Flowers Raises $2.5B Financials Buyout Fund

Sep 29 2008 | 9:04am ET

Private equity firm J.C. Flowers & Co. has raised a $2.5 billion buyout fund to invest in banks and financial firms battered by the Wall Street crisis.

The New York-based firm finished a first round of fundraising this month, and may raise additional capital if needed, Bloomberg News reports. Flowers last month won approval to buy the nationally-chartered First National Bank of Cainesville, Mo., which he said he may use to buy “troubled of failed depository institutions.”

Flowers has considered making investments in at least two financial firms this year, advising Bank of America on its purchase of Merrill Lynch, as well as trying to invest in insurer American International Group before its bailout by the government this month.

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