North America

Fortress is to raise $80m

The US firm wants to raise the money to help pay down debt in its German residential business, Gagfah, as well as alleviate funding issues at its other real estate investments, according to a report.

Gresham- and Ironbridge-backed company fails to stay afloat

Debt and declining consumer demand has sent Australia's Riviera Group into receivership. It marks the second private equity-backed yacht investment to sink in 2009, the first having been Candover- and Permira-backed Ferretti in February.

Obama infrastructure bank takes shape

Draft legislation in circulation on Capitol Hill envisions a 'National Infrastructure Reinvestment Corporation' that would spur $48bn of infrastructure investment by providing grants, loans and tax incentives to select projects sponsored by public, private and non-profit entities.

Ronald Cohen: Europe needs a NASDAQ

Last year’s PEI Private Equity Leader Award winner has said that the European venture capital market will not achieve the same status as that of the US or Israel without the creation of a functioning public market for high growth companies.

Etech Capital and Chongqing to raise RMB5bn fund

The sister company of US bank Etech Securities and the Chinese municipality plan to raise the capital from overseas and domestic investors.

Dealmakers see a bottom

A panel of US middle-market participants agreed today that while the current economy is bleak, signs of stability have appeared, paving the way for a renewal of M&A activity.

Bain loses Japanese managing director

Junichi Shiroshita has left the firm to join Bank of America’s investment banking business in Japan.

Daiwa Securities to acquire Daiwa SMBC Capital

The Japanese financial services conglomerate has offered ¥3.4bn. for the outstanding shares of Daiwa SMBC Capital, a listed principal investment firm in which it owns a 47% stake.

Former Park Hill exec pleads guilty in kick-back scandal

Julio Ramirez, who left Blackstone-affiliated placement agent Park Hill in March, has pleaded guilty to securities fraud. The allegations stem from the time Ramirez was employed by Wetherly Capital, prior to joining Park Hill; Blackstone told PEO its internal investigation revealed no misconduct at Park Hill.

Merrill sells venture debt interest

Investment bank Merrill Lynch has sold €150m-worth of limited partner interests in Kreos III, a €200m European venture debt fund.