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Investment funds affiliated with Lightyear Capital, a New York-based private equity firm focused on financial services investing, are to sell RidgeWorth Holdings, the holding company for multi-boutique asset manager RidgeWorth Capital Management, to Virtus Investment Partners for USD472 million.
The transaction is not subject to financing and is subject to customary closing conditions.
Investment funds affiliated with Lightyear purchased RidgeWorth from SunTrust Banks in May 2014. RidgeWorth is an investment management firm that offers investors access to a select group of investment managers and sub-advisers. As of 30 September 2016, it had approximately USD40.2 billion in assets under management.
Middle market investment bank Harris Williams & Co has advised The Leisure Pass Group in its sale to Exponent Private Equity.
Leisure Pass is a city attraction pass provider with operations in 19 major international cities across Europe and North America.
Harris Williams & Co served as the exclusive financial adviser to Leisure Pass, a portfolio company of Primary Capital. The transaction was led by Thierry Monjauze, Will Bain and Sylvain Noblet of Harris Williams’ London office, with the support of Michael Wilkins of the firm’s San Francisco office.
“Since its inception, Leisure Pass has revolutionised the sightseeing
Keensight Capital has agreed to sell its stake in Sogelink, a provider of vertical software dedicated to the construction and civil engineering market, to Naxicap.
Founded in 2000, Sogelink designs, develops and markets software, SaaS (Software as a Service) and mobile solutions intended to simplify and optimise complex processes tailored to the needs of the construction, infrastructure and property management ecosystem.
With its DICT.fr dematerialisation platform, Sogelink has a 70 per cent market share, in the field of solutions designed to simplify the regulatory requirements associated with construction projects near infrastructure networks.
Since investing in the company in
The slowdown in deal activity ahead of the EU Referendum in June continued after the surprise outcome, with year-on-year activity down 38 per cent from EUR89.7 billion in 2015 to EUR55.7 billion in 2016, according to the Centre for Management Buyout Research (CMBOR).
The latest data from CMBOR, which is sponsored by Equistone Partners Europe Limited and Investec Specialist Bank, reveals that the fall was more marked in the UK, where activity plummeted from EUR28.7 billion last year to EUR12.5 billion this year, the lowest level of buyout activity since 2009.
For the whole of Europe the drop was
SS&C Technologies, a provider of financial services software and software-enabled services, has acquired Conifer Financial Services, an independent asset services firm, for an aggregate purchase price of USD88.5 million.
Senior management of Conifer will continue to lead the business.
Conifer has 200 clients worldwide representing USD110 billion of combined assets under administration (AUA). Headquartered in San Francisco and with offices in New York, Singapore and Nova Scotia, Conifer services pensions, endowments, foundations, family offices, RIAs, traditional asset managers, private equity and hedge funds.
The acquisition strengthens SS&C's market position on the West Coast and provides a wider array
Mercury UK Holdco, the majority shareholder of Istituto Centrale delle Banche Popolari Italiane (ICBPI), has acquired Setefi Processing and Intesa Sanpaolo Card (ISP Card), together known as ISP Processing, from Intesa Sanpaolo for an equity value of EUR1,035 million.
Mercury UK Holdco is owned by a consortium of funds managed by Advent International, Bain Capital Private Equity and Clessidra.
Setefi Processing, based in Milan, is the Italian payment processing platform of Intesa Sanpaolo, one of Europe’s leading banking groups and Italy’s number one commercial bank.
ISP Card is the payment processing platform of Intesa Sanpaolo’s Central and Eastern
Venture capital trust (VCT) and private equity manager Maven Capital Partners’ Maven Income and Growth VCT 6 has launched a new VCT offer, which is limited to GBP6 million in new subscriptions.
There continues to be strong investor demand for the tax-free income potential and up to 30 per cent initial tax relief available on VCT investment.
Maven VCTs have launched a series of VCT fundraisings in recent years, a number of which have been oversubscribed, but Maven VCT 6 is the only Maven VCT raising funds in this VCT season.
Maven has completed three realisations within the past 15
High Growth Robotics Limited has launched the British Robotics Seed Fund – the first investment fund specialising in UK-based robotics start-ups.
The focus of the fund is to deliver returns to investors by making targeted investments in promising UK-based seed-stage robotics under the Seed Enterprise Investment Scheme (SEIS).
Automation and robotisation are beginning to drive significant productivity improvements across the global economy. According to market intelligence firm Tractica, robotics is set to grow at rates in excess of 45 per cent with the global market to approach a quarter of trillion dollars by 2021.
There are currently no
Independently owned family office Stonehage Fleming has held the final close of the Stonehage Fleming Global Private Capital Fund 2016.
In conjunction with a number of new separate accounts, this takes the total the firm has raised for investment in private capital funds over the last 18 months to USD166 million.
The 2016 Fund is the first of a series of annual funds for the international family office’s new private capital programme. Each annual fund will invest in five to seven best-in-class managers which will provide underlying exposure to between 50 and 100 high quality portfolio companies.
The
BlackRock is to lead the next funding round in iCapital Network, a financial technology platform focused on democratising access to alternative investments for high-net-worth investors and their financial advisers.
Frank Porcelli, chairman of BlackRock’s US wealth advisory business, is to join iCapital’s board of directors and will work closely with the organisation as a strategic adviser.
Individual investors remain significantly under-allocated to alternative investments relative to institutional investors, but are increasingly exploring the critical role alternatives can play in state-of-the-art portfolio construction. iCapital’s online platform facilitates access to private investment opportunities through an independent origination and due diligence process that prioritises
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