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Fund News In Brief

Bain Capital has told investors it has decided to raise $6 billion for its new global private equity fund and will offer three options on fees it charges to manage the money, Reuters reported, citing people familiar with the matter. Bain is preparing to kick off fundraising by the end of June, sending out a private placement memorandum with the final terms of the new fund, Bain Capital Fund XI, the people said. Fund X, the previous fund, was $10.7 billion.

Bregal Sagemount, the private equity firm founded by Goldman Sachs veteran Gene Yoon, is launching with $500 million in committed capital to concentrate on growth plays in the tech, media & information and businesses services spaces, among others. Bregal Investments formed the fund with $500 million and the fund, along with its parent entity, can invest up to $150 million in a transaction.

EnerTech Capital Partners, the early- and growth-stage clean tech and energy investor, has secured $15 million from Alberta Enterprise, the firms announced. Other recent investments from Alberta Enterprise include Yaletown Venture Partners, Chrysalix Energy Venture Capital and iNovia Capital.

As part of its continued migration from a renewable-energy-only, North America-focused private equity fund to a broad energy investor, New York-based Good Energies Capital announced that it is changing its name to Bregal Energy.

Consumer-focused lower mid-market private equity firm KarpReilly has completed an initial close of its second fund, KarpReilly Capital Partners II LP, with $180 million, the firm announced. KarpReilly also closed the KarpReilly Co-Investment Fund II LP, with $120 million of additional capital. The firm’s debut fund, KarpReilly Capital Partners LP, was raised in 2008 and also had capital commitments of $180 million.

LaSalle Capital Group, a Chicago-based investment firm, has closed its second fund with $205 million in commitments, exceeding an original target of $150 million, the firm announced. LaSalle Capital Group’s inaugural $125 million Fund I closed in 2005. The new fund will continue with its original strategy of making control equity investments in lower mid-market companies.

Leonard Green & Partners has closed its sixth private equity investment fund, Green Equity Investors VI. Fund VI exceeded its original target, closing at its hard cap of $6 billion in limited partner commitments along with $250 million from affiliates of Leonard Green & Partners.

A multibillion-dollar investment fund set up by Russia and China is expected to make its first investment, into a Russian forestry company, as economic ties between the neighboring countries grow closer, Reuters reported. Plans for the fund—a venture between sovereign wealth fund China Investment Corp. and the state-backed Russian Direct Investment Fund—were announced in October. The fund was to be unveiled during a visit by Vladimir Putin, who is making his first trip to Beijing since his return to the Russian presidency and will meet Chinese counterpart Hu Jintao.

Japan’s SBI Holdings and the Netherlands Development Finance Co. have agreed to form a fund to be managed by SBI Ven Capital, and which will invest in the financial sector in emerging Asia. The fund’s target is $80 million with a first close target of $60 million, and the firms say that 85 percent of that $60 million has already been committed.

Thayer Lodging Group and Quest Hospitality Ventures are pairing up to form a private equity sponsor, Thayer Ventures, which will act as the successor to Quest Hospitality Ventures. It will be a part of Thayer Lodging Group’s family of funds. GPs will include Mark Farrell, Chris Hemmeter and Lucien Ruby—the original founders and managing directors of Quest Hospitality Ventures—and general partner Jeff Jackson, former CFO of Sabre Holdings.