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The California State Teachers’ Retirement System has expanded its relationship with Banc of America Merrill Lynch Capital Access Fund into underserved inner-city and rural markets.
Calstrs is committing USD100m to its fourth BAML fund since 2003, targeting underserved domestic markets.
Calstrs has the option of increasing its commitment to USD200m within four years.
“This fund extends new capital into traditionally underserved communities in the inner cities and rural areas, during a time when the capital that small businesses need in order to grow is in short supply,” says Calstrs chief investment officer Christopher J. Ailman (pictured). “These opportunities, we believe,
Private equity firm Advent International has agreed to acquire a majority stake in Centrul Medical Unirea, a chain of medical clinics in Romania, from the private equity company 3i and the founders of the business.
The value of the deal was undisclosed. The transaction is subject to Romanian Competition Council merger control approval.
CMU provides ambulatory and inpatient medical services through a network of 19 clinics (11 in Bucharest and eight clinics in four other large cities), the maternity Regina Maria, and a surgery unit.
CMU was founded in 1995 by Dr. Wargha Enayati, a German born cardiologist.
RW Capital Partners is aiming to raise USD50m of private capital with a new fund that will provide loans to small businesses who are struggling through the recession-induced credit crunch.
RW Capital’s fund could be matched by up to USD100m in committed funds upon successful completion of its application to be licensed by the Small Business Administration as a Small Business Investment Company.
RW Capital Partners is a minority-owned private equity firm led by former Lazard and GE Capital managers with more than 30 years of combined experience in private equity, commercial lending, and management of more than USD4bn of investor
Private equity and venture capital recovered some of the losses they had incurred in 2008 and early 2009 in the third quarter, with each asset class logging its best performance since 2007.
However, as in the previous quarter, public equity indices outperformed both, though for time horizons of three years and longer private equity and venture capital returns continued to be significantly better than those of public equities, according to Cambridge Associates, a provider of research and investment advice to institutional investors and private clients.
As measured by the Cambridge Associates’ Private Equity index, private equity returned 6.2 per cent
Huayuankou Economic Zone and Arc China have signed an agreement to form the Liaoning Huayuankou Investment Fund, which will be established through a joint investment totalling RMB1bn (approximately USD146m).
This is the first private equity fund in Dalian in partnership with the local government, and the primary focus will be on investment in the industrial economy.
Dalian has a registered population of over six million and is one of two biannual locations of Summer Davos.
The establishment of the fund marks a step in building a regional financial centre in Dalian and also makes progress on a specific initiative
Ronald Paterson, partner at international law firm Eversheds. comments on concern expressed by AIMA this week over the AIFM Directive.
The potential consequences of getting this directive wrong, range from the unthinkable – a trade war with the US – to the merely disastrous, such as a serious reduction in the investment opportunities and investment returns available to investing institutions in Europe, and/or a major exodus of fund management businesses and their revenues from the EU.
AIMA, together with other trade bodies such as the Association of Investment Company (AIC) and the British Private Equity &
The UK support services sector has witnessed an unrelenting volume of M&A transactions since the end of 2008 despite limited activity in most other sectors, according to research by Close Brothers Corporate Finance.
Since October 2008, at the start of the international banking crisis, the UK support services sector has seen 131 M&A transactions, with a cumulative value of over GBP8bn.
This level of M&A activity is set to continue as corporates remain active and private equity firms boost their interest and confidence in the sector, according to Close Brothers Corporate Finance.
The findings show that the strategic rationale for
Southridge, an investment firm providing capital to publicly listed companies, has closed a private equity agreement via an affiliated fund for up to USD20m in equity financing for Covenant Group of China.
"Southridge is very pleased to provide equity capital financing for this market leader in seeking investment opportunities with companies in the Peoples Republic of China," says Stephen Hicks, founding principal of Southridge.
Covenant’s core strategy is to invest in growth companies headquartered in China using its business experience in both the US and China as well as its experience in the US capital markets.
Covenant provides these companies
Castle Harlan, a New York private equity investment firm, has completed the acquisition of Pretium Packaging, a manufacturer of custom-designed specialty plastic containers for the food, pharmaceutical, personal care and household markets.
In conjunction with the closing of the transaction, Pretium has acquired PVC Container, the parent of Novapak, which also makes specialty plastic containers.
The total transaction is valued at approximately USD200m.
Castle Harlan says the combined company, which carries the Pretium name, has annual sales of approximately USD240m and 14 manufacturing plants in the US and Canada serving more than 500 customers.
Pretium was sold by founder Keith
Perella Weinberg Partners has appointed Michael J. Dickman as a partner in its corporate advisory group.
Based in New York, Dickman will be reunited with London-based partner Robert Maguire and a growing team of advisory professionals covering global energy sector clients.
The addition of Dickman expands the firm’s coverage of the energy industry.
Dickman has over 20 years of energy-related investment banking experience at Morgan Stanley where he was most recently a managing director and co-head of the global energy group.
Joseph Perella, chairman and chief executive officer of Perella Weinberg Partners, says: “Mike’s deep industry knowledge greatly augments our
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