The $123.8bn California pension plan took a 50% write-down in its value-added/opportunistic real estate investments in the year to 31 March 2009. The pension has completely written off its equity in some funds, while others are currently reporting IRRs of more than -100%.
Fundraising for Asia-focused funds may have stalled, but it has less to do with Asia than it has to with a slowdown in the pace of investments globally, writes Siddharth Poddar.
CD&R and One Equity Partners have become the latest private equity firms to dip their toes in the public markets.
The listed fund of funds surpassed its target, selling shares at or above its current stock price.
One of the few Indian companies raising an infrastructure fund that is not a banking conglomerate said it was aiming to raise hundreds of millions of dollars to invest in the sector.
The New York-based alternative investment firm revealed it has closed on a deal to buy 1,200 home loans from Lehman Brothers’ Asia subsidiaries for its first ever Asia-focused fund.
PIK Group, the Moscow-based public property company, has abandoned plans to raise a fund from third party investors in the wake of the credit crunch. The decision was taken earlier this year, according to a spokeswoman.
The London-listed private equity firm has said reduced competition for deals and the prevalence of distressed sellers are reasons to bolster its dry powder.
The FIG-focused firm is deploying a recently closed €575m fund, having in May become the first private equity firm to buy a UK bank.
Fundraising is down $8.1bn from $36.3bn raised in 2007. This downward trend could change in 2009 as 85 infrastructure funds are fundraising this year, according to a study by the accounting firm.