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PNC Business Credit has appointed Karl Brier as senior vice president and business development officer to its senior secured financing team in the western region.
PNC Business Credit is the senior secured lending division of PNC Bank, NA, and its subsidiaries and a part of The PNC Financial Services Group, Inc.
Based in Orange County, Brier is responsible for business development with private equity firms and middle-market companies, and originating asset-based and cash flow loans in southern California, Arizona and southern Nevada.
Brier joins PNC from Chase Commercial Bank, where he served as market executive. He earned a
Monarch Private Capital (MPC), a leading syndicator and investor of tax credits, has closed an equity investment in the historic Hotel Clermont located in Atlanta, Georgia. The investment will generate both federal and State of Georgia historic tax credits.
The famous landmark is being converted into a boutique hotel by BNA Associates with 94 rooms, a French style brasserie restaurant, a café and rooftop bar with beautiful Atlanta skyline views. The Hotel Clermont, with approximately 59,752 square feet of space, was originally built as an apartment complex, but was converted into a hotel in the 1940s. In 2003, the property
Hyperloop One, the only company in the world that has built a full-scale Hyperloop system, has closed a Series B-1 funding round of USD85 million, bringing total financing raised by the company to USD245 million since its founding in 2014.
“We are so fortunate that our new and existing investors share our vision of making Hyperloop the world’s first new mode of transportation in over a century. We initially targeted USD50 million and ended up raising $85 million instead,” says Shervin Pishevar, Executive Chairman and co-founder of Hyperloop One. “We’ve proven that our technology works and that Hyperloop One is
Private equity firm Falfurrias Capital Partners (FCP), has completed an investment in SixAxis, a manufacturer of advanced products that increase worker safety and boost productivity.
The existing SixAxis management team will remain, led by Rob Honeycutt as CEO, and Fred Harmon as co-founder and member of the board of directors. Ken Walker, who was most recently chief operating officer of EnPro Industries, will join the SixAxis team as Executive Chairman.
“SixAxis is excited to partner with FCP on the next stage of our company’s growth,” says Rob Honeycutt, CEO of SixAxis. “The capital and strategic acquisition expertise that FCP
Tikehau Capital has reported a sharp increase in net income for the first half of 2017; up to EUR85.9 million, compared with a loss of EUR5.8 million in the first half of 2016 on a pro-forma basis.
This result reflects the increase in the income from asset management activities which amounted to EUR25.1 million, up 39 per cent compared with the first half of 2016 (EUR18.1 million on a pro-forma basis) and the sound performance of the investment activities, where income amounted to EUR121.6 million (compared with EUR35.6 million for the first half of 2016 on a pro-forma basis).
Private equity investors have plenty of money on hand to invest. According to a recent Bloomberg report, they are sitting on a record nearly USD1 trillion in what is called “dry powder,” money raised but not yet invested. What they don’t have is surplus time to deal with firms that are not serious and prepared for the sales process.
Many private equity firms are interested in investing in privately owned firms in the lower middle market. In fact, according to a recent survey by PitchBook, close to USD119 billion was invested by private equity firms in the first quarter of
Fund and corporate services provider Alter Domus has launched a new third party AIFM management service offering, as it continues to enhance its vertically integrated range of services to the alternative funds market.
Alter Domus has signed an agreement to acquire Luxembourg Fund Partners, subject to the usual regulatory approvals from the Luxembourg regulator. On completion of the deal, Alter Domus will be able to provide set-up support, administration and management company services to international fund promoters.
Luxembourg Fund Partners was founded in 2009 by Luc Leleux and Julien Renaux as an independent management company focusing on integrated investment
CIBC Asset Management has launched the CIBC Long-Term Private Debt Pool, a product for institutional investors focused on unrated private securities in the infrastructure and power sectors.
The pool was designed for investors seeking contracted cash flows that align with their liabilities and offers the potential for an enhanced yield without incremental credit risk.
“Institutional investors continue to search for ways to enhance their fixed income portfolios,” says Doug MacDonald (pictured), Managing Director & Head, Institutional Asset Management, CIBC Asset Management. “Infrastructure investing is about seeking stable returns through contracted cash flows while minimising management and operational risk.
Bison, a technology provider focused on developing innovative analytical solutions for the private markets, has integrated the Cobalt GP and Cobalt LP products with Ipreo’s iLEVEL platform.
Launched in 2016, Cobalt is a software platform developed jointly by Bison and Hamilton Lane (NASDAQ: HLNE), a global private markets asset management firm. Cobalt LP is used by institutional investors, including Hamilton Lane, to understand capital flows in portfolios, diligence managers and report on portfolio performance. Cobalt GP helps fund managers service clients with custom analysis, automated reporting and powerful visualisations. With the new iLEVEL integration, Cobalt’s platform fits even more easily into
Perkins Coie has appointed Christopher J Hagan (pictured) as a partner in the firm’s Corporate practice in the Washington DC office with a focus on private equity matters and mergers and acquisitions.
“Chris is a noteworthy inclusion to the firm’s nationally recognised mergers and acquisitions practice because of his exceptional track record working with private equity sponsors,” says Nate Ford, Chair of Perkins Coie’s Private Equity practice. “Chris’s high-level of deal activity includes cross-border transactions across a range of industries including the business services, healthcare, energy, technology and manufacturing sectors. We are delighted to welcome him to the firm.”
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