Managers
Palamon Capital Partners has completed the sale of SARquavitae, an elderly care provider in Spain for EUR550 million.
Palamon sold SARquavitae’s operating business to GeriaVi, which holds Geriatros, another leading player in the Spanish elderly care market, and is a subsidiary of DomusVi (a PAI Partners portfolio company) for EUR440 million.
SARquavitae’s property companies were sold to Eurosic Lagune, a third party real estate investor, in a separate transaction prior to the sale. Both sales have together generated a combined investment return of 3.0x for Palamon.
SARquavitae is the largest elderly care services provider in Spain, operating 88 facilities
Mid Europa Partners is to sell Alpha Medical, provider of laboratory testing services in the Czech Republic and Slovakia, to Unilabs.
The transaction, which is subject to customary clearance by local competition authorities, and is expected to close in Q2 2017, represents the largest healthcare transaction in Central Europe since 2008.
It is also the largest private equity exit in the Czech and Slovak markets since Mid Europa’s sale of its stake in T- Mobile CZ in 2014.
Matthew Strassberg, co-managing partner of Mid Europa, who founded and leads Mid Europa’s healthcare sector practice, says: “It has been
Private equity firm Lovell Minnick Partners is to acquire a majority stake in Foreside Financial Group, a provider of a variety of regulatory compliance and distribution solutions to clients in the investment management industry.
Financial terms of the private transaction have not been disclosed.
Established in 2005 and based in Portland, Maine, Foreside is led by chief executive officer Richard Berthy and president Dave Whitaker, who will remain shareholders and continue in their current management roles.
Foreside delivers outsourced services to investment advisers and broker dealers, including the financial products they manage or distribute. Servicing over USD800 billion
Proper fund governance has long been championed by leading offshore law firm Conyers Dill & Pearman, which for the last decade has encouraged its hedge fund clients to hold at least annual directors meetings. Initially this was met with some resistance according to Robert Briant (pictured), Partner and head of Conyers’ BVI office, who confirms that such resistance has softened over the last few years.
“Even though there is no requirement in the BVI for the directors to meet annually, they do meet and are happy to meet when we suggest it. So that is a positive change. Some funds
Circle Partners is an independent fund administrator with offices in the BVI, Cayman Islands, and across the EU, the Americas and Hong Kong.
"We've seen a lot of growth in new BVI fund vehicles over the last 12 months – both the Incubator Fund and the more popular Approved Fund," reflects Peter Jakubicka (pictured), Business Development Manager at Circle Partners. "These vehicles have been the main driver of business for us in the BVI and we've seen continued interest in the first few weeks of January this year; this is partly due to the fact that Cayman has not introduced
"We see the funds industry as continuing to contribute to the overall offering of financial services. There remains good interest in the BVI product and we envisage that will continue," asserts Glenford Malone, Director, Investment Business Division, BVI Financial Services Commission, when asked to comment on the growth of the BVI's funds industry.
Like every fund jurisdiction, the estimated 40 per cent drop in new fund launches in the hedge fund industry last year negatively impacted the BVI. And as the costs of running a hedge fund business increase, some are choosing to call it a day and revert to
Barings has acted as mandated lead arranger of a senior secured credit facility to support Battery Ventures' portfolio company Forterro.
Forterro is a group of European enterprise resource planning (ERP) software companies serving small- to medium-sized enterprises across a variety of sectors.
The company will use the credit facility to refinance existing debt and to fund the acquisition of BPSC, a Polish provider of ERP software solutions for manufacturing, wholesale and retail customers.
"Battery Ventures appreciates the contributions of Barings' European private finance team in supporting Forterro on these strategic growth initiatives," says Morad Elhafed, partner at Battery
One of Enstar Group’s wholly-owned subsidiaries has signed an agreement to reinsure RSA Insurance Group UK’s employers’ liability legacy business.
Enstar’s subsidiary will assume gross insurance reserves of approximately GBP957 million (approximately USD1.2 billion), relating to 2005 and prior year business, which primarily consists of UK employers’ liability reserves.
Net insurance reserves are approximately GBP834 million (approximately USD1.0 billion) and the reinsurance premium payable to Enstar’s subsidiary is GBP799 million. The transaction is subject to finalising and effecting certain security arrangements.
Following the initial reinsurance, which will transfer the economics of the portfolio up to the policy’s limits, the parties
Unigestion and Akina are to merge their private equity businesses to create a specialist in global small and mid-market private equity.
The company will have USD6 billion in assets under management and 54 dedicated professionals located in Geneva, Zurich, London, New York and Singapore.
The combination brings together two complementary private equity platforms with experienced professionals sharing the same investment philosophy in the small and mid-market segment.
Akina’s expertise in identifying investment opportunities in European markets through a high conviction top-down/bottom-up investment process complements Unigestion’s global reach and risk management expertise.
Christophe de Dardel, Unigestion’s head of
The Russia-China Investment Fund (RCIF), established by the Russian Direct Investment Fund (RDIF) and the China Investment Corporation (CIC), has sold a portion of its stake and played a significant role in the initial public offering (IPO) of Detsky Mir, a children’s goods retailer in Russia.
This IPO is the first exit from an investment for RCIF.
RCIF supported the company’s growth leading up to the IPO and contributed to enlarging its shareholder base. RDIF also attracted its international partners to the transaction, including leading Middle Eastern, European, Asian and US investment funds.
As a result of the
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