Alternative assets managed by the world’s top 99 investment managers on behalf of pension funds grew by 40 percent over the past year, according to consulting firm Watson Wyatt. Real estate managers occupied the top nine positions, managing 62 percent of pension fund assets.
Scott Nuttall, the head of KKR’s financial services group, will also oversee fundraising and broker-dealer activities, while Todd Fisher, co-founder of the firm’s London office, will fill a newly created role of chief administrative officer. Perry Golkin will narrow his investor relations activities.
London-based Ashmore Investment Management is aiming to raise a new, “significantly larger” fund for investment in emerging markets just ten months after it closed its last vehicle on $1.3bn.
The US bank is on the fundraising trail again as a previous $1bn vehicle nears completion, according to a report.
Italian private equity firm Magenti will sell the concrete equipment firm to a consortium comprised of Shenzhen-listed construction equipment company Zoomlion, Goldman Sachs, Hony Capital and Mandarin Capital Partners.
Heitman veteran Harold Schwartz, previously head of Europe acquisitions, will lead the Chicago-based firm’s expansion into the Asia-Pacific region. Schwartz will be based in Tokyo.
CITIC CapitalLand Business Park Fund has closed on $72.5m, having raised money from domestic Chinese institutional investors. It is the first private equity real estate fund to be denominated in Yuan.
Hong Kong tycoon Li Ka-shing’s firm will mainly focus on the main cities in China, Singapore, Hong Kong and Malaysia, but also look to Taiwan, Thailand and Vietnam. With leverage, ARA has a potential $5bn to invest.
The number of funds targeting less than $1 billion of equity commitments has increased by almost one fifth to 128 in the first quarter of this year, with managers’ focus firmly pointed towards Asian real estate, according to research by New York-based fund of funds Clerestory Capital Partners.
The private equity real estate firm headed by Barry Sternlicht calls for greater personal responsibility towards the environment as he announces a $200m deal to develop a luxury sustainable condo-hotel on the Pacific coast.