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Ogier has acted as BVI legal counsel on the USD50 million IPO on the NASDAQ Capital Market of Pacific Special Acquisition Corp.
Pacific is a Special Purpose Acquisition Company, or SPAC, formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation, purchasing all or substantially all of the assets of, entering into contractual arrangements, or engaging in any other similar business combination with one or more businesses or entities.
The company is not obliged to limit its efforts to identify a target business to a particular industry or geographic region, although it is understood
The last quarter’s private equity fundraising is analysed in this extract from the Preqin Quarterly Update: Private Equity, Q3 2015.
With the third quarter of the year typically slow for fundraising, it is surprising to see Q3 2015 as the best quarter in 2015 so far in terms of aggregate capital raised. There were 178 funds that reached a final close, securing an aggregate USD137 billion (Fig 1). The number of funds raised, however, has seen a sharp drop from the previous quarter, causing a marked rise in the average private equity fund size.
Buyout funds in particular collected
Global early-stage mergers and acquisitions (M&A) activity in Q3 2015 increased by just 5.6 per cent compared with the same period last year, the slowest rate of growth for almost three years.
That’s according to the latest Intralinks Deal Flow Predictor (DFP) report which forecasts the volume of future M&A deal announcements by tracking the number of early-stage M&A deals that are in preparation or have reached the due diligence stage. On average, these deals are six months away from their public announcement.
While Intralinks predicts that 2015 will be a new record year for global M&A announcements, deal
Rheonix, one of the largest holdings in venture capital firm Rand Capital Corporation, has completed a USD28.6 million Series B equity raise.
Rand co-led the offering with Cayuga Venture Fund, which is based in Ithaca, New York. Cayuga Venture Fund focuses its investments in start-up technology companies, many with a connection to Cornell University. Rand also partnered with past co-investors, including Advantage Capital Partners and Gefinor Capital, to complete this equity offering. Earlier in 2015, Rand had provided convertible bridge financing to support Rheonix during the fundraising process, and its USD680,000 bridge notes were converted to equity upon completion of the Series B
Endowments and foundations continue to see private equity an important part of their allocation strategy, according to a new study by NEPC, but valuations are a concern for over half (58 per cent) of those questioned inn the Q3 2015 NEPC Endowment and Foundation Poll.
This survey, which as with the 2014 survey, focused on how endowments and foundations invest in and view private equity, found that year over year, endowments and foundations continue to show the importance of an allocation to private equity, with 37 per cent of respondents allocating over 10 per cent. When asked about return projections
Funds affiliated with US private equity firm Hellman & Friedman have completed the acquisition of Bain Capital’s interest in Securitas Direct Verisure Group making H&F the majority shareholder in the business.
Securitas Direct Verisure Group is a European provider of professionally monitored home alarm systems with 24/7 response services offered through its Securitas Direct and Verisure brands. The company’s mission is to bring peace of mind to families and small business owners by providing them with the best security solutions and service.
Bain Capital and H&F acquired Securitas Direct Verisure Group in 2011. Following their investment and partnership, Securitas Direct Verisure
Preqin’s Q3 private debt report reveals that direct lending funds in market continue to be the largest part of the private debt market, accounting for USD9 billion of the USD19.3 billion raised by private debt funds closed in the quarter.
Half of the 10 largest funds closed in Q3 were direct lending funds, and 42 per cent of private debt funds currently in market follow this strategy. This class also accounted for the highest number of funds closed (11) and the greatest aggregate capital raised (USD9.0 billion). With over two-thirds (68 per cent) of LPs targeting direct lending over the
Private equity firm Lonsdale Capital Partners has acquired a majority stake in Ocean Media Holdings Limited, a provider of UK based events, specialist publications and online solutions addressing three sectors – Social Housing, Bridal and Weddings.
Each of Ocean Media’s Business lines has been established for more than 30 years and is led by acknowledged experts in their fields.
The largest division is Social Housing which runs a number of sector leading events and conferences including the flagship “Housing 2016” in association with the Chartered Institute of Housing. They are supported and promoted by award winning, key industry magazine
This recent factsheet from Preqin takes a detailed look at the hedge fund industry in San Francisco, including the strategy and structure preferences of investors, the number of hedge fund launches each year, fund terms and conditions, the largest hedge fund managers and performance.
View the full factsheet here.
Capital raising by high tech Israeli companies totalled USD3.2 billion in the first nine months of 2015, and is expected to surpass 2014’s total by year end, according to a new report by the IVC Research Centre and KPMG.
The third quarter of 2015 concluded with USD1.1 billion raised by 165 Israeli high-tech companies. The amount was marginally below the USD1.14 billion raised by 181 companies in Q2/2015, but 55 per cent above USD703 million attracted by 170 companies in the third quarter of 2014.
Koby Simana, CEO of IVC Research Center, says: "The third quarter of the year tends
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