Allied Capital Corp. (NYSE: ALD) recently posted its sixth-straight quarterly loss, and said that it will continue to sell portfolio assets. It also announced that it has “agreed in principle” to restructure around $1.75 billion in outstanding debt.
American Capital Ltd. reported a $547 million loss for its fiscal second quarter, and said it remains in default on $2.3 billion of loans.
China Investment Corp. has finalized a $500 million allocation to The Blackstone Group.CIT Group delayed filing its second-quarter report with regulators, and again warned that it may file for bankruptcy protection.
Close Growth Capital has spun out of U.K. merchant bank Close Brothers, via a management buyout. It is the third of Close Brothers’ private equity units to spin out this year, following Close Ventures and Close Brothers Private Equity.
Cooper-Standard Automotive Inc. has filed for Chapter 11 bankruptcy protection, saying it had $1.17 billion in outstanding debt. The auto components maker is a portfolio company of GS Capital Partners and The Cypress Group.
CoveView Advisors has launched as a special situations advisory firm. Its principals are former JPMorgan bankers Dan Tredwell (previously with Heartland Industrial Partners), Douglas Traver and Thomas Canning.
Fidelity Investments and Deutsche Bank have signed a deal to offer Fidelity brokerage customers the opportunity to buy shares in IPOs underwritten by Deutsche. This is Fidelity’s second such deal, having previously signed one with Kohlberg Kravis Roberts & Co.Fortress Investment Group (NYSE: FIG) reported a $44.6 million loss for its fiscal second quarter, compared to a $55.6 million loss in the same period a year earlier. The company also disclosed nearly $28 million in deferred management fees will be received later than expected, and warned that 2009 fee income will be muted.
Guggenheim Partners, a financial services firm with private equity and venture capital affiliates, has agreed to acquire Claymore Group, a provider of ETFs, closed-end funds and unit investment trusts. No financial terms were disclosed for the deal, which is expected to close later this quarter.
KKR Private Equity Investors, the Amsterdam-listed affiliate of U.S. buyout shop Kohlberg Kravis Roberts & Co., said that it has passed the threshold of unit-holder support for its proposed merger with KKR. The combined company would initially trade in Amsterdam, before transfering to a New York exchange within the next 12 months.
The Los Angeles City Employees’ Retirement System has approved a commitment of up to $20 million to Hellman & Friedman Capital Partners VII. The fund has a $7 billion target and a $10 billion hard cap.
Marsh & McLennan Companies (NYSE: MMC) reported a $193 million loss for the second quarter, compared to a $65 million profit in the same period a year earlier. A large part of the flip related to a writedown in the value of the company’s security consulting business.
The New York State Teachers’ Retirement System has approved a commitment of up to $100 million to Energy Capital Partners II, according to board meeting documents.
Prospect Capital Corp. (Nasdaq: PSEC) has agreed to acquire Patriot Capital Funding Inc. (Nasdaq: PCAP) for $197 million.
The Shanghai government has set up China’s first private equity fund focused on financial companies, with plans to raise upwards of $2.9 billion.
TA Associates has closed its ninth fund for U.S. limited partners, with $4 billion in capital commitments. Its predecessor fund secured $3.5 billion in March 2006.
Warburg Pincus is looking to sell its 50.12 percent stake in Indian business process outsourcing firm WNS Global Services, according to U.K. newspaper The Economic Times. Warburg has held informal talks with potential buyers like Bain Capital and The Blackstone Group, with hopes of garnering around $400 million.