CMF Briefs from KBRA, Parthenon Capital, TruAmerica Multifamily

KBRA Acquired by Parthenon Capital Partners

KBRA, New York, entered a deal with private equity firm Parthenon Capital Partners, Boston, which will acquire a majority stake in the company.

KBRA is the largest global credit rating agency founded in the wake of the global financial crisis. It has more than 400 employees across five offices in the U.S. and Europe. The company has issued over 51,000 ratings with nearly $3 trillion in rated issuance since its 2010 inception.

KBRA provides ratings and research across all sectors from its Corporate, Financial and Government (CFG) and Structured Finance units.

Parthenon Capital’s financial advisor was Newbold Partners LLC and its legal advisor was Kirkland & Ellis LLP. KBRA received legal advice from Gunderson Dettmer LLP and Shearman & Sterling LLP.

TruAmerica Multifamily Closes Debut Fund at $575M

Privately held real estate investment firm TruAmerica Multifamily closed its first discretionary fund, the TruAmerica Workforce Housing Fund, with $575 million in equity commitments. The figure surpasses its $400 million fundraising target.

The company said it received more than half of the fund’s equity commitments from new investors. The fund’s investors included foreign and domestic insurance companies, public and private pension funds, global asset management firms and family offices.

TruAmerica Multifamily seeks value-add opportunities and primarily invests in Class B garden-style communities in suburban markets.