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Hedge fund manager, Chris Rigg, manager of the Audley Japan Opportunities Fund and a 30 year veteran of the Japanese markets, has issued a stark message about investment in Japanese bonds…
The level of debt Japan is running, which by some measures is far worse than in Greece, is unsustainable. With net debt at 140% even if Japan were to run a budget where revenue and expenditure were balanced before interest costs, the economy would have to grow by 1.8% in nominal terms just to stabilise the debt/GDP ratio. The reality is that the Japanese government spends twice as much
HarbourVest Global Private Equity (HVPE) is to take a direct stake of approximately USD95m, and also have an interest of approximately USD12m through other existing commitments to HarbourVest managed funds, in the assets of Conversus Capital.
This transaction is expected to add approximately USD0.20 to HVPE’s NAV per share.
Conversus, like HVPE, is a listed private equity fund and is the largest publicly-traded portfolio of third party private equity funds globally, with a mature, broadly diversified portfolio of over 200 private equity fund interests. In July 2012, HarbourVest Partners announced a definitive agreement, through an acquisition vehicle, to acquire
Vision Capital has promoted Daryl Cohen to partner and Jonathan Guest, Konstantin Oelfke and Emil Fajersson to associate at the firm.
Cohen joined Vision Capital as an associate in 2008, and was made principal in 2010. He has been instrumental in deal origination and evaluation for the firm and was a key member of the project teams for the acquisitions of Nordax Finans and Bormioli Rocco. Cohen sits on the boards of Nordax Finans and Portman Travel and has helped to deliver operational and strategic change within both companies.
Guest and Oelfke, based in London, and Fajersson, based in
Quantum Wave Fund has raised USD30m in capital, with potential to reach USD100m, to fund breakthrough companies that use quantum materials and technologies.
Quantum Wave Fund is the first fund specialised for companies developing technologies suitable for quantum technologies.
Though typically considered far into the future, quantum physics is being commercialised today by scientist/entrepreneurs to solve real-world challenges. Quantum materials and technologies are rapidly evolving and entrepreneurs are harnessing new technologies to create breakthrough companies. An understanding of quantum physics spawned the semiconductor industry and ushered in the development of laser technologies. Among the potential results of this research are
Private equity general partners are seeing an uptick in institutional investors asking for more reporting from their private equity fund managers and those fund managers are building up their back offices to meet these demands, according to a poll by iLevel Solutions.
Supporting the results of the poll, carried out at last week’s Duff & Phelps 6th Annual Alternative Investment Conference, private equity leaders shared anecdotes from recent fundraising efforts where potential investors requested reporting and transparency similar to what they receive for other investments such as public equities.
Audience polling, gathered during the iLevel and Hamilton Lane joint session
Dallas-based private equity firm Lone Star Investment Advisors has sold Petroplex Acidizing to One Rock Capital Partners.
Aided by Lone Star, Petroplex expanded its major customer accounts, added product offering for key customers and more than doubled annual sales over five years, which represents a compound annual growth rate of 18 per cent.
The sale of the company resulted in a 50 per cent IRR and 6.24x cash-on-cash return to Lone Star.
Founded in 1981 by Larry Foster and headquartered in Texas, Petroplex is the largest provider of acidizing and chemical stimulation treatments for oil, gas and injection wells located
Michael Singer has joined Ramius as chief executive officer reporting to Peter Cohen.
Singer will be responsible for overseeing and managing the day-to-day operations of Ramius.
Thomas Strauss will become chairman of Ramius and vice chairman of Cowen Group, with a focus on expanding global relationships and partnerships in the asset management business.
Cohen says: “We are very pleased to have Michael join us as we accelerate the build out of the Ramius platform. Michael has an exceptionally strong and diverse background in alternative asset management, and he will focus on expanding our current suite of products and broadening our
Mid-market private equity firm GI Partners has sold its portfolio company, Plum Healthcare Group, to Bay Bridge Capital Partners.
The sale of Plum generated a return of approximately three times invested capital for limited partners in GI Partners Fund II.
Plum’s current portfolio consists of 50 skilled nursing facilities and five home health and hospice agencies located in strategic geographic clusters throughout California, Utah, and Arizona. Plum serves over 5,000 medically-complex patients every day.
The company was acquired by GI Partners in 2006 and, during the firm’s six-years of ownership, has acquired and turned around 39 skilled nursing facilities. Under
Golden Gate Capital has completed its acquisition of Ex Libris Global Holdings, a provider of library automation solutions, from Leeds Equity Partners.
Under the new ownership, Ex Libris will remain an independent business based in Jerusalem, run by the current management team. Terms of the transaction were not disclosed.
“Ex Libris exemplifies the type of business in which we seek to invest,” says Prescott Ashe, managing director of Golden Gate Capital. “The company is a market leader in delivering cloud-based knowledge management applications with a best-in-class leadership team and significant growth opportunities. Golden Gate Capital’s perpetual fund structure will enable
Guernsey’s zero-10 corporate tax regime has been given the final seal of approval by the EU.
Earlier this year, the EU Code of Conduct Group on Business Taxation concluded that the deemed distribution provisions meant Guernsey’s zero-10 corporate tax regime was harmful. At the end of June the Guernsey parliament, the States of Guernsey, agreed to repeal the deemed distribution provisions from 1 January 2013.
In September, the EU Code of Conduct Group assessed Guernsey’s repeal of the deemed distribution provisions and agreed that this removed the “harmful effects” of the island’s corporate tax regime. At a meeting last week,
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