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Intervale Capital has held the final closing of its second fund with capital commitments of USD376m.
Intervale Capital Fund II and affiliates exceeded its target of USD325m and investor demand for the fund exceeded the USD350m cap on limited partner commitments.
Intervale raised USD281m for its first fund in 2008 and recently completed its first two exits. Casedhole Solutions was sold to C&J Energy Services in June 2012 for USD278m. Ulterra Drilling Technologies was sold to ESCO Corporation in August 2012 for USD325m.
Fund II will employ the approach developed in Intervale’s first fund of executing privately negotiated, control investments
AXA Private Equity has signed an agreement for the sale of 100 per cent of its interest in Unipex Group to the IK2007 Fund advised by IK Investment Partners.
The completion of the transaction is subject to certain customary conditions, but the parties expect the transaction to be completed by the end of September.
Patrice Barthelmes, chief executive of Unipex Group, says: "We would like to thank AXA Private Equity for its active ownership during these four years, which has enabled us to gain a leading position. We remain focused on the future growth of our business and will
Business Growth Fund (BGF), established to help the UK’s fast growing smaller and medium sized businesses, has invested GBP3m of growth capital in Shuropody, a UK footcare provider.
Midlands-based Shuropody has local branches in Birmingham, Coventry, Leamington Spa and Stratford-Upon-Avon within its 63-strong national network.
The investment was led by BGF’s seven strong Birmingham team and is its third investment in Midlands based businesses to date.
The investment will allow Shuropody to expand upon its current garden centre based sites, as well as the introduction of new community service locations. It is expected this will generate another 200 jobs over
James Carnegie has been appointed as a senior adviser to Blackstone.
Based in Sydney, Carnegie will focus primarily on the firm’s private equity activities in Australia.
Carnegie was most recently a partner with Archer Capital, an Australian domestic private equity firms. Before that, his experience included working with Macquarie Capital in its principal investment area.
Michael Chae, senior managing director at Blackstone and head of private equity for the Asia Pacific region, says: "We are delighted that James has agreed to join us as a senior adviser. Australia is a strategic market for Blackstone, and we remain highly committed
Law firm Maples and Calder has opened an office in Singapore.
The office is located in the Singapore Land Tower in Raffles Place and will be managed by funds partner Nick Harrold, who is joined by corporate finance partner James Burch and private equity and corporate lawyer Tom Katsaros.
Both Harrold and Burch will relocate from the firm’s Hong Kong office, whilst Katsaros rejoins Maples and Calder, having previously worked in its Cayman Islands office.
The Singapore office will be a full service, full execution office providing Cayman Islands and British Virgin Islands advice across the firm’s core practice areas,
CVC Credit Partners has appointed Tom Newberry as a senior managing director and head of the group’s private funds business.
He will be based in New York and will be a member of CVC Credit’s operating board.
Newberry was formerly a managing director at Credit Suisse, where he was head of global leveraged finance capital markets and syndicated loans, responsible for the underwriting of all high yield bond, mezzanine and syndicated loan transactions as well as the sale and trading of both par and distressed loan assets.
Newberry joined Credit Suisse in November 2000 when CSFB merged with Donaldson, Lufkin
Alternative asset manager The Carlyle Group’s infrastructure fund is to acquire from Goldman Sachs Group the North American power generation assets held by Cogentrix Energy, which include five coal and solar power projects in Florida, Virginia, Colorado and California, as well as a development pipeline of gas and renewable power projects.
The transaction includes the Charlotte, North Carolina-based Cogentrix team, including professionals who will continue to initiate new power generation projects and acquisitions as well as bring their power asset management and operating expertise to Carlyle’s future investment activity in the power sector.
Equity for this investment comes from Carlyle
Guernsey has signed Tax Information Exchange Agreements (TIEAs) with Italy and Latvia.
The bilateral agreements were signed on 6 September and they mean that Guernsey has now signed a total of 37 TIEAs.
Guernsey’s chief minister, deputy Peter Harwood (pictured), says: “Our relationships with the Member States of the European Union are of paramount importance in helping Guernsey protect and promote its interests. Each TIEA that we sign with EU members is a further indication of Guernsey’s constructive relationship with EU Member States, and of those Member States’ endorsement of Guernsey’s commitment to tax transparency.”
Harwood signed both TIEAs on
Mid-market private equity firm LDC has appointed John Garner to head its operations in Yorkshire and the North East as it steps up its investment in the region.
He will take over the role from John Swarbrick, who has led LDC in Yorkshire and North East over the past 12 years. Swarbrick will remain with LDC on a part-time basis until the end of 2013 to assist in a smooth transition. He will also remain as a non-executive director on several of LDC portfolio company boards.
Garner (pictured) qualified as a Chartered Accountant with KPMG in London, where he
WTP Advisors’ Capital Markets division will separate from the company and become a standalone business effective immediately. The new business will be named Avalon Lake Partners and is relocating its headquarters to New York City.
Led by industry veterans Lou Sala, Jay Goldstein, and Ilicia Silverman, Avalon Lake will move away from tax advisory work and focus completely on providing a broad set of advisory services to the alternative asset management industry, namely hedge funds, private equity and family offices.
“The time has come for a firm to step up and become the preeminent provider of business support to
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