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Investment bankers and M&A strategists are switching back to crisis mode after a short-lived revival in the spring.
Companies currently no longer view M&A primarily as a driver of growth, using it instead to increase their resilience.
That is the key finding of the latest survey of the M&A panel organised by CMS Hasche Sigle and FINANCE, which covers M&A heads of large companies and leading investment bankers.
The M&A market’s woes are clearly attributable to the euro crisis. When asked about the importance of specific deal breakers, survey participants ranked general economic uncertainty right at the top. The panellists
The Hastings-managed Utilities Trust of Australia has reached first close on its 2012 capital raising with commitments of around AUD610m received from existing and new investors.
The first close is in line with expectations outlined in January 2012.
The fund’s 2012 capital raising remains open to existing and new clients.
Richard Hoskins, chief executive officer of UTA and executive director at Hastings, says: “We are very pleased with the level of support for UTA shown by our clients. We believe UTA offers investors a well managed, quality portfolio of assets in the core infrastructure space. It has delivered strong, consistent
Citi has completed the sale of EMI Music Publishing to an investor group comprised of Sony, the Estate of Michael Jackson, Mubadala Development, Jynwel Capital, the Blackstone Group’s GSO Capital Partners, and David Geffen.
Citi received total consideration of USD2.2bn for EMI Music Publishing, a popular music publisher. The business represents and administers catalogues of over 1.3 million music copyrights covering all genres, periods and territories of the world.
“We are proud to have been a steward of EMI Music Publishing and its great collection of assets. We are grateful to Roger Faxon, his management team and all of EMI’s
Business Growth Fund, established to help Britain’s fast-growing smaller and medium sized businesses, has invested GBP4.2m in AFG Media, the fancy dress and party fashion company behind Morphsuits.
This is BGF’s fifth investment in the month of June, following its recent commitments to Springfield Homecare, Seacroft Care Village, Primrose and Cennox.
AFG Media was founded in 2009 by Edinburgh University graduates Gregor Lawson and brothers Fraser and Ali Smeaton, who gave up their day jobs to sell all-in-one skintight costumes that they branded Morphsuits, after witnessing the dramatic reaction generated at a fancy dress party.
In three years
Funds affiliated with CVC Capital Partners have purchased majority ownership of AlixPartners, a business advisory firm, from Hellman & Friedman and Jay Alix.
AlixPartners’ 125 managing directors have maintained a considerable stake in the firm, and Jay Alix, who founded the firm in 1981, has maintained a substantial minority stake.
Terms of the transaction, which was previously announced on 25 April 2012, were not disclosed.
AlixPartners specialises in improving corporate financial and operational performance, executing corporate turnarounds, providing litigation consulting, forensic accounting, and specialised IT services. The firm now operates from 17 offices globally.
Fred Crawford (pictured), chief executive of
North Castle Partners, a private equity firm focused on investments in consumer product and service businesses that promote health, wellness, and active living, has completed the sale of Cascade Helmets, a manufacturer and distributor of lacrosse helmets and eyewear, to Bauer Performance Sports for USD64m.
Cascade is a designer, developer, manufacturer and marketer of lacrosse helmets and eyewear in North America.
North Castle helped to accelerate new product innovation, double sales and build a new line of hockey helmets with hockey player Mark Messier.
"The growth of Cascade and its sale to Bauer is another example of North Castle’s strategy
The European Securities and Markets Authority has published a consultation paper on proposed guidelines on remuneration of alternative investment fund managers.
ESMA’s future guidelines will apply to managers managing alternative investment funds including hedge funds, private equity funds and real estate funds.
These funds will be asked to introduce sound and prudent remuneration policies and structures with the aim of increasing investor protection and avoiding conflicts of interest that may lead to excessive risk taking.
The Alternative Investment Fund Managers Directive (AIFMD) establishes a set of rules that AIFMs have to comply with when establishing and applying a remuneration
The majority of buyout funds with a 2011 or 2012 vintage, or those yet to begin investing as of June 2012, will rebate the entirety of any transaction fees they earn from portfolio companies back to the LPs in their funds, according to research conducted for the 2012 Preqin Private Equity Fund Terms Advisor.
Both the mean and median transaction fee rebates have been on an upward trend over recent vintages, and the median reached 100 per cent for the first time with vintage 2011 funds.
The median proportion of transaction fees rebated to LPs by recent buyout funds (those
Krusen Capital Management, a hedge fund and private equity advisory firm, has partnered with Atrato Advisors to provide independent research and due diligence for its LionHedge Platform.
Krusen Capital provides advice on alternative investments and access to top managers, targeting independent wealth managers, family offices, high-net-worth individuals, and select institutional investors.
Atrato will oversee qualitative, quantitative, and operational due diligence on the existing menu of managers, as well as new additions to the platform.
Krusen and Atrato will provide complete transparency to LionHedge investors, making its research content available to all clients through Krusen Capital’s proprietary website portal.
Krusen Capital,
Nicola Wealth Management has launched the NWM Private Equity Fund to allow its clients to gain access to private equity and mezzanine debt with a minimum investment of USD25,000.
The company and its principals have committed USD1-million of personal capital to the Fund, which completed its initial closing this past May and remains open to investment by NWM clients.
The NWM PE Fund is a "fund of funds" investing directly and indirectly in Canadian and global private equity and mezzanine debt, with an objective of achieving a long-term annual return that is targeted at 5% more than publicly traded equities.
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