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Private equity investors (LPs) see major challenges for the industry in the next few years, according to Coller Capital’s latest Global Private Equity Barometer – but despite these worries they think 2012 will be a good vintage year and they expect strong medium-term returns from their private equity portfolios.
Fallout from the bubble years is very visible to private equity investors. Half of LPs believe they have ‘zombie’ funds in their portfolios – that is, situations in which private equity managers (GPs) with no prospect of earning carried interest are motivated to keep funds going for their management fees. Neither
International law firm Eversheds has advised Isis Equity Partners and management on the sale and secondary buy out of Wiggle, the online cycling and tri-sports retailer, to Bridgepoint Capital for GBP180m.
Wiggle was founded in 1999 initially to sell cycling accessories but by 2003 had expanded its offer to include running and swimming goods. ISIS invested in the business in 2006, and has supported and helped to build it. Today it’s the UK’s leading online retailer for enthusiastic road cyclists and triathletes, and truly global in its offering. It has over 1 million shopper visits a week to its online
Global fund administrator HedgeServ has successfully completed an independent SOC 1 examination of its middle office, back office, and fund administration controls. The SOC 1 examination certification was completed by a Big Four audit firm, in compliance with SSAE 16 (formerly SAS 70 Type II) and ISAE 3402 Type II.
The HedgeServ SOC 1 covers the period from 1 October, 2010 to 30 September, 2011 and covers an extensive scope of relevant controls for operational, accounting, and technology processes that auditors can rely on.
"HedgeServ is committed to its leadership in the advancement of fund administration and best practices related to
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The horrifying thing about MF Global is you can bring in someone with huge experience like John Corzine, who has seen what’s gone on in the past three years, and yet he goes in and completely fails to prevent what has become the biggest blow-up since Lehman’s – indeed, it has been suggested that he instigated the disastrous trade, says Dermot Butler (pictured), chairman, Custom House Global Fund Services…
He’s due to appear before a congressional House committee today – 8 December – and in a prepared testimony he plans on saying “I simply do not know
An affiliate of Sun European Partners, the European adviser to Sun Capital Partners, Inc, has reached an agreement to acquire shares in German retail chain Strauss Innovation (Strauss) from The EQT Opportunity Fund. The Geringhoff family will also sell its stake. The value of the transaction has not been disclosed.
Strauss is a private-label retail chain with approximately 100 stores in Germany and around 1,100 employees. The business has strong customer loyalty and is well known for its innovative assortment concept, combining interior decor with women’s and men’s apparel.
EQT Opportunity acquired Strauss in 2008 and has since executed
The Mezzanine team at AXA Private Equity has arranged and subscribed the financing for the acquisition of Unither Pharmaceuticals by Equistone Partners Europe. Unither is being acquired by Equistone, alongside historical shareholders ING Parcom Private Equity, CM-CIC Investment and Picardie Investment.
Unither Pharmaceuticals was originally purchased in 1993 from a Sanofi’s factory employing 17 people in Amiens, France. It is now a global manufacturer of unidose packaging for European pharmaceutical laboratories, and generic products, particularly eyewashes, saline solutions and anti-asthma drugs in sterile single-dose units and stick-packs.
With four industrial sites and an R&D centre, Unither generated revenues of
Patron Capital, the pan-European private equity group, has acquired, together with its new joint venture partner, Halcyon Hotels and Resorts, over 30% of the Von Essen Group portfolio from its administrators; the acquired assets formed a sub-brand within Von Essen known as the Luxury Family Hotels collection.
Four of the assets were owned until 2005 by Nigel Chapman, Halcyon’s Chief Executive, who together with Patron Capital is committed to returning them to their former glory and restoring the Luxury Family Hotels brand.
The seven hotels being acquired have a total of 211 keys, with a restaurant and spa/leisure facilities
The European Commission has published two proposals to further the Single Market on investment management on two specific fields: venture capital and social entrepreneurship.
The Commission notes that in the context of the current crisis, marked by a fall in lending to the real economy, it is increasingly difficult for SMEs to access loans. Therefore The Commission proposes a regulation to set uniform rules for the marketing of venture capital funds. Venture capital is an alternative source of finance to SMEs to invest and grow.
The Commission has also proposed a new "European Social Entrepreneurship Fund" label. Once
Figures issued this week show that the value of investment fund business in Guernsey fell by GBP3.4 billion (1.2%) during the third quarter of 2011.
This decrease follows eight consecutive quarters of growth and takes the net asset value of funds under management and administration in the Island to GBP271.1 billion at the end of September 2011. However, this is still a rise of GBP27.9 billion (11.5%) compared to the end of September 2010.
Peter Niven, Chief Executive of Guernsey Finance – the promotional agency for the Island’s finance industry – says: “From the initial crisis point of 2008 we
Advent Software has appointed Hazem Elmalla as the new head of professional services in the Middle East and North Africa (MENA). In this role, Elmalla will support Advent’s ongoing operation and be responsible for the professional services teams dedicated to clients in the region.
Advent Software has been engaged in the Middle East and North Africa and active as a member of the Dubai International Financial Center (DIFC) since 2004. More than 30 MENA-based clients today use Advent’s specific local solutions combined with its world-class investment management systems. As evidence of the company’s commitment to the region and to understanding
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