By Allen Brooks, January 26, 2006

Mark Paulsmeier, President of Global Association of Billionaires and Millionaires (GABM), has yesterday announced the closure of the Summit Private Equity Fund after successfully raising one billion US Dollar from its associate members.

The Summit Private Equity Fund is the second one billion US Dollar fund in the GABM portfolio, which will focus on the funding of start-ups, mergers & acquisitions, MBO's, MBI's, LBO's, IPO's, corporate restructurings, property developments, business development and commodity trading transactions from all over the world.

The minimum investment considered for an investment in new projects will be one million US Dollar.

The unique feature of the fund will be that fifty percent of all proceeds will be allocated to the global philanthropic programs of GABM.