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The European Securities and Markets Authority (ESMA) has published final guidelines on remuneration of alternative investment fund managers (AIFMs).
The rules will apply to managers of alternative investment funds (AIFs) including hedge funds, private equity funds and real estate funds.
Non-EU AIFMs who market funds (using passport agreements) to EU investors will also be subject in full to the guidelines after a transitional period.
AIFMs will be asked to introduce sound and prudent remuneration policies and organisational structures which avoid conflicts of interest that may lead to excessive risk taking. Stronger governance of how fund managers are paid will ultimately
Doughty Hanson, one of the largest independent private equity firms in Europe, intends to focus entirely on its private equity business following the creation of a new partnership structure.
After the death of co-founder and majority shareholder Nigel Doughty in February 2012, Dick Hanson has resumed his role as head of private equity and executive chairman. He has conducted a review of the overall business to ensure it is best positioned to continue to deliver outstanding returns to the investors in its funds. As a result of this review, the firm will focus on its core business of private equity.
Alan Whalley, former UK chief executive of Mercer, has joined Palatine Private Equity-backed WEALTH at work as its new chairman.
Whalley (pictured) has vast experience and knowledge of the benefits and pension industry. He is a qualified actuary who only recently retired from Mercer at the end of 2012. Previously he has held senior positions at Watson Wyatt including European managing partner and US regional manager.
David Cassidy, chief executive officer WEALTH at work, says: “We are exceptionally pleased that Alan has joined us, as he brings with him a strong industry reputation. As an acknowledged leader in UK
SoftBank Capital, a venture group affiliated with Japan’s SoftBank Corp, has closed its USD250m SoftBank PrinceVille Investments fund.
Due to its long-standing strategic relationship with SoftBank, which specialises in internet, mobile communications, broadband services and fixed-line telecommunications, the fund is uniquely positioned to help growth stage technology companies achieve success in their international expansion plans.
Alibaba Group, the worldwide e-commerce leader based in China, and MediaTek, a fabless semiconductor company based in Taiwan, through affiliates are limited partners and members of the advisory committee of the PrinceVille Fund and provide additional strategic value and local experience in Asia.
Over the
Peter Gustavson has launched Gustavson Capital Corp (GCC), a private equity firm targeting investments in early to mid-stage companies.
"The strength of the US and Canadian economies and our success as nations depends, in great part, on building companies that create thousands of new jobs and wealth for their stakeholders," says Gustavson (pictured). "It’s about creating new businesses and new jobs and in turn making us a better society.
"We’re beginning to identify a number of smaller companies that are beyond the early stage with a proven business model and in need of a strategic partner with capital and experience
KPS Capital Partners’ portfolio company Waupaca Foundry has completed a successful recapitalisation.
The proceeds of the recapitalisation, funded by a USD200m upsizing of the company’s term loan, were used to fund a USD200m cash distribution to stockholders.
Following the recapitalisation, Waupaca remains conservatively capitalised and will have the continued support of KPS, its majority shareholder, to pursue continuous improvement and growth initiatives.
KPS is a private equity firm with USD2.5bn of assets under management.
KPS acquired ThyssenKrupp Waupaca, which was renamed Waupaca Foundry, from ThyssenKrupp Budd Company through a newly formed, wholly owned affiliate in June 2012.
Gary Gigante (pictured),
US venture capital (VC) funding in the life sciences sector, which includes the biotechnology and medical device industries, dropped 14 per cent in dollars and seven per cent in deals during 2012 according to a PwC US report.
The report, "Double-digit dip", includes data from the MoneyTree Report from PricewaterhouseCoopers and the National Venture Capital Association based on data provided by Thomson Reuters.
Venture capitalists invested a total of USD6.6bn in 779 life sciences deals during the year, compared with USD7.7bn in 836 deals during 2011. The number of life sciences companies receiving VC funding for the first time reached
Bacchus Capital Management, a San Francisco-based private equity firm providing strategic capital in the wine industry, has made a follow-on investment in Wine by Joe, one of Oregon’s largest wine producers.
This capital infusion enables Wine by Joe to further expand its national and international distribution, as well as build inventory and infrastructure.
Concurrently, Wine by Joe has added Anthony Van Nice, an industry veteran, to the position of chief operating officer. Van Nice will be responsible for all business operations of the winery including the development and implementation of the company’s sales, marketing and strategic plans. He will work
Navatar Group, a cloud provider for financial services, has released a new version of Navatar M&A Cloud, a cloud CRM solution used by M&A advisory firms, investment banks and business brokers worldwide.
All Navatar customers will receive an upgrade for the new release free of charge.
This release adds to the already robust functionality provided out-of-the-box by Navatar M&A CRM, completely through the cloud, and used by firms to discover potential clients, find the right buyers as well as manage the entire due diligence process.
Navatar M&A CRM is also fully integrated with Navatar Deal Connect, the global online marketplace
Private equity firm Paine & Partners and the Costa Group are to acquire Adelaide Mushrooms.
Completion is subject to customary conditions. Financial terms of the transaction have not been disclosed.
Under the terms of the agreement, Costa will acquire all of Adelaide Mushrooms’ assets, including its state-of-the-art Monarto production complex in South Australia, farms at Spreyton and Huon Valley in Tasmania, and Mushroom Centre at the Adelaide Markets. Adelaide Mushrooms’ chairman, Douglas Schirripa, will work with Costa’s mushroom team in an advisory capacity.
Adelaide Mushrooms services supermarkets and greengrocers, as well as institutions and food service operations across Australia. Its
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