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Bertram Capital has closed Bertram Growth Capital III with USD500 million of total capital commitments from limited partners.
This is the third fund for Bertram, a middle market private equity firm focused on control transactions that leverage its highly differentiated value creation strategy.
The Fund closed at its target and hard cap, receiving commitments from over 30 top-tier investors, including endowments, insurance companies, multi-manager funds, consultants, public pensions, corporate pensions and family offices.
Like its two preceding funds, Fund III will continue Bertram’s demonstrated model of accelerating growth and driving operational improvements to transform under-optimised businesses into market
Imbiba, a specialist leisure and hospitality investment group, has closed the Imbiba Growth Fund at its hard cap target of GBP50 million.
With an investment of GBP30 million provided by the British Business Bank, the Imbiba Growth Fund will provide growth capital and operational support to young and dynamic UK leisure businesses seeking to scale.
The GBP30m contribution comes from the British Business Bank’s Enterprise Capital Funds (ECF) programme, which combines private and public money to make equity investments in high growth businesses. Since inception, around GBP1.14 billion (including third party investment) has been committed through the programme. The
Overall European private equity deal volume cooled in Q4 2017 compared to the previous quarter, dropping by 10 per cent to 434, according to preliminary figures in the Q4 2017 Private Equity Barometer, published by unquote” in association with Aberdeen Standard Investments.
The combined value of European private equity backed deals slid 6.0 per cent but remains well above the average of the last 10 quarters
Average deal value in Q4 2017 was EUR94.7 million, up 4.9 per cent on the EUR90.3 million posted in Q3.
The aggregate value of European buyout deals edged down to EUR35 billion,
A growing number of Jersey-registered fund managers are opting to future-proof their strategies and market into Europe through national private placement regimes (NPPRs) under the Alternative Investment Fund Managers Directive (AIFMD), according to the latest figures from Jersey’s regulator, the Jersey Financial Services Commission (JFSC).
As at December 2017, 149 alternative investment fund managers (AIFMs) had been authorised in Jersey to market into Europe through NPPRs, up 17 per cent compared to December 2016, clearly highlighting that the use of private placement continues to work well as a means of marketing funds into the EU.
Over the same period,
With private equity enjoying a surge in interest among institutional investors keen to seek out longer-term yield away from traditional asset classes, the opportunities for fund administrators to provide outsourced services are compelling.
UMB Fund Services, and other fund administrators, are seeking ways to tap in to the market and encourage more PERE managers to outsource some of their in-house functions, without fear of losing control of their processes or data, and without concern that the administrator in question cannot provide adequate customisation.
As Jill Calton (pictured), SVP and Director of Alternative Investment Operations confirms, over the past 12 months,
Over the last few years, arguably since the introduction of the AIFM Directive in Europe, there has been a definitive trend among PERE fund managers to push their internal accounting and reporting processes to more specialist outsourced providers.
This has played to the advantage of fund administration groups such as SANNE, a leading provider of alternative asset and corporate administration services with more than EUR235 billion in AuA, supporting in excess of 1,000 real estate structures and funds and approximately 500 private equity structures and funds.
“I think that trend has been pushed from institutional investors who are requiring more
It seems institutional investors cannot get enough of private equity. Last year, global PE funds raised USD453 billion, surpassing the previous record of USD414 billion raised in 2007, according to the last figures released by Preqin.
As management groups grow, along with their AUM (Apollo Group alone raised USD24.6 billion for their ninth vintage, the largest PE fund on record), the level of operational complexity grows in tandem. This is prompting general partners to decide whether to continue with in-house fund accounting and reporting, or partner with an external fund administrator.
Given the vast sums of money flooding in, it
When Augentius first opened its doors in 2002, it was the only business in London providing outsourced fund administration to the UK general partner community. There were administrators in Jersey and Guernsey but nobody in mainland UK.
Consequently, the UK GP community had no choice other than to do their own fund administration and build their own in-house back-office teams.
Much has changed since that time. Augentius has grown, on average, 20 per cent year-on-year to become one of the largest global private equity and real estate administrators, and has, in many ways, been leading from the front as PE
Crédit Agricole, through its private equity funds group, is one of the leaders in financing, depositary and fund administration services in Europe for PERE and Infra funds. Its various entities are involved in all stages of the lifecycle of the funds.
CACEIS, a wholly-owned subsidiary of the CA Group, is the European leader in depositary banking and fund administration. For several years it has been operating a dedicated “PERES” (Private Equity, Real Estate and Securitisation) business line, employing more than 250 people across Europe.
Today, CACEIS acts as depositary or fund administrator for more than 2,000 Private Equity, Infrastructure, Real
The decision to outsource among PERE managers is complex and based on a mix of variables unique to each manager. However, there are a number of key trends which are relevant:
Drive for greater transparency: As Investors seek to understand performance, risk and value for money (fees), there is a need to produce consistent reporting. A recent global survey of Managers and Investors¹ indicated that 63 per cent of respondents agreed transparency is “very important” – although there was little consistency about “who was responsible” across different firms.
Expense ratios under scrutiny: Investors are demanding to know more about
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