The publicly traded Canadian buyout firm expects to hold a final close on its third mega-fund in early 2009. CEO Gerald Schwartz has said despite having done no deals in the second quarter, Onex sees attractive opportunities and is not discouraged by credit conditions.
The private equity firms have agreed to sell Talecris Biotherapeutics, purchased for $590m in 2005, to Australian blood products company CSL.
Private equity now makes up 11 percent of the Canadian pension’s capital under management, which has grown to nearly $128bn. The CPPIB has narrowly bucked the loss-making trend among North American pension funds, recording a 1 percent total return on investments in the three months ended in June.
The Canadian pension bucks the loss-making trend among North American pension funds returning one percent on its investments in the three months to June this year. The pension’s real estate allocation now stands at 5.6%, or $7.2bn. Infrastructure makes up 2.6%, or $3.3bn, of its portfolio.
The stakes are raised in the gaming industry as a listed-investment vehicle of private equity firm Apollo Global Management marks down its co-investment in casino company Harrah’s Entertainment by 25%. Harrah’s was acquired by Apollo and TPG for a total of $17.1bn earlier this year.
TPG, Kohlberg Kravis Roberts and Goldman Sachs have sold a minority stake in the electricity distribution arm of portfolio company Energy Future Holdings, formerly TXU. The sale is the first since the record $45bn buyout closed in October 2007.
The London-based private equity firm has diversified its buyout business with the purchase of 50 percent stake in Indicus Advisers.
The mid-market firm’s debut $620m fund is now 60 percent invested following the purchase of ArrMaz Custom Chemicals, which has now had three alternative investment fund sponsors.
The $234.2bn pension is mulling a possible change to its private equity allocation, as the twin forces of sinking assets under management and shrinking distributions have combined for an overweighted alternatives exposure.
Fortress' and Blackstone’s second quarter earnings results offer a glimpse into how firms are responding to a slowing fundraising pace, writes Matt Levin.