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The first half of 2011 has seen some interesting activity in the investment company sector, according to the Association of Investment Companies (AIC). There have been several policy changes, already double the amount in 2010, reflecting the flexibility of investment companies to adjust their mandates as new economic trends emerge.
In marked contrast to 2010, when only three companies embarked on a policy change, eight companies have changed their policy during 2011 so far. Since our last update in early May, these have included Princess Private Equity, Blue Planet International Financials, Securities Trust of Scotland, Martin Currie Portfolio and
European Solar Power Fund — a renewable energy-focused fund for institutional investors managed by KGAL – has purchased a 9.9 megawatt (MW) (DC) solar power plant near Zamora, Spain, from First Solar.
Currently under construction by Gehrlicher Solar Espana with an expected completion in December, the 37.6 hectare solar farm will produce an estimated 15,000 megawatt hours (MWh) of clean, green electricity a year — equivalent to the annual needs of around 3,400 Spanish households and CO2 savings of approximately 5,600 metric tons/year.
"We are very glad about the successful acquisition of this exceptional solar farm in Spain and the
For two years, following the market peak in 2006/7, the price expectation gap between company buyers and sellers widened as sellers sought to maintain the high p/e multiples they had enjoyed previously (Q2 2007: PCPI 13.6, PEPI 17.8.) However, over the last year the gap has been closing as expectations have become more realistic, as demonstrated by the strong correlation between the movements in the PCPI, PEPI and deal volumes, according to the latest results from BDO’s Private Companies Price Index (PCPI).
Despite the prevailing economic headwinds, deal volumes over the last 12 months indicate that there is significant appetite
Athena Capital Advisors, a Registered Investment Advisor providing investment advisory and management services to both private and institutional clients, has acquired Stonehorse Capital Management, a fund of funds manager focused on emerging hedge funds (generally those funds smaller than USD500 million or younger than 36 months). The acquisition became effective June 28th, 2011, and the acquired entity will be named Athena Stonehorse.
Athena Capital Advisors serves as their clients’ chief investment officer and investment staff, providing a comprehensive investment solution for their clients. For the past two years, Forbes has named Athena one of the top 50 fee-only Registered Investment
Leeds Equity Partners, LLC, the New York-based private equity fund focused exclusively on investing in the Knowledge Industries, has appointed Stephen Fredette, former Chief Executive Officer of Assessment Technology Institute as an operating partner. In this role, Fredette will provide management and operating expertise to Leeds Equity’s portfolio companies and will help the firm identify and evaluate new investment opportunities in the education and training sectors.
Fredette has over 20 years of experience building, operating and growing education and training companies. Most recently, Fredette served as CEO of Assessment Technology Institute, a private equity owned nursing education company. Under his
Advanced Accelerator Applications (AAA), an international leader in diagnostic nuclear medicine, has completed a capital increase of EUR40 million, which will help fund expansion plans and finance clinical trials of its promising portfolio of Radio Metabolic Therapy and diagnostic products.
The fundraising was subscribed by existing and new shareholders, including private investors and pharmaceutical companies. New shareholders include the leading Italian biopharmaceutical company Dompé, which has acquired a 7.7% stake in AAA. Eugenio Aringhieri, CEO of Dompé Group, was elected by AAA shareholders on June 28, 2011 to the company’s Board.
Following the capital increase, the number of
Environmental sustainability is an important priority with private equity and corporate senior executives, according to a recent poll conducted by PwC US. The poll, conducted during PwC’s "Private Equity and Environmental Sustainability" Webcast, found that 88 per cent of the 175 participants believe sustainability will become a more important factor in business decisions and investments in the next two years.
A further 22 per cent responded that they are in the early stages of developing a sustainability strategy for their organisations.
Several factors were cited by participants as the leading drivers for sustainability at their respective organisations, with profit opportunity
Earvin "Magic" Johnson, Hall of Fame NBA star, philanthropist and entrepreneur, is to join Detroit Venture Partners (DVP) as a general partner. DVP is a Detroit-based venture capital firm that invests in seed and early-stage technology companies primarily located in the heart of downtown Detroit. Johnson will also be investing millions of dollars into the fund.
Launched in 2010 by entrepreneurs Josh Linkner, Founder & Chairman of ePrize; Dan Gilbert, Founder & Chairman of Quicken Loans and Majority Owner of the NBA’s Cleveland Cavaliers; and Brian Hermelin, Founder & Chairman of the private equity firm Rockbridge Growth Equity, Detroit
Carey Olsen has appointed Michael McAuley as a new counsel to its litigation department in Guernsey. Born in Canada and educated there, in England and in France, McAuley’s recent offshore trust experience includes seven years at Appleby in Bermuda where he practised in all areas of contentious and non-contentious trust and pensions law.
McAuley is an internationally renowned lecturer and author on the offshore trust industry.
Carey Olsen’s head of litigation and managing partner John Greenfield, says: “We are very excited about Michael’s arrival and I am pleased that he has chosen to join Carey Olsen as the next step in
Berkshire Partners LLC, the Boston-based investment firm, today announced the closing of the firm’s eighth private equity investment fund, Berkshire Fund VIII. The fund has total equity commitments of USD4.5 billion.
Fund VIII’s capital was subscribed primarily by institutional investors in previous Berkshire funds. Investors include many of the world’s largest endowments, foundations, pension funds, insurance companies and sovereign wealth funds. As with its previous funds, the firm engaged no intermediary to assist in fundraising. Berkshire seeks to invest in middle market growth companies in partnership with talented management teams. Fund VIII’s portfolio is expected to consist of companies with acquisition
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