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The “patchwork quilt” of regulatory requirements resulting from European Union member states exercising discretion under the Alternative Investment Fund Managers Directive is likely to deter many non-EU firms from operating in the market – but that need not be the case, according to Sturgeon Ventures, the regulatory incubator.
The National Private Placement Regime enables fund managers to market hedge funds in the EU that are ineligible for passporting under the AIFMD, either because they originate outside the European Economic Area or they are managed by non-EEA managers.
It is estimated that around 17 of the EU member states intend
Private equity house WestBridge Capital has exited its investment in Mobile Computing Systems (MCS), securing a 3x return.
MCS, which provides software for construction companies, was the last of the assets WestBridge Capital inherited when it acquired Wales Fund Management in 2008.
Valerie Kendall, a partner at WestBridge Capital, says: “MCS has flourished under our stewardship. From break even five years ago, the company now has strong recurring revenues, healthy profits and a market-leading product.
“Given its exposure to the construction sector, the management team has done extremely well to grow the business, repay historic debt liabilities and
Venture capital firm Highland Capital Partners has appointed consumer media and technology expert Walt Doyle as a venture partner in the firm’s Cambridge, Massachusetts office.
A veteran of both the Bay Area and Boston entrepreneurial ecosystems, Doyle has built companies at the epicentre of mobile, location and payments.
Most recently, Doyle was the general manager of PayPal Media where he managed the product, sales, and operations in building its omni-channel commerce strategy. He joined PayPal through its acquisition of WHERE, a local discovery service and mobile advertising network. Doyle served as CEO of WHERE from 2005 through its acquisition, growing
PNC Riverarch Capital has led an equity recapitalisation of Custom Molded Products (CMP), a manufacturer and distributor of injection moulded plastic components used in spas, pools, and whirlpool baths.
The investment was completed with a co-investment from Florida Capital Partners.
The transaction also included a significant re-investment by the CMP cofounders, William Drury and Charles Li, who will continue to lead the business going forward.
“Our investment in CMP fits well within our strategy of identifying well-positioned companies in attractive and growing end markets,” says Michael Hand, managing director of PNC Riverarch. “We were particularly attracted to the
Abacus Group, a provider of hosted IT solutions for hedge funds and private equity funds, has expanded its application hosting service partnership network.
The Abacus partnership programme provides hedge fund and private equity firms with access to fully hosted and managed business applications on the AbacusFLEX private cloud platform.
By increasing its application hosting service, Abacus offers greater overall business and workflow efficiency to fund managers. Hosting applications in the private cloud also ensures better system resiliency, redundancy and data back-up capabilities, while providing support services from round-the-clock IT staff.
The AbacusFLEX private cloud platform enables funds to
New York private equity firm Arsenal Capital Partners has named Shawn Abrams as an operating partner in the firm's specialty industrials group.
Abrams brings 30 years of experience in the global chemicals and materials industries, most recently serving as president of Grace Catalysts Technologies.
"We have developed a powerful team of operating partners and a network of executive advisors who represent top talent within their respective fields and they bring immediate value to our investments as we grow those businesses in their targeted industries," says John Televantos, a partner who co-heads Arsenal's specialty industrials group. "Shawn is an extremely
Trilantic Capital Partners has held the closing of Trilantic Capital Partners V (North America) LP, a USD2.2bn private equity fund investing in the business services, consumer, energy and financial services sectors.
Fund V North America exceeded its initial target of USD2.0bn and the size of its previous fund of USD1.9bn.
Trilantic V North America is Trilantic's first standalone fund following its emergence from Lehman Brothers Merchant Banking in 2009.
"We saw strong interest from both current and new investors in this round of fundraising," says Charlie Ayres, chairman of the Trilantic executive committee. "We are grateful for this
US executives are confident about 2014 deal activity, but increased volumes will rely on clear signs of an improving economy and political stability, according to EY Americas transaction advisory services.
US M&A activity declined 9.2 per cent in 2013, with 7,656 deals this year compared to 8,428 last year.
Meanwhile, US deal values grew to USD838.6bn in 2013 from USD685.2bn in 2012, a 22.4 per cent increase, due to a number of headline-grabbing mega-deals.
Although there has been a drop in overall deal activity over the past 12 months, 41 per cent of US executives expect to pursue
BNY Mellon has launched a new service for fund managers that helps them identify, aggregate and manage the regulatory reporting requirements of the Alternative Investment Fund Manager’s Directive (AIFMD).
Under AIFMD, alternative investment fund managers (AIFMs) must file a specifically formatted report with their home member state’s supervisory authority, or national competent authority.
The report requirements are extensive and cover aspects of both the fund manager and the fund, such as investment strategies, exposures, portfolio concentration, total value of assets under management, principal markets and instruments in which investments are made, plus detailed information on the funds’ risk profile.
Quercus Asset Selection, a company which specialises in infrastructure investments with a focus on renewable energy, has acquired a 27.7MW solar photovoltaic project from Good Energy.
The project is already under construction and will be connected by March 2014.
The project, one of the largest in UK, will be built in Milford Haven in Pembrokeshire (Wales), for a total value of GBP30m. The asset will form part of Quercus Renewable Energy Fund II, one of the funds managed by Quercus Assets Selection.
This follows the recent acquisition of a 14MW project in Cornwall and a pipeline for 254MW.
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