|AIG PRIVATE EQUITY PORTFOLIO III CLOSES WITH $239 MILLION IN CAPITAL COMMITMENTS|
NEW YORK--Dec. 10, 2004--AIG Global Investment Group (AIGGIG), whose member companies are subsidiaries of American International Group, Inc. (AIG), today announced that AIG Private Equity Portfolio III (PEP III) had its second and final close on Friday, November 12, 2004, with commitments totaling $238,911,667.
PEP III is a program consisting of five private equity funds sponsored by AIGGIG. The objective of PEP III is to realize long term capital appreciation by creating a diversified portfolio of investment funds, direct and secondary investments. PEP III permits investors to participate in a diversified portfolio of private equity investments through three funds of funds focusing on U.S. buyout, non-U.S. buyout and venture capital investments, as well as a secondary investment fund of funds and a direct investment fund.
"The strategy of pursuing a diversified multi-manager approach to private equity, coupled with its direct investment capability, can reduce investment volatility and stabilize expected returns for investors," said Steven Costabile, Managing Director and head of the Private Equity Funds Group for AIG Global Investment Group.
The 21 investors in PEP III comprise insurance companies, pension funds, endowments, universities and university foundations. Subsidiaries of AIG have also made investments in PEP III.
AIGGIG formed two predecessor funds, AIG Private Equity Portfolio, L.P. (PEP I) and AIG Private Equity Portfolio II, L.P. (PEP II) in June 2000 and April 2001, respectively. PEP I had its final closing on December 30, 2000 with $250 million in capital commitments. PEP II had its final closing on June 30, 2002 with $135 million in capital commitments.
AIG Global Investment Group (AIGGIG) comprises a group of international investment advisor companies that provide advice, investment products and asset management services to clients around the world. The members of AIGGIG are subsidiaries of American International Group, Inc. (AIG). AIGGIG has over 1,400 employees located in 38 offices around the world including New York, London, Hong Kong, Tokyo, Toronto and Zurich.
American International Group, Inc. (AIG) is the world's leading international insurance and financial services organization, with operations in more than 130 countries and jurisdictions. AIG member companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In the United States, AIG companies are the largest underwriters of commercial and industrial insurance and AIG American General is a top-ranked life insurer. AIG's global businesses also include retirement services, financial services and asset management. AIG's financial services businesses include aircraft leasing, financial products, trading and market making. AIG's growing global consumer finance business is led in the United States by American General Finance. AIG also has one of the largest U.S. retirement services businesses through AIG SunAmerica and AIG VALIC, and is a leader in asset management capabilities in equities, fixed income, alternative investments and real estate. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.