Firms and Funds

(Reuters) – Financial buy-out firm Resolution (RSL.L) skipped dividends after posting a 700,000 pound ($987,700) loss for the last quarter of 2008, but said it would continue to acquire businesses. The loss for the period from Oct. 9 to Dec. 31 related to initial operating expenses, Resolution said, after it raised 660 million pounds in […]

3i Infrastructure Plc (3IN.L), one of the funds vying to buy Gatwick airport, said on Friday it was well-placed to make new investments, and had bought more junior debt since Oct 1. 3i Infrastructure also said Cressida Hogg had been appointed managing partner of infrastructure at 3i Group Plc (III.L), the British private equity firm […]

Last year, buyout and mezzanine funds officially raised $264.512 billion, according to the most recent Buyouts data. But how much of that went to emerging managers raising a first-time fund? So I sliced down the 2008 fundraising spreadsheet to show just the first-time funds. It’s a bit of a rough cut, but I’ve determined that, […]

Speculation is futile, this we know. But that won’t stop us from trying. Here’s a taste of predictions for 2009 fundraising numbers, from panelists at yesterday’s PEA Outlook Conference. First I’ll give you last year’s total: $266 billion. Now I’ll give you my prediction: $186 billion. I made this on January 1, and perhaps I was feeling hopeful for the new year, since the Dow was up. I’m now realizing that I probably need to make some revisions. And now, I’ll give you the expert predictions, and they don’t look pretty:

Z Capital Partners has held a $100 million first close on its debut fund, which is targeting a total of $500 million, peHUB has learned. The New York-based firm plans to make control investments in middle-market distressed companies, operational turnarounds and special situations. It’s run by Jim Zenni, former president and co-founder of Black Diamond Capital Management. www.zcap.net

NEW YORK (Reuters) – Emerging markets will likely remain a viable alternative for private-equity investors seeking returns during the deepening global financial crisis, according to an official with the International Finance Corporation. Emerging market economies are expected to still expand in 2009, said David Wilton, manager for private equity and investment funds at the IFC, […]

Saw Mill Capital has formed a strategic alliance with The Spectrum Capital Group, to identity control investment opportunities in underperforming manufacturing and services businesses. www.sawmillcapital.com

NEW YORK (Reuters) – Private equity firm Bain Capital wrote down third-quarter values for investments in media, retail, and restaurant firms such as Clear Channel, Michaels Stores and Outback Steakhouse, according to a letter obtained by Reuters.  The figures, as of Sept. 30, were in a recent letter to investors known as limited partners (LPs) […]

DAVOS, Switzerland (Reuters) – JPMorgan Chase & Co has “plenty of capital” and wants governments to stop talking about nationalizing banks, its CEO said on Thursday.   “JPMorgan would be fine if we stopped talking about (the) damn nationalization of banks … we’ve got plenty of capital,” Jamie Dimon said at the annual meeting of […]

I want to share the lovely press release my colleague got today from PA SERS, the pension system for Pennsylvania State Employees. This is apparently what we reporters get to work with when nothing happens at a meeting. From: Gentzel, Robert Sent: Wednesday, January 28, 2009 4:46 PM To: 'Reporters covering PA SERS' Subject: no news release I don't have anything to announce out of today's meeting of the PA SERS Board, so I won't be issuing a news release. That's it. A "No News Release." Now, I'm unsure of the reason behind the dearth of activity at the meeting, (was everyone hungover from an office karaoke party?), but will speculate that the lack of new commitments at the meeting is further proof of a tough fundraising market. Joked my colleague: "Everything is so bad, I bet no one bothered to even go to the meeting."