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Equity International Closes Fourth Investment Fund
Publish Date : 2/19/2008 7:41:00 AM Source : American Local News Onlypunjab.com
Equity International, the private equity firm co-founded by Sam Zell and Gary Garrabrant, announced today the initial closing of its newest fund, Fund IV, dedicated to investing in real estate-related companies outside of the United States. The fund consists of approximately $500 million in equity capital commitments – the company’s largest fund to-date – with investors including university endowments, pension plans, insurance companies, family foundations and private investors.
Equity International is recognized as a leading international investor and partner of choice with multi-dimensional capability. Fund IV is a continuation of Equity International’s proven strategy of investing in real estate-related operating platforms worldwide. By applying distinct competitive advantages, including an ability to identify, develop and direct world-class companies, Equity International will continue to capitalize on major trends including: growth of the middle class in emerging markets, monetization of corporate property, broadening equity and debt securitization, demand for senior housing, and the more recent financial dislocation in global capital markets. With the effective use of its global network of relationships and resources, the company expects to generate superior investment returns through vast real estate expertise, exceptional access to capital and creation of substantial enterprise value.
Fund IV represents the fourth in a series of investment funds created by Equity International since its inception in 1999. Through these funds, Equity International has raised over $1 billion and invested in 15 portfolio companies representing a wide spectrum of businesses, with a focus on homebuilding, and corporate and retail property. Investments include leading homebuilders in Mexico (Homex), Brazil (Gafisa), and China (Xinyuan), for which Equity International led successful initial public offerings in 2004 (NYSE:HXM)(BMV:HOMEX), 2006 (NYSE:GFA)(BZ:GFSA3), and 2007 (NYSE:XIN), respectively.
“We increased our fund size to $500 million in response to our robust pipeline of outstanding opportunities,” said Gary Garrabrant, chief executive officer of Equity International. “With Fund IV, we will continue our successful investment strategy and partnering approach both in markets where we have an active presence such as Brazil and China, as well as exploring new geographies.”
“I am pleased to report that we were oversubscribed in this fund, attracting several distinguished new institutional investors, as well as re-committing all of our current investors,” added Diane Morefield, Equity International’s chief financial officer. “The level of interest in Fund IV signals the recognition of Equity International’s strong reputation and investment track record, as well as the strength and quality of our investor relationships. |
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