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Listed infrastructure securities cannot be considered a unique asset class, according to EDHEC Infrastructure Institute-Singapore’s (EDHECinfra) paper entitled “Searching for a Listed Infrastructure Asset Class”.
Using mean-variance spanning tests for 22 different proxies of listed infrastructure that were added to the portfolio of a well-diversified investor, the authors find no conclusive evidence of a “listed infrastructure asset class” that was not already spanned by a combination of capital market instruments and alternatives or a factor-based asset allocation.
The study tests for such effects in global, US and UK markets, going back 15 years and also for any persistence before
Trivest Partners has held the first and final closing of the Trivest Growth Investment Fund (TGIF) with USD225 million of total equity capital commitments.
TGIF is Trivest’s 11th overall fund, sixth institutional fund and fourth fund focused on founder/family-owned investments.
TGIF will target growth and non-control investments among founder-owned businesses.
Due to strong support from Trivest’s existing investors, plus a few new limited partners, TGIF more than doubled its original target of USD100 million. The fund includes a mix of limited partners including endowments, corporate and public pensions, insurance companies, fund of funds, family offices and individuals. Additionally,
LeapFrog Investments’ portfolio companies now employ 102,438 people in Asia, Africa and Latin America.
“Nothing sustains a family more than a secure job. Each job typically supports a family of five in our focus countries, while benefiting the wider community,” says Dr Andrew Kuper, LeapFrog’s CEO and founder. “For the past three years, our financial services companies have grown revenue on average by 43 per cent, creating jobs at a breathtaking pace. This is profit-with-purpose capitalism at scale.”
The jobs figure is double the commitment LeapFrog made at the Clinton Global Initiative in 2012, to support 50,000 jobs by
TriGuard Management has held the closing of its seventh private equity fund, Montauk TriGuard Fund VII, ahead of its USD600 million target with over USD660 million of commitments from over 180 investors, exceeding the USD500 million Fund VI in 2014.
Fund VII received strong backing from a diversified group of investors, including public and corporate pension plans, insurance companies, endowments, foundations, family offices and high net worth individuals.
Ronn Cornelius, co-managing partner, says: “We appreciate having a knowledgeable group of investors who are highly supportive of our unique investment strategy. We will remain disciplined and focused on delivering attractive
Taco Holding has signed an agreement to acquire the Carl’s Jr master franchise for Mexico City and the surrounding area, including 25 restaurants in operation, making it one of the three largest Carl’s Jr operators in the country.
The acquisition is expected to close in the following days.
Carl’s Jr is an American-based quick service restaurant (QSR) chain owned by CKE Restaurant Holdings, with presence in 39 countries. It opened its first store in 1941, and as of March 2016 operated over 3,650 restaurants under the Carl’s Jr and Hardee’s brands, both directly and through franchises.
Since the
Houlihan Lokey has expanded its illiquid financial assets (IFA) practice with the addition of Zaman Khan and Christian Scharf, who have joined the firm as managing directors based in London.
Khan and Scharf will jointly spearhead the continued growth of the business in Europe, focusing primarily on financial institutions, strategic advisory and bespoke deleveraging solutions for holders of non-core illiquid financial assets. They will report to Jeff Hammer and Paul Sanabria, global co-heads of IFA.
Scharf and Khan both join the firm from HSBC. Scharf held a number of roles at HSBC, most recently serving as head of debt
HQ Capital, an independent investment manager for alternative assets, has held the final closing of Auda Capital VII, a USD375 million fund.
Auda Capital VII will continue the investment strategy of the prior Auda Capital fund series by seeking primary and secondary investments in small and mid-sized companies in the US and Europe.
HQ Capital’s global private equity investment team will work to establish a diversified portfolio of up to 500 companies with a focus on buyout and growth investment opportunities over the next four to five years. It will also seek co-investment opportunities in partnership with select private
Ambienta, together with the Mosiewicz Family, has closed the sale of SPIG to Babcock & Wilcox Enterprises (B&W), a company listed on the NYSE.
The deal, which was announced on 23 May 2016, has received all necessary regulatory approvals and values the company at EUR155 million.
With B&W’s acquisition, SPIG will remain a standalone entity headquartered in Italy, benefitting from strategic synergies to further accelerate its international growth.
Founded over 80 years ago, SPIG is a pure-play engineering and contracting company in the closed loop industrial cooling systems sector. Ambienta invested in SPIG in 2010 to capture the
Grenke Bank, in conjunction with existing shareholders Target Partners, HW Capital and Mercura Capital, has led a EUR4 million financing round for Finanzchef24 GmbH.
Finanzchef24 is the first digital insurance broker for entrepreneurs and companies in Germany.
“The target groups addressed by Finanzchef24 and Grenke Bank are very similar, which is why the companies plan a sales cooperation going forward. This cooperation will now be supported by our strategic financial investment in Finanzchef24 GmbH, which was made in the recent round of financing,” says Wolfgang Grenke, founder and CEO of SDAX-listed Grenke AG.
Sven Noppes, member of the
Realza Capital has reached a first closing for its second private equity fund, Realza Capital Fund II, and has received commitments totalling EUR125 million.
The fund has a target of EUR200 million and is backed by a group of international and Spanish investors.
Alfredo Zavala and Martín González del Valle founded Realza in 2007 in order to invest in the Spanish lower-middle market. Realza targets family-owned, export driven lower-middle market companies that are leaders in their niche market. Its strategy is to support the growth of its portfolio companies and to help transforming them into more professional and more
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