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Demand for leverage to fund acquisitions is on the rise amongst private equity secondary funds, according to Investec Fund Finance (Investec), which says it has seen a five-fold increase in enquiries from these funds over the past year.
The latest example of this is Investec’s GBP10 million loan to Chamonix II LP, a fund managed by London-based Chamonix Private Equity, to purchase five non-core businesses from LINPAC.
LINPAC is a UK-based international plastic packaging manufacturer and the business units concerned are LINPAC Storage Systems, LINPAC Environmental, LINPAC Recycling, Intellident and LINPAC Metal Decorating – previously collectively known as the
Mark Decker and Mark Decker, Jr have joined Morgan Keegan as managing directors in the firm’s Real Estate Investment Banking group. Both were formerly with Robert W Baird & Co, and will be based in the firm’s recently-opened office in Washington, DC.
Decker will serve as co-head of the Real Estate Investment Banking group along with current managing director Chris Kollme (pictured).
“Mark Decker is an established banker with invaluable relationships throughout the REIT sector, and Mark Decker, Jr is a talented and well-respected banker in his own right,” says Rob Baird, executive managing director and president of Morgan Keegan’s
EIF Renewable Energy Holdings, through its wholly owned subsidiary, Landfill Energy Systems (LES), has acquired Innovative Energy Systems (IES) of Oakfield, New York.
IES, a privately held company, owns and operates a portfolio of 11 landfill gas-to-energy projects located in New York and Vermont. The IES portfolio includes developed projects with an installed capacity of 72 megawatts supplying over 42,000 homes with reliable renewable energy. Terms of the transaction have not been disclosed.
With this acquisition, LES holds the rights to 45 landfills in 16 states, producing over 200 MW of base load renewable energy along with high and
Aurora Capital Group, a Los Angeles-based private equity firm with over USD2 billion of assets under management, has made three promotions within Aurora Resurgence Management Partners, an affiliate of the Company. Joshua Phillips, has been made Managing Director, while Peter Leibman and Ryan McCarthy have been promoted to Principals.
Anthony DiSimone, Managing Partner of Aurora Resurgence, say: "We are proud to acknowledge the accomplishments of these highly talented members of our investment team through well-deserved promotions. Josh, Peter and Ryan have been integral contributors to Aurora Resurgence’s successes and we look forward to continuing to benefit from their expertise."
Josh
NVM Private Equity’s oldest Venture Capital Trust (VCT), Northern Venture Trust, is the first VCT of the season to sell-out, having raised the full GBP15 million it was seeking, well ahead of the closing date of 28 April 2011.
The fund manager has also announced that it will launch a GBP3.15 million Northern 2 VCT and Northern 3 VCT linked top-up Offer on or around 23 February 2011.
Tim Levett, NVM Chairman, says: “NVM has never seen such a strong demand for one of its VCTs. This is not surprising if you look at Northern Venture Trust’s performance
Adam Hewitson, legal counsel to outsourcing provider Throgmorton, argues that although hedge fund managers benefit from the principle of proportionality under the UK’s newly-revised Remuneration Code for the financial industry, they will still face pressure on management time and resources in ensuring compliance.
The revisions to the UK Remuneration Code that came into effect on January 1 have been well publicised and will not be new ground for most hedge fund managers. The consultation process, both at European and UK level, has offered plenty of scope for debate and conjecture about the impact of the revisions, including the impact on
The Isle of Man is withdrawing the attribution regime for individuals (ARI) from 6 April 2012. The move comes hot on the heels of Jersey’s decision to maintain its zero-ten tax regime but to remove deemed distribution and attribution rules.
In her budget speech on 15 February 2011, Treasury Minister Anne Craine MHK pointed out that the group set up by the European Union to monitor compliance with the Code of Conduct (Code Group) and the EU’s Economic and Financial Affairs Council (ECOFIN) had agreed in 2003 that zero-ten systems were not harmful.
‘The Isle of Man Government considers that
Continued delay in climate change policy action and lack of international coordination could cost institutional investors trillions of dollars over the coming decades, according to research released by Mercer and a group of leading global investors representing around USD2 trillion in assets under management*.
Andrew Kirton (pictured), Chief Investment Officer at Mercer, says: “Climate change brings fundamental implications for investment patterns, risks and rewards. Institutional investors should be factoring long-term considerations, such as climate change, into their strategic planning. Mercer is pleased to have had the opportunity to kick start such strategic discussions with a group of leading global
Funds advised by HIG European Capital Partners LLP have acquired Fibercore, Ltd, a UK based global market leader in the design and manufacture of specialty optical fibers, from Cisco.
Founded in 1982 and based in Southampton, England, Fibercore provides a wide range of specialty optical fiber products to customers globally within the aerospace, defence and telecommunications industries. Fibercore has a strong specialist manufacturing heritage and has won four Queen’s Awards for Enterprise including Innovation, Sustainable Development and International Trade.
Fibercore’s products are central to the navigation and stabilisation systems used on platforms as diverse as long-haul airliners, business jets, helicopters,
Ingenious Ventures, a division of Ingenious the UK based investment and advisory group, is launching the Vindemia wine fund, an EIS Fund that will drive returns for investors through investment in fine wines.
Ingenious is targeting a GBP10 million fund size, providing an exciting and unique opportunity for investors to utilise the best elements of wine as an asset class whilst benefiting from the tax benefits of the Enterprise Investment Scheme. It will target returns of 10.8% p.a. (a gross equivalent return of 21.5% p.a.).
Working with experienced partners in the wine industry, Ingenious will build a portfolio of companies
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