Fresh Funds for ClubCorp

ClubCorp, the Dallas-based group with more than 230 premier properties and assets of $1.5 billion (£900 million), have attracted investment worth $300 million (£180 million) from the Cypress Group. The funds are intended to support ClubCorp's growth initiatives and provide Cypress with two seats on ClubCorp's board.

The Cypress Group manages two private equity funds with more than $3.5 billion (£2.1 billion) in commitments. It invests in privately negotiated transactions, targeting established operating businesses.

*ClubCorp have acquired the Jack Nicklaus-designed Lakelands club in Queensland, Australia. The Lakelands, which opened nearly three years ago, is ClubCorp's first fully operational property in Australia.