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Mourant Ozannes partner Peter Hayden (pictured) and associate Tim Richards say that divergent court decisions in the Cayman Islands and British Virgin Islands on whether and under what circumstances liquidators should be appointed to funds that are in the process of being wound up by their managers highlight the need for express provisions on liquidation to be included in their constitutional documents, if necessary through amendment of existing provisions.
Most hedge funds do not give active consideration as to how they are to be liquidated in their constitutional documentation. Unfortunately this can have serious consequences for the
Siemens AG’s Osram unit is acquiring Siteco Lighting GmbH from Barclays Private Equity for a low three-digit million euro amount.
Siteco is a leading European lighting company with a worldwide workforce of 1250 and 2010 revenue of around EUR220 million. It supplies luminaires and lighting systems for urban infrastructures such as public and commercial buildings, streets, tunnels, airports and sports stadiums.
More than two thirds of the global lighting market is covered by luminaires and lighting systems. "With this acquisition, Osram is addressing this key market. As a leading manufacturer of lighting components, we are now also further expanding our
BlackRock, Inc and NTR plc have formed a strategic relationship agreement to launch a new renewable power investment group. This comprises a number of key renewable power principals from NTR joining the BlackRock Alternative Investors (BAI) investment platform, which currently manages over USD110 billion of assets across a range of alternative investment strategies.
The new renewable power investment team will combine the international track-record of NTR in renewable power infrastructure development with the global fund management and distribution capabilities of BlackRock. As part of the strategic relationship between the two companies, NTR will provide market perspective and insights to the
AXA Private Equity has signed an irrevocable agreement to acquire a strategic 10% equity stake in the CLH Group (Compañía Logística de Hidrocarburos) from DISA (DISA Financiacion SAU and Disa Peninsula SLU), the fifth largest service-station operator in Spain. With this acquisition, AXA Private Equity will become one of the largest investors in CLH.
The transaction values the company at c. EUR3.6bn on an Enterprise Value basis.
This transaction represents a further significant infrastructure investment in Spain by AXA Private Equity, following on from the recent acquisition of a strategic stake in Autopista Trados 45. The shareholding in CLH
SnapRetail, a Pittsburgh-based software company that helps independent retailers and their vendor partners leverage social media and electronic marketing to connect with consumers and increase sales, has closed USD6 million in Series A venture capital funding.
Adams Capital Management led the round with USD2.25 million in funding in a deal that includes investments by the firm’s entire senior management team.
“We are thrilled with the infusion of capital being announced today and the opportunities it presents for growth,” says Ted Teele, CEO of SnapRetail. “SnapRetail offers tools that enable independent retailers and their vendor partners to more effectively ‘sell
Osage University Partners has announced the final closing of Osage University Partners I, achieving its target fund size of USD100 million. The novel venture capital fund has affiliated with leading universities to make direct investments in their most promising startup companies.
Osage University Partners has created a unique model through which it manages the coinvestment rights held by its affiliated universities. These coinvestment rights provide Osage with contractual access to invest in the future financings of some of the most promising startup companies that have licensed technology from these universities. Affiliate universities then share in Osage’s profit and can use
HFF has closed the USD176 million sale of and arranged USD130 million in financing for three Class A office buildings totalling 1,065,628 square feet that are part of the Houston Galleria.
HFF marketed the property on behalf of the seller, an affiliated entity of Walton Street Capital, L.L.C., and procured the buyer, Unilev Capital Corporation.
“During the process interest rates increased substantially. Unilev and the lender committed to close the transaction and both closed as originally agreed to, which is a testament to their character and abilities to bring capital in an ever changing marketplace,” says Robert Williamson of HFF.
Espirito Santo Financiere SA, Luxembourg (ESFIL), a fully owned subsidiary of Espirito Santo Group SA (ESFG) and ADEPA Asset Management SA (ADEPA) have signed an agreement that gives ESFIL a 40% stake in ADEPA though a capital increase.
The partnership will enable ADEPA to build on its successes and capitalise on the increased market opportunities for its fund administration and investor services and reinforces the presence of ESFG in Luxembourg.
ADEPA’s focus will remain the provision of a diversified range of services to institutional and professional investors worldwide. Carlos Alberto Morales López and Javier Valls Martinez, shareholders and promoters of
Rhodia has acquired an interest in Aster II, Aster Capital’s venture capital fund targeting innovative technology start-ups. This fund, specifically focused on energy, advanced materials and environment sectors, should eventually raise EUR120 to EUR150.
Joining forces in this novel multi-corporate venture capital fund, the three sponsors – Alstom, Rhodia and Schneider Electric – will actively promote the development of young and innovative companies. By fostering cooperation and partnerships, it will guarantee the relevance of technologies and markets assessed to investors. Companies in the fund’s portfolio will also have access to the global network of each of the three partners.
The
New York and Palo Alto based KBR Capital Partners has appointed Daniel Oschin (pictured) as Managing Director. Oschin, a veteran of the securities and commercial real estate industries, will develop new programs and strategies designed to enhance and expand the company’s capital formation platforms and channels.
Oschin has led a prestigious multifaceted career that includes experience and ownership in development, acquisition, property and asset management, redevelopment, divestment and syndication of more than USD500 million in commercial property investments. As a leader in the securitised real estate market, he has been instrumental in the development, release, marketing and distribution of more
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