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Energy Capital has held the final close of Energy Capital Partners Mezzanine Opportunities Fund at USD805m in total commitments, significantly exceeding the USD500m target.
The fund, which already has made two investments, was formed in response to the strong flow of attractive debt and preferred equity opportunities seen in the normal course of deal screening for the firm’s private equity vehicles.
These opportunities often require flexible junior capital but fit a risk-adjusted return profile that Energy Capital believes is more appropriate for a mezzanine funding solution than a typical equity investment by the firm’s private equity funds.
"This is an
Private equity firm Crestview Partners has teamed up with employees of Victory Capital Management to acquire the firm for USD246m from KeyCorp.
Private equity firm Crestview Partners has teamed up with employees of Victory Capital Management to acquire the firm for USD246m from KeyCorp.
On completion of the transaction, Victory will be an independent firm with the senior management team, portfolio managers and other employees owning a significant amount of the outstanding equity. The transaction is expected to close in the third quarter.
As of 31 December 2012, Victory managed and advised approximately USD22.1bn in equity and fixed income assets
Private equity firm Sterling Partners has partnered with Kids Care Dental Group, a multi-unit paediatric dental care practice that serves toddlers, children and teens.
Terms of the transaction have not been disclosed.
Via six office locations throughout the Sacramento area, Kids Care offers a comfortable and fun environment, dentists with advanced education in paediatric dentistry, staff that has training for and experience in treating and interacting with children, and a suite of high-quality oral health services including dentistry, orthodontics and oral surgery.
Dr Aaron Reeves, Kids Care founder and chairman, will remain a partner and continue as a board member.
LeapFrog Investments, the world’s largest investor in insurance for emerging consumers, has invested in BIMA. Launched in 2010 by Kinnevik, an emerging markets investor, BIMA was built on the idea of bringing more affordable insurance to people in emerging markets via their mobile phones.
Eighteen months later, the firm is one of the largest mobile insurance platforms in the world, reaching and protecting nearly four million people in Ghana, Tanzania, Senegal, Mauritius, Bangladesh and Sri Lanka. The total equity investment amounts to USD7m of which USD4.25m comes from LeapFrog, and the remainder from existing shareholders.
Both investment firms are backing
OTI Greentech Group, a provider of sustainable cleantech solutions, has closed a round of expansion financing, raising a total of CHF4m (EUR3.3m).
The funding was led by Wermuth Asset Management’s Green Gateway Fund, which invests in energy and resource efficiency growth companies throughout Europe.
The funding marks a solid base for the long-term expansion plans of the company. In total, the financial commitment of Green Gateway Fund is CHF7.2m. The second tranche is expected in 2013.
With the cleaning of tanks and ships, the remediation of oil-contaminated land or the separation and recycling of oil from waste streams, OTI Greentech
Element Partners, an energy, industrial and environmental technology private equity firm, has promoted Sam Gabbita to managing director and Charles A Silio and Nitin Gupta to principal.
David Lincoln, managing partner of Element, says: "We are pleased to recognise Sam’s, Charlie’s and Nitin’s contributions with these promotions. Over the past several years, they have all played increasingly key roles for the firm: sourcing and closing new investments, working with the management teams of our portfolio companies, and taking on increasing responsibilities and leadership roles within the firm. These promotions reflect our continued commitment to them and the development and growth
Satori Capital, a Dallas-based private equity firm, has invested in Longhorn Health Solutions, a direct-to-home provider of consumable medical supplies, durable medical equipment and pharmaceutical prescriptions serving the Medicaid, Medicare and privately insured populations across Texas.
“Longhorn is intently focused on reducing total cost-of-care for managed care organisations by streamlining billing processes, improving patient utilisation and compliance, enhancing product quality, and heightening transparency throughout the patient, provider, and payor ecosystem,” says Sunny Vanderbeck, managing partner at Satori. “We believe in the team’s service-based approach, and look forward to partnering with them to further serve the growing needs of their stakeholders.”
Joanna Shatney (pictured), Head of US Large Cap Equities, gives her views on the upcoming sequestration in the US…
We are now just a few weeks away from sequester taking place in the US. Sequestration refers to the mandatory cuts in spending that go into effect March 1st in the US, directly impacting defense and Medicare spending (part of the Budget Control Act of August 2011). While some of these cuts are already partially reflected in analyst estimates, there are likely to be some downward revisions to GDP by Wall Street economists. We are watchful of these cuts, but remain optimistic that:
Castle Harlan, the New York private equity investment firm, has promoted Tariq Osman to managing director.
Osman’s (pictured) promotion reflects his multiple contributions to CHI over the last five years, as well as his prior five years of experience at CHI’s Australian affiliate, CHAMP. Recently, he has been particularly active in CHI’s investment activities in energy services and equipment businesses.
Osman has been with Castle Harlan since 2008 and previously was a vice president. Before joining Castle Harlan, Osman spent five years with Castle Harlan’s Australian affiliate, CHAMP Private Equity, where he focused on private equity transactions across a wide
Private equity firm American Capital has sold its portfolio company Paradigm Precision Holdings to Dynamic Precision Group, a portfolio company of The Carlyle Group.
American Capital and its affiliated funds have received USD129m in debt and equity proceeds, subject to post-closing adjustments, of which USD127m was received by American Capital.
American Capital’s compounded annual rate of return earned on its senior debt, subordinated debt and equity investments since the first quarter of 2007 was 11 per cent, including interest, dividends and fees earned over the life of its investment.
"American Capital is proud of its role in building Paradigm Precision
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