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Private equity funds that closed in 2012 secured on average 44 per cent of their target capital by the time they held a first close, the lowest proportion in the period since 2006, according to a study by Preqin.
In addition, private equity funds closed in 2012 took an average of eight months to reach a first close, compared to five months for funds that closed in 2006.
However, evidence from 2012 suggests reaching a first close quickly can increase the chances of overall fundraising success. Fifty eight per cent of funds closed in 2012 that held a
Arma Partners acted as the exclusive financial adviser to Nedvest Capital and the management of IT-Ernity Holding on the recapitalisation and raising of growth capital from GMT Communications Partners and Veronis Suhler Stevenson.
IT-Ernity is a provider of business critical managed hosting services for SMBs in the Netherlands.
Founded in 2002 by its managing director Sebastiaan de Koning, and R&D manager Tom Pfeifer, IT-Ernity offers a catalogue of standardised fully managed hosting solutions, including system administration, protection, security, application management and other services. Through the shared services and connectivity categories, the company offers shared hosting, domain registration and
NBGI Private Equity (NBGIPE) has appointed food and drinks industry veteran Tim Kelly as the second member of a panel of senior industry advisers.
NBGIPE, a private equity firm that typically invests in UK businesses of between GBP5m and GBP50m in enterprise value, earlier this month announced that it was increasing its strategic focus around three core sectors in which it has developed a strong track record: support services, healthcare and food manufacturing. As part of this initiative, the firm made its first appointment as senior adviser – former Rentokil Initial senior executive Sandy Young.
Kelly (pictured) began
HIG Capital has held its final closing of HIG Bayside Loan Opportunity Fund III (Europe). Total capital commitments to the fund exceeded its USD1bn target.
The fund will invest primarily in debt obligations of small and medium-sized European companies, both existing loans acquired on the secondary markets as well as newly originated primary loans.
With offices in London, Paris, Hamburg and Madrid, HIG Capital has a team of 70 investment professionals in Europe.
Sami Mnaymneh and Tony Tamer, co-founders and managing partners of HIG Capital, say: “We are gratified by the continued support of our investors, which will allow us
Private equity firms GMT Communications Partners and Veronis Suhler Stevenson (VSS) have teamed up with management to provide growth capital to IT-Ernity, a provider of business critical managed services and shared hosting for SMEs in the Netherlands.
Founded in 2002 by its managing director Sebastiaan de Koning and R&D manager Tom Pfeifer, IT-Ernity offers a catalogue of standardised fully managed solutions, including system administration, protection, security, application management and other outsourcing services. Through the shared services and connectivity categories, the company offers shared hosting, domain registration and secure infrastructure connectivity through xDSL and fibre. Since 2008, the company has
HarbourVest Global Private Equity, a closed-end investment company, has reported estimated net asset value (NAV) per share at 30 April 2013 of USD12.56, a USD0.11 per share increase from 31 March 2013.
This adjustment reflects positive public markets and currency movement during April, as well as portfolio gains related to the additional commitment to global secondary fund Dover VIII. The increase was partially offset by ongoing operating expenses.
At 30 April 2013, HVPE is valuing the Absolute portfolio at a 45 per cent increase over the purchase price (including dividends received since closing).
The Central Bank of Ireland has issued the necessary application forms and accompanying rules to allow alternative investment fund managers (AIFMs) and alternative investment funds (AIFs) to apply for authorisation under the new Alternative Investment Fund Managers Directive (AIFMD).
The Central Bank is ready to receive applications for authorisation under this new non-UCITS regulatory regime. This is particularly important for those firms aiming to have AIFMD-compliant structures on 22 July 2013, when the AIFMD comes into effect.
In addition to the application forms, the Central Bank has published a new format AIF Rulebook which sets out text for
While the first quarter of 2013 saw the lowest number of deals in the offshore region since Q1 2008, the offshore M&A market has performed better than the global average, according to a report released by Appleby.
The latest edition of Offshore-i, the firm’s quarterly report which provides data and insight on merger and acquisition activity in major offshore financial centres, focuses on the first quarter of 2013.
The report shows that both the volume and value of deals involving offshore targets dropped considerably in Q1 2013 as against the preceding quarter, with volume down 28 per cent
Avenue Capital Group has acted as sole lender and agent in connection with the debt financing of the acquisition of Freedom Finance Nordic, the largest prime consumer loan broker operating in Sweden, Norway and Finland, by HIG Europe.
Avenue also has made a minority equity investment in Freedom Finance Nordic alongside HIG Europe, the European arm of global private equity firm HIG Capital.
The debt facilities provided by Avenue consist of a unitranche acquisition facility and a revolving credit facility. They closed in early May 2013.
"Avenue is very pleased to have been able to provide the
The average holding period for private equity-backed portfolio companies increased year on year between 2008 and 2012, according to research carried out by Preqin.
Mega deals (over USD1bn) exited so far in 2013 had an average holding period of 6.2 years, up from just 2.1 years in 2008.
Increased average holding periods have impacted the amount of capital distributed back to investors. After six years, 2001 vintage buyout funds had distributed 95 per cent of paid-in capital to investors, compared to just 33 per cent of paid-in capital after six years for vintage 2007 buyout funds.
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