Friday, 27 March 2015
Last updated 4 hours ago
Mar 18 2010 | 8:56am ET
The Blackstone Group, which has already been linked to two efforts to buy failed banks, is trying again.
The private equity giant is in preliminary talks to raise $1 billion for a blind pool to acquire failed banks, Bloomberg News reports. The planned fund follows Blackstone’s purchase in May—alongside W.L. Ross & Co. and the Carlyle Group—of BankUnited Financial Corp. and January’s news that billionaire entrepreneur Richard Branson had approached the firm about backing his bid for the failed British lender Northern Rock.
Blackstone has also applied for a British bank charter in connection with its plans to launch a new bank with hedge fund Cambridge Place Investment Management.
The New York-based firm is working with the former president of Bluebonnet Savings Bank, R. Brad Oates, on the new blind pool.
Alternative investment firms have been active in buying failed banks in recent months, with Dune Capital Management, Elliott Management, Greenlight Capital, J.C. Flowers & Co., Paulson & Co. and Soros Fund Management all taking part in deals for seized banks.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…