Firms & Funds

Actis has raised $750 million for its second infrastructure fund, which will focus on power generation and transport opportunities in emerging markets.

Apax Partners has shaken up its management team, according to the Wall Street Journal. Alex Fortescue, head of the firm’s European retail team, left the firm. Michael Grabiner, partner at the firm, retired. CEO Martin Halusa is expected to be re-elected this year as head of the firm for the next four years before he heads to retirement.

Axis Private Equity, a unit of Indian lender Axis Bank, is planning to raise $250 million for its second infrastructure fund. It has already invested two-thirds of its $150 million debut infrastructure fund.

American Capital (Nasdaq: ACAS) has closed its Frankfurt, Germany office, “in response to the global downturn in the private equity markets over the past two years.” The office’s assets will continue to be managed by the firm’s London staff.

The Canadian Pension Plan Investment Board has asked fellow investors in PAI Partners to reject the buyout house’s plan to slash its fund in half as inadequate. PAI last month proposed shrinking its fifth buyout fund by half to €2.7 billion following a boardroom coup which saw chairman Dominique Megret and his right-hand man Bertrand Meunier leave the company.

The Carlyle Group’s investment team in Mexico has spun out into an independent firm named EMX Capital. It will continue to manage Carlyle Mexico Partners, a $134 million fund closed in 2005. That fund has a 17.4 percent IRR through the end of Q2, according to limited partner CalPERS.

CIT Group shares surged on a NY Post report that it might merge with IndyMac, but a person familiar with the matter told Reuters that the report was incorrect.

GI Partners has closed its third fund with $1.9 billion in capital commitments. Limited partners include Florida Retirement System Trust Fund, Teachers’ Retirement System of Illinois, and Capital Dynamics and Partners Group. Lazard acted as placement agent.

Harvest Partners has formed a formal partnership with Steve Riordan to target investments in the North American distribution market. Riordan is the former CEO of Communications Supply Corporation.

Hellman & Friedman has closed its seventh buyout fund with $8.8 billion in capital commitments. The firm also announced that Warren Hellman will step down as firm chairman, but remain as a member of its investment committee. Philip Hammarskjold will succeed Brian Powers as CEO.

Houlihan Lokey has launched a transaction advisory services group, which will provide clients with financial and tax due diligence services as they evaluate acquisition or investment targets. It will be led by Sam Clark, a managing director in the firm’s Dallas office.

Investindustrial, a private equity firm focused on Southern Europe, has raised a €100 million annex for its €500 million third fund.

J.C. Flowers & Co. has filed a lawsuit in Munich, to prevent the full nationalization of German bank Hypo Real Estate. The move is to prevent minority shareholders like Flowers from being squeezed out at €1.3 per share.

Kohlberg Kravis Roberts & Co. has completed its previously-announced merger with Amsterdam-listed affiliate KPE, and has now become publicly traded on the Euronext. It plans to transfer its listing to a New York exchange early next year.

The London Pension Fund Authority said that it plans to seek out private equity and infrastructure investments. The £3.2 billion system believes its current cash allocation is too high.

Onex Corp. (TSX: OCX) said that it is planning an IPO for a fund that invests in high-yield debt. Units of OCP Credit Strategy Fund will be sold at C$10 each, but Onex did not say how many units would be offered.

Madison Capital Funding, a subsidiary of New York Life Investments, has acquired a portfolio representing 40 different mid-market borrowers. The collective commitments total more than $141 million.

Princeton University‘s endowment lost 23.7 percent for the year ending June 30, according to a letter sent yesterday by school president Shirley Tilghman.

Quantum Energy Partners has closed its fifth fund with $2.5 billion in capital commitments. Champlain Advisors served as placement agent.