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Rutland Partners has completed the simultaneous acquisitions of AFI-Uplift in the UK, Access Rental Gulf in the Middle East and Hi-Reach in the UK, for a combined enterprise value of circa GBP85m.
AFI-Uplift (AFI), owned by its management team and Equistone, is a provider of powered access equipment rental with 3,700 machines operating from 18 depots across the UK. AFI also provides complementary services including the provision of safety related training and the resale of ex fleet and third party sourced machines.
Access Rental Gulf (ARG), based in the United Arab Emirates, is owned by its management team
Sprott has entered into a joint venture agreement with CITICPE Hong Kong MGT Co Limited to set up an offshore global resource fund.
“We are very pleased to be launching this fund with CITICPE HK, one of China’s leading alternative asset managers and we look forward to working together to establish an industry-leading global resource fund,” says Peter Grosskopf (pictured), chief executive officer of Sprott. “We regard this partnership to be a long-term synergistic relationship that will leverage Sprott’s unique resource investment platform and CITICPE HK’s investment expertise and in-depth knowledge in Asian markets.”
“Establishing a global resource
SVG Capital has completed the sale of 50.1 per cent of SVG Advisers to Aberdeen Asset Management.
The combined business will be branded Aberdeen SVG and will be led by SVG Capital’s chief executive Lynn Fordham (pictured).
Aberdeen SVG brings together SVG Advisers’ and Aberdeen’s private equity teams’ experience and combines SVG Advisers’ expertise and track record with Aberdeen’s distribution platform, creating a private equity fund management business with assets under management or advice of GBP5.1bn.
The cash consideration of GBP17.5m, together with the fair value of the company’s investment in the combined business will be included
Standard Life European Private Equity Trust’s undiluted net asset value per ordinary share (NAV) rose by 7.2 per cent to 243.9p during the six months to 31 March 2013 (diluted NAV – 240.9p).
Including the dividend paid in February 2013, the NAV total return for the period was 8.0 per cent.
The 16.3p rise in NAV during the period included 3.6p of net realised gains and income from the company’s portfolio of 40 private equity fund interests, 3.8p of unrealised gains on a constant exchange rate basis and 12.9p of positive exchange rate movements on the portfolio.
SoftBank Capital, a venture group affiliated with Japan’s SoftBank Corp, has raised an additional USD51.02m to invest in early-stage New York State technology startups.
The additional capital extends SoftBank Capital’s position as a complete early-to-late stage investment partner with an ongoing commitment to New York’s emerging technology scene.
SoftBank Capital NY partner Jordan Levy will oversee investments, with others including Ron Fisher (managing partner), Joe Medved (partner), Ron Schreiber (NY partner) and special partners Eric Hippeau (Lerer Ventures) and Mike Perlis (president and CEO of Forbes Media), also helping to manage the fund.
The major investments will focus
George Anson, a HarbourVest managing director, has resigned as a director of the company while Peter Wilson has been appointed as a director, effective 30 May 2013.
Anson joined the board in October 2007.
Sir Michael Bunbury, chairman, says: “The board of HarbourVest Global Private Equity is very pleased that HarbourVest managing director Peter Wilson has agreed to become a director. He is a member of HarbourVest’s London-based secondary team and I am confident that he will provide continuity for the Company, having been a partner of George Anson for over 17 years.”
Wilson (pictured) joined HarbourVest’s
The European Securities and Markets Authority (ESMA) has approved the co-operation arrangements between the Guernsey Financial Services Commission (GFSC) and the EU securities regulators for the supervision of alternative investment funds (AIFs), including hedge funds, private equity and real estate funds.
ESMA has negotiated the agreement with the GFSC on behalf of all 27 EU member state securities regulators as well as authorities from Croatia, Iceland, Liechtenstein and Norway.
The co-operation arrangements include the exchange of information, cross-border on-site visits and mutual assistance in the enforcement of respective supervisory laws. This co-operation will apply to Bailiwick of Guernsey
Funky Chunky, a Consolidated Investment Group (CIG) company, has acquired the assets of Gracious Gifts, the creators of FunkyChunky and its line of customised gifts and artisanal gourmet snack items.
“Funky Chunky will use the knowledge, vision, resources, and management expertise of Consolidated Investment Group to grow FunkyChunky into a successful national brand,” says David Merage, chief executive and principal, CIG.
Gracious Gifts was founded in 1994 in Minneapolis by entrepreneur and creative artist Ronni Feuer who developed FunkyChunky. Known for its high quality ingredients and hand-made approach, FunkyChunky Chocolate Caramel Popcorn quickly became a favourite gourmet snack.
Kohlberg Kravis Roberts (KKR) has appointed retired four-star General and former director of the CIA David Petraeus as chairman of the newly created KKR Global Institute.
Henry Kravis, co-founder and co-chief executive of KKR, says: “I have long known and respected General Petraeus and, on behalf of everyone at KKR, I welcome him to the firm. As the world changes and we expand how and where we invest, we are always looking to sharpen the ‘KKR edge.’ With the addition of General Petraeus, we are building on the work we have done to understand the investment implications of public policy,
Law firm K&L Gates has added Virginia Tam as a partner in the corporate and transactional practice and Sacha Cheong as counsel in the litigation and dispute resolution practice, both in the firm’s Hong Kong office.
Additionally, Soheui Choe joins the firm’s Seoul office as counsel in the intellectual property practice.
Arriving at K&L Gates from White & Case, Tam is dually qualified in New York and Hong Kong. With a focus on cross-border corporate transactions involving publicly-traded companies, she advises clients on private equity financing, including pre-IPO investments and private investments in publicly-traded equities; mergers and acquisitions, including management buyouts
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