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HIG Capital has completed the sale of its portfolio company MagnaCare to an investor group led by an affiliate of Goldman Sachs, Pamplona Capital Management, and the MagnaCare management team.
Based in New York, MagnaCare is a health plan services company offering a broad range of healthcare administrative services and access to a proprietary provider network of approximately 95,000 individually contracted physicians, hospitals and other healthcare providers.
MagnaCare currently provides services to approximately 850,000 members and manages approximately USD1.5bn of annual health care expenses.
After acquiring MagnaCare in 2010, HIG partnered with management and invested significant resources in
Rothschild Merchant Banking arm has completed the final closing of Oberon Credit Investment Fund I, its European secured credit fund.
Rothschild worked with Key Capital to place this unlevered six-year closed end fund.
The Oberon fund is an actively managed credit fund invested in a diversified portfolio of secured debt within leading European LBOs. The fund targets a seven to nine per cent net IRR, via quarterly cash distributions, offering low volatility of returns and access to assets via an investment adviser.
The Oberon portfolio presently consists of c60 per cent 2013 primary issuance, with the balance selected
James Oussedik has joined Sidley Austin’s London office as counsel.
He will be a senior member of the firm’s investment funds practice, which is dedicated to structuring and advising investment funds and advisers.
Oussedik’s appointment follows that of Stephen Ross, who joined Sidley’s investment funds practice as partner earlier this year and heads Sidley’s London investment funds group.
Oussedik has significant experience in advising fund sponsors on the establishment and maintenance of investment funds and managed accounts, as well as in advising institutional investors in relation to proposed investments. He has represented a broad range of investment fund
As the initial problems of ‘Obamacare’ are ironed out, Simon Laing, Head of US Equities at Invesco Perpetual, looks at the effect this may have on the US healthcare sector in 2014…
Obamacare is the informal name that has been given to the Patient Protection & Affordable Care Act that was signed into law in 2010. Its major initiative of providing affordable health insurance to all US citizens started rolling out in 2013. But it’s been an inauspicious start with its well-publicised website enrolment problems, preventing most people from taking out coverage.
President Obama has had to enact several
Aldermore has raised GBP40m of new capital from institutional investors Toscafund and Lansdowne Partners.
The new funding was initiated and managed by its founding sponsor, AnaCap Financial Partners.
The new funds will enable Aldermore to continue to meet the demand for its accounts and services from both retail customers and small to medium sized enterprises (SMEs). Aldermore now has over 100,000 retail customers, with deposits exceeding GBP3.3bn and lending to SMEs and homeowners reaching GBP3.4bn. The bank recorded a profit of GBP9.2m in the first half of the year.
The deal will also establish a wider dialogue with
Fewer than 20 per cent of alternative investment fund managers (AIFMSs) have submitted an application to their local regulator for Alternative Investment Fund Managers Directive (AIFMD) authorisation.
That’s the finding of new research from BNY Mellon, which comes just six months before full implementation of the directive.
Given that securing authorisation typically takes a number of months, bottlenecks and delays are now likely to develop, putting even greater pressure on AIFMs, depositaries and services providers as they seek to implement the necessary changes in time for July’s deadline.
In a similar survey conducted by BNY Mellon in July
The Russian Direct Investment Fund (RDIF) and the European Bank for Reconstruction and Development (EBRD) are making a joint investment in Cotton Way, a Russian commercial laundry and textile management company.
RDIF and EBRD will together invest RUB3.6bn (USD109m), with each party contributing 50 per cent.
The funds will be used by Cotton Way to continue to invest in facilities by constructing high efficiency laundry factories in key regions of Russia to further strengthen its market position and diversify its customer base.
Cotton Way provides commercial laundry and textile rental services to both local and national state organisations,
Chris Kuenne, who founded digital marketing agency Rosetta in 1998 and sold it to Publicis Groupe in 2011 for USD575m, is retiring from the company to launch Rosemark, a private equity firm.
Kuenne (pictured) also intends to focus on his teaching of high-tech entrepreneurship at Princeton University.
In growing the company over 15 years, Kuenne created the first consulting-centred digital agency focused on personalised life cycle management
In his new role as founder and CEO of Rosemark Capital Group, Kuenne plans to bring both financial support and operational experience to the firms in which Rosemark will invest.
"It's
Palatine Private Equity has appointed Charlotte Ashton as business development director.
Ashton joins Palatine from Grant Thornton Corporate Finance where she worked for three years, initially in Manchester and then later in London focusing on specialist sectors.
She worked on a wide range of transactions including Edward Billingtons acquisition of Bar Foods, the sale of Electricity Network Solutions to the French group SPIE and the sale of The Mansfield Group to South African logistics group Bidvest.
Ashton joins the team in a national role focused on developing relationships with high growth, entrepreneurial businesses as well as the corporate
Major institutional investors are poised to increase their allocations to alternative investments, with a bias towards real estate and real assets, during 2014, according to a survey by BlackRock.
Approximately half of institutions surveyed – 49 per cent – expect to increase their real estate allocation and over 40 per cent indicated they will increase their investment in real assets this year.
At the same time, about one-third of the institutional investors surveyed intend to reduce their cash holdings in 2014.
“Institutional investors are seeking to build portfolios better suited for an investment landscape characterised by low yields,
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