Managers
This extract from the Preqin Quarterly Update: Private Debt, Q2 2015 offers insight into the annualised contributions and distributions of direct lending and mezzanine funds, as well as examining the current record levels of dry powder in the asset class.
Fig 1 shows the relationship of annualised contributions and distributions, as well as the net cash flows, for an investor with a USD10 million commitment to a direct lending fund. This examination of the typical cash flows to and from an investor further highlights the relative illiquidity of the private debt asset class. Given the lower risk/return profile of direct
KKR is to acquire from Gestamp Renewables an 80 per cent stake in Gestamp Asetym Solar, a global solar PV developer and operator. The investment is funded by KKR Global Infrastructure Investors II, a USD3.1 billion global fund.
The transaction values Gestamp Solar at a total enterprise value of around USD1 billion. Both partners have committed to fully support Gestamp Solar´s ambitious strategic plan to have in operation up to 2.5GW of installed capacity by 2020.
Gestamp Solar, founded in 2005, has rapidly grown into a globally recognised player in the PV space. Today, the business is present in
State Street Corporation has announced the results of the GX Private Equity Index (PEI), a benchmark for comparative analysis of private equity performance, which includes a comprehensive data set dating back nearly three decades.
In the first quarter of 2015, the index saw an overall return of two per cent. The index is based on directly sourced limited partnership data and represents more than USD2.2 trillion of private equity investments, with more than 2,400 unique private equity partnerships, as of 31 March, 2015.
“We have observed significant amounts of capital being returned to investors with fund distributions outpacing capital
Greece is back from the brink and now it is like the latest leg of the Greek saga was just a bad dream. The 85% probability of Grexit which some prominent commentators predicted a few days ago is now forgotten and market conditions in Europe have normalized in the wink of an eye. During the period under review, the Eurostoxx 50 was up 9.5%, equity volatility fell 10% (VSTOXX), high yield spreads tightened 26 bps in Europe and the 10-year bund yield rose by the same order of magnitude.
Custom House Fund Services, a provider of financial services to the alternative investment sector, has acquired the majority of the US clients of the former Dundee Leeds Management Services.
The transition became effective 1 June and represents USD1billion in assets.
Custom House has AUA in excess of USD20 billion, eight offices worldwide and over 220 employees.
Along with expansion in Asian markets and enhancements to its proprietary Gateway technology platform, this deal builds upon the strong momentum of Custom House since its separation from TMF Group earlier this year.
“We know that our former clients will
Marquee Brands has acquired the Ben Sherman brand and related intellectual property assets from Oxford Industries, Inc. Established in 1963, The Ben Sherman brand and shirt is synonymous with British youth culture.
Ben Sherman's colours, cuts and patterns have influenced modern men's wear by combining British style with international fashion trends.
"We are particularly excited about this transaction as Ben Sherman is consistent with our mission to acquire high quality brands with substantial global growth potential," says Michael DeVirgilio, president of Marquee Brands. "The current management team under Oxford's leadership has done a great job building on the core essence
Athyrium Capital Management and Neuberger Berman have closed the Athyrium Opportunities Fund II, which seeks to make structured capital investments in global, commercial-stage healthcare companies.
Athyrium Opportunities II was oversubscribed, closing at over USD1.2 billion. The Fund's global investor base is comprised of more than 40 institutions, including public and private pensions, endowments, foundations and sovereign wealth funds, a number of which also invested in the first Athyrium Opportunities Fund, which closed in May 2013. Athyrium Capital now advises funds with over USD1.7 billion of committed capital.
Athyrium Opportunities II seeks to make USD25-USD150 million investments in commercial-stage healthcare
Beechbrook Capital, the specialist direct lender, is launching a new fund to support UK small and medium-sized businesses turning over between GBP5 million and GBP50 million.
The Beechbrook UK SME programme represents a significant addition to the private credit sector which has hitherto been dominated by debt funds competing to finance larger buyouts. Beechbrook is looking to raise between GBP100 million and GBP200 million with a first close planned for October 2015. The fund will target mainly senior secured loans in non-private equity backed UK companies.
The fund builds on the existing funds of Beechbrook, which invest in private
KKR and Reggeborgh have teamed up to facilitate the expansion of Deutsche Glasfaser (DG), which plans, constructs, and operates fibre-optic networks in Germany and provides German households and companies with fast broadband connections.
KKR will acquire a majority stake in DG, which is currently fully owned by Reggeborgh. In a joint effort, the two partners will provide DG with the long-term capital to embark on an ambitious growth program whereby approximately EUR450m is to be invested in the further roll-out of the German fibre optics infrastructure over the next few years.
Deutsche Glasfaser focuses on the rural and suburban parts
Oak Ridge Natural Resources, an independent oil and natural gas company headquartered in Tulsa, Oklahoma, has received a USD300 million equity commitment from the Kayne Private Energy Income Fund, and members of the management team.
Oak Ridge is a private exploration and production company formed to pursue the acquisition and development of large, long-life producing oil and gas assets in North America, with a specific focus on the Ark-La-Tex and Mid-Continent regions. Chris Jacobsen will lead Oak Ridge as President and CEO and is joined by Brian Wheeler as Chief Technical Officer and Robert Grisaffe as Chief Financial Officer. Prior
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