Regions

Capital constraints

For MENA-based private equity funds, fundraising is no picnic, writes Jenny Blinch.

Blackstone Fund VI raises $8bn

The New York-based private equity firm’s latest fundraising efforts bring Blackstone’s total dry powder for private equity to $13bn. Reporting a $193.6m fourth quarter loss, Blackstone said it remains focused on investing in non-cyclical industries.

Global RE fund cuts management fees to zero

One large institutional private equity real estate player has agreed to cut management fees on uncalled capital for its opportunistic vehicle to zero. It's not a solution for everyone though, a New York conference was told.

RBS to exit project finance amid £24.1bn annual loss

The troubled UK lender will no longer provide long-term project finance loans with durations of more than 15 years but it will continue to make such loans of 'appropriate length', according to people familiar with the matter.

Alaska cancels $650m in private equity, infrastructure commitments

The $28bn national oil fund has canceled commitments to funds including Alinda and Pathway Capital as it tries to re-focus on ‘core’ asset classes amid continuing losses.

US budget assumes $23bn from carry tax hike

President Obama included language in his budget released yesterday that would tax carried interest as income at 39.6 percent. In other regulatory news, a bill in Congress would also require all advisors to private equity funds to register with the SEC.

Report: US Treasury expects PE to skirt tax hike

The Obama administration has built into its carried interest tax revenue forecast an expectation that GPs will eventually find ways of avoiding the full impact of the new tax.

Playing in a crowded field

Opportunity funds are not alone in wanting to cherry-pick real estate assets at attractive prices.

Secondaries players react coolly to new exchange

New York firm SecondMarket says it has attracted more than $500m worth of secondaries for its new LP fund interest trading platform.

Macquarie adds to transaction fundraising team

Former Lehman Brothers investment bankers Michael Meyers and Sean Fitzgerald have joined Macquarie’s private placement team, where they will focus on raising equity for transactions.