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Riverside Partners, a Boston-based private equity firm with a focus on technology and healthcare investments, has completed a majority equity investment in technology staffing and clinical data management consulting firm Eliassen Group.
Eliassen Group was founded in 1989 and is headquartered in Wakefield, MA with five additional offices along the east coast. The company is composed of two divisions: Technology Recruiting and eClinical Solutions. In its technology recruiting division, Eliassen Group provides IT and software professionals to a blue chip group of clients across a range of industries, including healthcare, biopharmaceutical, financial services, government, education, manufacturing and software development.
The
Nautic Partners LLC, a private equity firm with more than USD2.5 billion of capital under management, has partnered with management to acquire Aavid Thermalloy (Aavid), a leader in designing and manufacturing high-performance thermal management products used in a wide range of electronics systems.
Aavid is headquartered in Concord, New Hampshire, and has global manufacturing facilities across China, North America, Europe, and India. Its products are used to dissipate heat and maintain optimal temperatures of high-performance electronic components used in servers, telecommunications equipment (base station controllers and devices that amplify signals at cell sites), alternative energy equipment (solar and wind power
Northern Trust has added functionality to its Trade Order Entry platform to further automate private market investments and global funds, while increasing safeguards for trade instructions in all asset classes.
Trade Order Entry provides a secure method of delivering trade instructions to Northern Trust. The enhancements offer this level of secure transaction processing for alternative assets, including private equity limited partnerships and hedge funds of funds, and global unitised funds and commingled funds. Trade Order Entry also now offers private equity investors access to enriched real-time cash forecast information, an important feature as transaction volumes increase for alternative assets. In
Exit activity for venture-backed companies moved closer to levels seen before the economic downturn as 514 companies achieved liquidity in 2010, netting USD39.3 billion, according to industry tracker Dow Jones VentureSource.
That represents a 25% increase in exits from 2009 and is not far from the 613 exits completed in 2007. Capital garnered through exits rose 72% from 2009 but was still down dramatically from the $69.1 billion netted in 2007.
During the fourth quarter of 2010, 126 exits raised USD11.8 billion, a slight increase in activity from the same period last year when 123 exits raised USD11 billion.
Private equity firm Olympus Partners has sold T&H Group to Alliant Insurance Services.
Olympus has owned T&H Group – a New York-based insurance broker with specialties in surety, construction-related insurance and employee benefits, since April 2006 when it acquired Tanenbaum-Harber and Thesco Benefits. T&H Group later acquired RFF & Associates and Construction Insurance Brokers.
Rob Morris of Olympus Partners commented, “This investment represents an excellent result for Olympus," says Rob Morris, founder of Olympus Partners. "The T&H management team successfully acquired and consolidated the operations of two specialty insurance brokers and added-on several smaller books of business.”
The Olympus
Following the enactments of the Securities and Investment Business Act, 2010 (SIBA) and Mutual Funds Regulations, 2010, the BVI Financial Services Commission (BVI FSC) has now released the Public Funds Code, 2010.
The code, which will come into force on 31 March 2011 and will from that point apply to all BVI funds registered as public funds, is designed to implement the standards set by the International Organisation of Securities Commissions (IOSCO) for the regulation of retail funds, as far as is relevant and applicable to public funds. In addition to considering ISOCO’s Objectives and Principles, the FSC has also
Boston-based private equity firm Berkshire Partners has appointed Sharlyn C Heslam and Elizabeth L Hoffman (pictured) as Managing Directors effective January 1, 2011.
They join the twelve current Managing Directors of Berkshire in managing the firm and its affiliated investment funds.
Heslam, who is the firm’s General Counsel, joined Berkshire Partners in 2006 to manage legal matters relating to Berkshire’s investment processes and operations. Prior to joining Berkshire, she was a corporate partner in the Boston office of Weil, Gotshal & Manges where she represented leading private equity firms in a wide variety of transactions. Heslam received a BA from
The British Virgin Islands Financial Services Commission (BVI FSC) has formed the Securities, Investment Business and Mutual Fund Advisory Committee (SIBA Advisory Committee) to review the Securities and Investment Business Act, 2010 (SIBA) and related relevant legislation and recommend changes to the regulatory regime that governs securities, investment business and mutual funds in the Territory.
Ross Munro, Partner and Head of Investment Funds and Regulatory at the law firm Harneys has been appointed Chairman of the SIBA Advisory Committee, while the other members of the committee are: Robert Briant, Partner, Conyers Dill & Pearman; Ryan Geluk, Director, BDO; Ayana Hull-Brathwaite,
Counsel Corporation has completed the USD140m sale of a real estate portfolio to Retrocom Mid-Market Real Estate Investment Trust. The portfolio consists of seven commercial retail properties totaling in excess of 800,000 square feet of gross leasable area, located in Ontario and New Brunswick.
Retrocom assumed the USD60.3 million of existing mortgage debt on the portfolio and, As of closing, has hired Counsel to manage the properties.
Counsel had, approximately, a 20% equity interest in six of the properties, which it managed for its own account and on behalf of third party investors. In addition, Counsel has a carried interest in
Bermuda’s new Investment Funds Amendment Act 2010, which received the assent of the Governor General on 22 December and amends the Investment Funds Act 2006, has introduced several new provisions for the regulation of investment funds in the Caribbean jurisdiction.
The aim of the Amendment Act is to align “the regulatory framework for funds and fund administrators more closely with the requirements that exist in other regulatory legislation in Bermuda, while ensuring that the framework overall remains risk-based and recognises the unique nature of the funds industry [in Bermuda].”
The Amendment Act was introduced following consultation with Bermuda International Business
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