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There are approximately 1,200 private equity funds that can be described as zombie funds, according to Preqin data shown in this month’s Private Equity Spotlight.
In a zombie fund, the GP is sitting on their assets past their expected holding period with no intention of making realisations and no plans to raise a successor fund, while continuing to collect management fees from their investors. Preqin identifies zombie funds by examining active firms managing a fund with a 2001-2006 vintage that have not raised a follow-on fund after 2006.
Zombie funds have a much lower median distribution to paid-in
Graham Stock (pictured), chief strategist at Insparo Asset Management comments on the new EU laws for European mining, logging and oil companies to report payments of more than EUR100,000 (GBP85,000) made to the government in the country in which they operate…
The new EU laws are a step forward in showing up payments made to governments that should be benefiting their citizens. Now the authorities also need to crack down on low-tax jurisdictions that facilitate the use of shell companies and other devices to avoid taxes that are due.
This EU initiative is particularly important in African regions and
The Gym, a UK operator of low-cost gyms, has secured new investment from Phoenix Equity Partners, a UK middle-market private equity firm, to support its continued expansion.
Bridges Ventures, which has been an investor in The Gym since 2007, retains a substantial shareholding in the business and will also provide further funding. A total of GBP50m of new equity has been committed which will support the further growth of the business.
The Gym will continue to be led by chief executive John Treharne, who founded the business. The Gym currently has over 200,000 members and 36 gyms located across
Sycamore Partners has completed its acquisition of Hot Topic in a transaction is valued at approximately USD600m.
Hot Topic operates more than 800 stores selling clothing, accessories and music to teens.
"Hot Topic and Torrid are both leaders in their categories, and we are excited to have both brands as part of our portfolio," says Stefan Kaluzny, managing director of Sycamore Partners. "Sycamore Partners is very pleased to have the opportunity to partner with Lisa Harper and her team to invest in the continued development of both the Hot Topic and Torrid retail brands."
Lisa Harper, chief
Salvepar has committed to invest USD7m in Latin America Power (LAP), a developer and operator of renewable energy projects in Chile and Peru with a staff of approximately 65 employees.
This investment by the company comes as part of a capital increase in LAP led by LAP existing shareholders, of which P2 – a joint venture between Blackstone-backed Patria Investimentos and Promon, a major player in infrastructure EPC in Brazil – is one.
LAP seeks to benefit from the significant growth and industrialisation of both Chile and Peru, which has created the need for a substantial increase in
Direct Lending funds are becoming an attractive “fixed income alternative” asset class for European institutional investors. The breadth of strategies ranges from high risk/high return “special situations” through to opportunistic strategies and what is referred to as the mainstream direct lending market.
Yields across all three range from six per cent to 15 per cent. As for where DL funds sit within the overall risk category for investors, they straddle syndicated loans (which typically yield between four and eight per cent) and corporate mezzanine (which yields 14 to 17 per cent).
At a breakfast briefing in its London office, Intermediate
RTI Biologics is to acquire privately held Pioneer Surgical Technology, headquartered in Marquette, Michigan.
Pioneer is a medical technology company that manufactures and distributes metal and synthetic products in the orthopedics, biologics, spine, trauma and cardiothoracic markets. The acquisition of Pioneer supports RTI’s initiatives to expand its current implant portfolio into metals and synthetics and to grow direct distribution.
“The combination of RTI and Pioneer is an exciting opportunity for both companies and their employees," says Brian K Hutchison, RTI president and chief executive officer. "This acquisition is strongly aligned with RTI’s long term strategic plan, accelerating new
The business services team at Livingstone Partners has advised Enterprise Finance on the significant minority stake investment by David Campbell, who joins the company as non-executive chairman.
Enterprise Finance, led by CEO and co-founder Danny Waters, is one of the fastest growing independent UK providers of broker services specialising in the distribution and packaging of secured loans, bridging finance and commercial mortgages.
Campbell (pictured) led the buy-out of Tilney (one of the UK’s oldest wealth management firms) with backing from private equity investor Bridgepoint, and oversaw the subsequent sale of the business to Deutsche Bank. Following the acquisition, he
European private equity firm Cinven has exceeded its target and held a final close for its fifth European buyout fund at EUR5.3bn.
This follows a close in March 2013 at EUR5bn.
The fund remains the largest pool of capital currently dedicated exclusively for European buyouts. It has already made investments in three businesses – two business services companies, Pronet and Prezioso, based in Turkey and France, respectively; and UK-based healthcare business, AMCo.
In addition, Cinven’s Fourth Fund has completed the IPO and partial realisation of Partnership Assurance Group, a provider of non-standard annuities, which offers better terms
OMERS Private Equity (OPE), the private equity investment arm of the OMERS pension plan, in equal partnership with Alberta Investment Management Corporation (AIMCo) on behalf of certain of its clients, have signed a definitive agreement to acquire Vue Entertainment from Doughty Hanson and management for an enterprise value of GBP935m (CAD1.48bn).
Vue is an operator of multiplex cinemas in the UK, Ireland, Germany, Denmark, Portugal, Poland, Latvia, Lithuania and Taiwan. The transaction is expected to close by late July 2013.
Over the last three years, Vue has doubled the number of cinemas under its ownership from 70 to
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