Private Equity
Fosun Group and Prudential Financial Inc. signed a memorandum of strategic cooperation to form a private equity fund. Insurance and financial service company Prudential is looking to invest $500 million in the fund. Fusom Group, which is a non-state-owned conglomerate in China, will serve as general partner and take responsibility for investment decisions. It looks to invest $100 million.
3 min read · 14 January 2011
BuildMyMove completed a first round of institutional financing and secured $1.5 million. Five Elms Capital of Prairie Village, Kan., led the round. BuildMyMove of Pennsylvania provides online binding quotes for full service interstate transportation. It plans to use the capital to o ramp sales and to refine its platform further.
3 min read · 13 January 2011
TA Associates Inc. of Boston made a minority investment in AboveNet Communications Inc. through a secondary purchase from an existing shareholder. Financial terms were not disclosed. Ropes & Gray serves as TA’s legal counsel. AboveNet is a White Plains, N.Y.-based provider of fiber optic network services in the U.S. and Europe.
3 min read · 13 January 2011
Silver Lake Sumeru of Menlo Park, Calif. made a strategic investment in PrimeSense Inc. Financial terms were not disclosed. As part of the investment, Paul Mercadante will join the board of the sensing and recognition technologies company based in Israel.
3 min read · 13 January 2011
Kohlberg, Kravis, Roberts & Co. of New York and Permira of London raised EUR193.6 million ($252.6 million) from the sale of shares in ProSiebenSat1, Reuters reported. After the sale of 8 million non-voting preferred shares in the German satellite broadcater, KKR and Permira retained 53 percent of ProSieben's share capital and 88 percent of the common shares with voting rights.
2 min read · 13 January 2011
Five companies have made it to the final round to submit proposals for Takefuji Corp., Reuters reported. Four sources with direct knowledge of the deal said Cerberus Capital Management , TPG, Tokyo Star Bank, J Trust Co. and Korea's A&P Financial are the finalist for Takefuji. Takefuji is a Japanese consumer lender that filed for bankruptcy in September.
2 min read · 13 January 2011
Morgan Stanley Investment Management held the final close of its first dedicated corporate mezzanine fund. Morgan Stanley Credit Partners LP ended its fundraising drive with $956 million in capital commitments.
2 min read · 13 January 2011
The German government may provide more temporary funding to secure the sale of WestLB, two people close to the bank told Reuters. Sources said the funding would help suitors interested in acquiring only parts of the bank. Apollo and Blackstone submitted indicative bids, according to two financial sources.
3 min read · 13 January 2011
Senior Secured Loan Program, which is managed by Ares Capital and an affiliate of GE Capital, increased the total available capital in the program to $5.1 billion from $3.6 billion. The amount of capital GE Capital and its affiliate will make available rose to $4.125 billion from $3.075 billion. The funds Ares Capital will make available rose to $975 million from $525 million. In addition, the program will now be allowed to hold loans in a principal amount up to $300 million.
8 min read · 12 January 2011
Grey Mountain Partners LLC made an equity investment in Triton Diving Services LLC, a Metairie, La.-based provider of commercial diving services to the offshore oil and gas industry in the Gulf of Mexico. Financial terms were not disclosed. Grey Mountain invests in smaller middle market companies with enterprise values from $30 million to $150 million.
2 min read · 12 January 2011
