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The business will help the newly public K.K.R. expand beyond its core private equity operations of buying and selling companies using large amounts of debt.
The founders and initial shareholders in YachtPlus, which was organized in 2005, include Ruggero Magnoni, vice chairman of the American investment bank Lehman Brothers, and Fabio Cane, head of the private equity operations of ?? Banca Intesa in Italy.
WALL STREET JOURNAL Malaysian Lender Said to Buy R.B.S. Asset | The CME Group, of Malaysia, is said to be the buyer for the Australian equity operations of the Royal Bank of Scotland, in a $50 million deal, a Malaysian newspaper reported, according to Reuters.
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The biggest banks continue to invest in risky hedge fund and private equity operations -- the core of the shadow banking sector.
Its core private equity operations have been on something of a tear, striking a number of prominent deals, including proposed takeovers of Getty Images and the asset management firm TCW Group.
Chase's private-equity arm has invested in more than 100 dot.com firms.Many banks do not reveal profits for their equity operations, just revenues more than half of which, typically, are profits.
The two firms, among the 20 largest in the world in 2011, according to the research group and trade publication Private Equity International, join a growing list of large private equity operations that have offered stakes to the public in recent years.
The Blackstone Group said on Wednesday that it had named Joseph Baratta, one of its senior deal makers, as head of its global private equity operations.
Last year, for instance, Blackstone moved Michael S. Chae, 43, one of its top deal makers in the United States, to Hong Kong where he now heads the Asian private equity operations.
Blackstone's core private equity operations posted a $116.7 million loss for the quarter, compared to $208.9 million in revenues last year, as the value of its holdings fell.
One is that the amount of money that could be made on Wall Street with hedge fund and private equity operations became just mind-blowing.
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