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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
By Alain Kinsch & Axelle Ferey – Porter formalised it in the 90’s: innovation is key to competitiveness. Luxembourg’s private equity industry, with the support of Luxembourg authorities, explored this path over the past ten years to establish the Grand Duchy as a European hub for private equity, not only from an international private equity transaction structuring perspective but also from the perspective of a fund structuring and domiciliation hub.
The same approach centered on the concept of innovation was adopted to transpose the Alternative Investment Funds Manager Directive (AIFMD) into Luxembourg law this summer
Indeed, the Law of 15
“It’s about providing efficiencies across asset classes. Whether it’s a limited partnership private equity fund, a FoHFs, a hybrid private equity fund, we offer those efficiencies under one hood, on one platform,” comments Eddie Russo (pictured), solutions consultant at Advent Software on Geneva World Investor, the firm’s integrated solution for portfolio management, investor accounting and servicing.
For private equity firms, the need for system consolidation is starting to grow. Not only are investors becoming more demanding in terms of the level of transparency they require but as the regulatory environment evolves so the need for greater operational efficiency to handle
“In my pan-European view this is the most effective change I’ve seen Luxembourg make in the last 10 years to boost its funds offering to the Private Equity industry,” suggests Justin Partington (pictured), Commercial Director at Ipes – one of Europe’s leading private equity fund administrators with more than USD50billion in funds under administration – in response to the amendments made to Luxembourg’s limited partnership regime.
“Speaking candidly, the SICAR hasn’t really attracted the interest of European private equity fund managers. For French and UK private equity managers in particular, this is a big development.”
Dr Martin Brockhausen, private equity
By James Williams – “What the Special Limited Partnership (SCSp) does is provide a legal vehicle that specifically and systematically addresses every area of concern for private equity managers when they look at what are the available options to them across different jurisdictions,” comments Daniel Richards, partner at Ogier (Luxembourg).
This summer, the Grand Duchy made the strategic decision to revamp its limited partnership regime (the societe en commandite simple or SCS) at the same time as transposing the AIFM Directive into national law. By doing so the message it intended to relay was clear: Luxembourg is ready to support
Contego Fraud Solutions has raised GBP900,000 in the firm’s latest investment round, following early investment in 2012 by seed angels and the Cass Entrepreneurship Fund.
The total raised to date is GBP1.4m.
Investment has been secured from the Rainbow Seed Fund; the Angel CoFund; select business angel groups London Business Angels, Surrey 100 and Thames Valley Investment Network; and new angels who have joined existing angels following-on in this round. Matt Slatter and Howard Sarna, experienced angel investors, have both invested and will join the board.
Contego is a software platform that performs due diligence and risk analysis
Private equity investor New Mountain Capital is to acquire talent acquisition and management specialist Alexander Mann Solutions for GBP260m.
The transaction is subject to EU Competition Commission approval.
New Mountain is investing alongside management who have a significant ownership stake in the company. New Mountain will support Alexander Mann Solutions to further develop its integrated offering of outsourcing and consultancy services which help international organisations to attract, engage and retain their people.
Alexander Mann Solutions was founded in 1996 by Rosaleen Blair (pictured) who will remain as chief executive, supported by her management team.
“This is an
Brookfield Asset Management has held the final close on Brookfield Infrastructure Fund II with equity commitments totalling USD7bn.
The fund will invest in infrastructure, with a focus on transportation, renewable power, utilities, and energy assets in North and South America, Europe and Australasia.
Commitments to the fund exceeded the original USD5bn fundraising target. Investors in the fund include a diverse group of institutional investors, including sovereign wealth funds, insurers, and public and private pension plans. The fund has over 60 investors, half of which are first time investors in a Brookfield fund. Brookfield committed USD2.8bn to the fund.
A group of US investor angels, venture capital firms and major private equity funds will visit Europe next November to meet with European companies seeking funding, equity or project partners.
Firms like Softbank Capital, Rand Capital, K5 Launch, The McLean Group, Maverick Angels or Global Energy Capital will participate in a business meeting to probe the activity and conduct meetings with European companies that are seeking both seed capital (in the case of start-ups, especially in technology), funding for large projects (primarily energy and aerospace), or venture capital investment to boost growth.
The US investment market set its sights
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