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RiverVest Venture Partners’ Fund II has delivered a return of more than double that of a respected benchmark that delineates top-performing venture capital funds.
Focusing exclusively on life science innovations, RiverVest delivered to its Fund II limited partners a 14.5 per cent per annum net internal rate of return (IRR) from inception in 2006 through the end of last year, after fees and expenses. The median net IRR for all reporting VC funds begun the same year, including IT funds, was 4.54 per cent, according to Cambridge Associates, an investment advisory firm.
According to the most recent Cambridge report, the
The Cayman Islands Government is to adopt a Model 1 intergovernmental agreement (IGA) in response to the US Foreign Account Tax Compliance Act (FATCA).
Minister for Financial Services, the Honourable Rolston Anglin, made the announcement from the floor of the Legislative Assembly. He also said the decision will apply to a similar arrangement for the automatic exchange of certain information with the UK, and that he expects final negotiations on the mechanisms for exchange with the US and the UK to conclude quickly.
He acknowledged that the Model 1 IGA, which is an agreement between governments for the exchange of
Alternative asset manager The Carlyle Group has added three Carlyle executives to the firm’s management committee.
Michael Arpey, managing director and head of fund investor relations; David Marchick, managing director and head of global external affairs; and Mitch Petrick, managing director and head of global market strategies, join the firm’s three founders, COO, CFO and general counsel on the committee.
The management committee develops and executes Carlyle’s corporate strategy.
William E Conway, Jr (pictured), Carlyle co-chief executive officer, says: “For 25 years we have developed a terrific group of leaders around the world on the investment side of our business.
The proportional representation of women in high-level private equity roles is highest at Asia-based firms, according to a report from Preqin, with an average of 12.8 per cent of senior roles held by women at firms based in this region as of February 2013.
This is higher than in North America and Europe-based private equity firms, where the average is 10.3 per cent and 9.9 per cent respectively.
Larger private equity firms have increased the average proportion of senior employees women represent at their firms over the past year, with women accounting for an average of 9.3 per cent of
Guernsey’s Chief Minister Peter Harwood has announced the island’s intention to finalise a draft agreement on a proposed tax package with the UK.
It will reinforce Guernsey’s commitment to tax transparency and its status as a mainstream international finance centre.
The proposed package comprises: agreement in principle to enhanced reporting of tax information along Foreign Account Tax Compliant Act (FATCA) principles through an Intergovernmental Agreement (IGA) with the UK, including alternative reporting arrangements for non-domiciled UK tax residents (non-doms); agreement to negotiate a revised Double Taxation Agreement; and agreement on a disclosure facility.
The announcement comes as Guernsey also moves
Asia Pacific has been ranked the geographical market of greatest importance to the global shipping market alongside Europe, each being selected by 39 per cent of global shipping respondents, according to international legal practice Norton Rose’s “The Way Ahead Transport survey – Where are you now?”
However, London leads as the financial centre considered best able to provide for the shipping sector’s financing needs, as ranked by 40 per cent of shipping respondents, followed by New York (15 per cent) and Singapore (13 per cent). Singapore is almost twice as popular with respondents from the shipping sector compared to aviation
JH Partners, a private equity firm specialising in investing growth capital in consumer-focused companies, has agreed to sell its portfolio company CHEFS Catalog to Target Corp.
Financial terms of the transaction, which is expected to close within 30 days, have not been disclosed.
CHEFS Catalog is a direct-to-consumer specialty retailer of cookware, bake ware, cutlery, kitchen tools and cooking utensils. JH Partners acquired Colorado-based CHEFS Catalog from The Neiman Marcus Group in 2004.
Upon completion of the transaction, Target will combine CHEFS Catalog with the acquired assets of Cooking.com to create a new, wholly-owned subsidiary of Target aimed at expanding the company’s presence in the growing cooking and kitchenware market. Both
Leslie J Croland has joined law firm Duane Morris’s corporate practice group as a partner in its Miami office.
Croland further strengthens Duane Morris’ corporate, securities and venture capital practices, particularly in the areas of technology and life sciences transactions.
Croland joins the firm from Edwards Wildman Palmer.
Croland focuses his practice in all areas of corporate law, with a concentration on private equity financings; emerging companies; mergers and acquisitions; and securities. Croland counsels domestic and foreign corporations on a range of securities transactions, including public and private offerings of equity and debt; tender offers; proxy contests; going private transactions;
Jersey remains on track to meet the requirements of the EU Alternative Investment Fund Managers Directive (AIFMD) and will introduce new fund regulations in April.
More than 350 practitioners including lawyers, fund managers and other finance professionals were given an update on how Jersey intends to remain a first choice jurisdiction for those structuring fund vehicles at the annual funds conference organised by Jersey Finance in London on 7 March.
The regulations are part of Jersey’s approach to complying with AIFMD, designed to offer alternative fund managers an ongoing route into Europe through private placement arrangements by creating a regime
European private equity firm Cinven has held the final closing of its fifth European buyout fund with total commitments of EUR5bn. The new fund represents the largest pool of capital currently dedicated exclusively for European buyouts.
Previous funds have seen strong performance, returning 41 per cent gross IRR on 82 realised investments since 1988.
Fund 5 is 14 per cent committed following its investments in Pronet, Prezioso, Mercury Pharma and Amdipharm.
Hugh Langmuir (pictured), managing partner of Cinven Partners, says: “We are very pleased with the level of support from our investors. Our successful fundraising demonstrates the confidence they have in
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