Zoe Hughes

Allocations to the private equity and real estate asset classes are expected to rise by more than 20 percent over the next two years, a study by JP Morgan Asset Management has shown, as institutional investors reveal such strategies are no longer ‘alternative’ at all.

The Connecticut-based placement agent has hired former Cengage Learning chief operating officer Jerry Elliott to take over some of the responsibilities of founder and CEO Charles Eaton. The firm has also appointed four executives to its private equity and real estate operations.

The Connecticut-based placement agent has hired former Cengage Learning chief operating officer Jerry Elliott to take over some of the responsibilities of founder and CEO Charles Eaton. The firm has also appointed four executives to its private equity and real estate operations.

Casino operator Penn National will receive $225m in cash and $1.25bn in preferred shares after the Fortress- and Centerbridge-led deal was terminated. Penn said a ‘re-negotiated, reduced purchase price was not a viable option.’

Penn National will receive $225m in cash and $1.25bn in preferred shares after the Fortress and Centerbridge-led deal to buy the casino and race-track company was terminated. Penn said a ‘re-negotiated, reduced purchase price was not a viable option.’

The wealth management arm of the Bank of New York Mellon has appointed former Citi executive Ted Berenblum to lead the firm’s expansion of private equity, real estate and infrastructure investments.

Alternative assets managed by the world’s top 99 investment managers on behalf of pension funds grew by 40 percent over the past year, according to consulting firm Watson Wyatt.

GMR Infrastructure will purchase AIG’s 50 percent stake in power generation company InterGen, while Ontario Teachers’ will continue to hold the remainder of the company it purchased with AIG in 2005. The firms paid a combined $1.75bn to acquire InterGen two years ago.

The New York-based private equity firm says it plans to expand the German commercial real estate lender’s operations internationally, particularly in Japan, after shareholders tendered 24.13 percent of the firm’s stocks.

The private equity real estate firm headed by Barry Sternlicht calls for greater personal responsibility towards the environment as he announces a $200m deal to develop a luxury sustainable condo-hotel on the Pacific coast.