Christopher Witkowsky

A $6bn fund targeting financial services closed last year will downsize to $4.5bn in commitments. TPG is telling investors an influx of US government rescue cash to the sector has diminished opportunities.

The Pension Benefit Guaranty Corporation, which guarantees the pensions of about 44 million Americans, has hired gatekeepers as it prepares to allocate a portion of its $5.5bn in assets to private equity and real estate.

The New York-based private equity firm has agreed to buy a 70% stake in Flagstar Bancorp as long as the US government injects $250m from the Troubled Assets Relief Program in the bank.

The Southern California-based private equity advisor has hired James Gamett to head up secondary investments, which the company believes has become an attractive investment area.

Advent International and CCP Equity Partners acquired the healthcare services company in 2004.

The Euronext-traded fund of funds expects that half of its commitments in the next 12 months will be in the secondary market.

A majority of the city council supports a proposal by the Working Families Party, a grassroots political group, to include carried interest under the city’s 4% unincorporated business tax.

The London-based firm is looking to invest mainly in the UK and Western Europe. The firm raised a £100 million fund earlier this year.

A Scotland-based company has raised a private equity fund and enlisted heavyweight LPs to finance the purchase of four industrial parts manufacturing business units from US conglomerate Textron.