Firms & Funds

Apollo Commercial Real Estate Inc., an affiliate of Apollo Management, has filed for a $600 million IPO. The REIT would invest in commercial mortgage-backed securities.

Bayview Mortgage Capital Inc., a newly-formed subsidiary of The Blackstone Group affiliate Bayview Asset Management, has filed for a $500 million IPO. It plans to trade on the NYSE under ticker symbol BAY, with Deutsche Bank Securities and Morgan Stanley serving as co-lead underwriters.

Barclays is considering a sale of its private equity unit, including a possible management buyout in which the bank would retain a minority stake.

BC Partners wrote up the value of its latest fund, BC Partners VIII by 22.4 percent in the first half of 2009, bringing it back up to par. Portfolio companies include Office Depot, Brenntag, Intelsat and Foxtons.

Birch Hill Equity Partners, a Toronto-based private equity firm, has begun raising its fourth fund with a C$850 million ($784.5 million) target, according to LBO Wire. It closed its third fund with C$850 million in 2005.

China Investment Corp. has agreed to acquire a 40 percent stake in private equity firm CITIC Capital, in a deal valued at HK$2 billion ($258 million).

Clairvest Group (TSX: CVG) has held a C$200 million first close on its fourth private equity fund. The fund has a hard cap of C$500 million.

GTCR has formed Palladian Financial Holdings, a $300 million platform for the purchase of businesses and assets that deal with consumer credit, payments and rewards programs.

Imperial Capital Group, a Toronto-based mid-market buyout firm, has closed its fourth fund with C$126 million in capital commitments. The fund’s first deal was the acquisition of Schulman Associates IRB Inc., a Cincinnati-based institutional review board for life sciences research protocols and consent documents.

JM Financial, a publicly-traded Indian financial services firm, is planning to raise up to $400 million for a private equity infrastructure fund.

Kohlberg Kravis Roberts & Co. has received approval to merge with Amsterdam-listed affiliate KKR Private Equity Investors, from the KPE board of directors. The move puts KKR one step closer toward being listed on the Euronext and, subsequently, on the New York Stock Exchange. KKR also disclosed an updated profit outlook and more details about the planned merger, including a proposed equity incentive plan. Also, KKR has decided to delay the start of fundraising for its next North American buyouts fund until 2010, according to, the sister Web site of Buyouts. The firm is also reportedly planning an initial public offering for porfolio company Dollar General, according to the Wall Street Journal.

Monroe Capital, a Chicago-based merchant bank and specialty finance shop, has formed a mid-market credit advisory practice. It will be led by Mark Gertzof, formerly a managing director with Merrill Lynch Capital, and Christopher Gentry, formerly a director with Concord Financial Advisors.

Riverside Partners, a Boston-based mid-market firm that invests in the health care and technology sectors, is planning to hold a first close on its fourth fund in the coming weeks.

Warburg Pincus has committed up to $300 million to the formation of RegionalCare Hospital Partners, a hospital acquisition platform focused on non-urban markets. It will be led by CEO Martin Rash, former CEO of Province Healthcare.