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Insight

US private equity fund-raising falls as focus turns to smaller funds

US private equity fund-raising fell to USD45.1 billion during the first half of 2010, down 26% from USD61.2 billion raised during the same period last year, according to Dow Jones LP Source, an industry database that tracks private equity fund-raising. The number of funds raising capital was static, with 198

Carlyle buys six central London properties for GBP671m

Global private equity firm the Carlyle Group has exchanged contracts on the acquisition of six central London properties, which were formerly part of the portfolio securing the White Tower 2006‐3 plc CMBS. The properties, which comprise the Thames Portfolio and Alban Gate (pictured) and were acquired for a total of

Sean Geraghty, Partner, Dechert  LLP

Comment: UK Stewardship Code for Institutional Investors

The Financial Reporting Council (the FRC) published the first UK Stewardship Code (the Code) for institutional investors on 2 July 2010. Sean Geraghty, Partner with Dechert LLP’s Corporate and Securities Group, outlines the purpose and implications of the Code. In 2009, following Sir David Walker’s recommendation and a request from the

Sun Bancorp to receive USD100m equity investment

Sun Bancorp has signed definitive investment agreements with private equity funds affiliated with WL Ross, the bank’s founding Brown family shareholders and others to invest USD100m in shares of the company’s common stock. The shares to be purchased by WL Ross will represent 24.9 per cent of the company’s outstanding

Water Street’s HealthPlan acquires GEMGroup

Water Street Healthcare Partners’ portfolio company HealthPlan, a provider of outsourcing solutions to insurers in the individual, small business and union trust markets, has acquired GEMGroup. Headquartered in Pittsburgh, GEMGroup specialises in accounting, pension and 401(k) administration software and services to self-funded and Taft-Hartley employee benefit plans for unionised workers.

Beanstalk Management secures GBP3m for nanotechnology company

Beanstalk Management, a corporate finance adviser specialising in the small and mid market, has concluded a private equity investment on behalf of Mantis Deposition. Beanstalk Management has completed the GBP3m investment with independent private equity specialists NVM Private Equity. Founded in 2003, Mantis Deposition designs and manufactures high quality deposition

DS Smith in discussions with Carlyle to acquire majority interest in Otor

DS Smith and The Carlyle Group have entered into exclusive discussions regarding the acquisition of the entire interest controlled by Carlyle in Otor. The contemplated transaction would involve, directly and indirectly, the sale of 94.75 per cent of the share capital of Otor. In addition, shares detained by Otor’s chairman

Riverside sells court reporting firm Veritext

Private equity firm Riverside has sold court reporting firm Veritext, generating a 5.1x cash-on-cash return. Based in Florham Park, New Jersey, Veritext provides court-reporting services to law firms, large insurance companies, Fortune 500 corporations and regulatory agencies. It captures testimony given during depositions for litigation ranging from local negligence cases

Amalgamated Capital leads senior financing for ShoreView’s acquisition

Amalgamated Capital, the recently formed sponsor leveraged finance division of Amalgamated Bank, has served as lead arranger and administrative agent for a senior secured credit facility in support of the recapitalisation of Abrasive Products & Equipment by ShoreView Industries.   The amount of the facility was undisclosed. AmalCap provides cash

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