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A recommendation by the European Securities and Markets Authority (ESMA) to grant Guernsey a ‘third country’ passport under the Alternative Investment Fund Managers Directive (AIFMD) has been welcomed by Guernsey’s funds sector.
In announcing its findings from the ‘Call for Evidence – AIFMD passport and third country AIFMs’ consultation ESMA confirmed that Guernsey had demonstrated the ability to satisfy the criteria required under AIFMD. Of the six jurisdictions assessed, ESMA concluded that “no obstacles exist to the extension of the passport to Guernsey and Jersey, while Switzerland will remove any remaining obstacles with the enactment of pending legislation. No definitive
EY has signed a membership deal with Innovate Finance, the global FinTech association based in the UK, as part of its commitment to build its FinTech practice and champion the UK as the world’s global hub for FinTech innovation.
Innovate Finance already has a community of over 120 FinTech companies, including startups, established financial services institutions and two USD1 billion unicorns, but EY will be the only Big Four member organisation.
Under the agreement EY will pilot a unique talent program in which EY staff will be seconded into the Innovate Finance member community for three month periods to help
Immune Pharmaceuticals Inc has secured financings of up to USD21.5 million through two financing agreements. The first, with Hercules Technology Growth Capital, for a term loan of up to USD9.5 million. The second agreement, with mutual fund Discover Growth Fund, for the sale to Discover of newly created Series D Redeemable Convertible Preferred Stock for up to USD12 million in gross proceeds to the company.
Immune received USD13.5 million in gross proceeds: USD9.0 million from Discover and USD4.5 million from Hercules, following the execution of the two agreements. Immune expects to receive an additional USD3.0 million from Discover upon an
Behalf, the payments platform targeted at small and mid-sized businesses, has secured a Series B equity round and credit facility totalling USD119 million.
MissionOG, an early to growth stage venture capital firm chaired by Gene Lockhart, the former CEO of MasterCard, led the equity round. Lockhart is joining the board of Behalf.
Victory Park Capital (VPC) provided a credit facility in addition to contributing to the equity round. Maverick Ventures as well as past investors Spark Capital and Sequoia Capital also participated.
Behalf will use the new funds to grow its team and increase the number and size
Equity corwdfunding platform Seedrs has announced a GBP10 million Series A fundraising round led by Woodford Patient Capital Trust plc (WPCT) and Augmentum Capital.
WPCT is the GBP800 million investment trust launched earlier this year by Woodford Investment Management. WPCT is managed by Neil Woodford, widely considered to be one of the UK's leading fund managers over the past 25 years. The trust invests mainly in early-stage and early-growth companies but also has exposure to some blue-chip companies.
Augmentum Capital is a venture capital firm founded in 2009 by two highly-experienced entrepreneurs and investors, Tim Levene and Richard Matthews.
The European Securities and Markets Authority (ESMA) has published its Advice in relation to the application of the AIFMD (Alternative Investment Fund Managers Directive) passport to non-EU Alternative Investment Fund Managers (AIFMs) and Alternative Investment Funds (AIFs) and its Opinion on the functioning of the passport for EU AIFMs and the national private placement regimes (NPPRs).
The Advice and Opinion, required under AIFMD, will now be considered by the European Commission, Parliament and Council.
The Advice relates to the possible extension of the passport, currently only available to EU entities, to non-EU AIFMs and AIFs which are currently subject
The European Securities and Markets Authority (ESMA) has made a recommendation to the European Parliament, Council and Commission, that Jersey should be amongst those ‘third countries’ granted an AIFMD passport.
This recommendation follows ESMA last year issuing a ‘Call to Evidence’ for them to consider whether to extend the AIFMD passporting regime beyond EU Alternative Investment Funds (AIFs) managed by EU Alternative Investment Fund Managers (AIFMs). Separate responses were submitted to ESMA from the JFSC and local industry to this ‘Call to Evidence’ in this respect.
The JFSC is fully engaged with ESMA and has been working hard
One in four (25 per cent) senior asset management executives believe it’s “highly likely” they will face direct competition from a non-traditional new entrant such as a technology or non-financial services company within the next five years.
That’s according to a new report from State Street Corporation, which also reveals that a further 54 per cent believe this threat is “somewhat likely.”
The findings are from a global survey conducted by the FT Remark commissioned by State Street among 400 senior asset management executives for a new report entitled: “Opportunities for Optimism? A New Vision for Value in Asset
DLA Piper has advised a syndicate of mezzanine lenders made up of credit affiliates of Ardian GoldenTree Asset Management, KKR Creditor Advisors (US), Babson Capital Management, Alpinvest Partners, Idinvest Partners and Ares Management on their debt for equity restructuring, which has resulted in the group of mezzanine lenders writing off their mezzanine debt for a controlling stake in the equity of the Maxeda DIY Group.
The Maxeda DIY Group is a market leading DIY retailer that operates 376 stores across the Benelux region with nearly 7,000 employees. Prior to the debt restructuring the Group's sponsor group included KKR, Primera and
Kensington Capital Partners’ Kensington Venture Fund has increased total investor commitments to the fund to CAD237 million. The Fund's third closing includes new commitments from institutional, family office and individual investors.
"We are pleased to see the increased investor attention to the Kensington Venture Fund," says Kensington Managing Director Rick Nathan. "As our portfolio takes shape, we can see the entire Canadian venture capital sector getting a strong boost from the Venture Capital Action Plan."
Launched in November 2014 with CAD160 million in initial investor commitments, the Fund received a lead investment from the Government of Canada's Venture Capital Action
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