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The level of excess return (alpha) from private equity investments compared with those in stock markets is largely dependent on the fund manager, according to a new study, "Finding Alpha 2.0" by Golding Capital Partners and HEC School of Management in Paris.
According to the research, which is based on data from over 4,200 realised private equity transactions carried out in Europe and the USA between 1977 and 2010, fund managers are the main driver of private equity’s alpha. They generate above average excess returns when they have a high degree of industry specialisation, great expertise and particularly strong deal
Middle East and Africa-focused private equity firm Citadel Capital SAE has received formal Board approval for a new ten-year, USD150 million (EGP900 million) financing facility from the United States Overseas Private Investment Corporation (OPIC), the US Government’s development finance institution. Of the total amount, USD125 million is specifically designated for investment in Egypt.
The USD150 OPIC financing would, if added to the proceeds from the firm’s fully-subscribed USD175.6 million (EGP1.05 billion) rights issue, give Citadel Capital a total of USD 325 million (EGP 2.0 billion) of long-term capital. The firm also expects to add a further USD50 million to its
Zoomingo has secured USD1.3 million in financing from two leading early-stage venture capital firms — Naya Ventures and Benaroya Capital — as well as several prominent angel investors.
Zoomingo is a new mobile "shopping discovery" app that provides consumers instant access to thousands of sale items on fashion, beauty, and home goods at top retailers in local markets nationwide.
The funding round is the first for the Seattle-based startup. It will be used to enhance the current application, build a retailer platform, and grow the Zoomingo community through expanded outreach to new customers and retail partners. Zoomingo is the brainchild
A continued shortage of lending from Western banks to emerging markets has helped to boost the performance of Cordiant Capital’s emerging market loan funds.
In its Annual Review the specialist emerging market loan fund manager says that new loans that it is writing continue to be at far higher margins than before the credit crunch – driving up its returns.
At the same time stronger economic performance across many emerging markets over the last year has meant that the list of its loans that Cordiant Capital has on its “credit watch” category has shrunk considerably.
David Creighton, CEO
Summit Materials has recently acquired Industrial Asphalt, Inc, Asphalt Paving Company of Austin, Inc and Ramming Paving Company, Ltd in Austin, Texas.
Industrial Asphalt, Inc. led by Jill Shackelford, is based in South Austin and operates a quarry and two asphalt plants. Asphalt Paving, led by Joseph Jackson is also based in Austin and is a longstanding paving business. Ramming Paving Company, Ltd (“Ramming”), led by John Ramming, is a quarry, asphalt, and paving services company with operations in Austin and San Antonio. All the management teams will remain in place and will continue developing the businesses under Summit management.
In light of the current fiscal and monetary concerns that are gripping the minds of investors around the world, Institutional Asset Manager asked the heads of some of the world’s leading asset managers to share their thinking on portfolio management trends post-Lehman and beyond 2011 in concise fashion. Georg Schuh (pictured), CIO, DB Advisors, responds:
"We are seeing more institutional investors adopting total-return targets, instead of managing their assets relative to traditional benchmarks. This trend has gathered momentum in recent quarters and will continue to do so.
"Total-return targets give a portfolio manager much greater flexibility: for example, it is possible
Kohlberg Kravis Roberts & Co (KKR) today has launched Vets @ Work, a program designed to promote the hiring of US military veterans across KKR’s private equity portfolio of more than 70 companies.
The Vets @ Work initiative will highlight the extensive range of talents and leadership abilities that veteran hires can bring to private sector employers, and will strengthen KKR’s efforts to promote veteran-focused career development, support and retention practices at its private equity portfolio companies, which together employ nearly 900,000 people across a range of industries.
“Veterans have many of the most sought-after qualities employers look for, including
Endomagnetics, the company that is using advanced magnetic technology to extend the availability of an important cancer staging procedure, has raised additional funding, taking the sum raised in the last few months to GBP1.8 million. The Company has also announced a move to Cambridge as it expands its operations.
Endomagnetics is a spin out from University College London (UCL), and is developing advanced magnetic sensors originally developed at UCL and at the University of Houston. The move to Cambridge reflects the company’s rapid progress towards commercialisation of its first product. SentiMag is an ultrasensitive hand-held probe capable of tracking the
Vista Equity Partners has completed its acquisition of the Sage Healthcare Division from The Sage Group plc in an agreement that was announced on 22 September, 2011.
The new company will be called Vitera Healthcare Solutions (Vitera), which will continue serving the ambulatory market with its current line of electronic health records (EHR), practice management and revenue cycle management products.
Vitera’s products include Intergy, Intergy EHR, Practice Analytics, Practice Portal, STS, as well as the Medical Manager practice management product. As one of the largest healthcare solutions providers in the EHR and practice management markets, Vitera serves more than 400,000
HIG Capital has sold portfolio company Securus Technologies to Castle Harlan, a private equity firm based in New York, NY.
Securus, based in Dallas, TX, was formed by HIG in September 2004 through the merger of Evercom Systems and T-Netix. Today, the company is one of the largest providers of detainee communications and information management solutions, serving approximately 2,200 correctional facilities and more than 850,000 inmates nationwide.
"We have had great success turning Securus into the industry’s leading player through our partnership with HIG," says Rick Smith, Chief Executive Officer of Securus. "In addition to providing capital for our business,
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