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A disconnect between private equity houses and private equity-backed corporates has emerged and is hampering both exit rates and corporate growth ambitions which in turn could have serious consequences for private equity managers’ ability to raise new funds, according to corporate finance advisers at BDO.
BDO data suggests that private equity funds are walking a tightrope in relation to selling older investments and that a number of disconnects exist between corporates and their private equity partners, creating uncertainty for many management teams of private equity backed businesses.
Due to the economic downturn, private equity managers have delayed many planned sales
A report by GF Data indicates completed deal volume in the middle market continued to accelerate in quarter three 2010, reflecting steady improvement in the M&A environment.
The data, supplied by 151 private equity firms on transactions valued between USD10m and USD250m, includes 33 transactions completed in the third quarter of 2010, outpacing the previous seven quarters in the number of deals completed.
Deal volume for 3Q edged upwards from 30 deals in 2Q to 33 completed transactions for the quarter. This represents continued movement toward the peak volume of about 50 deals per quarter through 2006 and the first
NB Private Equity Partners’ unaudited net asset value per share increased to USD9.79 at 30 September 2010.
This represents an increase of 3.5 per cent compared to the audited NAV per share of USD9.46 at 31 December 2009.
For the nine month period ended 30 September 2010, NBPE’s investment portfolio had realised gains of USD1.6m.
The portfolio also generated net unrealised gains of USD22.1m from privately held investments and USD16.0m from credit-related fund investments and public equity securities.
These gains in value were offset by USD6.8m of net write-downs related to the previously announced asset sale.
Investment performance during
RCP Advisors, a private equity fund of funds sponsor focused on North American lower middle market buyouts, has hired David McCoy as a principal and portfolio manager of RCPDirect, a co-investment fund sponsored by RCP Advisors.
McCoy leads the firm’s co-investment functions including sourcing, due diligence and portfolio management.
Mark Sawyer and Michael Allietta also recently joined RCP Advisors’ co-investment team as investment analysts.
“Co-investments have been a growing and highly successful segment of our business in recent years, so expanding this activity and bringing on someone of Dave’s experience and calibre is a natural evolution for us,” says Charles
Junior mining company Sandspring Resources has appointed Scott Issel as chief financial officer.
Issel joined Sandspring in May 2009 as the controller of GoldHeart Investment, a subsidiary company of Sandspring and owner of the original Toroparu gold-copper project in Guyana, South America through a Guyanese operating company, ETK.
He assisted in the reverse takeover transaction of Sandspring which served as the company’s qualifying transaction for listing on the TSX Venture Exchange.
Most recently Issel served as controller of Sandspring Resources and has helped ensure a smooth transition to the public capital markets.
Carmelo Marrelli has resigned as chief financial officer
Advantage Capital Partners, a venture capital and small business finance firm, has provided USD3.3m in financing to Hospice Partners of Texas.
The funding, raised in connection with the Texas Certified Capital Company programme, will allow the company to expand through the acquisition of Alamo Hospice, maintaining 70 full-time staff and a dozen part-time staff in the San Antonio region.
Further growth is expected in the coming months, as Hospice Partners intends to expand Alamo Hospice and create additional jobs.
"Advantage Capital is pleased to support Hospice Partners in their effort to provide caring, quality hospice services to terminally ill patients
The boards of four Maven managed venture capital trusts intend to raise up to GBP6.4m in a linked top-up offer across the four companies, which will close on 29 April 2011 and is available for subscriptions for both the 2010/11 and 2011/12 tax years.
This is a strictly limited offer, targeting GBP6.4m in total raised across the four VCTs for the two tax years.
The four VCTs participating in the offer are: Maven Income and Growth VCT; Maven Income and Growth VCT 2; Maven Income and Growth VCT 3; and Maven Income and Growth VCT 4.
The funds raised will
General Electric and its venture capital partners have made a collective investment of USD55m in power grid technology companies.
The investment is a part of the USD200m GE Ecomagination Challenge.
It is the first of several rounds of innovation funding planned by GE and its venture capital partners as part of the Challenge, a global commitment to accelerate the development and deployment of power grid technology through open collaboration.
GE says that to date it has formed and accelerated a dozen new partnerships with entrants to develop and commercialise technologies including energy storage, utility security, energy management software and electric
Octopus Investments has hired Simon Andrews into its ventures division.
Andrews will work alongside Simon Murdoch and Alex Macpherson to manage and develop the portfolio which includes Zoopla, True Knowledge and Prismastar.
After more than ten years working as an equity analyst and in M&A across Europe, Andrews’ most recent role at Silicon Valley Bank saw him specialise in venture debt and debt financing of mostly life science and technology companies, in both early and later stages of development.
Previous notable investments with which Andrews has been involved include glassesdirect.com, clearswift.com and adeptra.com.
Andrews’ principle role within
The global financing markets are headed for a revival over the next 12 months, with a slower recovery expected in Europe, according to a survey of capital providers conducted by law firm Paul, Hastings, Janofsky & Walker in association with mergermarket and Debtwire.
The survey revealed that increased lending activity, heightened competition from non-traditional lenders and new financing structures are driving renewed optimism in the global financing markets.
Based on a series of interviews with over 125 capital providers in North America, Europe and Asia, including banks, private equity firms, hedge funds and sovereign wealth funds, “The Future of
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