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Alternative asset manager The Carlyle Group has agreed to purchase a 55 per cent stake in Claren Road, a long-short credit hedge fund with USD4.5bn in assets under management, in exchange for cash, an ownership interest in Carlyle and performance-based contingent payments.
Claren Road founders will reinvest substantially all of the initial cash proceeds from the transaction back into Claren Road funds.
Terms of the transaction, which is expected to close by year end, were not disclosed.
Mitch Petrick, managing director and head of Carlyle’s global credit alternatives business, says: “Claren Road has a track record of consistent,
Law firm Nabarro & Hinge has advised Syntagma Capital, a private Belgian investment firm, on the acquisition of Tyco International’s fire and safety entities in Denmark, Finland, Greece, Hungary and Sweden.
Tyco International is a provider of electronic security products and services.
The sold entities of the fire and safety division of Tyco International generate an approximate turnover of EUR42m annually and employ over 345 staff across five countries.
The entities specialise in the supply, installation and maintenance of security products, as well as fire detection and monitoring products.
FleetMatics, a provider of GPS tracking applications for commercial fleets, has closed a USD68m growth equity financing.
Institutional Venture Partners invested with Investcorp Technology Partners, FleetMatics’ majority owner.
New World Ventures also participated as a new investor.
Over 12,500 businesses globally use the FleetMatics tracking system.
In conjunction with the financing, IVP’s general partner Sandy Miller has joined the FleetMatics board of directors.
“We are very pleased to welcome FleetMatics to IVP’s portfolio of exceptional technology companies," says Miller. “FleetMatics is a rapidly growing, profitable business that has tremendous growth potential and I am looking forward to working
Lloyds Bank Corporate Markets Acquisition Finance has provided a senior debt facility to support Sovereign Capital’s acquisition of The IMS Consulting Group, a provider of consulting and integrated business support to the wholesale asset management and securities industry.
The acquisition finance team acted as sole mandated lead arranger for the transaction, which saw Sovereign Capital take a majority stake in the business.
Lloyds Bank will also provide full clearing and hedging services to IMS.
Founded in 1997, IMS’ core offering is compliance consultancy to UK regulated financial services firms. It also provides related services such as due diligence, compliance
Dunedin, a UK mid-market private equity firm, has provided acquisition funding to support the ongoing buy and build strategy of CitySprint, a UK distribution network.
The deal sees Dunedin employ its trademark DebtBridge product and is Dunedin’s second deal in five months from its GBP250m fund, following the management buyout of Weldex.
CitySprint has a national network of 31 service centres. Turnover has grown through the recession from GBP46m in 2007 to a forecast GBP61m year ended December 2010.
Shaun Middleton, managing director, new investment at Dunedin, says: “CitySprint is the market leading business in the same day
Standard Life European Private Equity Trust’s undiluted net asset value per ordinary share rose by 18.4 per cent to 195.3p at 30 September 2010 (diluted NAV – 193.3p), from 164.9p at 30 September 2009 (diluted NAV – 163.4p).
The company can now report five consecutive quarterly increases in NAV.
The 30.4p rise in NAV during the year comprised 3.4p of net realised gains and income from the company’s portfolio of 39 private equity fund interests, 37.5p of net unrealised gains on the portfolio on a constant exchange rate basis, 7.8p of negative foreign exchange rate movements on the portfolio and
Mid Europa Partners has entered into an agreement to sell Aster, a provider of media and communication services in Poland, to UPC Polska, an affiliate of Liberty Global.
The transaction is subject to regulatory approval by the Polish competition authorities, and is expected to close in the first half of 2011.
The transaction values the business at PLN2.4bn (EUR600m) and allows the Aster investors to approximately double their initial investment.
Matthew Strassberg, who has led Mid Europa’s investment in Aster, says: “Since acquiring Aster in 2006, we have enjoyed partnering with its strong management team in solidifying Aster’s premium market
BNP Paribas Clean Energy Partners has raised EUR437m for its Clean Energy Fund from a range of institutional investors.
This follows the fund’s first close in September 2009 on the back of a cornerstone commitment from BNP Paribas Investment Partners.
The clean energy infrastructure fund aims to achieve a solid risk-return profile by investing in assets with underwritten cash flows and the potential for capital enhancement during its lifespan.
It focuses on the clean energy technologies of onshore wind, small-scale hydro, solar photovoltaic and biomass.
"We are delighted with the backing we have received from investors for our fund," says
The Swiss Funds Association has appointed Petra Reinhard Keller of Credit Suisse Asset Management Funds in Zurich to its board of directors.
Reinhard Keller is a managing director and head fund solutions and clients services as well as deputy chief executive of Credit Suisse Asset Management Funds.
She replaces Raoul-Philip Bachmann, who has left Credit Suisse and has thus stepped down from the SFA board of directors.
Reinhard Keller has been active in the fund business for ten years, holding executive positions for most of this time.
“Petra Reinhard Keller is a seasoned expert in the funds and asset management
Geo Genesis Group, an advisory and investment company focussed on China and other emerging markets, has signed an agreement with Zhejiang Yongle Alloy Wheel, a Chinese aluminium alloy wheel manufacturer, to provide consultancy services to structure a stock exchange listing and associated financing of up to USD10m.
The agreement follows the recently announced deal with Flourish Media, a Chinese based publisher of magazines, also to provide a consultancy service to structure a listing and fundraising.
Yongle is a large-scale modern enterprise with total investment value of USD50m. Products include machined wheels, chromed wheels, polished wheels and full-paint wheels, with
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