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Ecofin Water & Power Opportunities (EW&PO) has entered into a binding agreement to sell its 81.1 per cent holding in Ecofin Energy Resources (EER) for new shares in Amadeus Energy.
EER is EW&PO’s largest investment and is active in US unconventional oil and gas production through its Texas based wholly-owned subsidiary Lonestar Resources.
Amadeus is an Australian oil and gas company listed on the Australian Stock Exchange with virtually all of its assets in Texas. Amadeus will acquire 100 per cent of EER’s capital for newly issued shares. Following completion of the transaction, Amadeus will change its name to Lonestar
PineBridge Investments has acquired an additional 25 per cent stake in Promedica24, bringing its total holding in the company to 75 per cent.
Promedica24 is a provider of household services and care for the elderly in Poland and Germany. The company is headquartered in Poland and has approximately 4,000 employees as of 30 September 2012.
“We are excited to announce our increase in ownership in Promedica24. The company is growing very rapidly and is continuously strengthening its market position in Poland, Romania and Germany. We see further opportunities for expansion and to create long-term value,” says Artur Haze, director of
SL Capital Partners, a private equity fund of funds manager, has promoted Patrick Knechtli and Mark Nicolson to the position of partner and Jamie Ebersole to managing director.
These promotions will be effective on 1 January 2013.
Knechtli (pictured), who joined SL Capital’s Edinburgh office in 2009, will lead the firm’s secondary investment programme, an area in which SL Capital has been increasingly active and which it plans to expand further. He will also take a lead role in pursuing and transacting primary fund investments and direct co-investment opportunities.
Nicolson, who joined SL Capital in 2007, will focus on
Commercial law firms remain cautious about taking on external shareholders under the Legal Services Act, according to a survey of finance directors at the top 100 law firms by Sweet & Maxwell.
According to Sweet & Maxwell’s research, 77 per cent of law firms polled do not think that private equity investment is an “appropriate” source of funding for a law firm. Similarly, 88 per cent do not consider a stock exchange listing as an “appropriate” form of external funding.
Under new ownership rules, which came into force in January 2012, law firms can seek external investment, or share
The Abu Dhabi Investment Authority (ADIA) has appointed Marc Keirstead as chief financial officer of its private equities department, effective immediately.
In his new role, Keirstead (pictured) will be responsible for the oversight and delivery of the finance and administration function for the private equities department.
This function encompasses portfolio and asset-level valuations, reporting and analytics, transaction support, management information systems and compliance related to the private equity portfolio.
Based in Abu Dhabi, Keirstead will report to Hareb Al Darmaki, executive director of the private equities department.
With over 20 years of experience in finance and accounting, Keirstead joins
Albion Ventures has launched the Albion VCTs Top Up Offers seeking to raise up to GBP15m across six of its venture capital trusts.
The offers are targeting a monthly tax-free income of 5.7 per cent (should investors choose to invest equally across all offers), equivalent to 8.1 per cent on the net cost of investment after up-front tax relief at 30 per cent.
Since the business was founded in 1996, Albion VCTs have paid out dividends to shareholders every year, totalling over GBP117m.
Investors in the offers also have the option to boost their capital growth by participating in
Salus Capital Partners has provided a USD65m Debtor-in-Possession (DIP) credit facility to HMX Group, a designer, manufacturer and marketer of men’s and women’s business and leisure apparel.
The DIP financing will be used by HMX Group to provide working capital as the company operates under Chapter 11 of the US Bankruptcy Code.
“We are pleased to provide a DIP facility to HMX Group that provides the company with the liquidity, time and a runway to effectuate a transaction that seeks to maximise value for all of the company’s constituencies – its employees, management, shareholders, vendors, and the estate,” says
A total of 1,504 advisers to hedge funds and other private funds have registered with the agency since the Dodd-Frank Wall Street Reform and Consumer Protection Act mandated such registration.
While some private fund advisers previously registered with the SEC voluntarily, mandatory registration has given the SEC its first comprehensive look at advisers to these types of funds. Including the 2,557 private fund advisers who had registered previously, a total of 4,061 advisers to one or more private funds are now registered with the SEC.
“Prior to the Dodd-Frank Act, regulators only saw a slice of the pie but didn’t
MCG Capital has closed a USD20m investment in Midwest Technical Institute (MTI).
MCG’s investment consists of a senior secured unitranche credit facility and revolving line of credit.
MTI is a private, post-secondary school providing career education in the fields of welding, HVACR, allied health and cosmetology with five campuses across Illinois and Mississippi.
MCG’s investment is made in conjunction with the recapitalisation of MTI by Summer Street Capital, a private equity firm with more than USD550m of capital to make equity investments that typically range from USD15m to USD30m.
Northstar Offshore Group (NOG), a portfolio company of private equity firm Natural Gas Partners, has completed two shallow water purchases in the Gulf of Mexico for a combined total of USD160m.
On 11 October, NOG acquired the Creole field, located in West Cameron Blocks 2 and 3 in the shallow state waters of Louisiana. On 16 October, NOG acquired a group of shallow water properties located in the federal waters of the Gulf of Mexico’s central region.
Northstar gains a combined 27 blocks, 14 producing fields (of which seven are operated), with a combined 7.4 million barrels of oil equivalent
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