Advent International plans to open an office in New York City. It will be led by managing director Tim Franks, who is relocating from London. Other staffers will include two principals relocating from Boston — Mohammed Anjarwala and Andrew Crawford — and former Sun Capital pro Kevin Feinblum.
BC Partners plans to target sovereign wealth funds when it begins marketing a new €6 billion fund in the second half of this year, according to managing partner Charlie Bott.
Blackstone Group (NYSE: BX) reported $329 million in economic net income last quarter, compared to a $764 million loss a year earlier. Its after-tax ENI was 29 cents per share, beating analyst expectations of 20 cents per share.
Carlyle Group and Chinese conglomerate Fosun Group plan to launch a yuan-denominated private equity fund. Each group has committed an initial $50 million, with plans to raise additional outside capital.
Citadel Capital of Egypt said today that it is forming a $150 million co-investment fund for Africa, focusing on Eastern Africa.
Citigroup is in talks to sell its $4 billion hedge fund business to SkyBridge Capital, according to The Wall Street Journal.
Code Advisors has launched as a boutique investment bank focused on “the intersection of media and technology.” Its principals are Quincy Smith (former CEO of CBS Interactive), Fred Davis (co-founder of Davis Shapiro Lewit & Hayes) and Mike Marquez (former head of biz dev for CBS Interactive). Advisory board members include David Golden of Revolution LLC and Danny Rimer of Index Ventures.
EFG-Hermes, an Egyptian investment bank, plans to launch a $250 million to $300 million private equity fund focused on the “untapped” Syrian market. It also is opening an office in Damascus.
Evercore Partners has acquired a 49 percent stake in Atalanta Sosnoff Capital, which manages large-cap equity and balanced accounts for institutional, high net worth and broker advised clients. The deal includes a $69 million up-front cash payment, plus up to $14.7 million in earnout payments.
Fortress Investment Group (NYSE: FIG) reported an $84 million net loss last quarter, compared to a $140 million net loss one year earlier.
Goldman Sachs has cut the $7.5 billion target for its second infrastructure fund by more than half, due to soft investor interest. The firm’s debut infrastructure fund closed in 2006 with $6.5 billion.
Frank Yu, a former managing director with Och-Ziff Capital Management, is planning to raise up to $500 million for a China-focused private equity fund, according to The Wall Street Journal. It will be called Themes Investment Partners.
Hall Capital Partners is targeting $100 million for its second fund, according to a regulatory filing. The Oklahoma City-based firm invests between $2 million and $25 million into family-owned businesses.
KKR reported economic net income of $515.3 million for last quarter, compared to $822.7 million for the same period a year earlier. It also said it is moving forward with plans to list on the NYSE, and that it will pay an 8 cent shareholder dividend.
OMERS posted a 2009 gain of C$4.3 billion, compared to an C$8 billion loss in 2008.
Rockefeller & Co., a wealth management firm for individuals and institutions, has renamed itself Rockefeller Financial.
US Renewables Group has formed Westerly Wind LLC, a provider of development capital and expertise to wind developers. No financial terms were disclosed.
SVG Capital shares jumped after reporting that Permira — a buyout firm in which SVG is the largest investor — cut debt and saw significant portfolio performance improvements.
A U.S. judge said he would rule later this month on Citigroup’s request that a lawsuit by Terra Firma Capital Partners be moved to London. The suit revolves around Terra Firma’s acquisition of EMI Group.
Valeo Fund is planning to raise $150 million for a U.S. commercial real estate fund.