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Preqin looks at the performance of hedge funds in Q3 2014 and in 2014 so far.
Please click here to download Preqin's Hedge Fund Performance Update: Q3 2014
Preqin provides the most up-to-date hedge fund performance benchmarks.
Click here to download Preqin's Hedge Fund Performance Benchmarks: Q3 2014
BNP Paribas Securities Services has launched an outsourcing service for AIFMD reporting, allowing asset managers to fulfil their reporting obligations without the associated administrative and financial burden.
Under the directive, alternative investment funds including hedge funds, private equity and real estate funds, and funds of funds must report certain information, including exposures and leverage, to national supervisors. The requirements are designed to help regulators monitor systemic risk in the alternative investment fund industry.
John Vaughan, head of product for fund administration, middle office outsourcing at BNP Paribas Securities Services, says: “Depending on the fund manager, the cost of setting
Despite a slight fall in fundraising in Q3 2014 compared to the previous quarter, the total capital raised in 2014 so far remains strong, with the USD63bn raised in the first three quarters of the year surpassing the USD56bn raised during the same period last year. However, the number of funds reaching a final close has declined from 166 to 121 over this time period, and almost two-thirds of capital raised by funds holding a close in Q3 came from just five firms, suggesting that capital is increasingly concentrated among fewer managers.
Please click here to download the Preqin Quarterly Update:
Investment fund Project Innovation has exited from another Chinese credit-finance project with a gross internal rate of return (IRR) of 28.19 per cent.
Project Innovation was structured by the BRJ China Credit Fund Limited and launched last year by ADAM’s Hong Kong-based investment manager Adamas Asset Management (HK) Limited, which invested GBP800,000 in the fund.
ADAM chairman John Croft, says: “In line with the strategic repositioning of the company, we are continuing to plan the orderly disposal of our existing asset portfolio to generate cash for investment in high-yield corporate lending in Greater China, where a large number of
Fundraising for private infrastructure funds has remained strong in 2014 to date, with the 14 funds closing on an aggregate USD8.5bn in Q3 2014 bringing the total raised throughout the year to USD27bn, a small increase on the USD23bn raised over the same period last year. However, capital is further concentrated among a smaller selection of managers, with the number of funds to close falling. Just 28 funds have closed in the first three quarters of this year, compared to 41 in the same period in 2013.
Please click here to download the Preqin Quarterly Update: Infrastructure, Q3 2014
The third quarter of 2014 saw 199 private equity funds reach a final close, raising USD80bn in aggregate capital, representing 21% fewer vehicles and a significant 44% decrease in capital commitments compared to the previous quarter. However, the relatively low number of funds means that the average fund size of USD402m is particularly high. Investors seem to be more inclined to commit capital to the larger, more established private equity fund managers, and these statistics serve as evidence of continuation of the trend seen in the fundraising market last year.
Please click here to download the Preqin Quarterly Update: Private Equity,
Private equity from Providence Equity Partners has agreed to purchase a stake in RentPath, a vertical search company for apartment and home renters, from existing owner TPG.
Under the terms of the agreement, Providence and TPG will own equal shares of RentPath, with management continuing to also have a stake in the company.
The transaction is expected to close by the end of the year.
“We are thrilled to have Providence join TPG in owning RentPath, and extremely gratified by the vote of confidence in our business reflected by their investments,” says Charles Stubbs, CEO of RentPath. “Having
iCapital Network, a new online marketplace connecting qualified investors with private equity fund managers, has closed its second round of financing, raising USD9.25 million from both existing and new investors.
“Our vision at iCapital Network is to transform the private fundraising practice and break down longstanding barriers preventing qualified investors from building the diversified private equity portfolios they desire,” says Lawrence Calcano, managing partner, iCapital Network. “This new round of financing will allow us to continue building out our innovative platform and bring private funds to a broader audience.”
iCapital Network has created a platform that enables qualified investors
Funds advised by CVC Capital Partners have acquired Paroc Group from its existing institutional shareholder group for an enterprise value of approximately EUR700 million.
Headquartered in Helsinki, Paroc is a producer of stone wool insulation in the Nordic and Baltic regions, producing building insulation and technical insulation for the residential and commercial construction markets, as well as various industrial applications. The group has approximately 2,100 employees and a pan-European sales presence, supported by nine production facilities in Finland, Sweden, Lithuania, Poland and Russia.
In a five-year period under the ownership of its current shareholder group, Paroc has grown its
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