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DIF III Achieves US$100m at First Close 18 October 2007
Babcock & Brown Direct Investment Fund Limited's third fund, Babcock & Brown DIF III Global Co-Investment Fund, was established during Q3 calendar 2007 as the successor fund to DIF I Equity Trust. DIF III is a global private equity fund targeting returns in excess of 20% net/net. As with DIF I, assets for DIF III will be sourced primarily from Babcock & Brown's global deal stream; with a clear focus on sourcing from Australia/New Zealand, United States/Canada, and Western Europe. DIF III achieved first close on Friday 31 August with commitments of US$99.5 million and made its first investment on Friday 7th September 2007.
DIF I Equity Fund Closed to New Assets and Commitments 30 June 2007
Babcock & Brown Direct Investment Fund Limited's first fund, DIF I Equity Trust, commenced investing in April 2005. Over a two year period the Trust has invested A$180 million in eleven assets, three of which have already been realised. It is anticipated that the fund will deliver its final realisation by end-2009 and a 'litetime' gross IRR of close to 30%. DIF III Global CoInvestment Fund, the successor fund to DIF I, commences fund raising in July and expects first close during Septmember 2007.
DIF II Mezzanine Debt Trust Update 15 February 2007
The DIF Mezzanine Debt Trust commenced operation during November 2005. Over fifteen months since start-up, the Trust has invested A$190 million from institutional investor commitments totaling A$204 million. The trust’s investment program has delivered a current portfolio (after one asset realisation) of seven assets diversified by sector, geography and maturity profile. Distributions totaling A$35 million have been returned to Unit Holders since inception and the Trust is currently tracking to a gross IRR of 15.4%. The Mezzanine Debt Trust is now seeking new commitments, and re-commitments of returned capital, of up to A$100 million to cover investments in the current opportunity pipeline. Cumulative commitments of over A$300 million will trigger partitioning.
DIF I Equity Trust Update 15 February 2007
The DIF Equity Trust commenced operation during January 2005. Over two years since start-up, the Trust has invested A$146 million from institutional investor commitments totaling A$159 million. The trust’s investment program has delivered a portfolio of eight assets diversified by sector, geography and maturity profile. Distributions totaling A$76 million have been returned to Unit Holders. The Equity Trust is now seeking new commitments, and re-commitments of returned capital, of up to A$100 million to cover investments in the current opportunity pipeline. Completion of this fund raising will trigger final close for the trust. DIF will then commence discussions with investors regarding a successor vehicle.
DIF progress release 25 August 2006
Babcock & Brown Direct Investment Fund Limited (DIF) today announced that it has raised unitholder commitments of A$365m across its Private Equity and Mezzanine Debt Trusts. DIF continues to actively pursue its mid-term commitments target of A$650m across both trusts.
DIF investment update 12 July 2006
At end-June 2006 DIF held net invested asset value of A$214 million across thirteen assets: A$111 million in the DIF Equity Trust and A$103 in the DIF Mezzanine Debt Trust. Current deal stream opportunities imply net invested assets of over $A300 million by end-September 2006.
DIF Mezzanine Debt Trust achieves 'first open' 30 August 2005
Babcock & Brown Direct Investment Fund (DIF) Mezzanine Debt Trust has achieved ‘first open’ with $56 million of commitments. Of this $56 million, $16 million is already assigned to the Trust’s first investment. Total commitments to DIF have now reached A$179 million - A$123 million to the DIF Equity Trust and A$56 million to the DIF Mezzanine Debt Trust. The DIF Mezzanine Debt Trust will be managed by Ted Dow, who was appointed as DIF’s Chief Investment Officer Mezzanine Debt in mid-July.
First assets acquired Golden Circle and Braemer 4 April 2005
Babcock & Brown Direct Investment Fund (DIF) is now committed to invest A$65 million in it's first two assets - Golden Circle, the Quensland based fruit canning and fruit juice business, and in the Braemer gas-fired peaking power station start-up project. Both investments are in partnership with B&B, they target private equity returns, and anticipate exit within five years.
Equity Trust First Open with A$120 million of commitments 23 February 2005
Babcock & Brown Direct Investment Fund (DIF) has achieved 'first open' with $120 million of commitments to the DIF Equity Trust from five cornerstone investors. DIF will now commence its private equity investment program. DIF’s pre-eminent focus will be on acquiring assets in pari passu partnership with Babcock & Brown (B&B). DIF is structured to deliver a series of unique product features designed to overcome institutional concerns about traditional models of private equity management.
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