Firms and Funds

SYDNEY, Dec 15 (Reuters) – Macquarie Group Ltd (MQG.AX: Quote, Profile, Research, Stock Buzz), Australia’s top investment bank, has bid for Citigroup’s (C.N: Quote, Profile, Research, Stock Buzz) Australian retail stockbroking and wealth management unit, the Australian Financial Review said in an unsourced report on Monday. The acquisition would bolster Macquarie’s position as the largest […]

Alcedo, a private equity firm focused on mid-market opportunities in Northern Italy, has closed its third fund with €178 million in capital commitments.

NEW YORK (Reuters) - Jim Rogers, one of the world's most prominent international investors, on Thursday called most of the largest U.S. banks "totally bankrupt," and said government efforts to fix the sector are wrongheaded. Speaking by teleconference at the Reuters Investment Outlook 2009 Summit, the co-founder with George Soros of the Quantum Fund, said the government's $700 billion rescue package for the sector doesn't address how banks manage their balance sheets, and instead rewards weaker lenders with new capital. Dozens of banks have won infusions from the Troubled Asset Relief Program created in early October, just after the Sept 15 bankruptcy filing by Lehman Brothers Holdings Inc. Some of the funds are being used for acquisitions. "Without giving specific names, most of the significant American banks, the larger banks, are bankrupt, totally bankrupt," said Rogers, who is now a private investor. "What is outrageous economically and is outrageous morally is that normally in times like this, people who are competent and who saw it coming and who kept their powder dry go and take over the assets from the incompetent," he said. "What's happening this time is that the government is taking the assets from the competent people and giving them to the incompetent people and saying, now you can compete with the competent people. It is horrible economics." Rogers said he shorted shares of Fannie Mae (FNM.P: Quote, Profile, Research, Stock Buzz) and Freddie Mac (FRE.P: Quote, Profile, Research, Stock Buzz) before the government nationalized the mortgage financiers in September, a week before Lehman failed. Now a specialist in commodities, Rogers said he has used the recent rally in the U.S. dollar as an opportunity to exit dollar-denominated assets.

Babson Capital, a unit of MassMutual, has closed its third mezzanine and private equity fund with $1.58 billion in capital commitments. It plans to invest in companies with enterprise values of less than $200 million.

Private equity firm 3i has seen its share price continue on its downward trend. They have fallen from 356p on December 9 to 333p yesterday. In this morning’s trading they dropped to 315p, or by 5% from the day before, suggesting that investor fears about private equity are growing. A year ago, shares in the […]

Is American Capital best served as a BDC? There are some indications that CEO Malon Wilkus could be leaning in a different direction. He’s discussed it at a number of investor meetings and regularly compared American Capital to Danaher Corporation (DHR), which is a C-corp. American Capital would probably prefer to stay a BDC, as it has been for the last ten years. But if the environment stays this volatile, it could find shelter in a different structure. Out of all of the BDCs that are hurting right now, this option is really only open to American Capital. It’s the only one with enough control investments to make the switch and maintain the required 55% control investment minimum. American Capital has control stakes in around 50% of its investments. A simple sell-off of some loans could tip the scales. The benefits of American Capital making the switch are as follows: As it

Carlyle Partners is raising a financial services fund called Carlyle Global Financial Services Partners LP. According to an October regulatory filing, the fund has an offering amount of $5 billion. CalPERs has committed to the fund. According to a CalPERs report, the fund has raised $600 million to date with a $1 billion target.

ECI Partners, a middle market buyout firm based in the UK, has topped the fundraising target on a new fund. It secured $641 million (£430 million) for the effort, which is called ECI 9. Press Release ECI Partners (“ECI”), a leading UK mid-market buy out specialist, has held the first and final close of its […]

Kensington Capital Partners Limited, a Canadian private equity fund, has invested $500,000 in Bedford Capital IVC LP, a fund operated by Toronto-based Bedford Capital. PRESS RELEASE: Kensington Capital Partners Limited, Canada’s leading independent private equity fund investor, is pleased to announce an investment of $500,000 by the Kensington Global Private Equity Fund in Bedford Capital […]

Accel Partners has announced the closing of Accel Growth Fund, an extension of its core venture fund, with $480 million in commitments, and the closing of Accel London III, its Europe and Israel investment fund, with $525 million in commitments. Read more. December 11, 2008 – Palo Alto and London: Accel Partners, a leading global […]