PE fund briefs, week of Nov. 5, 2007

CCMP raises $3.4B

CCMP Capital Partners has closed its first independent fund, CCMP Capital Investors II, with $3.4 billion in commitments. New York-based CCMP is the former buyout and growth equity team of JPMorgan Partners.

The firm, which also has an office in London, has already invested in three companies, two in the industrial sector and one in the consumer sector. The companies are Generac Power Systems, a manufacturer of standby power generators for users in Wisconsin and Iowa; Edwards, the U.K.-based maker of vacuum products for the semiconductor market; and Aramark, a provider of food, support services and uniforms for health care institutions, universities, stadiums and arenas, and businesses.

Warburg secures $9B

Warburg Pincus has held a $9 billion first close for its tenth fund, according to a regulatory filing. The New York-based firm is targeting $12 billion with a $15 billion cap, and began fundraising this past March.

AIG closes fund III

AIG Highstar Capital, a private equity group focused on the public service infrastructure sector, has closed its third fund with $3.5 billion in capital commitments.

Merrill Lynch and AIG Equity Sales Corp. served as placement agents.

Alpha raises new FoF

Alpha Associates, a Zurich-based private equity fund of funds manager, has closed its second Central and Eastern Europe vehicle with $450 million.

Limited partners include the European Bank for Reconstruction and Development, Kredietbank Luxembourg, Mutuelles du Mans Assurances and Minnesota Life.

Bear Stearns partners with China bank

Bear Stearns and Chinese bank Citic Securities Co. have formed a strategic partnership that includes $1 billion in cross investments and the creation of a new Asian joint venture.

Citic will invest in Bear Stearns through a 40-year convertible trust preferred securities that will convert to about 6% of Bear Stearns’ outstanding shares. Citic could potentially increase the stake to 9.9 percent.

H&F buy stake in Grosvenor

Hellman & Friedman has agreed to acquire a minority stake in Grosvenor Capital Management, a hedge fund of funds manager that manages around $24 billion in client capital. No financial terms were disclosed.

Lehman raises $670M

Lehman Brothers has raised about $670 million for the Lehman Brothers Loan Opportunity Fund, which will buy up leveraged loans from a variety of lenders.

The total fund would be worth about $3 billion, including leverage.

Latin America fund secures $1.3B

GP Investments
of Brazil has closed its fourth Latin American private equity fund with $1.3 billion in capital commitments.