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Private equity fund manager Horizon Capital has purchased four per cent of shares of Tinkoff Credit Systems (TCS Bank) for USD40m.
TCS is a credit card company and the first online bank in Russia.
It is controlled 100 per cent by Egidaco Investments.
The funding for this deal comes from Horizon Capital’s Emerging Europe Growth Fund II (EEGF II), which was raised in 2008.
Oleg Tinkov, founder of TCS Bank, says: “We are proud of the business we have built so far. Russia has a very large and growing credit card market, and we are very well positioned to capture
Schroders’ Virginie Maisonneuve (pictured), Head of Global and International Equities comments on the once-in-a-decade leadership transition in China, which is set to be unveiled at the party conference. The implications for China and the global economy are significant and that the change should bring relief to Chinese equity markets…
This leadership team could be the last of its kind. The new leader, Xi Jing Ping, is still in the vein of Deng Xiao Ping who led China towards a market economy in the eighties, but he could potentially be steering China towards a new leadership style.
So far, Xi Jing
AXA Private Equity announced this week the opening of its first China office in the country’s capital, Beijing. This continues the firm’s expansion in Asia having opened its first office in Singapore in 2005.
It has since deployed USD1.3billion of capital across the region. AXA Private Equity said the Beijing office would allow it to strengthen relationships with “key private equity market players”. It sees attractive partnership opportunities between Chinese and European companies, and, by leveraging its global reach and diverse European portfolio, AXA Private Equity intends to play a key role in enhancing these potential synergies.
Jenhao Han, Managing
Gulf Oil Corporation, part of the Hinduja Group, has reached an agreement to acquire Houghton International.
Houghton, a supplier of metal working fluids, will join a portfolio of global brands owned by the Hinduja group including Ashok Leyland (truck and bus manufacturing) and Gulf Oil International (production and marketing of gasoline, lubricants, greases and other materials for industrial applications).
The acquisition of Houghton will be made by a UK registered 100 per cent owned subsidiary of Gulf Oil Corporation.
“This is an extremely exciting development and we are delighted to welcome Houghton International and its highly talented and committed staff
The Carlyle Group has raised USD1.1bn for US middle market buyout investments.
Carlyle Equity Opportunity Fund (CEOF) targets control investments in middle market companies requiring equity capital of USD25m to USD150m per transaction.
The fundraising effort exceeded Carlyle’s goal of USD1bn.
“We are gratified by the strong investor demand for this fund, particularly given the challenging fundraising market. We see incredible opportunities in this large and under-served market and have a great team to pursue them,” says Rodney Cohen, managing director and co-head of the US middle market investment team. “The fund is off to a great start, with four
Scottish early-stage companies received over GBP15.6m through angel investment during the first nine months of this year, compared with GBP12.4m during the same period in 2011.
This is according to figures published by the national business angel association LINC Scotland
This significant increase in funding equates to 26 per cent uplift from Scottish angel syndicates for new and existing companies in their portfolios compared to the previous year.
Over GBP10m was attributed to LINC members, which is up 36 per cent from the GBP7.4m invested between January and September 2011.
LINC represents 19 angel groups across Scotland and this
Denham Capital, an energy and resources-focused global private equity firm, is to open an office in Perth, Australia, one of the world’s main hubs for metals and minerals activity.
The new office will open in February 2013 and be led by Bert Koth, director of Denham Capital’s metals and minerals team who will be relocating from the firm’s London office.
In addition to pursuing metals and minerals investments in Australia and the Asia Pacific region, the office will also seek opportunities in Denham Capital’s other two core sectors: power and renewables and oil and gas.
“While Perth and Australia are
Valentijn van Nieuwenhuijzen (pictured), Head of Strategy at ING Investment Management on the outcome of the US presidential election…
The combination of an Obama win and divided Congress was our and the market’s base case expectation and is therefore not expected to have a major impact on market sentiment. It does take away some uncertainty (risk of a dead heat and legal challenges, future of Fed policy under Romney), but keeps the uncertainty over the fiscal cliff negotiations later this year very much alive.
Basically, the pre-election status quo is maintained because of which there remains a high risk
Turkish financial services company Ulusal Faktoring has closed its inaugural domestic bond offering.
Blue-chip Turkish corporates, qualified high-net-worth individuals and a diverse number of institutional investors subscribed to the TRY60m (USD34m) private placement.
Izak Koenka, chief executive of Ulusal Faktoring, says: “We are very pleased our first capital markets placement successfully attracted a quality group of investors. It is an important first step in establishing the company’s long term track record in the capital markets. Our close working partnership with PineBridge Investments remains instrumental to the development of Ulusal as a partner of choice for Turkish businesses and investors.
The Riverside Company has completed its 300th acquisition with a deal to purchase Learning Seat, an Australian provider of online learning and compliance courses.
It is the first investment of the firm’s affiliated Riverside Asia-Pacific Fund II.
“Few private equity firms have the privilege to invest in so many great little companies,” says Stewart Kohl (pictured), co-chief executive of Riverside. “While the large quantity is meaningful in and of itself, what most excites me is the advantage it offers to Riverside’s investors and partners. Like most things in life, the more you do it, the better you become, and
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