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FRP Advisory, the business advisory firm, has acquired Litmus Advisory, the debt advisory firm and specialists in structuring finance for companies and private equity firms looking at asset based lending (ABL).
The arrival of a specialist debt advisory team is part of FRP Advisory's continued incremental expansion of its services from offering both restructuring solutions for companies, lenders, and investors to advice for companies looking to raise finance as part of an organic growth or mergers and acquisitions strategy.
The three directors of Litmus Advisory, Dave Edwards, Nick Grainger and Andy Dimmock, join FRP Advisory as partners based in the firm's London office. They will continue to
State Street Corporation’s GX Private Equity Index(PEI), a benchmark for comparative analysis of private equity performance, saw an overall return of -1.37 per cent in Q3 2015, it’s first fall in three years.
“The third quarter marks an abrupt end to an uninterrupted, 12-quarter streak of positive returns, the longest winning streak in the 20-year history of our Index,” says Will Kinlaw, senior vice president of State Street Global Exchange. “With growing uncertainty about the global economy and a big spike in public capital market volatility over the past six months, it’s no surprise that the private equity market is
Chubb has created a new Private Equity Practice to provide specialised insurance solutions to US and Canadian private equity firms and their portfolio companies.
Seth Gillston, the Executive Vice President who previously had been named to lead the practice, will manage a team of underwriters with deep industry knowledge and M&A expertise. The team will deliver a broad suite of products and services in the following areas: Primary Casualty (guaranteed cost and loss sensitive); Foreign Casualty; Excess Casualty; Middle Market Package (with global capabilities that can be tailored to industry segments); Property and Specialty; Environmental; Professional Liability; Management Liability; Surety;
The median discount to net asset value (NAV) for investment trusts and companies in the UK listed space narrowed over 2015 from 7.5 per cent to 6.6 per cent, according to research from investment trust research company QuotedData.
The median discounts of the differing classes of UK trusts all followed a similar pattern of widening in the run up to May’s general election, reflecting heightened uncertainty. This was followed by a period of narrowing once a Conservative victory had been confirmed, which was generally considered to be the preferred outcome for UK businesses.
The shift was most apparent for
The Central London private hospital market is opening up to a new breed of small, highly specialised provider, according to the latest research from healthcare analyst LaingBuisson.
Findings published in the updated Private Acute Medical Care in Central London show that theatre capacity in the capital’s private hospital sector is set to increase by around 10% this year as a number of small, ‘super-specialty’ clinics become operational. Although not a dramatic increase in terms of market-size, the new models of care being adopted by these operators could present a challenge to incumbent providers as they seek to build brand awareness
MMC Ventures has appointed Jon Coker, an MMC team member for nine years, as Managing Partner to share the responsibility of the day-to-day running of the business with Founder and Managing Partner Bruce Macfarlane.
Since joining MMC in 2007 from JP Morgan, Coker has been influential in a number of successful investments, with the successful exit of Total Mobile the most recent. Coker also sits on the board of a number of high profile MMC portfolio businesses including SafeGuard, Gousto and CloudSense and was nominated for Investor of the Year at 2015’s Investor Allstar Awards.
MMC has also enlisted
BGF (Business Growth Fund) has exited its investment in Plastique, a manufacturer of thermoformed plastic and pulp packaging after the company was acquired by TEQ, an Illinois-based thermoformed packaging company and subsidiary of NYSE-listed ESCO Technologies, for an undisclosed sum.
Minority shareholder BGF invested GBP5 million in Plastique in July 2014. The company designs and manufactures packaging for customers in the personal care, household products, pharmaceutical, food and broader retail markets. With BGF’s support, Plastique became the first European manufacturer of smooth surfaced thermoformed pulp packaging.
Headquartered in Tunbridge Wells, Plastique invested BGF’s capital to build its thermoformed pulp
The Novo 2 Fund, which is managed by Tikehau IM, has finalised its participation in a Euro PP private placement for the Laboratoire Français du Fractionnement et des Biotechnologies (LFB). The Fund invested EUR25 million in this EUR124 million unlisted bond issue maturing in 2023.
LFB, a public-sector corporation, was established in 1994 and is now wholly owned by the French state. It develops, manufactures and sells biomedicines to treat serious and often rare diseases in the fields of immunology, hemostasis, prenatal disorders and intensive care.
As the French leader and number six player worldwide in plasma-derived medicines, LFB
High Road Capital Partners has sold portfolio company Panos brands, marking the fifth exit for the firm’s debut fund, High Road Capital Partners Fund I.
Rochelle Park, New Jersey-based PANOS is a leading manufacturer and marketer of natural and specialty food products whose portfolio of brands includes KA-ME Asian foods, Andrew & Everett hormone-free cheeses, MI-DEL gluten-free and peanut-free cookies and pie crusts, Sesmark rice- and wheat-based crackers, Amore cooking pastes and filled pastas, and Chatfield’s allergen-friendly baking products. The company was acquired by Hammond, Kennedy, Whitney & Company, Inc. Transaction terms have not been disclosed.
“We acquired
Chinese venture capital firm Qiming Venture Partners (Qiming) has held the closing of Fund V, its fifth US Dollar venture capital fund with USD648 million in commitments.
This fund continues Qiming's strategy of funding innovations through outstanding Chinese entrepreneurs in the Information Technology, Internet and Consumer (Intersumer), Healthcare, and Cleantech sectors. Qiming's assets under management now is USD2.5 billion after its debut in 2006.
Qiming's portfolio includes over 160 investments distributed among its targeted sectors. Qiming Venture Partners invests in early-stage and expansion-stage deals, with over 50% of its investments in early stage companies.
Qiming takes great pride
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