Bear Stearns Announces Final Closing of $1.5 Billion Merchant Banking Fund.Business Editors NEW YORK--(BUSINESS WIRE)--May 2, 2001 Bear, Stearns & Co. Inc. announced today that it has held a final closing for the firm's first $1.5 billion institutional merchant banking fund, Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world. Merchant Banking Partners II, L.P. (MBP (Manchester Bus Powered) A synchronous transmission standard used in industrial networks. It provides 31.25 Kbps over a two-wire connection that delivers power in the bus and intrinsic safety. II). The fund, originally targeted at $1 billion, closed at its maximum commitment level. Bear Stearns committed more than $500 million to the fund, most of which came from a series of employee investment vehicles. Commenting on the closing, President and Chief Executive Officer James E. Cayne said, "Merchant banking is a crucial element of the firm's overall growth effort, so this closing represents an important milestone for our franchise. We are proud that our merchant banking group has exceeded expectations in spite of difficult market conditions." John Howard For other persons of the same name, see John Howard (disambiguation). John Winston Howard (born 26 July 1939) is an Australian politician and the 25th Prime Minister of Australia. , head of merchant banking, added, "In today's dynamic private equity environment, our unique ability to take advantage of the firm's world-class resources, together with the significant amount of capital we raised, gives us an exciting investment platform." Bear Stearns Merchant Banking, comprising a dedicated team of 22 professionals, the eight most senior of whom have over 120 years of combined relevant industry experience, invests private equity capital in compelling 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. , recapitalization and growth opportunities. To date, the group has made investments in 26 portfolio companies. Merchant banking's first portfolio of investments which preceded MBP II has generated an IRR IRR In currencies, this is the abbreviation for the Iranian Rial. 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. to date in excess of 80%. Merchant banking leverages Bear Stearns' proprietary network of client and professional relationships, in-depth industry knowledge and capital markets expertise to source, structure and nurture private equity investments. Founded in 1923, Bear, Stearns & Co. Inc. is a leading worldwide investment banking and securities trading and brokerage firm, and the major subsidiary of The Bear Stearns Companies Inc. (NYSE NYSE See: New York Stock Exchange :BSC (Binary Synchronous Communications) See bisync. ). With approximately $25.8 billion in total capital, Bear Stearns serves governments, corporations, institutions and individuals worldwide. The company's business includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales, trading and research, private client services, derivatives, foreign exchange and futures sales and trading, asset management and custody services. Through Bear, Stearns Securities Corp., it offers prime broker and broker dealer services, including securities lending Securities Lending When a brokerage lends securities owned by its clients to short sellers. Notes: This allows brokers to create additional revenue (commissions) on the short sale transaction. . Headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , the company has approximately 11,000 employees located in domestic offices in Atlanta, Boston, Chicago, Dallas, Denver, Los Angeles, San Francisco and San Juan; and an international presence in Beijing, Buenos Aires, Dublin, Hong Kong, London, Lugano, Sao Paulo, Seoul, Shanghai, Singapore and Tokyo. For additional information about Bear Stearns, please visit the firm's Web site at http://www.bearstearns.com. |
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