Regulation & Legal

EVCA tells SEC proposed placement ban is ‘unwarranted’

The European trade body is the latest to stress placement agents ‘play a crucial role’ in the private investment fund industries.

Now is time to raise capital

Private equity real estate funds need to start aggregating capital if they want to take part in the buying opportunity of a lifetime, according to Aviva Investors’ Ed Casal.

Roles, risks and rewards in property receiverships

Left holding the debt of a struggling real estate investment? What US fund managers need to know about entering into receiverships. By Anthony Theophilos of Starr Finley

ILPA unveils guidelines on PE terms, seeks endorsements

Investor-friendly carried interest, fee, GP commitment, key man and transparency terms are promoted in a new set of ‘Private Equity Principles’ from the trade association for limited partners. Will real estate follow suit?

Firm linked to CalPERS ethics probe secured $3bn for Apollo

A California political ethics commission is investigating CalPERS board member Charles Valdes, who received $38,600 in campaign donations linked to Alfred Villalobos' placement firm.

CalPERS board member faces ethics probe

Richard Valdes received $38,600 in campaign donations in 2005; much of them tied to placement agent Alfred Villalobos, who since 2006 has secured more than $4bn in CalPERS commitments.

MVision urges rethink of proposed SEC placement ban

The international private placement firm has joined the cacophony of calls from legitimate placement agents to alter a proposed rule providing a blanket ban on soliciting government entities.

Opportunity fundraising to sink to 4-year lows

Just $16.2bn has been raised for real estate opportunity funds worldwide in H1 2009, according to Probitas Partners. Much of the negative investor sentiment falls at the door of “legacy real estate funds”, says partner Kelly DePonte.

Capmark eyes Chapter 11 after $1.6bn Q2 loss

The firm, backed by KKR, Five Mile and Goldman Sachs, has already agreed to sell its US mortgage business to Berkshire Hathaway and Leucadia National.

CalSTRS loses $6.8bn in past year on real estate bets

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%.