Saturday, 30 August 2014
Last updated 1 day ago
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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...