The private equity firm will continue to invest in these regions, but has decided dedicated teams weren’t warranted given global financial turmoil coupled with the ‘difficult investment’ climate.
Its investments in turn-key renewable energy infrastructure projects across the EU will be managed by German renewable energy specialist and asset manager SachsenFonds. Aviva and SachsenFonds previously partnered on a €600m Central European property fund.
The UK-based private equity firm had a total negative return of £182m for the first half of 2008, due in part to £411m in write-downs and an £87m drop in value of its quoted portfolio. Its buyout and infrastructure businesses produced positive returns.
The development-focused fund of funds has received a revised investment remit from its shareholder the UK Government, which will redirect investment from China and Latin America to Sub-Saharan Africa.
Amid $649m in third quarter write-downs for KPE – the largest related to a co-investment in the $45bn TXU buyout – the private equity firm has said the restructuring of the Euronext-listed vehicle will come next year.
Legislators across Europe are about to declare war on the banking industry, and private equity is in danger of getting caught in the crossfire
The public pension has committed to Carlyle’s fourth Asian growth fund, Welsh Carson’s 11th buyout fund, First Reserve’s 12th energy fund and Clessidra's second Italy-focused fund. Together these four funds are targeting more than $22bn.
The head of alternative assets for UK pension Universities Superannuation Scheme says portfolio write-downs coupled with the denominator effect have made fundraising tough. Yet many GPs saw this coming, and raised plenty of dry powder ahead of the storm, he says.
The CEO of London-based placement agent MVision says mega-funds may struggle to get commitments next year and must prepare for longer fundraises. He also finds LPs are now allocating up to 20 percent of their private equity programmes to growth-oriented emerging markets.
The managing director of Sydney's Principle Advisory Services, an Australiasian placement agent and advisor, expects factors including the 'denominator effect' and risk perception to decrease the size of re-ups and lenghthen fundraising times. He also thinks Russia- and Brazil-focused funds are in for a tough time.
Existing LPs have committed $3bn toward the latest buyout fund from the MENASA-focused firm, which has just purchased a controlling stake in the Karachi Electric Supply Company for an estimated price of $400m.
The Bahrain-headquartered investment firm has hired former Morley Fund managing director and Morgan Stanley executive James Tanner as its placement chief, a role previously filled by retiring Investcorp veteran Zahid Zakiuddin.
The charitable foundation of Jeremy Coller, founder of UK secondaries firm Coller Capital, has made a ‘multi-million pound’ commitment to help create a private equity education and research institute at London Business School.
The Nordic firm’s turnaround fund purchased Germany’s Pfaff Beteiligungs two years ago, and has since increased sales from $64m to nearly $90m.
Having passed the halfway mark on fundraising for its new Pan-African fund, its largest ever focused on the region, the mid-market investor is hoping to have invested between $80m and $100m by the end of the year.