Fundraising

Boston-headquartered private equity firm Advent International has confirmed its intention to continue its Latin American investment activities, announcing today the final close on a new $375 million fund targeting the region.

The investment bank will take on Australia’s Macquarie Bank in the increasingly popular area of infrastructure investments, according to press reports.

Former healthcare hands from Carlyle, Mount Everest and MPM have linked up to launch NGN Capital, a US-German venture fund that closed $100m above target.

On the heels of its successful fundraise for its latest private equity fund, mid-market specialist Audax is preparing to head back into the market with a follow-up mezzanine fund that could aim for as much as $550 million.

Private equity fundraising is set for a record-breaking year in 2005, but the mega-LBO funds taking the industry into uncharted waters are members of a small but privileged elite. By Andy Thomson

Wal-Mart is dedicating $25m for a private equity fund that will invest in women- or minority-owned businesses. The launch of the new investment vehicle follows years of criticism aimed at the company’s diversity efforts.

A final close for Kohlberg Kravis Roberts’s second European fund could be announced in the coming weeks, according to market sources. The fund is said to have corralled €4.5 billion in commitments.

In a deal that will yield a more than three times return, North Castle Partners has agreed to sell drug and alcohol treatment centre CRC Health Group. Bain Capital acquired the business in a roughly $720m deal.

Expanding its investment reach into less traditional emerging markets, the US-based Overseas Private Investment Corporation has committed to financing private investment funds targeting Africa. By Judy Kuan

Jeffrey Greenberg has rebounded following his departure from Marsh & McLennan, where he was chairman and CEO, and is reportedly set to launch a new private equity fund.