Matilda Battersby

Close Brothers has warned that commercial property companies, banks and investors must look for creative restructuring and refinancing solutions in the face of a second wave of the credit crunch.

Only half of the 32 participating private equity firms are in full compliance with the BVCA-backed Walker Guidelines, the first report shows. The guidelines were established in 2007 by David Walker. Participating private equity firms include The Blackstone Group, 3i and Kohlberg Kravis Roberts.

The firms have held a $150m first close and expect to raise $200m by the end of the first quarter.

A holding company comprised of private investors including private equity firms JC Flowers, Dune Capital and Stone Point Capital, has agreed a deal to purchase the Californian mortgage lending bank which defaulted last July.

The San Francisco-based secondaries firm has hired Rein Gabriel as an associate. Last month it hired former SL Green/Gramercy Capital executive John Graham to boost its acquisitions team.

The UK-based private equity firm joins the ranks of 3i, Blackstone, Carlyle, Shuaa and Investcorp, all of which have made job cuts this month.

The board of directors at Pirelli RE has reviewed and approved actions for further reorganisation of the company as part of a restructuring. They are responding to the changed scenario and prospects for the real estate sector.

Non-listed property vehicles are increasing the visibility of their fee structures, according to a study by INREV. However fund managers still use a wide range of methods to calculate their annual management fee, with value-added and opportunistic funds charging on average 0.65 percent and 1.37 percent each year.

CalPERS veteran Anne Stausboll will lead the US’ largest public pension plan and influential private equity investor. The pension is still searching for a CIO following the departure of Russel Read earlier this year.

James Elton has resigned from aAIM group, a week after its UK real estate vehicle went into administration.