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Kurma Partners’s Biofund II, the first venture capital fund dedicated to financing innovation in the rare diseases space, has made its maiden EUR7.5 million investment in Oxthera, a Stockholm-based biopharmaceutical company.
OxThera is currently conducting a placebo-controlled clinical trial with Oxabact in patients with primary hyperoxaluria at seven clinical sites in three countries.
Primary hyperoxaluria (PH) is a rare autosomal recessive disorder leading to markedly elevated levels of endogenous oxalate in plasma and urine. High levels of urinary oxalate cause kidney damage, including calcification of the kidney. If left untreated, the disease can cause kidney failure and premature death.
The California State Teachers’ Retirement System (CalSTRS) has committed USD200 million to diversify its Private Equity Proactive Portfolio, which reaches small, niche emerging managers including those in under-served domestic markets.
This latest commitment expands the programme, established in 2003, to USD1.9 billion.
The programme adds a new partner, Chicago-based Muller & Monroe Asset Management, with a USD100 million commitment.
BAML Capital Access Funds Management (BAML, a subsidiary of Bank of America Corporation), an existing relationship, is expanding with another USD100 million commitment.
CalSTRS will invest in Muller & Monroe’s USD400 million commingled fund, known as the M2
PGGM Vermogensbeheer has appointed Citi as the depository bank for its range of alternative investment funds.
The appointment extends the existing long-standing relationship between the two.
Citi established its depositary facility in the Netherlands in July 2013 following the implementation of the Alternative Investment Fund Managers Directive (AIFMD). The bank is now able to support locally-domiciled funds with independent depositary capabilities, including oversight of funds’ service providers, safekeeping of funds’ assets and daily automated monitoring of funds’ investment guidelines and regulatory restrictions.
“We are delighted to welcome PGGM’s fund range as the first live clients for our Dutch
Maven Capital Partners, a private equity and alternative asset manager, has secured GBP7 million of funding for a hotel development using the benefits of Business Premises Renovation Allowance (BPRA).
The deal will see the purchase of Telfer House, an empty office building in Glasgow’s Merchant City, for refurbishment into a 96-bedroom ibis Styles hotel, which will be managed by the UK’s largest specialist hotel management company, RedefineBDL.
The deal represents Maven’s second hotel refurbishment project in the past year using the tax incentives available from BPRA. In April 2013, Maven secured a GBP4.6 million funding package for the redevelopment
Paul Stratford, Director in Wealth and Asset Management, EMEIA, EY comments on the passing of UCITS V…
The Asset Management industry will be experiencing a kind of relief that UCITS V has been passed before the parliamentary elections in May. There has been considerable political debate about the UCITS V, not least about remuneration, and an influx of new MEPs could have risked a time-consuming re-run of the debate. Now at least Managers know what they have to grapple with.
In terms of next steps, it is up to ESMA to come up with technical guidance on implementation. ESMA has
Alternative asset manager The Carlyle Group has held the final close of Carlyle Sub-Saharan Africa Fund (CSSAF), reaching USD698 million, almost USD200 million above its initial target of USD500 million.
Marlon Chigwende, managing director and co-head of the Sub-Saharan Africa advisory team, says: “The success of the fundraising reflects investors’ appetite for the strong economic growth that the region has experienced over the last decade, as well as the prospects for future economic development across the continent. Carlyle is one of the first global alternative asset managers to launch a dedicated Sub-Saharan African fund and we are grateful for the
Coal Grill and Bar (t/a Charterhouse Leisure Ltd) has secured additional growth funding from Beringea and venture capital investors Octopus Investments, along with bank finance, to continue its expansion.
With six high volume casual dining restaurants already established in Basingstoke, Bristol, Bristol Waterside, Exeter, Meadowhall in Sheffield and Milton Keynes, Coal Grill and Bar will this year open new restaurants at locations including Cheshire Oaks, Gloucester Quays and Swindon.
The company is working with Savills’ London office to secure up to six restaurants per year for the next three years.
Stuart Veale, managing partner at Beringea, says: “Coal
Kinetic Partners, the global financial services advisory firm, has made two promotions in its team in Hong Kong.
AnnMarie Croswell has been promoted to member and Katrina Banh to associate director within Kinetic Partners regulatory compliance team in Hong Kong.
Since establishing in Hong Kong two years ago, Kinetic Partners has seen significant growth in the number of clients based in Hong Kong requesting support for Securities & Futures Commission (SFC) and Securities and Exchange Commission (SEC) registration, as well as on-going compliance advice.
Demand from larger firms and investment banks for support with transaction monitoring and reporting
The Abraaj Group has, through one of its funds, acquired a stake in Kool Food, a Moroccan chocolate confectionery manufacturer based in Casablanca.
Kool Food was founded in 2010 by entrepreneur Anas Lahlou and specialises in developing, producing and selling chocolate confections, powder drinks as well as other sweet and salted food products under its own brand.
Kool Food offers several categories of products which are sold locally as well as exported to countries in the Maghreb region, including Algeria and Tunisia. The company is one of the few chocolate-based product manufacturers in the region targeting the fast-growing mass
LoneStar, backed by private equity firm AEA Investors, has bought Hydrobolt, a manufacturer and distributor of high integrity fully traceable specialty fasteners, machined components, and flanges and fittings predominately servicing the global oil and gas and power generation markets.
The transaction, which has been managed by Rothschild, represents an exit for the Octopus Eclipse Venture Capital Trust (VCT) fund.
Octopus first invested in Wolverhampton-based Hydrobolt in April 2008, when the venture capital investor backed the management buy-out of Hydrobolt. Since then the company has grown substantially, both organically and via acquisition.
Jamie Simpson, managing director of Hydrobolt, says: “Since
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