Specialist PE Sectors

Infrastructure, Mezzanine, Co-Investments, Turnarounds, Special Situations

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• CalSTRS creates new dual role 18 Aug 2010. Source: AltAssets. CalSTRS, California’s $134bn public pension fund for teachers, has created a new role that encompasses the duties of a CIO and the more focused duties of a director of an asset class.

• RBS offloads €1.4bn loan portfolio to ICG 18 Aug 2010. Source: AltAssets. Intermediate Capital Group, the London Stock Exchange-listed mezzanine and mid-market private equity investor, has agreed to take over a portfolio of European loans from the part-nationalised Royal Bank of Scotland as it continues to boost its impaired balance sheet.

• Energy Capital Partners hits $4.34bn hard cap 17 Aug 2010. Source: AltAssets. Energy Capital Partners has raised $4.34bn for its second private equity fund, beating its $3.5bn target and reaching the hard cap set by the firm on the vehicle's launch.

• WTI closes latest venture debt fund on $294m 13 Aug 2010. Source: AltAssets. Western Technology Investment, a venture capital debt investor, has collected $294m for its latest debt fund in an oversubscribed fundraise, proferring the latest evidence of targets being lowered in a tepid market.

• Fortress takes 80 per cent of AIG’s retail credit arm 12 Aug 2010. Source: AltAssets. US private equity and hedge fund firm Fortress Investment Group has taken an 80 per cent share of American General Finance, the consumer credit arm of bailed out insurance giant AIG, for a steep discount, as its parent continues to undergo a major restructure.

• Macquarie India infra fund invests $300m in Viom Networks 12 Aug 2010. Source: AltAssets. Macquarie SBI Infrastructure Fund (MSIF), a joint venture between Australian investment bank Macquarie and the State Bank of India, has acquired an 11 per cent stake in mobile tower firm Viom Networks for INR14bn ($298.9m).

• CVC’s €25bn Abertis LBO scales down to minority stake trade 11 Aug 2010. Source: AltAssets. Conjecture over one of most hotly anticipated European infrastructure deals has come to an end, as CVC Capital Partners has reached an agreement with Barcelona’s Abertis over a minority stake sale.

• UK turnaround firm Rutland bolsters team with new investment manager 10 Aug 2010. Source: AltAssets. UK turnaround investor Rutland Partners has appointed a new investment manager, hiring Rahul Satsangi from one of the so-called big four auditors, PricewaterhouseCoopers.

• KKR provides debt for rivals’ RBS deal 09 Aug 2010. Source: AltAssets. The much anticipated sale of Royal Bank of Scotland's card payment processing unit, WorldPay, for £2bn (€2.4bn) to Advent International and Bain Capital was part financed by rival buy-out firm KKR’s debt team.

• Sun Capital makes play for Spanish toymaker Famosa 06 Aug 2010. Source: AltAssets. US distressed buy-out firm Sun Capital Partners’ European branch has invested an undisclosed sum in half-century-old Spanish toymaker Famosa in a bid to turn the company around.

• Oaktree agrees to DIC-led Almatis debt restructure 04 Aug 2010. Source: AltAssets. Just days after it emerged that Oaktree Capital Management was prepping a counter-proposal for the restructuring of debt-ridden German aluminium company Almatis, the distressed investor has reached an agreement in accordance with Dubai International Capital’s plan to restructure the business.

• Del Huse switches from Endless to Oakley 04 Aug 2010. Source: AltAssets. AIM-listed firm Oakley Capital Investments has poached Del Huse from UK turnaround house Endless and made him a managing director.

• Flowers rescues building society Kent Reliance with £50m capital injection 04 Aug 2010. Source: AltAssets. JC Flowers, the US financial services-focused private equity firm, has made a groundbreaking deal with a banking joint venture, investing £50m (€60.3m) in UK building society Kent Reliance for a 40 per cent share of the mutual lender.

• European PE funds show negative performance in Q1 03 Aug 2010. Source: AltAssets. European private equity fund performance lagged behind for the first quarter of the year, generating a negative return of -1.9 per cent on average, whilst the asset class as a whole gave a 2.22 per cent return, according to the latest data from State Street.

• ADIA joins consortium for UK Channel Tunnel rail link bid 02 Aug 2010. Source: AltAssets. The Abu Dhabi Investment Authority, assumed to be the world’s largest sovereign wealth fund, is part of an investor group seeking to buy the UK’s high-speed rail link to the Channel Tunnel, High Speed 1, according to the Abu Dhabi’s The National.

• Salamanca harbours Barcelona marina for €30m 30 Jul 2010. Source: AltAssets. Salamanca Capital Investments has bought Barcelona’s marina, home to around 400 boats and at the heart of the Spanish coastal city, for €30m.

• Oaktree preps counter-proposal for Almatis restructure 30 Jul 2010. Source: AltAssets. Oaktree Capital, the US private equity firm that focuses on distressed debt investments, is prepping a counter-proposal for the restructuring of debt-ridden German aluminium company Almatis, in an attempt to gain control from Dubai International Capital, according to the Financial Times.

• Colony Capital takes control of Miramax from Disney for $660m 30 Jul 2010. Source: AltAssets. US private equity firm Colony Capital, alongside construction industry magnate Ronald Tutor, has picked up Miramax from owner Disney for around $660m.

• Apollo banks on banking sector with new venture 26 Jul 2010. Source: AltAssets. US buy-out firm Apollo Management is planning to set up a new bank under a provision in the US financial reform signed into the law book by Obama last week, according to the Financial Times.

• Infrastructure deal volume lowest in four years despite fundraising rebound 21 Jul 2010. Source: AltAssets. Private equity infrastructure deal volume in the second quarter of 2010 dropped to its lowest level since 2006, despite the highest fundraising figures since the crash.

• AXA PE parks Spanish toll road operator in portfolio 21 Jul 2010. Source: AltAssets. AXA Private Equity, an investment division of the French insurer, has acquired 50 per cent of Spanish toll road operato Autopista Trados 45 for an undisclosed sum.

• Endless hires investment executive from KPMG 20 Jul 2010. Source: AltAssets. Fresh off buying beleaguered DVDs, games and music retailer Webb Group for just £1, Endless has hired new investment executive Kerry Swain, who joins the UK turnaround investor from auditing major KPMG.

• GCP raises £40m with new infrastructure feeder fund 20 Jul 2010. Source: AltAssets. GCP Infrastructure Investments, a new feeder fund set to list on the London Stock Exchange, has raised £40m (€46.9m) via a share issue, selling 40 million shares at £1 each.