Southport Lane takes control of Advanced Equities funds

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dollar 20_sqPrivate equity firm Southport Lane’s affiliate has reportedly secured control over institutional funds previously managed by defunct brokerage Advanced Equities.

The brokerage had managed around 170 limited liability companies or funds that owned stakes in private companies including Bloom Energy and Fisker Automotive, according to a Dow Jones report.

Some of these companies were backed by major venture capital firms such as Kleiner Perkins Caufield & Byers , New Enterprise Associates and Khosla Ventures and several of them filed for bankruptcy last year.

In october last year the New York-based private equity firm appointed Brandon Young as its senior vice president and as chief operating officer of its reinsurance holding company Southport Re.

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