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Increased competition, innovative structures and the use of leverage have caused the trading of secondary interests to be more efficient in H1 2014 with improved processes, whilst offering better prices to vendors.
That’s according to a report from Cattegatt Secondaries, a specialist broker for private equity and illiquid hedge fund assets.
Over the same period, the majority of deal flow continued to be originated in Europe and the US, but significantly there has been increased activity from Asia.
Deal flow in the US has been caused largely by portfolio rebalancing, with LPs consolidating their exposures into their preferred
Macquarie Capital, the corporate advisory and capital markets arm of Macquarie Group, has appointed David McShane as a senior managing director and US head of equity capital markets.
McShane will join Macquarie from Bank of America Merrill Lynch, where he served as managing director and head of US energy and power equity capital markets.
McShane joined Merrill Lynch in 2006, having previously worked in equity capital markets at Lehman Brothers. Since joining Bank of America Merrill Lynch, McShane has executed close to 300 bookrun transactions raising a total of USD136 billion.
“I am delighted to welcome David to
Zoyi Capital has invested in Quaser Machine Tools, a machine tool manufacturer in Taiwan specialising in high-precision and multi-axis machine centres.
Quaser manufactures and sells machine centres primarily under its own brand and has also secured original equipment manufacturer partnerships.
To capture new growth opportunities, the company has a continuous focus on product development including new product launches and market expansions. This has led to a strong global presence, with over 30 distributors worldwide and service centres in Switzerland, China and Taiwan.
“Zoyi Capital has identified favourable industry trends for high-end machine tool manufacturers, driven by economic recovery
Growth private equity firm Keensight Capital has held a first close of EUR200 million for its new fund Keensight IV.
With this fund, the fourth vehicle to be managed by the investment team, Keensight Capital will continue to execute the same strategy it has pursued with success throughout the years.
Keensight Capital supports entrepreneurs in their growth projects by investing amounts ranging from EUR10 million to EUR30 million, with or without leverage, in minority or majority shareholding positions.
The Rothschild Group has invested in the fund, along with various European institutional investors, such as pension funds, insurance companies
Chatham Financial has launched new services within its consulting practice and ChathamDirect Software-as-a-Service (SaaS) platform to help fund managers navigate the Alternative Investment Fund Management Directive (AIFMD) and the European Market Infrastructure Regulation (EMIR).
Compliance with the new requirements presents significant challenges for the asset management industry, as funds will soon be required to value assets, debt, and derivatives independently from portfolio management.
Beginning 22 July, AIFMD will require registered fund managers, among other things, to independently value all of their assets and liabilities, including derivatives. Firms will also be required to adopt detailed valuation policies and procedures as
PS Sà rl, which is majority-owned by the funds managed by private equity firm Palamon Capital Partners, has sold its investment in PS TopCo GmbH to an undisclosed investor.
PS TopCo is a parent of Prospitalia. Over the term of its investment in PS Sà rl, Palamon has generated a return of 3.0x on capital invested.
Prospitalia is a group purchasing organisation (GPO) in Germany, providing procurement services to more than 900 hospitals and healthcare facilities across the country to help lower the cost of goods purchased. The company currently reports a pooled purchasing volume of EUR1.2 billion.
Palamon
Law firm Morgan Lewis has advised London-based Blue Water Energy (BWE), an energy focused private equity firm, on its investment in Dubai-based Unique Maritime Group (UMG).
BWE was founded in 2011 and closed its Fund I in 2013 with USD861 million in commitments.
Fund I’s investment strategy is focused exclusively on the energy industry with core sub-sector focus areas including oilfield services, manufacturing, storage and logistics, and reserve development.
UMG is an integrated turnkey subsea and offshore solution provider, with local presence in the Middle East, US, UK, South Africa, Nigeria, India and Singapore. It employs over 500
Private equity firm Lariat Partners has held the final closing on Lariat Partners Fund I at USD118 million.
The firm has closed three of an anticipated five Fund I platform companies since November 2013, including its most recent deal in March: the USD100 million acquisition of Newpark Environmental Services through a newly formed entity called ecoserv.
With its uncommon “hybrid” fund approach (only five anticipated platform investments instead of the typical 10 to 12 platforms), Lariat Partners is able to acquire considerably larger deals than its fund size would indicate. Lariat is targeting platform investments with EBITDA of USD2
Actis, the pan-emerging markets private equity firm, has appointed Shami Nissan as a director in the responsible investment team.
Nissan is based in the London office and takes up her post with immediate effect.
Nissan joins Actis with over 13 years’ experience in responsible investment, primarily serving the private equity and financial services sectors. Her most recent post was as a member of PwC’s sustainability and climate change team.
Prior to this, Nissan led the London business of Innovest Strategic Value Advisors, providing sustainability research and analytics to institutional investors and asset managers. Nissan has also worked with
Alternative investment management firm Tennenbaum Capital Partners has opened an office in San Francisco, expanding the firm’s platform and adding expertise in the energy technology sector.
The San Francisco office will be led by head of energy technology Todd Jaquez-Fissori, managing director of Tennenbaum Capital Partners and TCP Capital Corp.
"Our entry into Northern California, just one year after the firm's first geographic expansion to New York City, continues an exciting growth phase for our business and further enhances the scale and depth of our origination and servicing platforms," says Rajneesh Vig, managing partner of Tennenbaum Capital Partners and
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