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The first half of 2011 has proved to be something of a hippo market for investors, with a sideways-moving market interspersed with short-term bouts of volatility emanating from Japan, the Middle East and the Eurozone. The average investment company was neither up nor down, with a GBP100 investment over six months to 30 June 2011 remaining at GBP100. The average discount widened slightly, from 8% at the year end, to 9% at 30 June 2011.
With markets so uncertain, it is interesting to see that the Property Direct: Europe sector has seen discounts narrow most from 44% six months ago
Dr Oliver Plein (pictured), Head of Product Specialists – Equities at DWS Investments, takes a look at how today’s environment impacts equities…
In 2011 the world economy will likely be driven by the timing and speed of monetary policy changes. In the US, the Fed is likely to remain on its current course well into the second half of 2011, whereas in the euro zone, the European Central Bank (ECB) is facing an increasingly difficult task as a one (monetary) size fits all approach does not appear to be appropriate for booming Germany as well as the stagnating countries of
Munich Re and Kohlberg Kravis Roberts & Co (KKR) have partnered to acquire a 49% equity stake in the existing operating assets of Grupo T-Solar, the largest European solar photovoltaic (PV) power generator. Grupo T-Solar total capex to date for these assets has been EUR1,073m.
The assets being acquired comprise a diversified portfolio of 42 solar PV plants located in Spain (34 plants) and Italy (eight plants) with aggregate installed capacity of 168 MW and a generation capacity of over 250 GWh per year of clean energy. These assets will be housed in a new company named T-Solar Global Operating
Golub Capital BDC, a business development company, originated USD113.8 million in new middle market investment commitments during the three months ended June 30, 2011.
Of these new investment commitments, USD102.9 million funded at close.
Overall, total investments at fair value increased by USD61.0 million during the three months ended June 30, 2011 after factoring in debt repayments and net purchases and sales of broadly syndicated loans.
Andrew Morris (pictured), managing director of Signature, the arm of Rowan Dartington dedicated to supporting investment professionals and their clients, comments on the Eurozone crisis and the threat it poses to the UK…
Is it true that the UK is seen a “safe haven” as George Osborne claims? Or is it merely not quite as shambolic as Eurozone?
In the current environment there are few places that can be termed genuine safe havens. Currency movements are a measure of confidence in an economy. Of the major currencies, the pound is the second worst performing currency after the USD over
AXA Private Equity and neoen, the French independent renewable producer, have signed an agreement to acquire Poweo’s renewable energy activities from VERBUND, Austria’s leading electricity company.
Poweo ENR group is one of the leading independent renewable power players in France, with more than 120 MW of renewable power projects in operation, as well as a large portfolio of projects in development in onshore & offshore wind, solar and biomass assets.
AXA Private Equity and neoen will together, as a consortium, acquire all of Poweo ENR group. It is envisioned that in a second phase, AXA Private Equity will retain
Guernsey’s engagement with Washington has resulted in Democrat Senator Carl Levin removing the Island from his “blacklist”. Guernsey’s Chief Minister Lyndon Trott (pictured) this week met with officials in Washington. The meetings continued a dialogue started nearly a decade ago to strengthen ties between the Guernsey and US governments and reinforced Guernsey’s reputation as a leader in tax transparency, information exchange and international co-operation.
This has led to a number of positive outcomes, with the latest example being Senator Levin this week unveiling a modified bill that no longer mistakenly lists the Island as an “offshore secrecy jurisdiction.” The Chief
CORESTATE Group, a specialist private equity investor based in Zug/Switzerland, with partner offices in Frankfurt, London and Luxembourg, has made a number of strategic appointments which will further strengthen its European investment and asset management expertise. Making four additional appointments, it has recruited Jerry Melchionna to its origination team in its London office as well as a Director and two Associates to its London and Frankfurt based teams.
Melchionna brings over 30 years of real estate investment, origination, finance, securitization, and advisory experience to CORESTATE. Before joining the team in London, Jerry was a Managing Director at Oppenheimer Investments
JZ Capital Partners Limited (JZCP), the London listed private equity fund that invests in high quality US and European micro cap companies, has realised its investment in AC TECH for USD18.2 million.
After deducting escrows, JZCP received net proceeds of USD18.2 million from the sale, creating a gain of USD5.5 million (USD0.08 per share) above the May 2011 valuation of USD12.7 million. JZCP purchased AC TECH in 2001 and earned a multiple of capital invested of 5.6x and an IRR of 34.6%. The terms of the transaction are undisclosed.
AC TECH, which is a manufacturer of sealants and
Regulation must be ‘targeted, appropriate and relevant’, says Dermot Butler, chairman of Custom House Global Fund Services Ltd and Custom House Group…
Despite numerous statements to the contrary, there are apparently many who believe that I am against regulation in our industry – this is not true. I am totally in favour of regulation that is targeted, appropriate and relevant. What I am against is regulation for regulations’ sake, badly written and ill thought through regulation and “blanket regulation”, originally targeted at one specific problem, but which is written in such a way as to take out everything and everybody
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