PE fund briefs, Feb. 8, 2010

Lovell Minnick raises $455M

Lovell Minnick Partners, a mid-market private equity firm focused on the financial services sector, has closed its third fund with $455 million in capital commitments.

The firm had targeted the fund at $350 million. The El Segundo, Calif.-based firm raised about $225 million for its second fund, which closed in 2005.

Limited partners include PPM America Capital Partners, HighVista Strategies, INVESCO Private Equity, WP Global Partners, Credit Suisse Customized Fund Investment Group, Kemnay Private Equity, Nationwide Mutual Insurance Co., Private Advisors, RCP Advisors, Twin Bridge Capital Partners and Washington University in St. Louis.

Southern Cross targets $1.25B

Southern Cross Group is raising its fourth Latin American private equity fund with a $1.25 billion target, according to LBO Wire.

The Buenos Aires-based firm raised about $750 million for its third fund in 2006.

Oaktree raising energy fund

Oaktree Capital Management
is raising its third a new energy fund, according to a regulatory filing. The firm is targeting $800 million with a hard cap of $1 billion. It’s the firm’s first energy-focused effort without its former partner, GFI Energy Ventures, which sold its franchise to Oaktree, according to LBO Wire.

Texas LP seeks PE

The Texas Permanent School Fund has hired two investment managers to oversee its first investments in private equity. The $22 billion system has retained Credit Suisse Customized Fund Investment Group and NB Alternative Advisers as discretionary advisors, each with $650 million mandates.

Ambrian Capital sets up mining PE biz

London-based Ambrian Capital (LSE: AMBN) has formed a private equity group focused on the mining and metals sector. It will be based in Switzerland, and staffed by former executives from Glencore, a large commodities trader.

Ambrian Capital is the holding company of Ambrian Partners, a specialist investment bank.