AIG PineStar Capital, L.P. Closes with $700 Million in Commitments.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- AIG AIG addressee indicator group (US DoD) AIG American International Group, Inc AiG Answers in Genesis (religious group in defense of Scripture) AIG Artificial Intelligence Group AIG Australian Industry Group Global Investment Group (AIGGIG) today announced the third and final close of AIG PineStar Capital, L.P. (PineStar) with equity commitments totaling $700,000,000. PineStar is a secondary portfolio of approximately 150 private equity funds including leveraged buyout leveraged buyout, the takeover of a company, financed by borrowed funds. Often, the target company's assets are used as security for the loans acquired to finance the purchase. , venture capital, mezzanine and other private equity investments. PineStar is a derivation of a portfolio of private equity holdings AIGGIG acquired from Dresdner Bank Dresdner Bank AG is one of Germany's largest banking corporations and is based in Frankfurt. History 19th century Dresdner Bank was established on 12 November 1872 through the conversion of financial institution Michael Kaskel. and certain affiliates in March 2005. This acquisition is one of the largest secondary transactions ever completed with original commitments to private equity limited partnerships primarily in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Europe totaling $1.4 billion (EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 1.1 billion). PineStar permits investors to participate in a diversified, mature, capital efficient portfolio of private equity investments. The portfolio is fully developed, virtually eliminating blind pool risk, and the funds are well-diversified by manager, geography, strategy and industry. Harvey Lambert, Managing Director in the Private Equity Funds Group at AIG Global Investment Group commented, "One of the many benefits of PineStar is that the maturity of the portfolio lends itself to capital efficiency. With the portfolio entering the distribution phase of its life cycle, PineStar is able to return capital to investors at a faster pace than primary private equity investments or less mature secondary investments." "AIGGIG currently manages 36 private equity funds and funds of funds with over $14 billion in capital commitments. As our inaugural secondary fund of funds Fund of Funds A mutual fund that invests in other mutual funds. Notes: For example, an investor would select a general risk profile and the fund-of-funds manager would pick underlying investments from a range of products managed by external managers. , PineStar is an excellent complement to our existing line of products," said Robert Thompson, Senior Managing Director at AIG Global Investment Group and Head of Alternative Investments. AIG Global Investment Group (AIGGIG) is a worldwide leader in asset management, with extensive capabilities in equity, fixed income, hedge funds, private equity, and real estate. AIGGIG manages approximately US $515 billion in assets and employs more than 1,600 professionals in 44 offices around the world as of 31 December 2005. AIG Global Investment Group comprises a group of international companies which provide investment advice and market asset management products and services to clients around the world. American International Group
American International Group, Inc. (AIG) (NYSE: AIG; TYO: 8685 ) is a major American insurance corporation based in New York City. , Inc. (AIG), world leaders in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed in the U.S. on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. and ArcaEx, as well as the stock exchanges in London, Paris, Switzerland and Tokyo. |
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