As rival Citi enhances its alternatives platform with the addition of Morgan Stanley spinout Metalmark, Morgan Stanley continues its renewed private equity push with the hire of two buyout professionals.
The private equity firm has agreed to buy $500 million in common shares of MBIA Insurance, and has backstopped an additional $500 million for a shareholder rights offering to be held in the first quarter of 2008.
Bahrain’s Ithmaar Bank, Shamil Bank and the Islamic Investment Company have held a first close on their mutli-strategy private equity fund targeting $500 million.
Dubai-based distressed specialist HBG Holdings has held a second close on $120 million for its Middle East and South Asia-focussed fund. It is expected to close this year with commitments ‘north of $200 million’, more than double its initial target.
Private equity investment behemoth AlpInvest has recruited a trio of secondaries specialists to strengthen its teams in New York and Amsterdam.
The San Diego County Employees’ Retirement System has created a 5 percent allocation for infrastructure, making it the latest pension fund to earmark funds for an asset class that many pensions like for its long-term, stable returns and low correlation with the overall market.
Fort Washington Capital Partners is targeting $250 million for its sixth fund of funds, which will invest in equal numbers of venture and private equity funds.
The Global Emerging Markets Group has agreed to acquire a 49 percent stake in a coking coal reserve in Inner Mongolia. The deal is GEM’s second direct private equity investment in the country.
Alpha Associates, the central and eastern European fund manager, has held the final close of its second fund, which is already 40 percent committed.
The state of California has passed a law requiring that CalPERS and CalSTRS divest from companies that do business in Iran, but unlike similar bans elsewhere, private equity is not affected.