Private Equity
Babcock & Brown Global Partners
On 12 July 2005, Babcock & Brown announced the successful closing of its unlisted €370 million (A$620 million) co-investment fund BBGP. BBGP has been established to invest exclusively in transactions originated and structured by Babcock & Brown on a global basis. BBGP has the right to participate in equity opportunities that Babcock & Brown are seeking to syndicate to third party investors.
At 31 December 2007, BBGP had drawn capital from investors totalling €244.4 million (A$408.1 million) or 65% of the fund and had a further €111.9 million ($A198.9 million) of capital committed to transactions.
Babcock & Brown Direct Investment Fund
BBDIF is structured to deliver superannuation funds and other institutional investors access as pari-passu partners with Babcock & Brown into a portfolio of direct investment opportunities sourced primarily, but not exclusively, out of Babcock & Brown’s global deal stream.
As at 31 December 2007, DIF's three trusts, DIF I Equity Trust , DIF II Mezzanine Debt Trust and DIF III Global Co Investment Fund, held assets valued at $516.3 million. Since start-up in 2005, these Trusts have returned a combined $215 million to unitholders from successful asset realisations and income distributions. DIF I was closed to new commitments and assets from 30 June 2007.
BBDIF's third trust, the DIF III Global Co Investment Fund, reached first close during September 2007 with $115 million of investor commitments. This sum is now 76% invested in three assets. The Fund is seeking to raise an additional $200 million by final close at the end of May 2008.