Natural Gas Partners, part of an investment firm backed by Carlyle Group LP, is preparing to seek $4.5 billion for a private-equity fund after co-founder David Albin scaled back his role as part of succession planning, two people familiar with the matter said.
New Jersey Governor Chris Christie, who pledged to reduce state bonding, hasn’t been able to keep a vow to curb borrowing for roads and bridges. Investors in the $3.7 trillion municipal market welcome the extra debt.
New Jersey, where Governor Chris Christie has lowered revenue forecasts, sold $350 million of general-obligation debt with investors starved for yield reducing the state’s borrowing cost to the cheapest in six years.
New Jersey Democrats allowed a $1.4 billion transportation bond issue to proceed after their delay in approving the deal led Governor Chris Christie to halt road and transit construction across the most densely populated U.S. state.