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StepStone Group has held the final closing of its secondary private equity fund, StepStone Secondary Opportunities Fund II, with total commitments of USD450m.
The fund exceeded its original target of USD350m, closing at its hard cap. Together with allocated capital from separately managed accounts, StepStone has raised approximately USD650m for a focused and differentiated strategy within the secondaries market.
Limited partners in the fund consist of US and international investors, including public and corporate pension funds, insurance companies, endowments and foundations, family offices, and financial service and advisory firms.
The fund’s investment strategy focuses on the smaller
Healthcare private equity firm Health Evolution Partners has appointed Kevin McNamara as the firm’s newest operating partner.
McNamara brings extensive experience in corporate operations, finance and investing with particular expertise in helping health services companies mature and grow.
“We are excited to add Kevin to our team of accomplished health care professionals,” says David J Brailer, managing partner and chief executive officer of Health Evolution Partners. “As chief financial officer of HealthSpring, Kevin helped shepherd the company’s incredibly successful IPO and we look forward to bringing his expertise to help guide our portfolio of growth companies.”
“While
Appleby, a provider of offshore legal, fiduciary and administration services, has made two senior additions to its funds and investment services team in Guernsey.
Appleby’s global head of funds, Ian Gobin (pictured), will transfer from the Cayman office to lead the global funds practice for a period of time from Guernsey. He will be joined by Deborah Poole who will be returning to Appleby in May as a partner in the same team.
Gobin joined Appleby last November having spent 11 years with another offshore firm. An expert in the funds and finance arena, with extensive knowledge of both the
RWC has launched a Cayman-based European Focus Fund with USD145m under management, representing support from existing investors.
The fund will be managed by the European Focus team who joined RWC from Hermes in October 2012 and replicates the existing strategy they have managed in a UK limited partnership since February 2009.
Dan Mannix (pictured), chief executive of RWC, says: “We believe there are growing opportunities for long-term investors to capitalise on the market conditions in which many companies are undervalued and overlooked. Investors are increasingly looking for different ways to access the equity markets to complement their growing books
The Market Authority of the Channel Islands Stock Exchange (CISX) has approved its 5,000th security for admission to its Official List.
The listed security, sponsored by Ogier, is a special purpose vehicle from specialist real estate debt provide, Capital A Finance.
The milestone, achieved in its 15th year, has been reached at a time when the CISX has recorded consistent growth despite the difficult trading conditions. During 2012 there were 510 new listings in total compared to 498 the previous year and trading volumes increased by 64 per cent.
Ogier was the sponsor for the Exchange’s milestone
Neuberger Berman, an employee-controlled asset manager, has appointed Susan Kasser as managing director and head of private debt at Neuberger Berman Alternatives.
Kasser joined Neuberger Berman in March and is based in New York.
Neuberger Berman’s private debt business is focused on building portfolios of attractive yield-oriented investments, including uni-tranche, second lien and mezzanine, and financing portfolio companies of private equity investors. The private debt business is a part of Neuberger Berman Alternatives, a private equity limited partner and an experienced direct equity co-investor. Neuberger Berman Alternatives has approximately 60 investment professionals in its integrated private equity platform,
Silicon Valley Bank, financial partner to the technology, life science, cleantech, private equity and venture capital industries, has provided Brandwatch, a social media monitoring and analytics company, with a GBP1.5m venture debt facility.
This financing will allow the company to expand globally and invest in product innovation. It also complements existing equity funding Brandwatch raised in March 2012, led by Nauta Capital.
Brandwatch, which is headquartered in Brighton, and also operates in the US and Germany, provides monitoring and analytical services that help enterprises research, monitor and engage with social media. Since its launch in 2007, the company
Gravitas is expanding its presence in India, including moving to a new larger office in Mumbai, prompted by an increase in demand for its services. Gravitas is a co-sourcing platform providing cloud technology, collaborative outsourcing, risk support and research to the alternative investment industry.
“The alternative asset management industry has entered an era of expansion as firms compete for capital while addressing the demands of an increasingly institutional clientele in the most heavily regulated environment ever,” says Gravitas CEO Jayesh Punater (pictured). “Hedge funds and private equity firms are responding to these challenges by embracing operational efficiency through the innovative
A cross-office team from Squire Sanders has advised VTB Capital, the investment arm of Russia’s second-biggest lender, in its purchase of a minority stake in Russian satellite-television provider Tricolor TV for an undisclosed sum.
Tricolor TV is the brand of National Satellite Company, the largest satellite television operator in Russia and Europe, with more than 12.4 million registered subscribers and 9.12 million paying subscribers.
VTB Capital is the strategic business investment arm of VTB Group.
The Russian pay-TV market is rapidly growing and VTB Capital is seeking to prepare Tricolor TV for an initial public offering within
National Financial Partners (NFP), a provider of benefits, insurance and wealth management services, is to be acquired by affiliates of private equity firm Madison Dearborn Partners.
Under the terms of the agreement, NFP shareholders will receive USD25.35 in cash for each share of NFP common stock they own, in a transaction with an equity value of approximately USD1.3bn, which includes the full value of the company’s convertible debt.
The purchase price represents a premium of approximately 26 per cent over NFP’s closing share price of USD20.05 on 12 March 2013, the last day of trading prior to press
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