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KKR & Co is to acquire Avoca Capital, a European credit investment manager with approximately USD8bn in assets under management.
Financial terms of the transaction have not been disclosed.
Founded in 2002, Avoca is an investment firm specialising in the European leveraged credit markets. Avoca invests across five strategies – European loans and bonds, credit opportunities, long/short credit, convertible bonds and structured and illiquid credit. The Avoca platform has experienced strong inflows in recent years as institutional investors seek access to credit asset classes with a focus on attractive returns and downside protection.
Henry Kravis (pictured) and George
Guernsey Finance has welcomed an announcement from the Channel Islands Stock Exchange (CISX) that it is once again open to considering new listing applications.
A statement published on the CISX website says that it is “gradually able to apply more capacity at this stage of proceedings to consider new listing applications with no apparent suitability issues.”
Fiona Le Poidevin (pictured), chief executive of Guernsey Finance – the promotional agency for the island’s finance industry internationally, says: “We welcome the announcement from the CISX that it is now once again open to considering new listing applications. This not only demonstrates determination
INDOS Financial, the independent Alternative Investment Fund Management Directive (AIFMD) depositary business, has made two senior advisory and management appointments.
Des Quigley, former Managing Partner of Ernst & Young Ireland, has been appointed non-executive director.
Paul Whelan, Head of Depositary Services, will join on 1 November 2013 from BNY Mellon Trust Company (Ireland) Limited.
Bill Prew, Founder and CEO of INDOS Financial, says: “We are very excited that Des has joined our board as non-executive director and that Paul will join our management team. Together they bring considerable financial services, hedge fund and trustee expertise to the business. These appointments
ACOLIN has teamed up with Renovaré Global, an independent consultancy, specialising in risk and operational due Diligence for off-shore funds, to provide representation for EU-AIFs and non-EU AIFs for distribution to qualified investors.
The revised Collective Investment Schemes Act (CISA), which came into effect on 1/3/2013, requests foreign funds that want to distribute exclusively to qualified investors, to designate a Swiss legal representative and a paying agent until 28/2/2015 at the latest. In its Distribution Circular 2013/09, the Swiss Financial Market Supervisory Authority (FINMA) has solidified the requirements of market participants.
ACOLIN Fund Services will now offer the firm’s comprehensive
Bermuda’s asset management sector has launched a high-level targeted business development roadshow in New York designed to attract asset management and fund business to Bermuda.
Emphasis is being placed on the recent moderniszation of Bermuda’s fund legislation which facilitates fast-track fund registrations.
In collaboration, the Bermuda Ministry of Economic Development, the Bermuda Business Development Agency (BDA) and its Asset Management Focus Group and Innovation Committee, along with a group of leading Bermuda business executives, lawyers, fund administrators and accountants, provided the necessary resources to support this business development initiative.
The initiative was launched with an exclusive reception at
Palatine Private Equity has made two new additions to its team with the appointment of Andy Strickland as Investment Manager and Ben Jones as Business Development Manager.
Strickland joins Palatine’s southern-based investment team from Clearwater Corporate Finance where he worked as an Assistant Director in the firm’s technology team. During his four years with Clearwater he worked on a number of domestic and international transactions including private equity backed buyouts, company disposals and asset sales. He is a qualified chartered accountant and has a degree in economics from Nottingham University.
Strickland will work alongside Palatine Partner, Tony Dickin and
Russia-China Investment Fund (RCIF) has completed the acquisition of a 42% stake in RFP Group (Russian forest products group).
RCIF’s investment in the company will support the construction of the “Centre for deep wood processing”, the biggest in the region.
The investment by RCIF supports the company’s strategy to further develop high value-added wood processing. The company recently commenced operations of a new manufacturing facility with production of premium larch veneer for the Japanese and Chinese markets. Furthermore, the company will utilize financing from shareholders, as well as debt financing, to construct a sawnwood plant scheduled to launch in
Power Capital Holdings has launched a new global power sector private equity firm, Power Capital Partners LLC (PCP) in partnership with Hunt Power Capital Partners, LLC (HPCP).
PCP is based in White Plains, New York, with a regional office in Austin, Texas.
PCP's creation results from the combination of a highly qualified and deeply experienced investment team with a leading global energy sector developer and investor.
The PCP executive management team includes Co-Founding Managing Partners Jeffrey S Stein, K Mitchell Posner and Jeff D Hunter. The Managing Partners have over 70 years of combined asset management, investment and operating experience
Active investor MMC Ventures has expanded its team with the hire of Camilla Dolan, as Investment Manager, and Anna Slemmings, in Marketing.
Before joining MMC, Dolan was a Case Team Leader at Bain & Co where she specialised in fin-tech. She has an MA in Law from Merton College, Oxford University. Prior to University she founded an equine business. As an Investment Manager, Dolan will source new deals and execute both new deals and follow on funding.
Previously at Raconteur, publisher of independent special interest reports exclusively for The Times and The Sunday Times, Slemmings joins the MMC marketing team
Global law firm White & Case LLP is strengthening its EMEA private equity practice with the addition of partners Ian Bagshaw and Richard Youle in the London office.
Bagshaw and Youle are recogniszed leaders in private equity, with extensive experience in all forms of leveraged M&A and portfolio assistance, including restructuring advice. They will join from Linklaters, where they co-headed the private equity group.
“As the European economy continues its recovery, private equity in Europe will see increasing opportunities,” says John Reiss, head of the White & Case Global Mergers & Acquisitions Practice. “The addition of these talented individuals
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