John Grayken, founder of Lone Star Funds, has a record of generating more than 20 percent returns over two decades as the world’s biggest buyer of delinquent mortgages. What he doesn’t have is a designated successor.
Commerzbank AG, Germany’s second- biggest bank, is seeking 2.5 billion euros ($3.25 billion) in the fifth capital increase in four years to repay debt from a government rescue. The shares fell to a record low.
Lone Star Funds, the Dallas-based firm that invests in non-performing mortgages and other real estate-related assets, is set to finish raising a $5 billion fund today, a person with knowledge of the situation said.
Credit Suisse Group AG and Texas- based Lone Star Funds will pay 6.7 billion euros ($8.7 billion) for the assets of Royal Park Investments SA, a vehicle set up to manage toxic assets of failed Belgian bank Fortis.
Taiwan’s Chinatrust Financial Holding Co. is seeking to acquire Tokyo Star Bank Ltd. for about 50 billion yen ($503 million) in a deal that may be struck as soon as June, according to two people with knowledge of the matter.