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Stockbridge takes back 48% interest from Hong Kong's CITIC | News


By Jon Peterson2021-08-03T14:57:00+01:00
Real estate fund manager Stockbridge Capital Group has repurchased the 48% interest it sold to Hong Kong-based CITIC Capital Holdings in 2017.
Executive managing director Terry Fancher told IPE Real Assets: “While Stockbridge Capital Group and CITIC Capital continue to have an excellent relationship, we have mutually concluded that this ownership repurchase will best serve each firm’s strategic objectives.”
The terms of the transaction were not disclosed, but the repurchase of the stake is being partly funded by “passive, special-purchase financing” from Landmark Partners, a private-equity secondaries specialist acquired by Ares earlier this year.
CITIC Capital is expected to maintain its relationship with Stockbridge Capital as an investor and the transaction is said to have no impact on the governance or investments of Stockbridge’s affiliated investment adviser Core and Value Advisors. ....

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F.B.I. Asking Questions After a Pension Fund Aimed High and Fell Short


F.B.I. Asking Questions After a Pension Fund Aimed High and Fell Short
The Pennsylvania teachers’ retirement fund put more than half its assets into risky alternative investments. The math didn’t work out, spurring an investigation.
An oil field in Iraq’s Kurdistan region. One of the Pennsylvania teachers’ fund investments was in an entity set up by the commodities giant Glencore to make oil-backed loans to Kurdistan.Credit.Azad Lashkari/Reuters
May 11, 2021
The search for high returns takes many pension funds far and wide, but the Pennsylvania teachers’ fund went farther than most. It invested in trailer park chains, pistachio farms, pay phone systems for prison inmates and, in a particularly bizarre twist, loans to Kurds trying to carve out their own homeland in northern Iraq. ....

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Evanston's Movie Theater Closes Permanently After Escaping Lease


UpdatedMon, Mar 1, 2021 at 9:36 am CT
Replies(3)
It could take more than a year for a new operator to reopen the shuttered multiplex at 1715 Maple Ave. in Evanston. (Google Maps)
EVANSTON, IL The private equity firm that owns Evanston s only commercial cinema is without a tenant after the national movie theater chain that has operated it for two decades was able to terminate its lease due to Gov. J.B. Pritzker s executive orders issued in response to the coronavirus pandemic.
City staff say at least a dozen theater operators have already expressed interest in replacing Plano, Texas-based Cinemark as the leasee of the 18-screen theater, formerly known as the Century 18 and branded more recently as the Century 12 Evanston/CinéArts 6, with six of its 18 screens set aside for limited releases. ....

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