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Confie Seguros, a portfolio company of private equity firm ABRY Partners, has appointed Darrin Silvera as chief revenue officer.
The national insurance broker, focused on the non-standard auto insurance needs of the Hispanic consumer, created the new role to support the company’s rapid growth and continued plans for expansion.
"Darrin’s extensive sales and operational experience, as well as proven strength in leadership will add tremendous value to Confie Seguros," says Joe Waked, Confie Seguros’ chief executive officer. "He will be a key player in driving Confie Seguros forward to its goals of accelerated growth and enhanced customer experience.
Wharton Equity Partners has taken title to one of the largest remaining undeveloped parcels of land in the Miami CBD, a full city block comprised of approximately 2.2 acres.
The property was acquired through a deed in lieu of foreclosure on a note that Wharton Equity purchased from IberiaBank earlier in 2013. The note was acquired with an institutional partner in an all cash transaction that closed in under 30 days from contract signing.
The partnership has begun evaluating options for the property including development, joint venture and/or sale.
Known as the "Burdines Site," the property
Investcorp has acquired Paper Source, a multi-channel retailer offering a selection of uniquely designed and curated gifts, stationery and crafting supplies.
Investcorp purchased Paper Source from Brentwood Associates, a Los-Angeles-based private equity firm. Terms of the transaction have not been disclosed.
Catering to customers seeking innovation and original designs, Paper Source sells a unique selection of fine and artisanal papers, invitations and announcements, personalised and distinctive gifts, gift wrap, greeting cards, custom stamps, and a custom collection of envelope and cards through its company-owned retail stores. Headquartered in Chicago, Illinois, Paper Source operates 73 stores across 23 states.
Houlihan Lokey, the international investment bank, has launched a practice focused on intermediating illiquid financial assets on a global basis.
The illiquid financial asset (IFA) practice will incorporate the firm’s existing secondary advisory (SA) group and will build upon Houlihan Lokey’s transactions with banks, insurance companies and other asset-heavy financial institutions seeking to dispose of loan pools, liquidating hedge funds, stalled private equity funds, limited partnership interests, minority equity positions, life settlements, pharmaceutical royalties, operating leases, and intellectual property among other illiquid asset classes.
The newly configured practice will be led by secondary advisory group co-heads Jeff Hammer
Peak Rock Capital has held the final closing of its initial investment vehicle Peak Rock Capital Fund with committed capital of USD700m.
The fund was oversubscribed and greatly exceeded its initial target of USD400m.
The fund’s limited partners include private pension, public pension, sovereign wealth, foundation and endowment, fund of funds, and other institutional investors.
The fund is focused on making debt and equity investments in middle market companies where it can support management in driving rapid growth and profit improvement through operational and strategic changes.
Anthony DiSimone, chief executive officer of Peak Rock, says: "We
FNEX has launched FNEX.com, an online marketplace for alternative investments, including placements in private companies, hedge funds and managed futures accounts.
The web-based platform provides accredited investors, family offices and institutions access to investment opportunities offered by investment banks and funds across the US.
"FNEX is a centralised marketplace where investors and offering groups can connect and complete strategic transactions all on a single platform," says Todd Ryden, chief executive of FNEX. "Our unique and streamlined process caters to experienced, savvy investors who are looking for a simple sourcing platform that provides them with a reliable resource for
Douglas Shulman and Scott Kelly have joined the New York office of Kinetic Partners.
Shulman and Kelly have joined as director and associate director respectively, within the regulatory compliance practice.
In their respective roles, Shulman will work alongside Kinetic Partners’ compliance team and provide regulatory compliance services to hedge funds and private equity firms, while Kelly will split his time between FINRA registrations and anti-money laundering (AML) compliance services.
An attorney and seasoned compliance professional, Shulman joins Kinetic Partners from Two Sigma, where he held the role of chief compliance officer (CCO), preparing the firm’s multi-strategy hedge
Brazos Private Equity Partners’ portfolio company Healthcare Solutions has acquired Modern Medical, a pharmacy management and specialty health services company serving the workers’ compensation market.
The investment is Healthcare Solutions’ third add-on acquisition. Terms of the transaction have not been disclosed.
Healthcare Solutions is the parent company of Cypress Care, Procura Management and ScripNet. The company completed the acquisition of Modern Medical on 13 September.
“We are excited about completing this strategic add-on acquisition,” says Jeff Fronterhouse, co-founding partner and co-chief executive of Brazos. “Consistent with our initial investment thesis, the containment of medical costs within the
There has been a dramatic improvement in funding conditions for UK growth companies, according to research by UK mid-market private equity firm ECI Partners.
ECI’s poll of over 650 growth companies shows companies are finding it easier to tap bank funding, with a significant increase in companies looking to public markets and private equity to provide capital, reflecting a wider improvement in the UK economy and growing equity culture.
David Ewing, managing partner at ECI Partners, says: “The importance of growth companies cannot be overstated, as they play an essential role in creating jobs and boosting UK prosperity.
BNY Mellon has launched an enhanced distribution “waterfall” capability as part of its private equity fund services.
Distribution waterfalls in a private equity fund establish how proceeds from realised investments will be divided between investors and the fund manager. It is also through the distribution waterfall that fund managers and principals receive their performance and incentive fees, or “carried interest”.
Waterfall calculations, which are governed by the language found in limited partnership agreements, are one of the most complex aspects of servicing private equity funds. Today, most private equity firms and fund administrators rely on labour-intensive manual methods to
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