Amanda Janis
The publicly traded mid-market and mezzanine firm has said it will also close two offices and implement ‘internal cost saving steps’ as it re-sizes its operations to coincide with lower business volume. 3i is reportedly cutting 15% of its staff.
The firm’s new $2.9bn emerging markets fund allowed LPs to cherry-pick specific regions and countries, a savvy structure given changing investor sentiment, writes Amanda Janis.
Backed by Dubai International Capital and First Eastern Investment Group, the fund’s plans to close on $1bn by October have been dashed by investors’ lack of liquidity.
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.
Amid $649m in third quarter write-downs for KPE, the private equity firm has said the restructuring of the Euronext-listed vehicle will come next year.
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 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 Ukrainian private equity firm will invest $15m in Fresh, a growing supermarket chain, from its $132m Emerging Europe growth fund. Its second Emerging Europe growth capital fund is targeting $300m.
BVCA head Simon Walker has distanced private equity’s investment strategy and remuneration scheme from investment banks and hedge funds, while speaking at the annual Conservative Party conference. He also stressed the UK’s need for private equity’s vast capital reserves given current market conditions.
American Capital’s publicly traded European affiliate has invested in the warehouse and logistics firm, just four months after Arcapita bought Central and East European logistics company, Pinnacle Real Estate.