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By Simon Gray – With a growing reputation for expert capability within a broad-based financial services framework, Jersey seems poised to sustain a growth trend in the private equity sector that has continued even through the more difficult environment of the past three years. That period has seen consolidation among alternative fund administrators, notably the acquisition two years ago of local market leader Mourant International Finance Administration by State Street, but also the establishment of niche firms specialising in private equity and property funds.
Industry members agree that the arrival of State Street has been an extremely positive sign for
By Ben Robins – After two or three slower years for private equity activity, especially new fund launches, the industry is regaining momentum with the launch of new fund vehicles, mostly by established players drawing on their existing investor base. While the level of business and size of funds is still well below the levels of 2006 and 2007, the 2011 environment is improved significantly over subsequent years, reflected in an uptick in deal activity.
The recovery in Jersey also reflects increasing confidence among private equity houses that marketing routes will still be available for Jersey-domiciled funds targeting sophisticated investors within
By Jane Pearce and Daniel Richards – By seeking to accompany the signing of any Tiea with a joint declaration with the onshore government in question, Jersey aims to obtain wider international recognition for its financial services industry and fund products. For example, in 2008 the German government stated that subject to the outcome of the IMF evaluation – which turned out to be highly positive – it would endeavour to ensure that Jersey should be treated as fairly and favourably as other third countries where EU directives include provisions regarding compliance with the union’s standards and access to its
By Simon Gray – With a growing reputation as one of Europe’s key centres for the domicile and servicing of alternative investment vehicles, Jersey is starting to reap the benefits of its experience and expertise as the private equity industry at last shows some signs of recovery from the slump into which it was precipitated by the credit crunch, financial crisis and economic downturn, a series of setbacks that began more than four years ago and whose effects linger today.
The industry has been impacted in different ways. Shortages of credit cut off the leverage that drove outsized returns
David Evans and Samantha Lake Coghlan will join Goodwin Procter as partners in the firm’s London office.
Evans will become the London office Chair and will spearhead expansion of the firm’s presence in Europe, leveraging Goodwin’s presence in the real estate, fund formation and private equity sectors in the US. Evans and Lake Coghlan will focus on real estate private equity transactions, complementing Goodwin’s established London-based Hospitality and Leisure real estate practice, as well as its preeminent North American real estate private equity, REIT and real estate transactional practices.
“We’re delighted that David and Sam have chosen to join us. Their
First Reserve Corporation, a private investment firm in the energy industry, has entered into an agreement to provide an equity commitment of USD100 million from its Energy Infrastructure Fund to a joint venture with Energy Corporation of America (ECA).
Through the joint venture, First Reserve will own a 50% interest in two newly constructed gathering systems located in Pennsylvania’s Greene and Clearfield counties. Both systems service the Marcellus Shale which has been bolstered by strong drilling results for natural gas. The joint venture will operate under long-term contracts with a fixed take-or-pay structure.
In addition to the initial investment,
The Swiss Funds Association SFA supports the primary objectives of the partial revision of the Swiss Federal Act on Collective Investment Schemes (CISA). As part of the revision processes, it has submitted specific proposals for improvements aimed at safeguarding the competitiveness of Switzerland as an asset management location.
The SFA supports the objectives of the partial revision of the CISA: 1. to close gaps in the regulations, and 2. to bring it in line with the AIFM Directive so as to secure market access for the management, custody, and distribution of collective investment schemes. “We want to have the most
Many opportunities exist for the patient investor, says Thomas Becket, Chief Investment Officer, PSigma Investment Management…
We have just suffered the worst quarter for financial markets since 1928. Confidence is very low and markets are almost totally focussed on what might go wrong for the global economy.
The press and media certainly seem obsessed with trying to discover what the worst case scenario is for the global economy and financial markets. Whilst we are respectful of the downside pressures that remain for financial markets, we also believe that it is sensible to have a more balanced view of what might
Everything old is new again – at least that’s what Kaye Scholer investment funds Partner Thomas Stromberg (pictured) believes is the start of a new private equity trend.
“Cutting edge energy, financial services, healthcare and technology companies have been, and no doubt will continue to be, big draws for PE investors,” says Los Angeles-based Stromberg, who serves on the Board of Advisors of the Mezzanine Finance Symposium. “But private equity firms are again making significant investments in middle-market companies in more traditional sectors, such as industrials, manufacturing, even mainstream entertainments such as bowling alley chains.”
Stromberg, who works with several
Investec Specialist Bank’s (Investec) Fund Finance team has provided a GBP14 million debt facility to the management of Clyde Blowers Capital (CBC), a leading investor in industrial businesses.
The four year loan facility will enable the management of CBC to co-invest in the Clyde Blowers Capital Fund III (CBC Fund III). The target fund size of CBC Fund III is GBP350m with a hard cap of GBP400m. A second close is planned for later in the year. This will allow CBC to pursue the strong pipeline of deal opportunities it continues to build.
CBC Fund II, a GBP250m fund
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