Fundraising

The firm, in which TPG Capital owns a 5% stake, beat its $800m target and closed on $997m. The fund is one of a number of distressed vehicles focusing on opportunities in both the US and Europe.

As the exit market continues to be challenging, dividend recaps remain a tempting exit option for private equity firms. Loan volume for dividend recaps is now the highest since 2007, according to research.

Longtime Sankaty LP University of Michigan has committed $40m to the Bain credit affiliate’s latest offering, which is targeting $3.5bn.

A second Ferrovial and Sacyr-managed concession - the AP36 Ocana-La Roda - has gone bust, following last month's bankruptcy of Madrid's R4 ring road. It is the third Spanish road to start Chapter 11 proceedings.

The pension has approved a $90m commitment to GSO Capital Solutions II, which will provide capital to companies need financial support.

Following the record $13.3bn close for its global real estate opportunity fund, the New York-based private equity and real estate giant is now targeting another major real estate capital raise, this time in the debt arena.

London-based Longbow Real Estate Capital has begun marketing its latest UK real estate debt vehicle having hired Threadmark as placement agents.

Meridiam Infrastructure has closed its Meridiam Infrastructure North America Fund II. A total of $1.05bn is invested in the fund and a co-investment programme.

Allied World Assurance's investment in the Mark Patterson-led firm follows Florida SBA's purchase of an interest in Providence Equity Partners last month.

The $50.8bn retirement system committed almost $950m to private debt funds at its meeting last month, focusing its strategy on the US and European mid-markets.