Monday, 30 November 2015
Last updated 2 days ago
May 25 2010 | 11:45am ET
Alternative investment firms continue to pour money into the banking industry, with the latest investment coming from private equity giant the Carlyle Group.
The Washington, D.C.-based firm and New York-based hedge fund Anchorage Advisors will each buy about $73 million worth of shares in Hampton Roads Bankshares, giving the two firms a combined 46.2% voting stake in the bank. Each will also get one appointee on its board of directors, which has been reduced to nine. The investment is part of a $255 million capital-raising bid by Hampton Roads, alongside at $20 million rights offering.
Hampton Roads’ market capitalization is currently about $37 million.
Hampton Roads operates 60 branches in Virginia, North Carolina and Maryland.
The Hampton Roads deal is Carlyle’s second for a bank, following its investment in BankUnited last year. Other alts. firms active in buying up bank shares or acquiring failed banks include the Blackstone Group, Dune Capital Management, Elliott Management, Greenlight Capital, JC Flowers & Co., Paulson & Co., Soros Fund Management and W.L. Ross & Co.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…