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OrbiMed, an investment firm focused on the healthcare sector, has closed its next venture capital fund, OrbiMed Private Investments V, with just over USD735m in commitments.
That total includes approximately USD36m from the general partner. Investors in the fund include some of the largest endowments, foundations, sovereign wealth funds and financial institutions globally.
Consistent with its predecessor funds, the new fund will invest in all stages and sectors of the healthcare industry, with a focus on biopharmaceutical, medical device, and diagnostics companies located in North America and Europe. The new fund is expected to invest in approximately 30 portfolio
Babson Capital Management has provided subordinated debt and made an equity co-investment to support High Road Capital Partners’ acquisition of SMB Machinery Systems.
Babson Capital was the sole provider of subordinated debt for the transaction.
Founded in 1993 and based in Ball Ground, Georgia, SMB Machinery Systems is a provider of used packaging and process equipment to the food and beverage industries.
“High Road Capital Partners is pleased to work with Babson Capital’s mezzanine and private equity group on our investment in SMB Machinery Systems,” says Benjamin Schnakenberg, High Road principal. “Babson Capital’s deep experience and expertise in
Olympus Partners has sold its investment in Neptune Finance CLS.
Olympus formed Neptune to create a diverse portfolio of senior second loans in April 2008 to take advantage of the massive decline in the pricing of senior loans due to the fear in the financial markets.
Olympus more than doubled its investment in Neptune over the period.
This investment is a continuation of Olympus’ focus on financial services transactions which have accounted for more than 20 per cent of the capital invested over the life of its funds.
Financial services investments have included insurance and reinsurance carriers
Law firm Eversheds has advised the UK arm of private equity group Baird Capital on its purchase of a majority stake in Alpha Financial Markets Consulting.
Alpha is a provider of management consultancy services to the asset and wealth management industries. The transaction values the company at GBP28m.
Founded in 2003 by Nick Kent and headquartered in London, Alpha provides a range of consulting services with respect to back and front office improvements, information technology, benchmarking, acquisition integration, compliance, and regulatory and operational improvements. Alpha employs almost 100 consultants and has locations in Luxembourg, New York and Paris, servicing
Franklin Templeton Private Equity Strategy (FTPES), a fund advised by Darby Private Equity, has sold its equity holding in Symbiotec Pharmalab to private equity firm Actis.
Symbiotec, based in Indore in Central India, is engaged in research, development, manufacturing and marketing of research based active pharmaceutical ingredients for corticosteroids and hormones. Symbiotec has over 200 customers, including large multinationals as well as generic pharmaceutical companies.
FTPES, a fund advised by Darby, invested in Symbiotec in September 2011 to support its growth and backward integration plans.
FTPES was established in 2008 with total initial capital commitments of around Rs
The Abraaj Group has sold its entire stake in Tunisian pharmaceutical company Opalia Pharma to Recordati, an international pharmaceutical company listed on the Italian stock exchange.
The Abraaj Group invested into Opalia in 2009 and the deal marks the group’s first realisation in the Tunisian market. Over the past four years, Abraaj’s involvement with Opalia helped increase sales by 2.5x.
In addition to Abraaj’s stake, Recordati has agreed to acquire a total of 90 per cent of Opalia.
Opalia Pharma is a Tunisian pharmaceutical company with headquarters in Ariana, a suburb of Tunis. The company was established in
Vopne Capital, a San Francisco based private investment firm, has launched its first fund, Vopne Capital Fund I, with USD20m of equity capital.
Vopne Capital is focused on acquisitions, recapitalisations and financings of companies in the lower middle market, businesses with EBITDA of USD1m to USD5m.
“We’re excited to launch the fund,” says Jim Bloom, managing partner at Vopne Capital. “The lower middle market contains great companies whose access to capital is limited. Vopne Fund I provides us with dedicated capital for small business owners looking to sell, recapitalise or transition ownership of their company.”
Vopne is actively
InvestKL, Malaysia's capital city-investment agency, has called on British companies in the oil and gas, business services, technology and healthcare sectors to locate their Southeast Asian headquarters in Kuala Lumpur.
Speaking against the backdrop of the 9th World Islamic Economic Forum in London, Zainal Amanshah (pictured), chief executive of InvestKL, emphasised Kuala Lumpur's de-facto Pivot into Southeast Asia, stressing its strategic location and strong regional connectivity to neighbouring energy and technology markets in Southeast Asia as a key strength.
Along with Malaysia's position as one of the fastest growing and politically-stable economies in the region, he said that British
Luxembourg issued a clear signal of intent this year. Not only was the Grand Duchy one of the first EU Member States to implement the AIFM Directive on 15 July 2013, it also made significant amendments to the 1915 Company Law, within which the limited partnership regime is defined.
There are two key developments – the first is a revamp to the existing SCS (Société en Commandite simple), the well-known corporate limited partnership without shares. The second is the creation of a new Société en Commandite Spéciale (SCSp); a special limited partnership that is very similar to the well-known common
Closely understanding the needs of its private equity clients has led to KPMG Luxembourg’s corporate finance team re-engineering the valuation process to make it as cost efficient as possible.
Valuation is a well-known subject but until now private equity firms have never really entertained the idea of outsourcing the task. After all, they are the ones with intimate knowledge of their portfolio companies and many use bespoke calculations to price their book. “We have engaged in a number of discussions with private equity houses to explore how we could improve their valuation reporting either for internal purposes or for investor/regulator
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