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GreyLion Capital (GreyLion) has completed its spin out from Perella Weinberg Partners Capital Management (PWP). Established as part of Perella Weinberg Partners Asset Management business in 2012, GreyLion is now an independent, employee-owned investment firm, focusing on investing in a diversified portfolio of high-growth businesses in the middle market. Going forward, PWP will not have any role in GreyLion’s governance. Certain PWP employees and partners will continue as supportive limited partners in GreyLion-managed funds.
Chip Baird and David Ferguson will continue to lead GreyLion and will serve as the firm’s Managing Partners. All investment and certain related non-investment staff dedicated to
Consonance Capital Partners (CCP), a US healthcare focused private equity firm, has promoted Javier Starkand and Sean Breen Partner. Both joined CCP in 2012 and had previously worked with the Founders prior to CCP.Stephen McKenna, Managing Partner and Co-Founder of CCP, says: “We’re thrilled to recognise these two impressive individuals who have contributed substantially to the firm’s success.”
Benjamin Edmands, Managing Partner and Co-Founder, adds: “Javier and Sean joined our firm during its formation and have grown to take significant responsibility within the firm and provide great leadership. Steve and I and our other Managing Partners and Co-Founders, Nancy-Ann DeParle
The CEPRES Private Capital Market Outlook for the first quarter of 2020 using the latest data from the CEPRES Platform shows how buyout fundraising in the US declined by almost 50 per cent QoQ and 20 per cent YoY, but is still substantially above volumes during the post-GFC era of 2009 -2012. Buyout fundraising volume in Europe is in stark contrast with a sharp decline of over 70 per cent QoQ and YoY, making it the lowest quarter since late 2017.
US buyout fund net IRR returns declined sharply between 2003 and 2006, which were the vintage years immediately preceding the impending crisis
High Net Worth private investors are ready and willing to provide small and medium-sized British businesses (SMEs) with the financial support they will need as they recover from the impact of Covid-19, reveals research by Connection Capital, a specialist private client investment business.According to a survey among 233 Connection Capital clients with an estimated combined net worth of over GBP2 billion, nearly three-fifths (58 per cent) say they are interested in private equity as an investment strategy over the next 12 months, while almost a third (31 per cent) are interested in private debt.
Connection Capital says that previously successful
Fund+, an VC investment firm focused on innovative European Life Sciences companies, has added Luc Debruyne and Gérard Lamarche to its B hard of Directors. In accordance with the Company’s governance charter, Honorary Chairman Désiré Collen, Arnoud de Pret, Pierre Drion and Hilde Laga have stepped down from the Board following expiry of the term of their office. Désiré Collen, Honorary Chairman, will remain as a Board observer.
Chris Buyse, Managing Partner and Executive Board Member of Fund+, says: “We are delighted to welcome Luc Debruyne and Gérard Lamarche to the Board. Luc Debruyne brings outstanding scientific and commercialisation experience from
Ancala Partners (Ancala), an independent infrastructure investment manager, has agreed to buy Hector Rail AB (Hector Rail) from EQT, including its subsidiary Hector Rail GmbH, on behalf of its European Infrastructure Fund II. Completion on the transaction is expected in Q3 2020.
Hector Rail is the largest privately-owned rail freight operator in Scandinavia and one of the few running corridor traffic between Sweden and Germany. It is growing its presence in Germany, Europe’s largest freight market, where it focuses on attractive niche segments, such as energy and intermodal flows.
Founded in 2004, the company has over 100 locomotives and
Innova Capital, a private equity fund in Central and Eastern Europe, has promoted Magdalena Pasecka to the position of Partner. As Partner, Pasecka will continue to fulfil the role of Innova Capital’s CFO.
“I am proud to have earned the trust of the Innova Partners and to have received this promotion. In the new role – alongside my existing activities in fund operations and portfolio monitoring – I will spend more time on the strategic outlook for portfolio companies with the intention of focusing on value and return enhancement opportunities” – says Pasecka.
Pasecka joins Andrzej Bartos, Krzysztof Kulig and
Enstar Group Limited (Enstar) has agreed to a recapitalisation of StarStone US Holdings (StarStone US) led by SkyKnight Capital (SkyKnight), Dragoneer Investment Group (Dragoneer) and Aquiline Capital Partners (Aquiline).The Investors have committed USD610 million in new equity capital which, together with the rollover of Enstar’s existing ownership, and an additional equity commitment of over USD20 million from management, will increase the equity capitalisation of StarStone US to over USD850 million. Enstar will receive a combination of cash consideration and shares in the recapitalized StarStone US, valued at a modest premium to book value.
As part of the capital infusion, a new
A new survey by Intertrust, a global leader in providing tech-enabled fund and corporate solutions, reveals how Covid has impacted the decision making behind carve-outs.During a recent webinar, addressing how best to create value through carve-outs, a third (33 per cent) of industry professionals said they intended to start looking for acquisition opportunities while 11 per cent planned on initiating a strategic review of potential carve-out opportunities.
A record level of dry powder in the market is a driving factor in the expected rise in carve-outs. M&A is also likely to play a big role in the restructuring of companies
Private equity investors are still seeking new deal opportunities despite expected declines in revenue as experienced by their portfolio companies and no wider ‘return to normal’ until 2021.That’s according to a new global study on how Covid-19 has impacted private equity firms’ and investors’ forecasts and strategies from international audit and advisory firm Mazars.
Covering more than 150 investors in Europe, the Americas and Asia, the ‘Covid-19 and the world of private equity’ study sheds light on private equity and investor concerns and gauges their sense of optimism for the future.
Paul Joyce, Head of London M&A at Mazars, says:
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