Western Europe

Morgan Stanley closes $500m distressed debt fund of funds(2)

Morgan Stanley Alternative Investment Partners has closed its first distressed debt fund of funds, as the bank continues to expand its private equity activities after pulling out of the market in 2004.

CD&R banks Brakes’s payout

The US buyout firm is set to receive the majority of the proceeds from a £275 million refinancing as the largest shareholder in Brakes, a food supplier.

CDC expands with four appointments(3)

Four directors have been appointed at UK government-backed emerging markets fund of funds CDC, as the business continues to diversify its investment activities.

Select committee says more scrutiny required

The UK Treasury Select Committee, which has been investigating private equity all summer, has published its initial findings – and concluded that a closer investigation is required of the industry’s tax treatment, use of leverage, and attempts to improve transparency.

Bisgaard-Frantzen to launch Private Advisors in Europe

Private Advisors has hired one of Scandinavia’s biggest investors in private equity to push its business outside the US.

Carlyle in record €1.5bn Spanish deal(2)

The Carlyle Group’s planned acquisition of Barcelona-based inspection services company Applus will be one of the largest private equity investment in Spain to date.

Humphries gets top job in Hg reshuffle

Ian Armitage, chief executive of UK buyout firm HgCapital, is moving upstairs to become chairman in a reshuffle that will see TMT head Nic Humphries promoted into the top job. There have also been seven other promotions as the firm looks to reward its up-and-coming talent.

German politician demands partial “locust” ban

Peter Struck, head of the SPD faction in the German parliament, is calling for rules to limit private equity’s ability to take controlling stakes in some German companies.

Carlyle in record €1.5bn Spanish deal

The Carlyle Group’s planned acquisition of Barcelona-based inspection services company Applus will be one of the largest private equity investment in Spain to date.

Thomas H Lee Partners sues Refco legal counsel

Thomas H Lee Partners plans to seek $245 million in damages from the law firm that represented its former portfolio company, Refco, which was discovered to have committed massive balance sheet fraud in 2005.