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Middle East and Africa private equity fund Citadel Capital has reported a 6.9 per cent quarter-on-quarter rise in total invested equity in Q2 2012 as it began drawing down funds following financial close on a USD3.7bn petroleum refining investment.
Invested AUM accordingly rose USD228.8m in the quarter to USD3.6bn (EGP21.8bn).
Total investments under control across the firm’s 15-industry footprint stood USD9.5bn as of 2Q12, while the firm’s standalone net loss narrowed 69.8 per cent quarter-on-quarter and 63.4 per cent year-on-year to USD1.5m (EGP9.2m).
The firm’s principal investments in its own transactions rose 14.8 per cent in the first half of
Global Infrastructure Partners (GIP), an independent global infrastructure investor, has completed fundraising for its second fund, GIP II.
Total investor commitments to GIP II are USD8.25bn giving GIP a total of over USD15bn in assets under management.
GIP invests in high quality infrastructure assets that provide essential services in the energy, transport and water/waste sectors. GIP’s investment approach combines specialist industry expertise with a focus on risk management and the application of advanced industrial management techniques to drive operational and service quality improvements in its portfolio companies.
GIP’s current portfolio includes Gatwick, London City and Edinburgh Airports in the UK,
Morgan Stanley Global Private Equity has completed a majority investment in Creative Circle, one of North America’s largest professional staffing firms specialising in advertising, creative and marketing talent.
Morgan Stanley Global Private Equity partnered with the current management team who will remain in place and retain a considerable equity stake.
Creative Circle is a specialised staffing agency representing advertising, creative, marketing, visual communication and digital/interactive professionals on both a freelance and full-time basis. The company delivers talent solutions to top advertising agencies and marketing firms as well as to the marketing and communications departments of industry-leading companies. Headquartered in Los
Although fundraising conditions remain challenging around the globe, Asia-focused funds on the road are showing considerable momentum, with many having already held interim closes, and the market is welcoming back many large players that have launched new funds, according to the recently released Preqin Special Report: Asian Private Equity.
Significantly, institutional investor interest in the region remains strong. Preqin’s interviews with over 100 institutional investors from around the world with an interest in Asia revealed that, during 2012 so far, 35 per cent of investors interviewed had made new commitments to Asia-focused private equity funds, and 34 per cent expect
Although the aggregate capital raised by private equity funds reaching a final close in Q3 2012 fell significantly from the previous quarter, this level of capital shows a large uptick in private equity activity compared to same quarter in 2011, according to Preqin.
The expectation is that Q3 2012 fundraising figures will increase by 10 to 20 per cent as more information becomes available.
The average time taken for private equity funds to close has increased slightly from 16.2 months in 2011 to 16.8 in 2012 YTD, suggesting that fund managers are still finding it difficult to attract institutional capital.
Baring Vostok, the private equity firm founded in 1994, has completed the fundraising process for its fifth private equity fund, Baring Vostok Private Equity Fund V, as well as for its co-investment vehicle, Baring Vostok Fund V Supplemental Fund.
Fund V reached its hard cap of USD1.15bn of aggregate limited partners commitments.
Combined with the USD350m of additional limited partners commitments into the co-investment vehicle, both Fund V and Supplemental Fund V have raised over USD1.5bn in aggregate – the largest amount of private equity capital ever raised in Russia – to be primarily invested in unlisted shares of leading
Jersey Corporate Services (JCS) has launched an outsourced business development service called Prospect.
The new services, which aims to help service providers foster relationships across the globe, has already attracted attention from foreign clients as well as those closer to home.
The new business development team at JCS manages a database in excess of 10,600 international contacts, giving Prospect subscribers access to business opportunities and specialist service providers tailored to their own specific needs, in all corners of the globe.
Vernon Breese (pictured), founder of JCS, says: “I’ve been travelling for some time now bringing new business to Jersey wherever
Workspace Group, a provider of tailored business space to new and growing companies, has closed its debut retail bond issue having raised GBP57.5m.
The bonds, which are due to launch on 9 October, will be listed on the London Stock Exchange’s Order Book for Retail Bond.
Jamie Hopkins (pictured), chief executive officer of Workspace, says: "We are delighted at the success of Workspace’s debut retail bond, which exceeded our initial target of GBP50m, and that a large number of investors have subscribed. The positive response from investors demonstrates the attractiveness of Workspace’s bond offering and allows us to diversify
Private equity firm Trivest Partners has held the final closing of Trivest Fund V with USD415m of total equity capital commitments.
Due to strong support from existing investors and significant demand from new limited partners, Trivest Fund V surpassed its original target of USD325m and accepted commitments up to its cap of USD400m. The additional USD15m represents capital from the partners at Trivest.
The fund includes a diversified mix of limited partners including endowments, corporate and public pensions, insurance companies, fund of funds, family offices and individuals.
The firm has also promoted Forest Wester, Russ Wilson and David Gershman to
Franklin Square Capital Partners, a sponsor of alternative investment products, has hired John Towle as chief marketing officer.
Towle will assume his role effective immediately.
Towle comes to Franklin Square with 25 years of financial services industry experience. Most recently, he served as chief marketing officer for Resource Real Estate, a subsidiary of Resource America, and before that the chief marketing officer at Cole Real Estate Investments.
Towle also worked as director of marketing for ING Mutual Funds and held a number of marketing and sales positions at Fidelity Investments.
“We are pleased to welcome John to the Franklin Square
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