Fund Management

LBO funds buying into metal-processing businesses in Germany will need to get along with IG Metall.

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.

Accent Equity has sold Swedish flower delivery service EuroFlorist to Litorina Kapital. It is the third investment in three months from the Swedish firm’s third fund.

Soon after PEO revealed that the Virgin Group is launching its first institutional buyout fund, its chief executive has reportedly outlined plans to pursue a ‘branded venture capitalism’ strategy, as it looks to take on large buyout firms like Blackstone and Apax.

Lehman Brothers’ listing of a fund of funds vehicle has attracted significant investor demand, including an 84 percent allocation of its greenshoe, showing that successful fundraising is still possible despite the recent volatility in the public markets.

As Canada’s venture capital investments suffered a 12 percent year-over decline in the second quarter, private equity deals surged to a record C$55.6 billion, well outperforming last year’s total deal volume of C$11.6 billion.

Cerberus portfolio company Aegis Mortgage has filed for bankruptcy – it owes the private equity firm $178 million.

The US presidential candidate still has major stakes in Bain Capital funds, although these have been placed in a blind trust, according to recent campaign disclosures.

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.

US regional airline Midwest has turned down discount airline AirTran’s buyout offer in favour of a higher, $400m bid by TPG Capital and Northwest Airlines. A formal agreement is expected in days.