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Side Letter: Brookfield's trillionBrookfield has become the latest alternatives giant to join the trillion-dollar-AUM club. Plus: climate fundraising in 2024 has already overtaken last year's total; and another group of financial institutions has left a climate initiative under pressure from Republican lawmakers. Here's today's brief, for our valued subscribers only.
TCW Group acquires Craton Equity PartnersTCW has acquired socially responsible investment firm Craton Equity Partners, which is targeting $400m for its Fund II.
- Alinda biogas deal marks third exit for Frog
The US infrastructure firm plans to invest €300m over the next three years in agri.capital, a German biogas company whose previous backers included Frog Capital.
- Goldman prop-trading team heads to KKR
A group of nine traders, led by Bob Howard, will join KKR in New York, setting the stage for the alternative investment giant to build a major hedge fund operation.
- Illinois Universities invests $120m in ‘toxic assets’
The US pension is the latest to join the government’s programme meant to jumpstart the credit markets, which CalPERS has said it will not join.
- New York Common sets aside $200m for ‘toxic assets’
The $126bn pension has created a new allocation to house its investments in the US Public Private Investment Programme.
- KKR hires global fundraising director
The firm’s appointment of former Goldman Sachs executive Suzanne Donohoe, who will also oversee capital raising for KKR, continues its recent expansion amid further reductions in staff by many other private equity firms.
- KKR creates asset management division
Former TCW president William Sonneborn has been named head of KKR Asset Management as well as chief executive of NYSE-listed KKR Financial, which is one of the largest lenders to Sam Zell’s now-bankrupt Tribune.
- KKR moves into asset management
In a move to expand its offerings, the mega-buyout firm has hired TCW Group president William Sonneborn to develop traditional asset management lines such as public equity funds.
- PAI starts quoted equity business
The Paris-based buyout firm has become the latest to follow 3i into the quoted equity fund management arena by backing veteran Philippe Guez in his new firm. The start-up will mirror 3i’s quoted equities model by targeting minority stakes.