Bear Stearns Private Equity to raise $350 mln
LONDON, March 11 (Reuters) - London-listed Bear Stearns Private Equity Ltd. BPLE.L said on Tuesday it planned to raise between $250 million and $350 million in new shares to fund acquisitions over the next nine months.
The fund raising, the fourth since the private equity fund of funds was launched in 2005, comes as its current portfolio is "nearly fully committed and invested in private equity funds".
It committed $197 million in 22 private equity funds as of Dec. 31.
The net asset value of Bear Stearns Private Equity (BSPE), a specialist in the secondaries market, was $388.8 million on Dec. 31, up 49.5 percent from $260 million on June 30.
BSPE said the placing price for the new shares, to be announced on April 18, is estimated to be at a 2.12 percent premium to its March 21 net asset value.
As of Jan. 31, net asset value per share for the fund stood at $1.69.
Shares in BSPE have increased 4 percent since the start of the year to $1.55.
JPMorgan Cazenove is the sponsor of the deal, while Bear Stearns International BSC.N, HSBC (HSBA.L)(0005.HK) and Natixis (CNAT.PA) are the placing agents. (Reporting by Daisy Ku, editing by Will Waterman)
