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Fund News In Brief

British private equity group 3i Group plc is to focus on further asset disposals over the coming months, saying that it intends to build on strong progress made in its efforts to restructure its business, Reuters reported. Since shareholder frustration at poor share price performance and weak results from its buyout business forced a change in chief executive last year, the owner of women’s fashion retailer Hobbs and Tommee Tippee baby bottle maker Mayborn has been on a drive to reboot its flagging fortunes.

Altra Investments said that it closed its second pool, Altra Private Equity Fund II LP, and parallel investment funds with $355.8 million in total commitments. The total exceeded the fund’s target of $300 million. Investors included public and private pension funds, funds-of-funds, family offices, sovereign wealth funds, endowments and foundations. Founded in 2005, Altra is a value oriented buyout firm focused on mid-market companies in the Andean region with offices in Bogotá, Colombia, and Lima, Peru. Stanwich Advisors acted as financial adviser and placement agent.

Specialty finance company CapX Partners has closed its latest fund with total commitments of $225 million. CapX IV closed at the end of 2012 with $75 million of private capital. With its SBIC debenture license, CapX IV now has access to an additional $150 million in debenture leverage funding from the Small Business Administration.

EQT Infrastructure has closed its second fund at its hard cap of €1.925 billion ($2.6 billion). EQT Infrastructure II will target existing infrastructure companies located primarily in Europe and North America.

Equistone Partners Europe has reached a final closing of Equistone Partners Europe Fund IV at €1.5 billion ($2 billion). The fundraising has been achieved just more than a year after the Equistone team’s spin-out from Barclays.

South Africa’s Ethos Private Equity has raised $800 million for a new fund that will look for opportunities in the continent’s biggest economy and its fast-growing neighbors in one of the largest amounts secured by an Africa-focused fund. Ethos, one of South Africa’s top private equity firms, said it had beaten an initial target of $750 million, underscoring foreign investors’ desire to gain exposure to sub-Saharan Africa through its most developed economy, Reuters reported.

Alternative investment manager Harbert Management Corp. announced that it has raised $325 million in equity commitments for Harbert European Real Estate Fund III, its third pan-European real estate opportunity fund, including $197 million in co-investment equity. The firm said the fund will focus on deals involving over-leveraged borrowers, upcoming debt maturities and institutional owners refocusing on core competencies or markets.

KRG Capital Partners expects to begin marketing for its fifth fund in late 2013, a source told peHUB. KRG collected $1.96 billion in 2007 for its fourth fund.

Edmond de Rothschild Investment Partners is celebrating its 10th anniversary with plans to raise €500 million ($676.7 million) over the next four years and to increase assets under management to €1.3 billion. The firm currently manages €1 billion and is currently raising three funds: BioDiscovery 3, Winch 2 and Cabestan.

RRJ Capital, a Hong Kong firm led by prominent Asia dealmakers the Ong brothers, has raised $3.5 billion for its second fund, Reuters reported, making it the second-largest Asia Pacific-based private equity fund ever raised. The firm—run by Malaysia-born Richard Ong, formerly of Goldman Sachs Group Inc., and Charles Ong, who worked for Temasek Holdings Pvt Ltd and Lazard—is expected to finalize the fund in early March, after setting out to raise $5 billion, Reuters reported.

Serent Capital has reached a first and final closing of institutional commitments for its second fund, Serent Capital II LP. The fund was oversubscribed, exceeding its original target of $300 million to reach its $350 million cap. The San Francisco-based private equity firm focuses on high growth service businesses.

State Street Global Advisors, the asset management business of State Street Corp., has launched its Dynamic Diversified Fund within its flagship Managed Pension Fund. The new fund is designed for pension schemes to actively invest across traditional asset classes such as equities or bonds as well as alternatives such as commodities, real estate and infrastructure.

Terra Firma will return €3 billion ($4 billion) to investors through disposals within the next 12 to 18 months, Reuters reported, citing the Financial Times. Terra Firma, founded by Guy Hands, will also persevere with a €3 billion fund to buy green infrastructure assets, less than the €5 billion originally planned, after China Development Bank failed to commit to the fund, the FT said.