New York-based Crestview Partners, a Goldman Sachs spin-out, has agreed to acquire Symbion, a US operator of short stay surgical facilities, for $637 million.
The Blackstone Group has set a price range for its public offering, which has the potential to raise up to $4.8 billion, valuing the firm at approximately $40 billion.
In a startling development, a soon-to-be established state investment company of the People’s Republic of China will make a $3 billion investment in Blackstone as the alternative investment giant prepares to go public. Blackstone’s Schwarzman is calling the deal a ’paradigm shift in global capital flows’.
Fund of funds, which raise equity from investors and then commit that equity to individual fund managers, first started popping up in private equity real estate during the late 1990s, almost a decade after the birth of the asset class in the US. First, it was groups like Bessemer Trust and TKP Investments who were selling these products to their clients. Then, about five years ago, the concept really started to pick up steam as US firms like Credit Suisse, Metropolitan Real Estate and Fiduciary Trust began launching their own fund of funds vehicles. Today, of course, fund of funds, much like the rest of the industry, have gone global.
A Blackstone hotel property in New York City makes a bet on top UK chef Gordon Ramsay.
Citigroup Alternative Investments has launched a new team to make investments in infrastructure, bringing in two specialists from Ferrovial and Deutsche Bank, respectively, as co-heads.
The French private equity firm has started exclusive negotiations to buy Kaufman et Broad, in the latest example of frenetic M&A activity in the European homebuilding sector.
Witnesses at a US House committee hearing agreed that the booming private equity industry is not at fault for America’s growing divide between the rich and poor. Opinions diverged, however, as to how best address this phenomenon.
The San Francisco firm’s offer of $69.25 per share has been deemed “superior” by the board of Genesis Health Care—though there is still time for a counter-offer from JER and Formation.
Following similar moves in other emerging markets, the bank’s real estate special situations fund is buying into a Polish developer to gain exposure to the country’s burgeoning property market.
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