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Chequers Capital (Chequers), the Paris-based private equity firm investing principally in control buyouts of unquoted, leading French mid-market companies, has closed Chequers Capital XVI (the Fund) on EUR850 million.
Chequers Capital XVI exceeded its EUR800 million fundraising target after its exceptional three month fundraise, closing on its hard cap of EUR850 million and considerably oversubscribed. Significant support from existing investors, in line with previous fundraises, combined with the overwhelming interest of new investors, led to oversubscription. Allocation to new investors was limited to select high quality, long-term institutional investors. The hard cap of EUR850m was self-imposed by the Partners of
Better Capital Limited’s BECAP Fund LP (the fund) has acquired certain bank facilities and related rights of DigiPoS Store Solutions Group Limited and its subsidiaries. The investment has been effected through a special purpose vehicle (the SPV) owned and controlled by the fund.
DigiPoS supplies electronic point of sale hardware and software and provides related installation services. It is headquartered in the UK but has subsidiaries serving local markets throughout the world. The audited accounts for the year to 2 March 2010 show that the Group achieved sales of GBP57 million and generated an EBITDA of GBP2 million. The total net assets at that
Middle market private equity investor RJD Partners (RJD) has backed the GBP30 million buyout of Intrinsic Technology Limited (Intrinsic), a provider of IT and unified communications solutions and services, from its founder and majority shareholder, Allan Gauld.
The buyout is being led by its Chief Executive, Mike Mason, an experienced IT and telecommunications executive who was brought into the business towards the end of 2009, together with his operational team. Mike Mason has an excellent management track record, with substantial experience of running a variety of IT and communications businesses of differing sizes, including some much larger than Intrinsic. He
Maitland, the fast-growing multi-jurisdictional wealth and fund services firm, is now offering outsource fund administration to private equity and real estate investment funds. The development follows the rising growth of these funds, particularly private equity, in Africa.
Maitland operates internationally with South Africa as an offshore fund servicing location. Assets under administration exceed USD125 billion.
Veit Schuhen, Maitland COO, says: “We have traditionally offered legal and corporate secretarial services to private equity and real estate funds. By adding administration we can offer an end-to-end service from fund establishment, through transaction support to administration investor servicing.”
The business unit will be
As the public markets warm up to venture-backed companies, corporate acquirers are pulling back. In the second quarter of 2011, 109 venture-backed companies achieved liquidity, netting USD11.2 billion, according to Dow Jones VentureSource. That represents a 13% decrease in exits and 26% increase in capital raised from the second quarter of 2010.
"Deal-making is in a limbo – unstable global markets and sky rocketing IPO valuations are giving both acquirers and companies sufficient cause to wait," says Jessica Canning (pictured), director of global research for Dow Jones VentureSource. "Everyone is watching the performance of recent IPOs to see how justifiable valuations really
Asset class performances were as hard to predict as ever during the first half of this year. While the global economic outlook has been more favorable than previously, sources of risk have shifted continuously, says Stefan Keller (pictured), head of MAP research and external relations at Lyxor Asset Management. As a result, unexpected shocks have derailed trends at work since the announcement of QEII end-August 2010. The unrest in the Middle East and North Africa has been on nobody’s agenda while the earthquake, tsunami and nuclear fallout in Japan were, by definition, unexpected.
Commodity Trading Advisors (CTAs) have given back
Abu Dhabi Capital Management has announced the final closing of its first fund; the ADCM Secondary Private Equity Fund at USD 45 million, three months after its launch in March 2011.
The fund is the first secondary private equity fund that mainly focuses on investing in secondary private equity funds in the MENA region, and is the first private equity fund in the MENA region to close since June 2009.
The fund acquired secondary private equity funds in the MENA, US and Europe regions in the past three months, and is currently 40% invested.
Abu Dhabi Capital Management will launch
Ogier has opened an office in Shanghai as the offshore law firm further expands its worldwide network. The move is at the heart of Ogier’s strategy to provide the most innovative and comprehensive multi-jurisdictional services, through a significant presence in each of the world’s key financial centres and across all time zones.
The new mainland China office will enable Ogier to provide the full range of Ogier’s services to its clients in a manner which is responsive to local conditions and practices. Ogier is the first offshore law firm to have an office in mainland China and is also the only
European private equity firm, Cinven has promoted two new partners in its London office. The appointments are effective from 1 July 2011.
Supraj Rajagopalan, partner, joined Cinven in 2004 and has worked on a number of transactions including Sebia, Spire Healthcare, Ahlsell, Partnerships in Care and Phadia. He is a member of the Healthcare and Industrials sector teams. Previously he was at The Boston Consulting Group, where he worked on projects in the financial service and healthcare sectors. Prior to this, he was a doctor in the UK National Health Service. Supraj graduated from Cambridge University with undergraduate and postgraduate degrees
MGPA, the independent private equity real estate investment advisory company, has successfully completed on the acquisition from Develica Deutschland Limited of a portfolio of 26 retail properties. The properties will be managed by MGPA Europe Fund III and will add further to MGPA’s current German retail portfolio.
The properties, mainly located in western Germany, concentrated in the Hesse, Baden-Wuertemberg and Bavaria districts provide a combined total net lettable area (NLA) of 41,200 sqm on a total site area of 127,700 sqm. The site comprises 21 food retail properties, of which 11 are supermarkets including the leading German retailers Edeka and
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