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Portfolio Advisors has announced the final closing of its global diversified private equity fund-of-funds, Portfolio Advisors Private Equity Fund VI (PAPEF VI), with total commitments of USD1.103 billion. Limited partners include private and public pension plans, university endowments, private foundations, insurance companies, family offices and high net worth individuals. More than 80% of the total limited partner commitments to the Fund came from investors who had previously invested in one or more PA-sponsored funds.
The structure of PAPEF VI permitted each limited partner to customise its commitment by selecting its desired sector allocations and proportions of private equity exposure
Carey Olsen has just completed the UK’s first ever listing of a closed-ended real estate mezzanine finance fund on the London Stock Exchange (LSE) in a GBP50 million deal.
With instruction from Berwin Leighton Paisner with Oriel Securities as sponsor, Carey Olsen advised Duet Real Estate Finance on all Guernsey legal and regulatory aspects of the listing.
The unique fund has raised capital to invest in the European commercial real estate debt market and, upon listing, exceeded the minimum target with interest from a range of investors.
The Carey Olsen team was headed by Ben Morgan (pictured) and Geoff Ward-Marshall.
SNR Denton advised Standard Chartered Private Equity Limited, the private equity arm of Standard Chartered Bank, in its closing of a USD75 million mezzanine investment in Hassan Mohammed Jawad & Sons BSC, a family-owned private company based in Bahrain.
This is Standard Chartered Private Equity’s first proprietary investment in the Middle East and demonstrates a commitment to investing in mid-to-late stage companies across sectors with proven growth oriented business models, positive net cash flow and earnings generation backed by highly capable and trustworthy management teams. Standard Chartered Private Equity executes both mezzanine and equity investments backed by Standard Chartered Bank’s
Affine Systems has closed a USD5 million round of venture capital Series B financing led by Crosslink Capital, with continued support from existing investor Highland Capital Partners. Affine has received a total of USD8 million in funding since 2007.
“Affine provides clarity into video content so advertisers can buy unstructured online videos the same way they buy traditional television programming,” says Mike Sullivan, CEO and co-founder at Affine Systems. “We plan to use Crosslink Capital and Highland’s investment to scale our operations and bring advertisers the tools they need to be confident that their ads will be shown in connection
Doughty Hanson portfolio company Norit has entered into a definitive agreement to sell its Clean Process Technologies (CPT) division to Pentair (NYSE: PNR) for EUR503 million.
In 2010, CPT reported sales of €222 million and EBITDA of €35 million.
CPT is a global leader in membrane and clean process technologies and systems in the high growth water and beverage filtration and separation segments. CPT’s product offerings include innovative ultrafiltration and nanofiltration membrane technologies, aseptic valves, CO2 management and control systems and specialty pumping equipment and systems. Based in the Netherlands, CPT has approximately 1,200 employees and operates five production and
Funds advised by Apax Partners (Apax) have entered into definitive agreements to acquire Epicor Software Corporation (NASDAQ: EPIC), a leading provider of enterprise business software solutions for the midmarket and divisions of Global 1000 companies, and Activant Solutions, Inc, a leading technology provider of business management software solutions for mid-market retail and wholesale distribution businesses. The combined transaction is valued at approximately USD2 billion.
Apax intends to combine Activant and Epicor to create one of the largest global providers of enterprise applications focused on the manufacturing, distribution, services and retail sectors. Following completion of the merger, the combined company will
Sovereign Capital, the UK private equity Buy & Build specialist, has acquired Careline Homecare Limited (Careline) – the market-leading domiciliary care provider in Newcastle – by portfolio company City & County Healthcare Group (“City & County”). This is City & County’s fifth bolt-on acquisition since Sovereign’s investment in 2009.
Similar to City & County, Careline provides care in the home, predominantly to elderly people and also to individuals with physical disabilities, mental health issues and learning difficulties. The business has two branches, both of which are rated Excellent by the Care Quality Commission, serving clients across Newcastle, Gateshead, South
A new pan-Channel Island law firm, Collas Crill, opened its doors this week following the merger of Jersey firm Crill Canavan and Guernsey’s Collas Day.
The merger creates a new 16-partner, full service Channel Island firm with around 150 staff.
With both firms already among the world’s top 20 offshore legal practices, Collas Crill becomes the leading Channel Island ’silver circle’ firm.
Collas Crill’s joint senior partners are Nuno Santos-Costa (pictured) in Jersey and Chris Bound in Guernsey.
Nuno Santos-Costa says: “We are delighted that Collas Crill has launched just four months after both firms agreed to merge.
“The creation
After several successful investments in start-up companies, Marshall of Cambridge has formed Martlet, a corporate angel initiative headed up by investment director Peter Cowley.
Each year, Martlet will invest in several early-stage companies with high growth potential, as co-investees with other angels and seed funds.
Investments will be made primarily in companies within Greater Cambridge and East Anglia at an early stage, with sums of GBP25,000 to GBP100,000 being invested in each selected opportunity. Martlet will not be concentrating on specific market sectors, and will invest in a variety of entrepreneurial people and teams with an idea, an identified market,
Data from Lyceum Capital and Cass Business School’s UK Growth Buyout Dashboard shows that 23 smaller private equity buyouts worth an aggregate GBP828 million completed between 1 January and 31 March 2011 – the highest volume and value seen in any single quarter during the past two years.
This quarterly trend analysis of private equity transactions in the GBP10 million to GBP100 million segment highlights a continuing upward trend and represents a strong start to the year.
The report’s authors say the figures reflect growing confidence and appetite amongst investors to support businesses which, having proven their resilience during
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