PEI Staff
In today's Second Opinion, American Airlines sues Gogo over its slow in-flight Wi-Fi service, Morgan Stanley's top equity strategist says portfolio advice has been "horrendous" lately, and Earth just had the hottest January ever recorded.
An affiliate of Avenue Capital Group bought C.P. Crane LLC, which owns and operates a coal-fired power plant near Baltimore, from Talen Energy Corporation. Financial terms of the transaction were not disclosed. Goldman Sachs served as financial advisor to Talen and Kirkland & Ellis was Talen's transaction counsel.
FSN Capital announced a slew of promotions and new hires in a post on its website. Patrice Jabet and Morten Welo were both promoted to partner. The firm also promoted Eskil Koffeld to investment manager and Kristoffer Stensholt Feet to associate. In addition, Niclas Thiel was hired as an investment director and Simon Larsson was hired as an associate.
Trinity Ventures hired Schwark Satyavolu as a general partner focused on the financial technology sector. Satyavolu will join the firm next month from LifeLock, where he was executive vice president. Previously, he co-founded Yodlee Inc and worked as chief executive officer of Truaxis Inc, a Trinity portfolio company.
Ecosystem Investment Partners closed its third fund at $303 million, surpassing its $200 million target. Like its predecessors, Ecosystem Investment Partners III LP will invest in land-based environmental offset markets. Ecosystem raised $180.7 million for its second fund in 2012. Monument Group Inc served as exclusive placement agent.
General Atlantic hired Achim Berg as an operating partner based in the firm’s Munich office. Berg was previously chief executive officer of arvato AG, a unit of German media conglomerate Bertelsmann SE.
Metal parts maker MW Industries, a Genstar Capital portfolio company, acquired Houston-based USA Fastener Group, a manufacturer of machine parts. Financial terms of the transaction were not disclosed.
Victory Park Capital hired Upacala Mapatuna as chief investment officer. Mapatuna was previously a managing director at Goldman Sachs and a member of the alternative investments and manager selection group.
Summit Partners hired Donald K. Allen as director of portfolio technology in the firm’s peak performance group. Allen joins Summit from Zulily, where he worked as director of technical operations.
Israel Secondary Fund, a secondary fund that acquires stakes in Israel-related funds and private companies, is in advanced stages of raising $100 million for its second fund. Israel Secondary Fund raised $50 million for its inaugural fund in 2009.