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New Enterprise Associates (NEA) has appointed Paul Palmieri, the founder and former chairman and chief executive of Millennial Media, as venture advisor.
Palmieri served as the company's president and CEO from its start in 2006 until January 2014. He brings to NEA more than 20 years of experience spanning mobile, ad tech, data analytics, and the app economy.
"Paul is among the most accomplished, respected and forward-thinking entrepreneurs in the digital advertising industry, and we are thrilled to welcome him to the NEA team," says Patrick Kerins, NEA general partner and co-head of the firm's technology practice. "He will
KKR has partnered with the existing management team of Sedgwick Claims Management Services to acquire majority ownership of the claims and productivity management solutions provider for approximately USD2.4bn.
The business is being acquired from its current group of investors, which includes Hellman & Friedman and Stone Point Capital.
"We couldn't ask for a better partner in the next stage of Sedgwick's evolution," says David A North, president and CEO of Sedgwick. "KKR has an exceptional record of investing in financial services companies and will be a valuable strategic resource for our organisation. We share a commitment to continued innovation
GTCR has held the final closing of its 11th buyout fund, GTCR Fund XI, with USD3.85bn of equity capital commitments.
The fund, which had a target of USD3.25bn, was oversubscribed, resulting in fundraising activity culminating relatively quickly after the fund’s initial launch in June 2013.
“The firm is gratified by the strong support we received from existing and new investors for Fund XI,” says Phil Canfield, GTCR managing director. “This is our largest fund to date and the successful close further supports our investment strategy, which we have pursued for more than 30 years.”
Since 1980, GTCR has
J Rich Alexander, who held a number of senior operating executive positions during a 35-year career at PPG Industries, has joined Advent International as an operating partner.
He will work closely with Advent's chemicals team to identify and evaluate new investment opportunities in the chemicals and materials sector and create value in existing portfolio companies.
Alexander (pictured) serves on the board of directors of Allnex, a supplier of coating resins and additives that Advent acquired last year from Cytec Industries.
Alexander most recently was a member of PPG's executive and operating committees and oversaw the company's global
Kreditech has secured a credit line totalling USD15m from Kreos Capital.
This is the third extension after the initial USD5m loan in September 2013.
The capital is being used to finance the online consumer lending activities in Poland, Spain, Czech Republic, Russia and Mexico.
The company has been diversifying from short-term microloans to consumer-focused finance products, such as unsecured instalment loans, credit cards and innovative products that will be launched soon.
“Kreditech’s impressive growth with constantly improving metrics and highly professional execution and internationalization has impressed us to the extent that Kreos Capital has approved Kreditech’s request
Abacus Group, a provider of hosted IT solutions for hedge funds and private equity funds, has formed a partnership with Global Relay, a specialist in hosted email archiving, messaging and compliance services.
Global Relay will provide a secure, reliable and compliant message archiving solution as part of the AbacusFLEX private cloud platform.
The partnership offers AbacusFLEX clients integration with Global Relay’s compliance archiving and monitoring solution.
The Dodd-Frank Act requires that hedge funds, private equity funds and investment advisors retain and monitor electronic messages. Now, in partnership with Global Relay, AbacusFLEX clients’ email, Bloomberg, Instant Messenger (IM), mobile
Private equity firm Spire Capital has partnered with Grant Evans and the founders of Telekenex, a provider of hosted communications, security solutions and managed network/IT solutions to small and medium-sized business (SMB) and enterprise customers.
The company's offerings include hosted Voice-over Internet Protocol (VoIP), managed access/MPLS services, security solutions and value-added managed services.
This marks Spire's second investment in Spire's third fund.
Founded in San Francisco, California in 1994, Telekenex serves over 800 customers in the US, which range from SMB customers to larger, multi-location enterprises and offer bundled, hosted managed IT solutions to a variety of sectors
New York-based private equity firm AUA Private Equity Partners has promoted Daniel Hodges to senior associate.
Hodges focuses on investments in the consumer, media and business services sectors and has over seven years of private equity and corporate finance experience.
Andy Unanue, managing partner of AUA, says: “We are very pleased to have Dan as part of our team. We believe in cultivating talent and promoting from within our organisation to acknowledge hard work and experience and we intend to foster those efforts in building the best investment team that we can. Dan has proven to be a valuable
Private equity firm Warburg Pincus has appointed Peter Kukielski as an executive-in-residence.
Kukielski (pictured) will work to identify and evaluate investment opportunities in the mining industry globally with a view to forming a new mining company.
Kukielski was previously chief executive of ArcelorMittal Mining where he built the company's global mining business into one of the world's five largest iron ore and metallurgical coal producers.
Prior to joining ArcelorMittal, Kukielski held senior executive positions at several other mining companies, including Teck Resources, Falconbridge and Noranda (now Glencore Xstrata) and Rio Algom (now BHP Billiton).
Kukielski says: "The reduction
Using an AIFMD compliant depositary network offers a range of benefits to support private equity and real estate fund managers.
The requirement for private equity and real estate fund managers to appoint an independent depositary under the Alternative Investment Fund Managers Directive (AIFMD) is a major development and, for many managers, a move into uncharted territory. From an operational point of view, AIFMs are examining in detail the steps they will have to take to become AIFMD-compliant. They are also determining the level of information that they will need to provide to their depositary.
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