Marine Cole
Phoenix Life Assurance, which sold the stake to Landmark, ceases to be an LP in the fund.
Earlier this month an SEC official speaking at an industry conference signaled the US regulator’s interest in stapled secondary deals. Do they create situations where fiduciary duty may be skirted?
Consumer groups’ concerns regarding the fund’s investment in a payday lender prompted the New Jersey State Investment Council to explore various options for dealing with the exposure.
Lea Lazaric Calvert will start in July in Evercore’s London office and will focus on advising leading financing institutional investors and fund sponsors on secondary transactions.
Paul Capital has sold several fund stakes in recent months as the firm is in the process of becoming a ‘closed-doors’ firm. This sale was of a stake in Vision Capital IV, which retains Elegant Hotels in Barbados.
The firm has already committed 21% of Stafford International Timberland VII’s $484 million and plans to open an office in Latin America in the third quarter.
The deal comes only months after Lone Star acquired a large real estate portfolio from Moorfield for £1 bn.
The fund, which had a first close nearly 18 months ago, was oversubscribed.
The average size of funds that closed in the first quarter was less than half of the average size of funds that closed in the same period in 2014.
An extension before the Volcker Rule takes effect gives financial institutions more time to comply.
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