Firms and Funds

On Monday, peHUB reported that there are at least three private equity firms capable of taking control stakes in banks, because they're structured as bank holding companies. One of them, Castle Creek Capital, happens to be in fund-raising mode. I've learned that the firm is seeking $500 million for its fourth effort. Fund-raising launched in June, and its first close is scheduled "by the end of the year," a source said. With its distressed/turnaround focus, and strict financial services sector mandate, Castle Creek could not be better positioned to take advantage of the current environment. A position that, I argued on Monday, could afford it opportunities to partner with some larger PE firms. The idea is the PE firms may want to buy into distressed financial companies, but are stuck in the minority stake ghetto because of federal regulations.

Providence Equity Partners has launched fundraising for a new mid-market buyout fund with a $1 billion target, LBOWire reported. The fund, called Providence Global Growth Fund LP, will target companies requiring less than $150 million in equity per deal.

Elysian Capital, a new UK-based buyout firm, has launched fundraising efforts on its first fund, which has a $345.7 million target, LBOWire Reported.

The Goldman Sachs Group, Inc. (NYSE: GS) today announced it has closed GS Loan Partners I with $10.5 billion in equity and leverage commitments, including more than $1 billion of equity from the firm and its employees. This is the first senior debt fund of its kind raised by Goldman Sachs and the 15th fund […]

MBK Partners has agreed to invest $2 billion in South Korean infrastructure projects, businesses and property, according to the country’s National Pension Service. The pension fund is in talks for another $3 billion deal with an unnamed US-based asset manager, Reuters reported. South Korea’s state-run pension agency said on Thursday it had obtained private equity […]

The Kansas Public Employees Retirement System has approved a $25 million commitment to TowerBrook Investors III, a private equity fund managed by TowerBrook Capital Partners. www.kpers.org

RLJ Equity Partners, a private equity firm headed by BET founder Robert Johnson, has secured three-quarters of its $300 million target, according to LBO Wire. Limited partners include General Electric. www.rljcompanies.com

I recently heard a pretty scary hypothetical situation for both LPs and GPs. A financial type who will go unnamed told me: “A couple of decent sized LPs are concerned about their ability to fund capital calls if things stay ugly.” No money for capital calls? That sounds unheard of, but it could be possible. […]

The Energy Private Equity Group of Kayne Anderson Capital Advisors has planned a first and final close for its fifth fund. The effort has a $1.6 billion target, a jump from the firm's prior $950 million fund. The effort is loosely slated to close on November 20. Dollar-wise, the majority of Kayne Anderson's energy fund LPs are university endowments. The firm also takes investments from a wide swath of high net worth individuals. As I noted yesterday, other energy-focused firms in the market include First Reserve, Quantum Energy, and EnCap Investments.

Capital Z Partners is back, after a litigious sojourn as Union Square Partners. The New York-based firm has been around for more than a decade, making private equity investments in the financial services sector. Then early last year it changed its name to Union Square Partners, in order to better distinguish itself from an affiliated […]