Terra Firma 'set to raise funds'
Terra Firma, the private equity group run by Guy Hands, is expected to start fundraising within 12 months.
Private equity firms have struggled recently to raise money for funds, and Terra Firma has had a particularly hard time due to the fall-out from its EMI purchase. Investors made heavy losses on the music label after Mr Hands lost control of the business to lender Citi.
The cash in Terra Firma's last fund was drained by last month's £825m purchase of care homes group Four Seasons. Mr Hands has decided to raise money for buyouts on a deal-by-deal basis in the short-term following a similar model being used by Duke Street Capital after it recently failed in a fundraising.
A source close to Terra Firma insisted that "by this time next year there will be money under management from a fundraising". But a market source said it would be at least 18 months.
Woolwich terror attack: Suspect Michael Adebowale saw friend 'literally sliced to pieces' in 2008
Emergency landing at Heathrow sparks further controversy over London airport capacity
Unrest may spread across Europe, warns Red Cross chief
EDL marches on Newcastle as attacks on Muslims increase tenfold in the wake of Woolwich machete attack which killed Drummer Lee Rigby
You want to get an Eton scholarship? All you need to do is answer four (not so simple) questions
- 1 What, let gays get married? We must be bonkers
- 2 Rocky Horror star Tim Curry 'suffers major stroke'
- 3 Exclusive: How MI5 blackmails British Muslims
- 4 EDL marches on Newcastle as attacks on Muslims increase tenfold in the wake of Woolwich machete attack which killed Drummer Lee Rigby
- 5 Farewell, Shameless. Your heirs have work to do
BMF is the UK’s biggest and best loved outdoor fitness classes
Find out what The Independent's resident travel expert has to say about one of the most beautiful small cities in the world
Nook is donating eReaders to volunteers at high-need schools and participating in exclusive events throughout the campaign.
Get the latest on The Evening Standard's campaign to get London's children reading.
Win anything from gadgets to five-star holidays on our competitions and offers page.