Small firms that have relied on lines of credit to smooth cash flow may have to wait until 2011 for relief, writes Kevin Ley.
A group of LPs has asked Sun Capital for the ability to shrink commitments to its $6bn fifth fund because of ‘liquidity issues’ and asset allocation imbalances.
Having already corralled $4 billion of equity commitments for a global opportunity investing consortium, the Toronto-based firm has swollen its kitty by a further $1bn as two more investors sign up.
A European-listed fund managed by Denver-based ProLogis is altering its legal structure as a result of the credit crunch.
The business development company has staved off bankruptcy for the short term as it eases its debt load by $174m.
Florida's state pension board has totally written off its $250m investment in Tishman Speyer's Stuyvesant Town/Peter Cooper Village deal, joining California's massive teachers' pension, which wrote its $100m investment in the deal to zero.
The veteran real estate investor has reportedly launched a $625m credit fund to target distressed real estate securities. The vehicle, Zell Credit Opportunity Fund, has raised $125m to date, according to regulatory filings.
Charter Hall, the Australian property fund manager established in 1991, is meeting investors’ concerns by giving them greater control over its freshly-launched Charter Hall Special Situations Office fund.
The next era for the private equity industry will see leading firms focusing on enhanced client services and shoring up investments and their investor base, rather than pursuing new mega-deals, says Jack Klinck, executive vice president and global head for State Street Alternative Investment Solutions.
The Korean buyout firm has acquired a 30.7% stake in BC Card and is looking to acquire a controlling stake in the company by the end of the year.