Large Platform Events | Issue 23.40

 

Summary of Transaction Headlines

The Wall Street Journal | “Brookfield Banks $12 Billion for Private Equity Deals”

The Toronto asset manager kicked in $3.5 Billion to the fund, which just missed its fundraising target. Brookfield has closed out fundraising for its sixth main private-equity fund, part of an ambitious plan to raise roughly $150 Billion this year across all its strategies. The Toronto asset manager, which managed $850 Billion of assets at the end of June, said it collected $12 Billion for Brookfield Capital Partners VI, its largest private-equity vehicle to date. The amount includes a $3.5 Billion commitment from the publicly traded firm, which invests across private equity, real estate, and infrastructure. Other investors in Fund VI include the South Carolina Retirement System Investment Commission, which committed as much as $100 Million last year, the WSJ Pro Private Equity LP commitments database shows. The current period of market dislocation has created “significant large-scale opportunities that suit our operationally intensive investment approach,” said Anuj Ranjan, President of Brookfield’s Private Equity Group.

Reuters | “MSCI to Acquire Remaining Stake in Burgiss for $697 Million in Cash”

Index provider MSCI (MSCI.N) said it will acquire the remaining 66% of Burgiss Group, a New Jersey-based provider of data and analytics solutions for investors, for $697 Million in cash. The deal will boost MSCI’s footprint in the private asset data analytics segment, as Burgiss’s dataset covers over 13,000 private asset funds around the world, representing $15 Trillion in cumulative investments in 195 countries. dealmaking activity has been a sore spot since 2022. Higher interest rates have dried out liquidity and affected several top Wall Street firms, forcing them to slash hundreds of jobs, along with implementing other cost-cutting measures.

GlobeSt. | “KKR’s $560 Million Deal Confirms Strength of U.S. Industrial Real Estate”

Industrial is the safest asset class among the commercial real estate sectors, according to some CRE analysts, and the announcement this week that KKR has completed the sale of over 5 Million Square Feet of industrial warehouse and distribution properties for a total aggregate value of over $560 Million confirms its value. The sales, primarily consisting of assets in KKR’s Real Estate Partners Americas II fund, included over 50 industrial buildings located in high-growth, infill markets across Atlanta, Dallas-Fort Worth, Chicago, the Lehigh Valley, and Central Pennsylvania.

WealthBriefing | “GAM Holding Names New Chief Executive Officer”

The appointment comes as the Switzerland-listed asset manager continues to push to get its finances on a more solid footing. GAM Holding’s newly elected Board of Directors have named Global Chief Risk Officer Elmar Zumbuehl as its Group Chief Executive with immediate effect. A Swiss citizen, Zumbuehl joined the Zurich-listed investment firm in 2010 and prior to this, worked at Julius Baer for 10 years in senior roles, including the bank’s asset management arm, of which GAM Holding was part at the time.

PR Newswire | “Thornburg Investment Management Announces Mark Zinkula as Chief Executive Officer”

Thornburg Investment Management, Inc. (“Thornburg”), a global investment firm that oversees $42 Billion in client assets, announced that its Board of Directors has appointed Mark Zinkula as its new President & Chief Executive Officer effective immediately, following an extensive global search process. Mr. Zinkula will also join the Board of Directors. Mr. Zinkula was formerly the Chief Executive Officer of Legal & General Investment Management, a global investment manager with $1.4 Trillion in assets under management. From 2011 to 2019, he led the firm through significant growth, tripling assets and expanding across the U.S., Europe, and Asia. Mr. Zinkula is also a former board member of the parent company, Legal & General, a member of the FTSE 100.

IREI | “The Swig Company Names Connor Kidd as CEO”

The Swig Company has named Connor Kidd as CEO. He is also President of the company. Kidd succeeds Jim Carbone, who held the position since September 2018. An Oklahoma native, Kidd joined Swig in 2011 as an associate in the company’s Investment team. He was involved in the formation of investment partnerships, property acquisitions and dispositions as well as refinancing of assets. In January 2019, he was elevated to Executive Vice President and the post of Director of Asset Management with responsibility for overseeing all aspects of the company’s leasing and property management operations throughout the national portfolio. He was named President in January 2022.