Sharon Lim

SAC Private Capital, the private equity arm of a US hedge fund group, has acquired a control stake in Cosmos Bank at a discount, saving it from government receivership.

Advantage Partners, one of Japan’s most prominent local private equity groups, is making its first foray into what one investor referred to as ‘hedge fund management’, with a $2 billion fund that will buy minority stakes in listed Japanese companies.

Coates Hire is the latest listed Australian company to reject a buyout offer because the price was too low. The Carlyle Group had reportedly been a frontrunner in the race for the machinery rental company.

Credit Suisse has promoted John Knox to co-head its Australian investment banking business with Rob Stewart. Knox will continue to head the bank’s financial sponsor coverage in Australia.

The Carlyle Group has made three senior hires into its recently-formed Asia leveraged finance team. The division, which is based in Hong Kong, is headed by Eric Mason who joined the buyout group in May from JP Morgan.

Asia’s private equity report card for the first half of this year is out: fundraising has surpassed last year’s record levels but transaction value has fallen compared to the first six months of 2006.

Kohlberg Kravis Roberts will become the latest alternative asset manager to raise funds on the public market, after revealing plans for a $1.25 billion initial public offering on the New York Stock Exchange before the end of the year.

Japanese LPs are looking to increase their exposure to private equity. But can they be tempted to invest outside their comfort zone, asks Sharon Lim.

Pacific Equity Partners will not give up on Flight Centre, an Australian travel agency it failed to acquire via a public-to-private process just a few months ago. The Australian buyout firm is now offering to acquire a 30 percent interest in the company via a proposed joint venture structure.

Alinta is backing a $6.66 billion takeover offer from Babcock & Brown instead of a rival bid by Macquarie, as the Australian energy utility is convinced the former offers a “high degree of completion certainty.”