3i Group said that the value of its largest investments dropped 21 percent for the quarter ending Dec. 31, 2008. It also announced that Philip Yea is stepping down as CEO, to be succeeded by current infrastructure chief Michael Queen.
Angelo Gordon & Co. is targeting $3 billion for its seventh distressed debt fund, according to LBO Wire. It closed its sixth fund just last year with $2 billion.
Apollo Management has held a $14.9 billion final close on its seventh fund. The firm had been targeting $15 billion, and had been in market for 16 months.
Jacob Ballas Capital India, a Dehli-based private equity fund, has raised $440 million for its third fund. Its cornerstone LP is New York Life Investment Management.
The Blackstone Group plans to launch a South Korea unit this month, according to The Maeil Business Newspaper. In addition, a lawsuit brought against the firm by Alliance Data Systems Corp. over the breakup fee on the pair’s collapsed $6.76 billion buyout was dismissed. The deal fell apart in April of last year.
The California State Teachers’ Retirement System (CalSTRS) next month will consider a recommendation that it increase its target private equity allocation from 9 percent to 12 percent. It also will discuss an increase of its real estate allocation from 12 percent to 15 percent.
CDC Group has made two commitments to Asia-focused funds: $10 million to Kendall Court Mezzanine (Asia) Bristol Fund, which is targeting $150 million for investments in Southeast Asia; and $30 million to Centras Private Equity Fund, which is raising $75 million to invest in SMEs in Central Asian countries like Kazakhstan.
The Los Angeles City Employees’ Retirement System has rescinded a $5 million commitment to Citifront Capital Partners, a small and mid-market buyout fund-of-funds. The move came at the recommendation of LACERS consultant PCA, based on the fact that Citifront had failed to secure a minimum of $50 million in capital commitments (including LACERS’ commitment).
Mount Kellett Capital Management, a global private equity firm formed last year by former Goldman Sachs partner Mark McGoldrick, has raised at least $1.5 billion for its debut fund.
Newstone Capital Partners is targeting $900 million for its second fund, according to LBO Wire. The mezzanine fund has offices in Dallas and Los Angeles, and is run by former TCW/Crescent Mezzanine professionals Tim Costello and John Rocchio.
The New York State Common Retirement Fund has selected Parish Capital and Bank of America to help it expand its emerging manager private equity portfolio, which targets funds with less than $750 million in assets under management. The system has allocated $350 million to Parish, with $250 million allocated to co-investments and the remaining $100 million allocated to fund investments. The system has allocated $200 million to Bank of America, all of which is to be used for fund investments. To date, the system’s emerging manager program has invested approximately $400 million.
Reinet Investments, a Luxembourg-based group controlled by South African billionaire Johann Rupert, has agreed to buy part of Lehman Brothers Merchant Banking.
Saybrook Capital has held a $160 million close on its $300 million-targeted distressed fund, according to LBO Wire.
Spectrum Equity Investors has held a first close on its sixth fund, which is targeting $1.25 billion.
Wynnchurch Capital, a Chicago-based middle-market private equity firm, has opened an office in Toronto. It will be run by new managing director Morty White, who previously ran his own consulting practice and, before that, worked for GE Capital.