ca,’ saying that U.S. government support has reduced the company’s risk of bankruptcy. GMAC is a portfolio company of Cerberus Capital Management.

KKR Financial Holdings said in a regulatory filing that a debt-holder has swapped $3 million of convertible notes for 1.18 million shares.

Kohlberg Kravis Roberts & Co. and Fidelity Investments have signed a deal whereby Fidelity’s retail and institutional brokerage clients would have the opportunity to participate in IPOs and follow-on offerings underwritten by KKR’s capital markets group.

Masonite International Inc., a Canadian doormaker that had been acquired by Kohlberg Kravis Roberts & Co. in 2005, has emerged from bankruptcy protection after completing a financial restructuring.

NXP BV, a Dutch semiconductor company, said that it may be forced to restructure its debt due to dwindling cash reserves. NXP is owned by Apax Partners, Bain Capital and KKR.

Oaktree Capital Management is seeking between $4 billion and $6 billion for a new distressed debt fund, according to LBO Wire.