SWFI First Read, April 16, 2017
Starwood Capital Group to Acquire Forestar Group
Affiliates of Starwood Capital Group inked a deal to buy Austin-based Forestar Group Inc. for US$ 605 million in equity value. Forestar Group is a residential and mixed-use real estate development company – owning around 4,600 acres of real estate across 10 states in the U.S. Forestar Group owns around 11,100 acres of forestland in Georgia. Starwood Capital is buying all the outstanding shares of Forestar Group at US$ 14.25 per share in cash. JMP Securities LLC was the financial advisor for Forestar Group, while Skadden, Arps, Slate, Meagher & Flom LLP was the legal advisor for the target company. Kirkland & Ellis LLP was the legal advisor for Starwood Capital Group.
Kern County Employees’ Retirement Association Terminates Four Managers, Adds Two
The Kern County Employees’ Retirement Association, which is located in Bakersfield, California, awarded two equity mandates. One mandate was given to Stamford, Connecticut-based Sustainable Growth Advisers to oversee US$ 100 million in active global equities strategy. The other mandate was given to San Francisco-based Dodge & Cox to oversee US$ 100 million in active global equities strategy. The California pension investor had terminated two U.S. equity managers which are Fidelity Institutional Asset Management and T. Rowe Price Group. The investor also ended two international equity mandates with J.P. Morgan Asset Management and PanAgora Asset Management.
Former Sachem Head Capital Hedge Funder Joins GIC
Ernesto Cruz had joined Singapore’s GIC Private Limited as a portfolio manager. Previously, he was a partner at New York-based Sachem Head Capital Management LP. Cruz is based in New York. Cruz also had a stint as an Analyst at Highline Capital. Sachem Head Capital was formed in 2013 by Scott Ferguson, a former partner and day-one analyst at Bill Ackman’s Pershing Square Capital Management.
Vendanta Founder Becomes Number 2 Shareholder in Anglo American
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