Matt Levin

A blank cheque company sponsored by a Japanese consortium has agreed to acquire Senoko Power from the sovereign wealth fund.

The Tom Gores-led buyout shop has exceeded its target of $1.5bn, and has already invested the fund in at least four deals.

The operationally intensive firm has raised roughly $4bn for its eighth buyout fund in less than a year, a source has confirmed to PEO.

Institutional investors are ramping up their commitments to distressed debt funds, but which asset class they fit into becomes complex when those commitments end up in credit vehicles raised by traditional buyout firms, according to CalSTRS CIO Chris Ailman.

BlueOrchard Private Equity, halfway to its fundraising target of $220m, will invest in partnerships with microfinance organisations throughout the developing world.

The energy specialist has completed its acquisition of Toronto Stock Exchange-listed Saxon Energy Services for C$7 per share, partnering with Canadian oilfield services company Schlumberger.

The emerging markets specialist has sold its stake in Uganda Microfinance Limited to Kenya-based Equity Bank, as it nears a $200m first close on its $400m Pan-African fund.

The Australian infrastructure pioneer has unveiled a major management overhaul as its share price continues to decline. Firm founder Jim Babcock and long-time chief executive Phil Green will be replaced by in-house executives.

The private equity firms have purchased publicly listed Industrial Rubber Products, a manufacturer of protective coatings for pipelines, for $16.50 per share.

Energy Future Holdings has attributed most of the loss to the effect of fair value accounting rules on its fuel-hedging activities. Concessions made by TPG, Kohlberg Kravis Roberts and Goldman Sachs in the $45bn buyout last year also played a part.