The firm will also cut management fees across the board and has promised not to call more than 30% of LPs’ total commitment next year.
Just $57bn was raised in value-added and opportunistic real estate vehicles in 2008 compared to $85bn in 2007. Asia, however, has become the investment destination of choice overtaking strategies focused on North and Latin America.
As the real estate industry looks forward to 2009, PrivateEquityRealEstate.com looks back at the past 12 months and the most read stories of the year. Dreier founder, Marc Dreier, admitting to key aspects of a $113m scam was the number one story.
The Switzerland-based firm was targeting $1bn for its second Asia-focused ‘programme’, a series of vehicles which will invest in primary funds and secondary transactions and also partner on direct investments.
The multilateral investment arm of the World Bank committed $300m toward the equity portion of the three-tier facility and will seek additional commitments of $1.2bn to $10bn.
The listed Permira investor has taken a number of measures to boost liquidity, including reducing by £796m its original commitment to Permira’s fourth buyout fund.
Creditors of bankrupt holding company Washington Mutual Inc., which once owned Washington Mutual Bank, are seeking a court order forcing the company to get written consent from the creditors before funding capital calls.
The future of big buyout funds may be uncertain – but they haven’t gone the way of the dotcom venture funds yet, writes Philip Borel.
Former REIT veterans Robert Solmson and Ed Ansbro have teamed up Georgica Advisors founder Richard Reiss to launch private equity real estate firm, Fairwood Capital. The first fund will target hospitality in US metropolitan areas.
As unfunded commitments are looking harder to meet, the Euronext-listed fund of funds is receiving increased calls from its managers of distressed funds.