Fortress, Providence Equity Invest $280M In Harbinger Permanent Capital Co.

May 16 2011 | 1:55pm ET

A pair of alternative investments firms has invested almost $300 million in Harbinger Capital Partners' permanent capital vehicle.

Harbinger Group raised $280 million from three investors, including Fortress Investment Group and Providence Equity Fortress. Fortress' CF Turul fund provided the bulk of the financing, $205 million, with Providence Equity chipping in $50 million and a reinsurance company another $25 million.

The money bought the investors 280,000 convertible shares, accounting for a 23.6% stake in Harbinger Group. The shares have a coupon of 8% and are convertible at $6.50 per share, the holding company's approximate stock price on Friday.

Harbinger Capital set up Harbinger Group in 2009 and last year raised $350 million in a bond sale. That money, like the money raised last week, was earmarked for general corporate purposes.


In Depth

Why Ponzi Schemes Work: An In-Depth Look At The Allen Stanford Fraud

Dec 21 2014 | 10:30am ET

Texan Allen Stanford first appeared on the radars of financial regulators in 1997...

Lifestyle

Hedgie Funds US Squash Program

Dec 24 2014 | 8:46am ET

Squash, anyone?

Guest Contributor

EidoSearch’s Top Three Market Projections For 2015

Dec 23 2014 | 4:03am ET

It is that time of year again when prognosticators make their big market calls for...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.