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Domestic and foreign private equity firms investing in Latin America over the last several years are generating returns above those available in local public equity markets.
These returns have even surpassed what PE firms in developed countries have seen, according to Building vital partnerships: How do private equity investors create value?, a joint study conducted by the Emerging Markets Private Equity Association (EMPEA) and Ernst & Young. The study, now in its second year, examined the results and methods of over 70 PE exits between 2007 and 2012.
Sixty per cent of transactions in the region were sourced
Carey Olsen has provided Channel Islands-specific corporate and regulatory advice to Silverfleet Capital in its GBP50m buyout of fund administration and private equity specialist Ipes, from RJD Partners.
The firm drew on its group expertise for the buyout field in a pan-Channel Islands legal team led by partners Tom Carey (pictured) in Guernsey and Guy Coltman in Jersey with support from associates John Scanlan and David Taylor. The team established the Guernsey acquisition structure, carried out due diligence and advised on the competition law and regulatory issues that were associated with the acquisition.
Silverfleet Capital is a private
Armstrong Asset Management has received the fourth commitment of a USD20m investment for its Armstrong South East Asia Clean Energy Fund from the International Finance Corporation (IFC), the private sector investment arm of the World Bank, to add to its first close of USD65m.
The fund, a newly established, independent private-equity vehicle providing development capital to small-scale renewable energy and resource efficiency projects in Southeast Asia, is targeting a final close of USD150m by August 2013. The earlier commitments totalling USD65m had come from two European development finance institutions, GEEREF and DEG, and an Asian-based corporation.
Melissa Kang,
Polaris Private Equity, a Danish/Swedish mid-market private equity investor, has acquired HTC Sweden, a developer and manufacturer of professional floor grinding systems and floor solutions.
Polaris has acquired the company from Håkan and Gunn Thysell, who founded HTC in 1987 and have remained majority owners with a 60 per cent stake. 3i Group and former management, who held 40 per cent, have also sold their interest in the company to Polaris, in what is the firm’s sixth platform investment since the start of 2012.
Headquartered in Söderköping, Sweden, HTC has been growing rapidly in recent years, driven by expansion
Grotech Venture has closed its eighth fund, Grotech Ventures II (GV II), with USD225m in committed capital.
The fund was oversubscribed by more than 10 per cent, and was raised from both existing and new investors. GV II brings Grotech’s total capital under management to USD1.3bn across all funds.
The approach for GV II will be consistent with Grotech’s core strategy. The firm typically represents the first institutional money raised and, initially, invests smaller amounts of capital. Grotech continues to invest as the company grows. As part of its strategy, Grotech forms top-tier industry syndicates with other investors
Fund administration company Apex Fund Services has appointed David Brown as the new managing director of the firm’s Bermuda office.
Brown has worked in the fund administration industry in Bermuda for the last 10 years.
The recent change in government together with the launch of Apex’s Emerging Manager Incubation Services, which includes free office space for emerging managers, have led to Bermuda returning to being a favourable jurisdiction for fund managers to be based.
One of Brown’s roles will be to target European and US fund managers for both their fund domicile and for the location of
The number and size of US sponsor-backed going private transactions were each lower in 2012 than in 2011 and 2010, according to a report by law firm Weil, Gotshal & Manges.
However, when excluding the soft first quarter of 2012, deal activity was on par with such earlier years.
Specific performance “lite” has become the predominant market remedy with respect to allocating financing failure and closing risk in sponsor-backed going private transactions. Specific performance lite means that the target is only entitled to specific performance to cause the sponsor to fund its equity commitment and close the transaction
Oak Hill Capital Management has promoted Tyler J Wolfram from partner to managing partner of the firm, effective immediately.
Since joining Oak Hill Capital in 2001, Wolfram has led the investment activities in the firm’s consumer, retail and distribution vertical, and he has been an active member of the executive committee and the investment committee.
"We are delighted to announce Tyler’s appointment to managing partner," says J Taylor Crandall, a managing partner of Oak Hill Capital. "Tyler has contributed significantly to Oak Hill Capital’s success over the past twelve years, sourcing and leading several highly successful transactions while establishing
Guernsey has signed a Double Taxation Arrangement (DTA) with Luxembourg.
Guernsey has now signed full DTAs with eight jurisdictions. In addition to this DTA with Luxembourg, Guernsey has had a DTA with the UK for many years and has signed DTAs with Malta, in 2012, and earlier this year with the Isle of Man, Jersey, Qatar and Singapore as well as Hong Kong last month.
Gavin St Pier (pictured), Guernsey’s Treasury and Resources Minister, signed the bilateral DTA with Luxembourg on 10 May in London with Luxembourg’s Chargé d’Affaires to the UK, Béatrice Kirsch.
St Pier says:
Bay City Capital, a venture capital firm focused on early-stage to growth equity investments in the life sciences, has appointed David Beier, JD as managing director.
Beier (pictured) served as a senior officer for nearly a decade in each of the two largest biotechnology firms, Genentech and Amgen. Most recently, he served as senior vice president of global government affairs at Amgen, responsible for global government affairs, as well as corporate communications, and philanthropy.
“Today’s rapidly evolving healthcare industry provides tremendous opportunity for investment both in the US and globally. David brings an extensive government affairs and public
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