Irving Place Seeks Extension, Delays Next Fund
By Sabrina Willmer
Irving Place Capital, the former merchant banking unit of Bear Stearns Cos., is asking limited partners for permission to keep investing its $2.7 billion buyout fund, raised in 2006, for two more years.
At the same time, it will delay raising its new fund in order to generate more realizations, according to two people familiar with the situation.
Irving Place Capital Partners III LP, which has already received one extension, must stop investing this month unless investors grant it permission to continue, these people said.