In brief

• Private equity firm AnaCap Financial Partners has raised €575m for its second specialist fund targeting the financial services sector, it said on Monday. The new fund is almost twice the size of the group’s first fund raised in 2006, despite an otherwise tough fundraising climate. “With the funds now secured we are in an excellent position to capitalise on the wide range of opportunities resulting from the turbulence of the last two years,” said Amber Hilkene, director at the London-based firm, in a statement. AnaCap recently completed a deal for leisure and property lender Ruffler Bank, agreeing to inject £80m into the group to help it expand its operations. AnaCap’s new fund will continue the firm’s focus on investing for a controlling stake in mid-sized financial services companies across Europe. Investors in AnaCap’s fund include Goldman Sachs, Allianz and Morgan Stanley Alternative Investment Partners, with the average size of commitment €25m.

Apollo Alternative Assets, which invests in private equity firm Apollo Management’s funds, said the value of its investments fell by US$142.8m in the first quarter. Apollo has investments in companies including gaming firm Harrah’s Entertainment, Claire’s Stores and real estate Realogy. The economic crisis has caused problems for a number of its portfolio companies, such as Linens ‘n Things, which filed for bankruptcy protection, and casino company Harrah’s, which has been struggling with its debt load. “Although certain segments of the financial markets have recently shown some signs of improvement, we do not currently know the full extent to which the ongoing disruption of the financial markets will affect us or the markets in which we operate,” the firm said in a statement. “If the disruption continues, we and the funds we invest in may experience further tightening of liquidity and reduced earnings and cash flows.”

• The Responsible Investment Advisory Board has been established to provide strategic guidance to the BVCA. According to the BVCA ‘The Board’ comprises investors, intermediaries and sustainability/responsible investment practitioners recognised for their excellence, experience and insight. Board Members include BVCA chairman Wol Kolade, ISIS, Ludo Bammens, KKR, Susan Flynn, Hermes Private Equity, Michele Giddens, Bridges Ventures and Jeremy Lytle, ECI.

• The Board of Pantheon International Participations (PIP), the quoted private equity fund-of-funds investment trust whose assets represent some 9% of the total assets managed by Pantheon Ventures, last week announced a further disposal of assets, following those announced 26th May. The outlook for distributions from PIP’s fund investments remains subdued in the current economic environment and thus, as mentioned in its Half Yearly Financial Report earlier this year, the company has been exploring options to increase its liquidity to meet commitments to existing fund interests through 2010 and beyond. Following the announcement on 26th May of agreements to sell fund interests with outstanding commitments totaling £154m, PIP today announced an agreement to dispose of further assets, taking the total amount of unfunded commitments disposed of to £206m. The assets are being sold at a discount of approximately 62% to their carrying value. The effect of the disposals announced on 26th May and today will be to reduce PIP’s unfunded commitments from £687m as at 31 March 2009 to approximately £481m.