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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
Chris Cummings, CEO of TheCityUK, welcomes UK Chancellor George Osborne’s Budget Statement…
The reductions in both corporation tax and personal tax announced today send a strong signal that the ‘open for business’ sign over the UK is well and truly lit.
Announcing a future reduction in the top rate of tax to 45p is a step in the right direction. The high personal tax rate is the number one issue on everyone’s lips wherever I am in the world. The Chancellor must do all he can to create a competitive, business friendly environment to attract global firms to the UK.
The management team of corporate travel company, TD Travel Limited, has completed a buyout of the business backed by LDC, the leading mid-market private equity investor, for an undisclosed sum.
TD Travel, which was established over 25 years ago and has sales of GBP45m, specialises in providing personalised business travel consultancy and booking services to over 500 companies. It employs a team of 60 experienced consultants across its offices in Wilmslow, Hull, Liverpool and Leeds and it is one of the UK’s leading independent corporate travel management companies.
Its consultants help customers save money on their travel expenditure by advising
Foresight VCT has completed a growth capital investment of GBP1.25m in Biofortuna Limited, the UK-based molecular diagnostics company.
Biofortuna has developed a unique range of molecular diagnostic products using proprietary freeze-dried technology. Current genetic tests are stored and transported frozen and are required to be carefully thawed and mixed prior to the addition of patient DNA.
Biofortuna’s uniquely designed and stabilised tests can be stored and transported at ambient temperature, eliminating the need for fridges, freezers and temperature controlled shipping. As all reagents are included premixed and freeze dried, the end user is only required to add the patients DNA
Index Ventures has launched its first fund solely dedicated to making investments in the life sciences sector.
This EUR150m fund includes investments from several of Index’s largest existing limited partners and two companies, GlaxoSmithKline (GSK) and the venture capital affiliate of the Janssen pharmaceutical companies of Johnson & Johnson (Janssen).
With this investment in the fund, the two global pharmaceutical companies will share their expertise by participating in the scientific advisory board (SAB) of the fund. Index will maintain full decision making rights to the portfolio companies and the fund rules and procedures will follow previous Index Ventures funds. This
Axiom Asia Private Capital Management Services, has held the first and only closing of investors in its third fund, Axiom Asia Private Capital Fund III. The fund’s total investor commitments of USD1.15 billion exceeded the initial target of USD950 million.
Axiom Asia Private Capital Fund I, which made its first investment in 2006, raised USD440m of investor commitments. Axiom Asia Private Capital Fund II also closed at its hardcap of USD950 million of investor commitments, and commenced investing in January 2009. Axiom III will continue its predecessor funds’ strategy of investing in a portfolio of management buyout, venture capital, growth
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