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Espen Robak, president and founder of Pluris Valuation Advisors, argues that Black-Scholes and other theoretical valuation models have long failed to value illiquid securities properly, but but their inadequacy is especially an issue today because of the prevalence of illiquid assets, regulatory insistence on fair value and the availability of more accurate methodologies.
Hedge funds frequently use valuation models that produce inaccurate results for illiquid assets, risking accounting irregularities that can result in potential litigation, increasing redemptions and other issues.
For years it has been common practice for hedge funds to use simple theoretical approaches to valuation, of which the
Harris Williams & Co Ltd, a global middle market investment bank, has advised The Cralye Group ion the sale of portfolio company The Mil to Barclays Private Equity. The transaction closed on April 18, 2011 and was led by Thierry Monjauze, Red Norrie, Francois Morin and Eric Logue of the firm’s London office.
“The Mill’s creative excellence has led to a differentiated visual effects platform in the brand communications space, and the company has excellent global growth prospects," says Thierry Monjauze, Managing Director and Head of Harris Williams & Co’s European advisory practice. "This attracted both strategic and private equity buyers
Private equity manager NewQuest Capital Partners has formed NewQuest Asia Fund I, a fund focused on investment opportunities in Asia. The fund is backed by a syndicate of limited partners consisting of Paul Capital, HarbourVest Partners, LGT Capital Partners and Axiom Asia.
Simultaneously with its formation, the fund acquired substantially all of Bank of America Merrill Lynch’s non-real estate private equity portfolio in Asia. The Bank of America Merrill Lynch Asia private equity team will continue to manage the portfolio as part of NewQuest Capital Partners.
The acquired portfolio consists of over 20 growth-equity and buyout interests primarily in
An affiliate of Perella Weinberg Partners’ Asset Based Value strategy is to acquire AIG Rail Services Inc, a provider of customised full service and net leases servicing the railroad marketplace. Financial terms of the transaction were not disclosed.
As part of the transaction, certain funds within the Asset Based Value strategy have formed a new entity to purchase and manage AIG Rail Services Inc, which will be converted into a limited liability company as part of the transactions and continue operations under the name Flagship Rail Services LLC. Eugene Henneberry, President and Chief Executive Officer of AIG Rail Services, will
Venture capital firm Scottish Equity Partners (SEP) has led a USD8 million (GBP5m) financing round for Metaforic, a software company based in Glasgow and California, which has developed products to combat piracy and hacker attacks.
The funding round was supported by the company’s existing investors Pentech Ventures and the Scottish Investment Bank’s Scottish Venture Fund. Metaforic will use the funds to expand its international sales and marketing activity.
Metaforic, which counts leading international video game manufacturers and enterprise software businesses in its customer base, solves a major headache for these businesses, who lose billions of pounds of revenue each year
PCCR USA, Inc., a subsidiary of leading Southern European investment group Investindustrial, has signed an agreement with Momentive Specialty Chemicals Inc. to acquire its North American coatings and composites resins business.
The acquired business is headquartered in Carpentersville, near Chicago and operates four manufacturing facilities located in Texas, Illinois, Georgia and California. It recorded 2010 sales of approximately USD230 million, employs 225 associates and is a leading provider throughout North America of resins for coating formulators and composite moulders, serving a long-standing, blue-chip customer base.
This acquisition is a continuation of the build-up of assets Investindustrial is carrying out
Aterian Investment Partners, a middle market private capital firm, has selected Navatar Private Equity Cloud to manage their fundraising, deal flow, portfolio and capital calls/distributions.
Navatar Private Equity provides out-of-the-box functionality and workflows essential for private equity firms. It runs entirely in salesforce.com’s cloud and is available for a low monthly fee. Its flexible reporting engine can be easily used by non-technical staff to generate reports.
"We’re pleased that private equity firms around the world are choosing Navatar’s service," says Ketan Khandkar (pictured), Principal, Navatar Group. "Firms can now start using a fully built solution for their CRM and operations
Carne Global Financial Services has appointed Roisin Cater as an independent director for the boards of client funds in the Cayman Islands.
Cater is a highly experienced Cayman Islands lawyer with an extensive track record in the funds business, including with law firm Mourant, where she was Managing Partner, and the Cayman Islands Stock Exchange (CSX), where she worked as a Senior Listing Executive. She was appointed to the board of the CSX in 2007, and is also a member of the listing committee, reviewing and approving listing requests. She originally trained with Linklaters London.
John Donohoe, Chief Executive of
Oxford Investment Opportunity Network (OION) has welcomed the UK Government’s announcement of the Regional Growth Fund which looks likely to provide GBP50 million for the development of a national fund to invest in high growth start-ups alongside business angels.
Established as one of the first business angel networks in 1994, OION is one of the few private sector angel networks in the UK. From its headquarters in Oxford, the Network assists innovative companies from across the UK to secure crucial business development funding from GBP200,000 to GBP2 million.
The OION Network was one of five partners in the successful
Jeffrey A Legault has joined Goodwin Procter’s Business Law Department in its Private Equity Practice. Legault will be based in Goodwin’s New York office and his practice will focus on domestic and cross-border mergers and acquisitions and private equity transactions. He joins Goodwin from Cadwalader, Wickersham & Taft LLP, where he had practiced since 2005.
Legault has advised a wide range of clients, including private equity firms, large corporate entities, both public and private, and global investment banks. Prior to his work at Cadwalader, Legault worked in Shearman & Sterling LLP’s Mergers & Acquisitions Group.
“Jeff will be a great
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