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Invision Capital is raising up to $50 million for its debut fund, according to a regulatory filing. The Chicago-based firm plans to focus on buyout investments in the lower middle-markets. Invision’s principals include: Robert Castillo, a founder partner of Valor Equity Partners; Thomas Harrison, a co-founder of Diamond Creek Capital; and John Devaney, also a co-founder of Diamond Creek Capital. The firm already has secured more than $15 million in commitments. www.invisioncapitalgroup.com Read more » |
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New Fund Performance Data from UTIMCO
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 But Oregon and Washington are not the gold standard. That would be the University of Texas Investment Management Co. (UTIMCO), which seems to operate on one of those calendars that begins being sold around Halloween. You know, the ones with November, December and then all of next year… Yesterday I asked UTIMCO for its most current PE performance data, and it sent a file that includes numbers through the end of November 2009. That makes it the most current sheet out there, and I’ve posted it after the jump. I’ve also posted UTIMCO’s performance data through November 2008, for the sake of comparison. Read more » |
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LONDON (Reuters) - Pension fund ATP, which manages 609 billion Danish crowns ($112 billion), is set to invest 1 billion crowns a year in hedge funds as part of a plan to create an “all weather” portfolio, the fund’s chief executive said. Lars Rohde told Reuters on Monday the Danish Labour market pension scheme also planned to double its exposure to private equity. From 2012, the scheme, which returned 8.5 percent in 2009, will increase its hedge fund and private equity allocation as it implements a long-term strategy aimed at achieving returns independent of market conditions — what Rohde described as an “all weather portfolio.” “We have a plan that going forward we should contribute approximately one billion a year,” |
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Illinois TRS Gets “Bold” About Bribery
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Last month, the Teachers' Retirement System of Illinois issued an RFP to handle legal work related to the system's private market investments. Like other Illinois TRS requests for proposal, it included the following line:
Unlike other system RFPs, however, this request put the warning in bold (see bottom of page 8). Seems to be something Illinois TRS believes the private markets need made particularly clear... Read more » |
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It’s Official: Markstone Settles with Cuomo
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 Cuomo's office declined to comment at the time, but today announced that the report was legit. Israel-focused Markstone will pay back $18 million in fees related to a $250 million investment from the New York State Common Retirement Fund into Markstone's debut fund. It also has signed Cuomo's "code of conduct," which basically promises not to use placement agents for future fundraising efforts in the U.S. Not sure how much that last part matters, considering that: (A) I really can't imagine Markstone raising another fund, and (B) If Markstone does try to raise, it could focus on investors in Israel, where the code of conduct has no legal bearing. Read more » |
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Clarity Partners, a Los Angeles-based private equity firm, is raising up to $650 million for its second China-focused fund, according to a regulatory filing. Clarity’s first China fund closed in 2007 with $220 million in capital commitments. www.claritypartners.net Read more » |
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HONG KONG (Reuters) - CITIC Capital, the flagship investment arm of CITIC Group, China’s No.1 financial conglomerate, said on Monday that it had completed raising $925 million for its second China buyout fund. The closing size was bigger than the firm’s original target of $750 million and the fund, named CITIC Capital China Partners II, will target buyout and privatisation investments in Chinese companies driven by domestic economic growth, particularly in the consumer products and manufacturing sectors. “We are delighted by the strong support we have received from both existing and new investors,” said Zhang Yicheng, chief executive of Hong Kong-headquartered CITIC Capital. CITIC Capital is owned by China Investment Corp [CIC.UL], China̵ |
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Triton Partners, a Germany-based buyout firm focused on the European middle markets, has closed its third fund with €2.25 billion in capital commitments, according to eFinancialNews. It had been targeting €2 billion. Read more » |
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CPP Investment Board (CPPIB) and Northleaf Capital Partners committed an additional $400 million to the Canadian private equity and venture capital market. The funds will be committed to a Canadian fund-of-funds program that will be managed by CPPIB's longstanding investment partner Northleaf Capital Partners. Read more » |
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MicroVest Capital Management, LLC closed MicroVest II, LP, a private equity fund targeting microfinance institutions worldwide. The fund, which closed with $60 million in commitments, will serve as a capital intermediary between investors and financial institutions that serve the working poor. J.P. Morgan Securities Inc. acted as a placement agent, and one of its affiliates was a lead investor. In addition to J.P. Morgan, lead investors include the International Finance Corporation, CARE USA, Kinnevick New Ventures AB, The Prudential Insurance Company of America, Christian Super Pyt, Ltd, and Mennonite Economic Development Associates.
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Oaktree Capital Management is raising its third a new energy fund, according to a regulatory filing. The firm is targeting $800 million with a hard cap of $1 billion. It's the firm's first energy-focused effort without its former partner, GFI Energy Ventures, which sold its franchise to Oaktree, according to LBO Wire.
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Taiwan's economic minister said the National Development Fund has decided not to inject funds into a newly established PC chip company, which will instead seek funding from the private sector.
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Connecticut could raise $1.3 billion for its new budget by securitizing various assets, including state charges on utility bills and lottery revenues, the treasurer said in a report issued on Wednesday. Read more » |
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 Limited partners include PPM America Capital Partners, HighVista Strategies, INVESCO Private Equity, WP Global Partners, Credit Suisse Customized Fund Investment Group, Kemnay Private Equity, Nationwide Mutual Insurance Co., Private Advisors, RCP Advisors, Twin Bridge Capital Partners and Washington University of St. Louis. Read more » |
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The Tale of Two Funds
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 Ross Gatlin left Dallas-based turnaround shop Insight Equity as the firm prepared to raise its second fund. He left partly because the firm's terms and fund size were pretty ambitious. Insight had planned to increase its fund size from $300 million to $500 million, while introducing a graduated carry plan that reached 30% for anything above a 4x return, and included a new $250 million mezzanine sidecar fund. Meanwhile, Gatlin launched Prophet Equity and entered the market with a $250 million hard cap, standard carry and a higher than usual GP contribution. Read more » |
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HIG Capital Raising Bio-Focused Venture Fund
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 The fund will focus primarily on companies developing therapeutic drugs or medical devices across sectors and stages, Davidson said. Specifically, “capital efficient businesses with large market opportunities in underserved geographies, and products with shorter development.” Read more » |
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Report: Markstone Reaches Settlement with Cuomo
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 I've put in a call to Cuomo's office for confirmation, but have not yet heard back. The report says that Markstone has agreed to pay a fine, although no specific numbers are mentioned. Also not mentioned is anything about Markstone signing Cuomo's "code of conduct," but I'd be stunned if such a thing wasn't included. Read more » |
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