Cezary Podkul
The first of its kind country-specific mezzanine infrastructure fund will target early stage development projects in Brazil, for which mezzanine financing is 'very compatible and appropriate'. The fund is a joint venture between Darby and Stratus Group, a Brazilian private equity manager and advisor.
The move follows Teranet’s rejection of the pension fund’s hostile bid to acquire the company for C$11 per share. The offer, made three weeks ago by an affiliate of the fund’s infrastructure arm, Borealis Infrastructure, valued the Toronto-listed income fund at C$2bn.
The new commitments bring the publicly listed infrastructure fund’s total investments to £546m since inception.
The single runway airport will belong solely to Global Infrastructure Partners after it buys out co-owner AIG’s stake in a transaction reportedly valued at £250m. The two firms bought the airport in 2006 from Irish billionaire Dermot Desmond.
The latest middle market turnaround acquisition for the fund comes shortly after it closed its second fund on $3bn.
History should judge TPG’s $1.3bn WaMu loss not for its size but for its miscalculation of risk, writes Cezary Podkul.
Randall Mullan will spearhead the $223bn pension fund’s infrastructure investment programme starting 14 October. His hiring is complemented by the promotion of Dan Bienvenue to senior portfolio manager in the fund’s global equity division.
The sale of minority stakes in Brazilian electric transmission assets represents a cash value of $7 per share for shareholders of the publicly traded infrastructure fund, which launched in January. Analysts estimate the proceeds will give it $550m of asset purchasing power.
The biggest bank failure in US history is also one of the biggest publicly disclosed private equity losses in history. TPG has stressed that the investment represented only a small portion of its diversified assets.
The Washington DC-based private equity firm will acquire an online education unit from the publicly listed healthcare services company.