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Zip Co Limited, a specialist in the digital retail finance and payments industry, has closed a AUD100 million debt funding agreement with Victory Park Capital (VPC).Zip offers point-of-sale credit and digital payment services to the retail, home, health, automotive and travel industries. This is Zip’s second transaction with VPC, having closed a AUSD108 million asset-backed warehouse facility with the firm in 2015 that later grew to AUD200 million, making VPC one of Zip’s earliest partners.
The debt facility from VPC will fund receivables and support the company’s recently launched Zip Business platform designed to support the small business community,
Warburg Pincus, a global private equity firm focused on growth investing, has entered into an agreement to acquire Sweeping Corp of America (SCA) from Soundcore Capital Partners. Financial terms of the transaction have not been disclosed.
The investment will allow SCA to accelerate its sales and marketing efforts and help the company identify strategic relationships and acquisition opportunities.
With over 1,000 employees in its 35 locations throughout the eastern half of the United States, the company’s key services include street and highway sweeping, parking lot sweeping, and jet vac services. Customers served include municipalities, state departments of transportation, commercial, infrastructure, and
GCA Altium has appointed Dr Jules Wurlod as ESG Director in a newly created role as ethical investing booms across the globe.GCA Altium has a strong history in ESG M&A advisory and has recently increased its emphasis on this area by forming a global ESG advisory team. GCA Altium has also recently introduced an internal ESG programme with a focus on creating a positive impact for all its stakeholders – including clients, shareholders, employees and communities. Jules will support GCA Altium’s deal teams on both ESG origination and execution, and also the internal ESG team with the development and implementation
As Luxembourg attracts growing numbers of fund managers and service providers, the progress is raising concerns among those with existing operations in the region. Attracting and retaining top talent is becoming more of a struggle as the number of players increases and the industry needs around compliance continue to mount.
By Stéphane Badey, Arendt – These are uncertain times, but three solid trends driving the Luxembourg investment funds market can be highlighted.
1. The continuous growth of the alternative investment strategies. Luxembourg has positioned itself as a jurisdiction of choice for alternative asset managers. As a consulting firm we are accompanying clients in their move to Luxembourg. This is made easier from a regulatory perspective by the adoption of a clear regulatory framework.
2. The further integration of ESG criteria into asset managers’ strategies. The upcoming regulations (SFDR*) are prompting asset managers to position themselves accordingly. Although many had already embraced
It is essential for firms with offices in Luxembourg to build strong digitally enabled operations if they are to remain competitive as the Grand Duchy experiences an influx of players in the wake of a potential no-deal Brexit.
“We have seen increased demand for our managed data services and application management solutions,” notes George Ralph, managing partner, RFA. “Our managed data services allow firms in Luxembourg to centralise disparate data from multiple sources into a cloud-based data warehouse, where analytics tools can be applied and insights and predictions can be made. Our simple dashboards, based on Microsoft PowerBI mean our
The private equity industry is currently navigating a number of challenges in addition to the Covid-19 pandemic, which the whole world is facing. As regulation and political will around environment, social and governance (ESG) factors grows, PE firms are coming under increased pressure to incorporate this approach into their investment strategies. These firms are also keeping a close eye on the progress of the Brexit negotiations to make sure to maintain their access to Europe.
By Stephane Pesch, LPEA – As the world tumbles into a period of economic and political uncertainty, private equity relies on its long term investment strategy and eyes the calm after the storm. Meanwhile, investors and fund managers are drawn to the safe harbour of Luxembourg, one of the few they can rely on these days.
Luxembourg has built a reputation as a cross border platform mainly for its capacity to offer an advanced and complete set of legal tools that suit different investors’ needs, especially after the implementation of the AIFM directive. More recently, we observed a diversification of the
Q&A with Marcus Peter & Irina Stoliarova, GSK Stockman
What are the key trends currently driving growth and development within Luxembourg’s funds industry?
In 2019 Luxembourg fund industry revealed significant growth that was not slowed down in the first three quarters of 2020. As at 31 August 2020, the total assets under management (AUM) amounted to EUR4,696.762 billion compared to EUR4,617.395 billion as at 31 July 2020, showing an increase of 1.72 per cent over one month and over the last twelve months, the volume of net assets rose by 4.31 per cent.
Regardless of the fact that asset managers,
Luxembourg remains a key hub of fund distribution. However, the complexity of the European regulation has seen a rise in managers setting up more parallel funds in other jurisdictions. This is done to accommodate non-EU investors, who may struggle with the demands of the EU fund regulations.
“Something we’re seeing quite a lot of is managers setting up a fund in Cayman or Delaware for US investors, a Singapore or Hong Kong fund to cater for Asian investors and then a Luxembourg fund for the EU market,” observes Anja Grenner, Market Business Development Lead – Fund Services at TMF Group.
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