Goldman Sachs Group Inc. won the backing of Warren Buffett, the world's preeminent stock-picker, as the Wall Street firm seeks to raise cash from investors whose faith in the investment-banking business model has been shaken.
The bank soared 11 percent to $138.17 in German trading today. For Goldman, the endorsement came at a price. Berkshire Hathaway Inc., led by the 78-year-old billionaire, is buying $5 billion of perpetual preferred stock with a 10 percent dividend. Berkshire also gets warrants to buy $5 billion of common stock at $115 a share at any time in the next five years. The common stock closed yesterday at $125.05, providing Buffett with an instant paper profit of $437 million.
In addition to raising money from Buffett, Goldman said it plans to sell at least $2.5 billion of common stock to the public. It will be the firm's first common stock offering since 2000. No details of the planned offering were disclosed in a statement released by the New York-based company yesterday.
Showing posts with label FUNDRAISING. Show all posts
Showing posts with label FUNDRAISING. Show all posts
Wednesday, September 24, 2008
Tuesday, August 12, 2008
ECP nearing first close on $1bn Africa fund
The private equity firm will likely hold a first close on more than $523m, topping its entire previous fund. Launched in the second quarter of this year, the fund will be one of the largest dedicated pan-Africa funds raised to date if it meets its target.
Private equity firm Emerging Capital Partners is targeting a record $1 billion (€642 million) for its latest pan-African vehicle.
ECP is nearing full deployment of ECP Africa II, closed in May 2007. Its investors included the International Finance Corporation and UK-government backed fund of funds CDC.
Merrill Lynch began marketing the $1 billion fund in the second quarter of this year. If the firm succeeds in reaching its target, ECP would lay claim to one of the largest pan-African private equity funds ever raised.
South African investment firm Harith is nearing a final close on a $1 billion pan-African infrastructure development fund, according to Probitas Partners. South-Africa based Pamodzi Investment raised a $1.3 billion mining-focused pan-Africa fund last year.
Private equity firm Emerging Capital Partners is targeting a record $1 billion (€642 million) for its latest pan-African vehicle.
ECP is nearing full deployment of ECP Africa II, closed in May 2007. Its investors included the International Finance Corporation and UK-government backed fund of funds CDC.
Merrill Lynch began marketing the $1 billion fund in the second quarter of this year. If the firm succeeds in reaching its target, ECP would lay claim to one of the largest pan-African private equity funds ever raised.
South African investment firm Harith is nearing a final close on a $1 billion pan-African infrastructure development fund, according to Probitas Partners. South-Africa based Pamodzi Investment raised a $1.3 billion mining-focused pan-Africa fund last year.
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