Saturday, 28 November 2015
Last updated 20 hours 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.
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…