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Flowers Raising $2.5 Billion to Buy Financial Assets

J.C. Flowers & Co. has raised $2.5 billion from investors for a buyout fund that will target banks and other financial firms crippled by the global credit contraction, two people with knowledge of the matter said.J. Christopher Flowers, founder of the New York-based investment firm that bears his name, completed an initial round of fundraising this month, according to the people, who declined to be identified because the process was confidential. The fund may raise additional money, the people said.

The former Goldman Sachs Group Inc. banker is amassing cash at a time when U.S. banks are being seized at the fastest pace in 14 years, with regulators closing 13 in 2008.

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