Firms & Funds

ABS Capital Partners, a Baltimore-based growth equity firm, has closed its sixth fund with $420 million in capital commitments. The fund has already made four investments. Limited partners include the Pennsylvania State Employees Retirement System, Partners Healthcare, Abbott Capital and WP Global Partners.

Alliance Data Systems will not receive a $170 million breakup fee from The Blackstone Group, after losing its appeal of a lower court verdict.

China Investment Corp. has agreed to invest around $500 million into The Blackstone Group’s hedge fund unit, according to the Wall Street Journal.

Fidelity Investments said that it is shutting down Fidelity Equity Partners, a $500 million private equity unit. The firm’s venture capital unit will maintain operations.

Fortress Investment Group said a group of banks led by Bank of America and Citigroup has amended a credit agreement, thus allowing Fortress to repurchase outstanding loans. The banks also amended terms under which Fortress can invest in its own funds.

Kohlberg Kravis Roberts & Co. is considering separating a plan that links buying its Amsterdam-listed fund with its own moves to list on the New York Stock Exchange, a source familiar with the matter said.

Merit Capital Partners is targeting $600 million for its sixth mezzanine debt fund, according to LBO Wire. The Chicago-based firm closed its fifth fund in 2004 with $455 million.

MHT Partners, a Dallas-based investment bank focused on middle-market growth companies and PE sponsors, has formed a private equity secondary advisory practice. It will be headed up by James Lee, who previously was with Cogent Partners.

MidOcean Partners named Steve Shenfeld president of its new MidOcean Credit Partners unit, which will be a credit investment platform targeting the middle market. Prior to joining MidOcean, Shenfeld managed a private equity fund for MD Sass. He was also a general partner with Avenue Capital Group LLC earlier in his career.

Monier Group, a French roofing company, has reached a debt restructuring agreement with its lender, Reuters has learned. The deal would see debt-holders like Apollo Management, TowerBrook and York Capital take control of the company. Current equity owner PAI Partners had made a rival debt-for-equity proposal, but did not succeed in gaining approval.

Mount Kellett Capital, an Asia-focused private equity firm run by former Goldman Sachs partner Mark McGoldrick, has closed its debut fund with approximately $2.5 billion, according to Reuters. It had originally targeted $5 billion, but cut back expectations in light of last fall’s market troubles.

Oak Hill Capital Partners has closed its third fund with $3.8 billion in capital commitments, according to LBO Wire. The middle-market buyout firm began fundraising 18 months ago with a $4 billion target and $5.5 billion hard cap. Its second fund had closed in 2005 with $2.5 billion and had a 7.1 percent IRR as of year-end 2008, according to limited partner CalPERS.

Providence Equity Partners has begun raising its second debt fund with a $1 billion target, just months after closing its inaugural debtfund with $1.1 billion, according to LBO Wire. The first fund reportedly is 75 percent invested.

VinaCapital is planning to raise a $350 million Vietnam real estate private equity fund.