Marc Dreier, the founder of New York law firm Dreier, has admitted to key aspects of a plan to sell $113m in fake promissory notes, according to the SEC. He was last week arrested for impersonating an Ontario Teachers' official in a reported attempt to defraud Fortress.
2 min read · 05 January 2013
The private equity arm of the Middle East investment bank holds a first close on its Saudi Hospitality Fund on $240m. The fund – said to be the first Saudi Arabia-domiciled private equity real estate fund –will develop 17 hotels and apartments in the kingdom.
1 min read · 05 January 2013
The Middle Eastern market is being affected by the credit crunch as it looks to cut back on ‘overcapacity’. The investment bank operates various private equity and real estate funds, including a $533m Saudi hospitality fund.
2 min read · 05 January 2013
The German commercial real estate lender, partially owned by private equity firms JC Flowers and Grove International, has secured another liquidity guarantee from the government, on top of the €20bn already promised.
1 min read · 05 January 2013
Robert Bertram will step down from the C$108.5bn pension fund at the end of 2008, to be replaced by current senior VP Neil Petroff. Bertram was with the pension for 18 years and led many of Ontario Teachers' early forays into private equity, infrastructure and timber.
1 min read · 05 January 2013
Real estate was the only asset class to make a positive return for the $29.5bn pension fund, however allocations to private equity real estate have now topped 10.5% against a target of 8%.
2 min read · 05 January 2013
The $1.7bn pension started investing in real estate just three years ago, however it is now considering increasing its target allocation by 3% and investing in international real estate for the first time. The plan said it was 'shutting off two-thirds' of the world by focusing on the US.
2 min read · 05 January 2013
The Canadian pension has set aside an additional C$1.4bn to invest with opportunistic fund managers, and directly, targeting US and UK distressed real estate.
2 min read · 05 January 2013
Real estate prices are set to decline by up to 25 percent in developed markets, according to Townsend co-founder Kevin Lynch. However he said there were plenty of opportunities amid the distress, telling PERE at the ExpoReal conference in Munich that investors were increasing their allocations to the asset class.
2 min read · 05 January 2013
Private equity real estate GPs are ‘reluctantly’ beginning to change the terms of their funds as the capital fundraising market swings increasingly in favor of LPs, according to institutional investors at the PREA conference.
1 min read · 05 January 2013
