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Energy Investors Funds (EIF) has completed the sale of the Watertown, NY-based Black River Generation plant to ReEnergy Holdings, LLC. Terms of the deal have not been disclosed.
Black River Generation is a 55 MW coal-fired facility located on the Fort Drum U.S. Army Base in Watertown, NY. The project commenced commercial operations in 1988. EIF’s United States Power Fund, LP acquired the project in 2004. ReEnergy Holdings plans to convert the facility to a biomass power plant.
“Black River Generation has been a solid investment for our firm and investors,” says Robert Franson, Vice President at EIF. “ReEnergy is
Jersey Finance has appointed Heather Bestwick (pictured) to the new role of Deputy Chief Executive Officer. She will maintain the role of Technical Director, leading the Jersey Finance technical programme, but will have additional responsibility for several operational functions including human resources, finance and IT.
An English solicitor and former Managing Partner of the Jersey office of international law firm Walkers, Bestwick joined Jersey Finance in 2010.
Geoff Cook, Jersey Finance Chief Executive Officer, says: "Heather’s appointment to the new role of Deputy CEO reflects the growing remit of Jersey Finance and in particular, our strategy to support the industry
Ernst & Young has appointed Robert Bruning as managing partner for the firm’s San Diego practice. He succeeds Mark Stephens, who will be retiring in June after 36 years of service to the firm.
Bruning has been an assurance professional and executive officer in the technology, manufacturing and consumer product industries for 25 years, starting his career at the firm in 1987. Between 1993 and 1998, he was the CFO of two publicly traded companies, Cobra Golf and Oakley. He returned to Ernst & Young in 1998.
“Robert brings more than two decades of experience to our San Diego practice,
Ernst & Young’s Transaction Advisory Services (TAS) has expanded its US M&A and Capital & Debt Advisory business, which provides sector-specific advice on transaction strategies, buy- and sell-side M&A execution, and private capital raising.
The US M&A and Capital & Debt Advisory team helps corporations and private equity firms improve their competitive position through Ernst & Young LLP’s affiliated registered broker-dealer, Ernst & Young Capital Advisors.
"The transaction market has demanded advisors with a greater sector focus," says Richard M Jeanneret (pictured), Vice Chair, Transaction Advisory Services at Ernst & Young LLP. "Our US practice in M&A and Capital and
Just nine per cent of LPs who currently express an interest in co-investments expect to reduce their allocations to these investments in the future, a Preqin study reveals.
A significant proportion are championing the perceived benefits of co-investment, which include better control over investments, the strengthening of GP relationships and lower fees.
Two-thirds of investors have also seen higher returns from their co-investments than their private equity fund investments, while 13% stated that returns were significantly better.
Over 100 investors with an interest in co-investments were interviewed, and almost a quarter of those contacted are active co- investors on a
The Cayman Islands Government has extended the deadline for the registration of ‘master funds’ by 60 days to 21 May 2012.
This extension had been expected as a result of the previous advisory issued by the Government stating that the Government and the Cayman Islands Monetary Authority (CIMA) both disagreed with an interpretation held by some practitioners that a ‘master fund’ with only one regulated feeder fund is not required to be registered with CIMA. In that advisory, the Government announced that it would be issuing further legislation to clarify the point. As at the date of this eAlert, the Government has
Anson Group Limited has appointed Professor Richard Conder as its new chairman and Melville Trimble as a new director. Both appointments are non-executive and took effect from Friday 9 March 2012.
Professor Richard Conder retired in 2011 from being the Chief Executive of the GTA University Centre in Guernsey having previously been a Pro Vice Chancellor of Bournemouth University and before then holding senior posts in industry and commerce. Richard Conder is a Fellow of the Institute of Chartered Secretaries and Administrators and a Fellow of the Chartered Institute of Management Accountants.
He received a Masters degree in Business Administration
The Association of Investment Companies (AIC) has welcomed the removal of the GBP1million limit on investment by a VCT in a single company, which comes into effect from April 2012, and the proposed rules to increase the range of companies eligible for VCT investment.
Ian Sayers (pictured), Director General of the AIC, says: “We are delighted that the Chancellor recognises the role that VCTs have to play in delivering increased economic growth and employment. The proposed rule changes allow VCTs to invest in a wider range of companies which is a welcome boost to the sector and businesses desperately seeking
LongueVue Capital (LVC), a New Orleans-based private equity firm, has held the final closing of LongueVue Capital Partners II, L.P. ("LVC II"), a private fund with up to USD175 million of capital available to make private equity and debt investments in lower middle market companies.
LVC II focuses on growth-oriented businesses generating up to USD100 million of annual revenue and seeks to partner with strong management teams across a variety of industries. LVC’s principals work closely with management partners to create value by implementing growth strategies and driving operational improvements. LVC takes both control and non-control positions, providing capital for
Cytos Biotechnology Ltd, a Swiss biotech company developing a new class of biopharmaceutical products called Immunodrugs, has signed agreements with an international syndicate of strategic investors to raise a total of up to CHF37 million (USD40 million) in equity and debt.
The investment round is being led by venBio and includes investments by a syndicate including Amgen, Abingworth and Aisling Capital.
The new funds will recapitalize Cytos and enable it to further advance its programs and specifically to conduct a global multi-centre Phase IIb clinical trial with its lead product CYT003-QbG10 (CYT003) in patients suffering from allergic asthma. CYT003 is
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