Fundraising

With a fresh $3.3 billion fund at its disposal, the private equity arm of Lehman Brothers has completed its acquisition of SkyPower, a Canadian solar and wind energy developer.

California-based VMG Equity Partners plans to focus on ‘highly branded consumer products companies’, and will use its relationship with LA talent agency The Firm to promote portfolio companies.

EMAlternatives has secured its first investment, with a $100 million commitment from the California Public Employees’ Retirement System. The private equity fund investment specialist attempts to offer global investors exposure to markets they have not invested in before.

CalPERS-backed Craton Equity Partners is investing in clean-tech, but not energy, says managing partner Tom Soto: ‘Too many horses in that race.’

Actis has taken a minority stake in Nigeria-based Diamond Bank, shortly after the country’s scandal-dogged elections. But despite the governance concerns, buyout firms are optimistic about the country’s economic and political future.

European and Middle Eastern investors made up roughly one-third of Lehman’s latest private equity fund, which the firm said reflected the growing importance of European investment opportunities.

European buyout firm 3i has bought Eltel Networks, a Nordic electricity and telecommunications business, from Industri Kapital. The sale, which generated a return of nearly 2.5 times IK’s original investment, is the latest in a series of lucrative exits for the Nordic buyout firm.

PCG International has closed its first investment vehicle, a $400 million fund of funds backed solely by CalPERS.

European investment group AXA Private Equity has closed a $2.9 billion global secondaries fund. The fund is almost three times bigger than its previous offering, and will look to complete up to 18 deals over the next three years.

UK government-backed fund-of-funds CDC Group has invested in a microfinance fund, which provides banking services to emerging markets. Microfinance has grown more than seven times in the last ten years.