Lehman to raise $500 mln for buyout firm fund IPO

(Reuters) - Lehman Brothers Private Equity Partners Ltd. plans to issue a single class of U.S.-dollar-denominated shares at $10 each on Euronext Amsterdam. Conditional dealing is expected to start July 18 and unconditional dealings July 25.




The parent company will be the largest single investor by subscribing to $100 million of shares, which will be subject to a three-year lock-up.


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Bain bid for Edcon should succeed

We’ll take the money but the price is not that generous say fund managers.
Bain Capital’s R25bn offer for Edcon is likely to be accepted by all shareholders said fund managers after the offer was announced earlier today.

In the biggest private-equity deal in SA so far, Bain Capital will pay R46 cash for each share, in its bid to acquire the fashion retailer’s entire share capital. If the offer succeeds, Edcon will be delisted from the JSE.

The transaction will be funded by a combination of long-term debt and equity and Barclays Plc and Absa Capital are providing the debt financing.

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Private equity rocks?

Hedge funds in headlines again, for all the wrong reasons

Hedge funds, the most modern kind of smoke-and-mirrors investment fad, are in the headlines once again, for all the wrong reasons. The woes of Red

Kite Metals LLC, a metals-special hedge fund launched in October 2004, have also attracted adverse attention to the swathe of debt-saturated private equity fund deals moving at a cracking pace through countries across the globe.

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Brait starts Africa's biggest private equity fund

Investment bank Brait SA has launched Africa's largest private equity fund, the $880 million Brait Fund IV, drawing investment from global players in what executives called a sign of confidence in South Africa.

Brait, whose Private Equity Division is one of the biggest in the South African private equity industry, said foreign investors in the fund include HarbourVest Partners and Princeton University Investment Company.

"We managed to persuade them that South Africa is an excellent destination for private equity as an asset class ... It is not short-term portfolio flows but someone that invests and stays in the economy for a long period," Brait director Eduardo Garcia said on Wednesday.

South Africa has seen a surge in private equity activity in the last year as big players have moved into Africa's biggest economy.

Read Full Article at Reuters South Africa