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Some of the biggest names in private equity are racing to set up shop in Southeast Asia, drawn by the region’s rapid economic development and abundance of natural resources, according to a report by The Boston Consulting Group.
However, the report, Private Equity in Southeast Asia: Increasing Success, Rising Competition, says a spate of dealmaking is pushing asset prices upward. As a result, the corridor for success is growing narrower, and private equity firms can no longer rely on growth alone to generate attractive returns.
"Successful dealmaking calls for careful target selection, accurate pricing and skilful execution, both before and
KPMG, the US audit, tax and advisory firm, is adding several new hires to its alternative investment funds (AIF) practice’s national team in Los Angeles and San Francisco.
The practice is also making additional moves to boost experience and expertise in alternative investments in the firm’s West Coast offices.
"KPMG is clearly dedicated to serving the alternative investments industry and we are continuing to invest our resources to further broaden and enhance our team, which includes bringing in some of the very best people in the industry," says Al Fichera, national partner in charge, alternative investment funds – audit.
Martin
Following the Chancellor’s announcement that from 2014-15 tax relief will only apply to pension savings of up to GBP40,000 annually, and up to GBP1.25m over a lifetime, the Association of Investment Companies (AIC) has collated quotes from VCT managers who believe VCTs provide a tax effective alternative.
Annabel Brodie-Smith, communications director at AIC, says: “Every cloud has a silver lining. The pension changes highlight the need for effective tax planning and VCTs can provide a good tax effective supplement to pensions. It’s likely that the changes will provide a boost to the VCT sector.”
Patrick Reeve (pictured), managing partner
Shares in the AIM-quoted investment group China Private Equity Investments (CPE) can now be traded on the Frankfurt Stock Exchange.
They have been included on the Quotation Board of the Exchange’s Open Market following meetings with German investors during the summer to discuss growing interest in the company in Germany.
It is anticipated that the Frankfurt listing may encourage regular trading by German retail investors, enhancing liquidity in the company’s shares on both the Frankfurt and AIM markets.
CPE chief executive officer John Croft says: "Germany and the UK are Europe’s top two investors in China, and we believe listing
US deal flow is likely to remain tempered in 2013 with activity remaining at or near a 10-year low.
Ernst & Young’s transaction advisory services says macroeconomic ambiguity combined with a continued corporate focus on lower risk, organic growth opportunities and smaller, strategic deals will define deal-making in 2013.
"In the short-term corporates are hesitant to do deals; nevertheless there is huge pressure for companies to grow in the sluggish economy and M&A opportunity exists for those companies willing to be bold in today’s market," says Richard Jeanneret, Americas vice-chair, transaction advisory services for the global Ernst & Young organisation.
Boston-based private equity firm Mansa Capital Management’s debut healthcare growth fund has invested USD7m into Independent Living Systems as the fund’s flagship investment.
“Mansa Capital is focused on the intersection of healthcare policy, clinical research, technology development and demographic trends,” says Ruben J. King-Shaw Jr, managing partner and chief investment officer. “With extensive relationships in healthcare, PE and banking, we have the ability to add significant value to our portfolio companies to keep them ahead of the market.”
Mansa seeks out high-growth investment opportunities in healthcare services and technology as well as companies with innovative approaches to contain costs while
State Street has published a Vision paper which explores how the continued volatility of global financial markets has identified weaknesses in investment portfolios, causing institutional investors to reconsider their asset allocation strategies.
According to “The Asset Owners’ Perspective: Evolving Investment and Operational Models”, investors are using new approaches to liquidity management to modify their portfolio mix and balance the need for liquidity with the need for returns.
State Street’s research found that the top actions taken by asset owners to address the liquidity crunch include more vigorous stress testing and the revisions of liquidity-related investment policies.
Fixed income investing remains
NBGI Private Equity has backed a GBP23.5m management buy-in of the cake division of McCambridge Group Holdings, one of the largest producers of private label cakes for the UK food industry.
The business, which operates from four primary manufacturing locations in the UK and a further facility in Poland, will be renamed post completion, and aims to act as a platform to grow into the pre-eminent supplier of private label and branded cakes to the UK retail and foodservice sectors. Existing customers include the UK’s major supermarket chains.
NBGIPE is backing Andrew Johnson as McCambridge’s cake division’s new chief executive.
A KingSett Capital-led consortium that includes Ontario Pension Board intends to make an all-cash offer to purchase all of the issued and outstanding trust units of Primaris Retail Real Estate Investment Trust at a price of USD26.00 in cash per unit.
The total transaction is valued at USD4.4bn.
The offer price represents a premium of approximately 12.8 per cent to the closing price of USD23.04 per unit on the TSX on 4 December and a premium of approximately 13.3 per cent to the volume weighted average trading price of USD22.95 per unit over the 20 trading days on the TSX
Business Growth Fund (BGF), established to help the UK’s fast growing smaller and medium sized businesses, has appointed Edwin Davies as an investment associate, based in BGF’s Bristol office.
Davies’ appointment brings the South West and South Wales regional team to six people and he will be responsible for identifying investable local businesses and working with them to achieve their growth plans.
Davies joins from Grant Thornton where he spent over two years as an assistant manager in the corporate finance team. During this time he worked on transactions both in the UK and abroad across a range of sectors
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