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The early quartile rankings for both buyout and venture capital funds are an excellent predictor for future relative performance, according to the results of a study by Preqin.
Some 50% of buyout funds ranked in top quartile in year four go on to be top quartile at maturity, with 75% beating the median, while 60% of VC funds in top quartile at year four maintain top quartile position at maturity with 76% beating the median.
Poor relative performance early on in a fund’s life proves to be extremely difficult to turn around. Some 51% of buyout funds in the bottom
Pegasus Capital, an affiliate of Pegasus Capital Advisors, and Intersection, have created of Re Community Holdings, (ReCommunity), a new entity formed in partnership with MissionPoint Capital Partners, HarbourVest Partners LLC, and Ares Capital Corporation, and following the closing of an acquisition of select recycling assets of FCR, Inc.
ReCommunity will serve as a strategic platform focused on recovering, recycling and repowering communities across America. ReCommunity will enable community partners to generate additional revenue, recover community owned resources, create new jobs, fund budget shortfalls, and reduce their carbon footprint.
Leveraging the assets and intellectual property purchased from Casella, ReCommunity intends
Private equity firm Francisco Partners (FP) has announced the sale of AdvancedMD Software, Inc (AdvancedMD) to Automatic Data Processing, Inc. (ADP). The transaction closed on February 28, 2011. Terms of the transaction were not disclosed.
“The AdvancedMD team has done a terrific job of building out their innovative, cloud-based offering to provide a complete medical practice optimization solution to thousands of physicians across the country which has resulted in very strong growth for the business,” says Ezra Perlman, a partner at Francisco Partners and head of its healthcare information technology investing practice.
AdvancedMD is a leading provider of cloud-based solutions
LDC-backed Aesica Pharmaceuticals has successfully completed the acquisition of three manufacturing sites in Germany and Italy from leading biopharma company, UCB.
Aesica was formed in September 2004 through a management buyout of a former BASF site in Cramlington, Northumberland, backed by LDC, which took a significant stake in the business and has continued to provide strategic and financial support.
To fund the acquisitions of the European sites in Monheim, Zwickau and Pianezza, additional debt facilities were provided by the Acquisition Finance team at Lloyds Bank Corporate Markets, which took the lead in a two bank club alongside HSBC Corporate Banking.
GlobeOp Financial Services saw record net income of USD33.7 million in 2010, according to the company’s preliminary results for the year ended 31 December, 2010.
Assets under administration (AuA) increased 37% to USD149 billion as at 31 December 2010 versus USD109 billion at the end of the prior year, while revenues grew 21% to USD189.3 million in 2010 versus USD156.5 million in the prior year. Adjusted operating profit increased 52% to USD56.1 million in 2010, while adjusted operating profit margin expanded to 29.6% of revenues in 2010 compared to 23.5% in 2009.
According to the preliminary results, the company also
Genstar Capital, LLC, a middle market private equity firm that focuses on investments in selected segments of the life sciences, healthcare, financial services, software, and industrial technology industries, has promoted Roman A Margolin and Eli P Weiss as vice presidents of the firm. Both were previously senior associates of the firm.
Jean-Pierre L Conte, Chairman and Managing Director of Genstar, said: "Roman and Eli have demonstrated themselves as valued members of the Genstar team and we will continue to rely on them to help identify, evaluate and execute acquisition and investment opportunities. It is important that we continue to develop
Monroe Capital LLC, a private investment firm focused on investments in middle market and lower middle market companies, has announced the initial closing of its new USD250 million fund, Monroe Capital Partners Fund LP.
The latest Monroe Capital fund will provide senior and junior/mezzanine debt and equity co-investments for private equity-sponsored and privately held businesses undergoing recapitalization, refinancing, acquisition and expansion. Investments will be made across a broad range of manufacturing, distribution and service industry segments, as well as woman-and-minority-owned businesses and companies located in underserved communities. Specific targets will include companies with strong management teams generating more than USD3
Luke Stellini (pictured), European Product Director, Invesco Henley European Equity Team, examines growing evidence of a recovery in the European stockmarkets.
The year-to-date outperformance of European stockmarkets has surprised many investors. Rather than seeing this as a blip, Invesco Perpetual’s European equity experts believe that some of the underlying reasons for Europe’s early leadership are sustainable. They see substantial evidence of a sustainable recovery in sentiment as the continent continues to navigate away from the storm of default risk that drove extreme antipathy towards the region in 2010.
The combination of an ongoing improvement in sentiment and the low levels
Solar Investment Group, a Milan-based solar developer has launched its second development fund and third solar asset fund, targeting investments of up to 250MW of solar energy projects in Italy to take advantage of the strong Italian feed in tariff program.
The firm, which develops solar plants in Italy, is in the process of closing their first fund after developing 28mw over the last 18 months, delivering an IRR of over 40%.
The second fund will be used to develop 1-5mw ground mount projects in southern Italy. The fund is scheduled to close funding in early April, develop projects over
Private equity firm HIG Capital, LLC has completed the previously announced purchase of the Building Block Chemicals (BBC) division of Cytec Industries Inc (NYSE: CYT).
Based outside of New Orleans, BBC is a leading manufacturer of melamine, acrylonitrile and sulfuric acid, which are key intermediate chemicals critical for the manufacturing of a broad array of products used in water treatment, oil recovery, agriculture, plastics, furniture, flooring and performance coatings. The business will be rebranded and operate under the name, “Cornerstone Chemical Company.”
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