Hellman & Friedman, Farallon Capital Management and GIC Special Investments, the private equity arm of the Government of Singapore Investment Corp., invested in the $1.1 billion acquisition of Universal Underwriters Group from Zurich Financial Services, said David R. Tunnell, Hellman & Friedman managing director. Hellman & Friedman will be controlling owner with a $450 million investment from the $3.5 billion Hellman & Friedman Capital Partners V. GIC, which has $100 billion in assets under management, and Farallon will own equal shares of a minority interest. Mr. Tunnell would not elaborate.
Investors in the Hellman & Friedman fund include the $186.3 billion California Public Employees' Retirement System, Sacramento; the $80 billion New York State Teachers' Retirement System, Albany; and the C$34 billion (US$27 billion) billion Ontario Municipal Employees Retirement System, Toronto.
