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Lou Sala, chief executive of the Capital Markets practice at WTP Advisors, says that in the wake of the Madoff scandal, due diligence processes that were once little more than box-ticking exercises have become a searching and in some respects painful examination for hedge fund managers.
First, my apologies to those who saw the headline and thought that this would be a scintillating discussion piece detailing my insight into the hot hedge fund strategies and the harnessing of alpha. It’s not. What I am presenting here is a view of the other side of investing – the unglamorous, roll-up-your-sleeves world
The majority (63 per cent) of private equity fund managers – regardless of fund size – are receiving new commitments from Limited Partners (LPs), according to the third annual PErspective private equity study by BDO USA. That’s up from 56 per cent of fund managers who indicated they were receiving new commitments from LPs in 2010 and only 40 per cent who said so in 2009.
The largest per centage of funds indicated they are receiving the majority of first-time financial commitments from family offices (55 per cent), followed by pension funds (21 per cent), international investors (11 per cent),
Actis has launched the Actis Energy Impact Model, an tool for assessing progress over the life of its energy investments. The Impact Model is designed to capture in a systematic way the key drivers that build value, and helps pinpoint where action is required.
The model, which has been under development since mid-2010, is based on the Five Capitals model developed by Forum for the Future, a leading sustainability NGO that works with the business community. The five capitals are finance, people, social/community, infrastructure and environment, to which Actis has added a sixth – governance. The firm has also worked
GlobeOp Financial Services has appointed Tim Ridley to its Cayman Islands subsidiary board. Ridley, the former chairman of the Cayman Island Monetary Authority (CIMA) and a former senior partner of Maples and Calder, was appointed following the recent resignation of Gary Linford.
“Demand for greater hedge fund transparency and governance is increasing,” says Vernon Barback (pictured), GlobeOp president and chief operating officer. “Tim Ridley’s legal, financial and regulatory expertise will be a benefit to GlobeOp and its clients. We look forward to his contributions as we focus on independent valuation, regulatory and board reporting. I would also like to thank
Heritage International Fund Managers Limited (HIFM) has made a host of new appointments.
David Dorey (pictured), who joined the team as Head of Private Equity in January 2012, will be responsible for the client delivery on all existing and new private equity clients. David has a wealth of experience in the administration and management of private equity funds having held a number of senior positions within private equity firms and administrators in Guernsey, notably eight years with BC Partners, both in London and locally.
James Christie and Andrew Cooper have both joined as Senior Fund Administration Managers heading up teams
London-based bridging financier Montello Bridging Finance, has obtained significantly expanded funding lines, which has allowed it to enter the medium term loan market.
The first medium term loan by Montello, was completed last week in a deal for GBP1.15m and for a three-year term. The loan was against a mixed use residential and commercial property in Soho, London.
This loan was completed by Montello at an interest rate of 11% per annum, with no up-front fees and no exit fees. The loan was for a minimum period of 1 month, and there were no early redemption penalties for the
Global aerospace and defence (A&D) merger and acquisition (M&A) value reached a record level in 2011, according to Mission Control, a quarterly analysis of M&A activity in the global A&D sector by PwC.
Aggregate deal value reached USD43.7 billion supported by 341 deals in 2011, compared to total deal value of USD21.9 billion and 332 deals in 2010. The 2011 record surpassed the previous A&D deal record of USD42 billion in 2007.
The primary driver of deal value in 2011 was the USD16 billion transaction, the largest in sector history. However, volume drivers were broad-based, with higher numbers for
Hogan Lovells has advised Ares Capital, Lloyds TSB, RBS and Santander on the acquisition by Duke Street Capital of a majority stake in Parabis, thought to be the first ever leveraged buy-out of a law firm in the UK. The deal was announced on Monday 6 February.
Parabis is a leader in claims handling which specialises in managing long term outsourced and co-sourced contracts on behalf of major organisations. Parabis also owns Plexus law, a specialist insurance defendant entity.
The Hogan Lovells team advising the banks was led by London banking partner Stuart Brinkworth, assisted by Of Counsel Jo Robinson,
Bregal Investments is forming Bregal Partners, LP, a middle-market private equity fund with USD500 million of committed capital. The fund’s investment efforts will be led by Robert Bergmann and Scott Perekslis, who will serve as Managing Partners.
The fund, based in New York, will focus on control-oriented investments in North America in the following industries: consumer; food and beverage; healthcare; and, energy services. Bergmann and Perekslis are middle-market private equity veterans, having previously worked together at Centre Partners Management LLC for more than 20 years, most recently serving as Senior Partners.
Louis Brenninkmeijer, co-Chairman of Bregal Investments, says: "We are
Fiona Le Poidevin (pictured), Deputy Chief Executive of Guernsey Finance – the promotional agency for the Island’s finance industry – explores why conditions are right to consider re-domiciling or co-domiciling funds in Guernsey.
The global financial crisis initially came to a head in 2008, yet more than three years later and the wave of repercussions continues, particularly in the Eurozone but also through the ongoing worldwide economic downturn.
Guernsey has proved extremely resilient but as a leading international finance centre, the Island cannot be completely immune from these worldwide issues. However, the key indicators are suggesting that Guernsey, led by
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