Matt Levin

The Paul Royalty Funds spin-out, one of two private equity divisions within investment bank Cowen and Company, will focus on long-term investments in commercial- and near commercial- stage healthcare products.

The second largest US pension suffered a 3.7 percent decline in its overall investment portfolio, its first negative return in six years.

The influential limited partner incurred an overall loss of 2.4 percent on its investments for the 2007-2008 fiscal year, but saw its private equity portfolio lead all allocations with a 19.6 percent return.

The clean energy private equity shop has also tapped former Shell solar power director Terry Jester as an entrepreneur-in-residence. Recurrent has secured high-profile projects for the City of San Francisco.

The pan-African investor, nearing full deployment of its first independently raised fund, is betting that the East African nation’s biggest saltwater lake can produce four million tons of salt by 2012. The fresh capital will be used for buying equipment and facility renovations.

The quoted fund of funds, backed by Bank of America and Oak Hill, has engaged ABN AMRO to issue a continuous quote on its shares. It is the second time the bank has provided the Euronext-traded fund with liquidity.

The News Corp stations will be managed by the senior executives of Local TV, Oak Hill’s year-old television platform.

As the stock prices of many financial services companies collapse, Warburg Pincus, TPG and Corsair Capital are suffering publicly due to possibly ill-timed investments in MBIA, Washington Mutual and National City, respectively.

The arcade and dining franchise will use the fresh capital to pay down debt, roughly two years after Wellspring purchased the company in a $375m take-private. Wellspring will retain a controlling interest in the company.

Pacific Biosciences has lured the backing of an eclectic consortium of investors including Kleiner Perkins, Ontario Teachers’ and fixed income hedge fund Deerfield.