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American Capital has elected David G Richards to the firm’s board of directors, effective immediately. He will become a member of the Board's Executive Committee and its Au
Cadwalader, Wickersham & Taft LLP, a counsellor to global financial institutions and corporations, has promoted eight associates to Special Counsel.
"Cadwalader is proud to introduce our 2016 class of Special Counsel," says Pat Quinn, Cadwalader's Managing Partner. "These up-and-coming lawyers from our multiple offices and practice groups represent the best talent that Cadwalader produces. The Firm's ability to attract, develop and promote outstanding young attorneys is one of our great strengths and ensures exceptional service to our clients for many years to come."
Kahn D Hobbs, Capital Markets, Charlotte – Kahn's practice is concentrated in the area of structured
Victory Park Capital (VPC) and KKR have led the USD175 million asset-backed securitisation of unsecured consumer loans originated via Avant, an online lending platform, that was priced on 13 November.
The transaction with KKR marks VPC’s first issuance into the asset-backed securitisation market. The inaugural 144A securitisation is comprised of three tranches of unrated notes supported by an initial pool of Avant loans totalling approximately USD195 million. The transaction will help Avant expand its platform that offers personalised credit options for consumers. Avant will continue to act as the servicer for the underlying loans.
“This securitisation will further Avant’s
McCarthy Capital, a private equity investment firm, has sold its equity interest in Benaissance, a provider of SaaS technologies and services for healthcare premium billing, payment and workflow management, to Evolution1, a wholly-owned subsidiary of WEX Inc.
Benaissance’s SAAS solutions include ExchangePoint, which addresses the financial management demands of public and private health insurance exchanges for employers and individuals, and COBRApoint, which addresses financial management, benefits administration and payment processing for individual subscribers.
Benaissance’s platform offers consolidated individual and group premium billing and payment technology and services to employers and consumers via public and private exchanges, carriers and third
Private equity firm Lynx Equity Limited has received CAD15 million in financing from The Labourers’ Pension Fund.
“This financing represents the culmination of many significant years of growth and surpassing many of our goals,” says Lynx President Brad Nathan. “This investment will allow us to continue achieving our strategic goals and we are confident that this marks the beginning of a long and successful relationship with the Labourers’.”
Over the past five years, Lynx’s revenue has grown 1300 per cent, to over CAD290 million, and it was named one of Canada’s Fastest Growing Companies by PROFIT Magazine in 2014
Invest Securities has launched PRE-IPO, the first European crowdfunding platform for private investments in the last financing rounds of unlisted growth companies a few months before they go public.
A website describing the concept will be live between 20 November and 20 December, and will introduce PRE-IPO's first exclusive investment projects in cleantech, biotech, IT and e-Business companies. The full version of the PRE-IPO platform will then officially open on 26 January, 2016.
From an investor's perspective, PRE-IPO is intended for individuals, business angels, family offices and investment funds that seek to invest at a lower price than the
Law firm Howard Kennedy and its regulated London Stock Exchange sponsor, Howard Kennedy Corporate Services, have advised a new entrant to the VCT market – Hazel Targa VCT.
Hazel Targa VCT PLC brings together Hazel Capital, an established investment adviser in the VCT market, and investment advisers Welbeck Capital Partners LLP to launch a new and genuinely innovative VCT focusing on convertible loan notes. The new VCT will look to raise GBP20 million under this offer.
The Howard Kennedy team was led by partner Keith Lassman, with support from senior associate Ian Scott and solicitor Sian Thomas.
Lassman
The latest research from Preqin finds that management fees among infrastructure funds of more recent vintages are lower than for previous vintage years.
While 2012 and 2013 vintage funds have a median investment period management fee of 2.00 per cent, funds currently in market, or with a 2015 vintage, have a median fee of just 1.50 per cent. Among 2014/15 vintage funds, 37 per cent charge a management fee of 2.00 per cent, but this is down from 61 per cent of 2012/13 vintage funds. Twenty-seven per cent of 2014/15 vintage funds charge less than 1.50 per cent in management
Many investors choose to disregard potential investment in an infrastructure fund due to terms and conditions. Utilising information from the 2015 Preqin Private Equity Fund Terms Advisor and the Preqin Investor Outlook: Alternative Assets, H2 2015, this extract from this month’s Preqin Infrastructure Spotlight examines the fund terms and conditions of unlisted infrastructure funds and their effect on the alignment of interests between investors and fund managers.
In Q3 2015, Preqin conducted a series of detailed interviews with active institutional investors in infrastructure in order to gain insight into their attitudes towards the asset class. The study revealed that
Preqin’s latest factsheet takes a detailed look at closed-end private real estate fundraising for emerging managers in the US.
Fundraising
Preqin’s Real Estate Online contains detailed information on 529 private real estate funds managed by US-based emerging managers*, which have secured a total of USD104 billion since 2007. Fundraising by US-based emerging private real estate managers has not emulated its pre-crisis peak in 2007 of 80 funds reaching a final close on USD17.3 billion in capital commitments (Fig 1). The downturn led to year-on-year declines in aggregate capital raised before recovering in 2011, when USD14 billion was raised by 70
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