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Alternative mutual funds, also referred to as liquid alternatives or hedged mutual funds, are becoming a lot more popular with private fund managers. This has largely been driven by the requirement for hedge fund managers to register as investment advisers with the SEC. Prior to this, unregistered managers were not allowed to manage assets on behalf of US mutual funds. Now they can.
Last summer Fidelity’s Portfolio Advisory Service invested USD1bn in the Blackstone Alternative Multi-Manager Fund, in addition to joining forces with Arden Asset Management to introduce a multi-manager alternative fund. This is a big opportunity for fund of hedge fund
Private equity firm Encore Consumer Capital has completed the sale of its portfolio company, tarte Inc, to KOSÉ Corporation, a Tokyo-based global cosmetics business with a primary focus on Asia.
tarte is a natural cosmetics company based in New York.
Kevin Murphy, managing director of Encore Consumer Capital, says: “It has been a great privilege and a lot of fun for us at Encore to have partnered with Maureen Kelly, Scott McDonough and the rest of the amazing team at tarte since our investment in 2010. The company’s performance over that time has been nothing short of extraordinary, and
Water Street is to acquire a majority interest in Take Care Employer Solutions, a subsidiary of Walgreen Co that manages more than 360 US worksite health centres.
Water Street also has signed an agreement to simultaneously invest in CHS Health Services, a premier provider of more than 130 worksite health centres.
Water Street will merge Take Care Employer Solutions and CHS to form a new company dedicated to providing worksite health centres that improve the cost and quality of employee health care. The new company will have more than 85 years of combined experience in employer health solutions and
Collas Crill has appointed Elena Moran as a group partner in its Jersey commercial dispute resolution team.
An experienced commercial litigator who focuses on trust and commercial litigation, with a specialism in employment and media law, Moran will join the firm at the end of April.
It is a return to Collas Crill for Moran, who previously worked at the firm when she moved to the island in 2002.
Collas Crill senior partner Nuno Santos Costa says: "We are delighted to welcome Elena to our team. Elena brings first class technical skills and a wealth of knowledge in
European private equity investor Idinvest Partners has closed its second fund aimed at secondary deals at EUR214m, beating the fund’s initial EUR200m target.
Idinvest Secondary Fund II (ISF II) will follow its predecessor fund by focusing on mature secondary transactions in the European small and mid-market.
Christophe Bavière, CEO of Idinvest Partners, says: “We are very grateful for the support shown by our investors, some who have been with us for more than a decade. We are also pleased to have attracted new institutional investors and family offices, from Europe, North America and Asia, totalling over 35 per cent
Matheson has agreed to purchase Investec’s Irish investment funds and debt securities listing business.
The acquisition is expected to complete shortly, following approval from the Irish Stock Exchange.
Investec’s listing unit assists applicants seeking to list investment fund shares or structured debt securities on the Irish Stock Exchange. The origins of Investec’s listing unit can be traced back to the 1980s when, as part of NCB Stockbrokers, it arranged the first listing of investment fund shares on the Irish Stock Exchange.
Liam Quirke, managing partner at Matheson says: “International companies and financial institutions doing business in and through
The London IPO market has had as strong a first quarter performance as any seen in the last 20 years, with 24 IPOs (Main Market and AIM) raising cumulative funds of GBP3.9bn, according to EY’s latest IPO Eye.
The retail sector accounted for the lion’s share of activity, with eight IPOs raising cumulative funds of GBP2.4bn, accounting for 60 per cent of total funds raised.
On the main market, there were eight IPOs over the first three months, raising total funds of GBP2.7bn, with five of these listings originating from the retail sector: McColl’s, AO World, Pets at Home,
BaltCap has acquired a controlling interest in Ecoservice UAB, a waste management company in Lithuania.
BaltCap Private Equity Fund II (BPEF II), advised by BaltCap, will control 75 per cent of shares of Ecoservice.
The remaining 25 per cent of shares will remain with previous owner City Service, AB. The value of transaction is EUR14.9m (100 per cent equity value).
“BaltCap’s strategy is to invest in attractive, leading companies with growth potential in the Baltic States. As one of the leaders in the growing recycling services market, Ecoservice meets these criteria. The company has an experienced and ambitious
Lower middle market private equity firm Spire Capital has acquired Accuship.com, Iron Data Solution's transportation spend management division (Iron Data TSM).
Iron Data TSM provides software-enabled transportation spend management solutions allowing global enterprises to optimise their transportation spend.
The company's network of more than 8,000 connections with trading partners and the resulting unique access to timely transportation spend data supports the company's advanced analytics for end-to-end transportation spend visibility and management.
Spire acquired all of the interests of the company from Iron Data Solutions. This marks Spire's third investment in its third fund, Spire Capital Partners III.
Nujira Ltd, a specialist in Envelope Tracking (ET) technology, which improves battery life, boosts signal strength and increases data rates in 4G mobile phones, has raised USD20m (GBP12.2m) of working capital.
The cash will be used to ramp up production of Nujira’s Coolteq chips and support further product development.
Each of the existing angel and major investors participated in the round including CCC Private Equity, Amadeus Capital Partners, Environmental Technologies Fund, SAM Private Equity and NES Partners. In addition, Investec Bank introduced new investors to the company including GAM (on behalf of its GAM Star Technology strategy) and Investec as well
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