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The latest Preqin private equity compensation study reveals that changes in bonus payouts to employees at private equity firms have been mixed.
While base salaries have remained relatively stable, with three-quarters of firms reporting no change or relatively small increases, bonus payouts are where the real divergence has occurred.
The study finds that 24 per cent of firms reported a decrease in bonus payouts for performance in 2009 compared to the previous year. Of these firms, nearly one-fifth (19 per cent) almost completely withdrew bonus payouts altogether, reducing them by 91 to 100 per cent.
Twenty eight per cent of
Merchant House Group, the AIM-listed merchant banking and financial services group, has launched an expanded corporate finance business under the brand Merchant Pensum.
The business will trade as a division of Merchant Capital, a wholly-owned, FSA-authorised subsidiary of Merchant House Group.
Merchant Pensum acted as introducer for Craig Whyte on his potential acquisition of a majority shareholding in Rangers Football Club from Murray International Holdings.
Merchant Pensum has been created through a merger of the corporate finance division of Merchant Capital and the business of Pensum Partners, a cross-border corporate advisory and consulting firm.
The new business will offer advice
The Securities and Exchange Commission voted by a 4 to 1 majority on Friday to propose new rules to strengthen its oversight of investment advisers and fill key gaps in the regulatory landscape, notably by bringing managers of hedge funds and other alternative investments under its aegis.
The SEC’s proposed rules would implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act that became law earlier this year, and that notably provide the authorisation to require advisers to hedge funds and other private funds to register with the SEC.
In 2004 the SEC introduced a controversial rule
Saul Singer (pictured), a principal at Fusion Alternatives, the alternative investment asset manager specialising in investment diamonds, examines the current price movement of rough and polished diamonds.
Rough diamond prices continue to rise as evidenced by recent sales held by major diamond producers. Reports from the De Beers ‘sight’ held earlier this month in London point to an overall rise of three to five percent in rough diamond prices. Similar increases were seen at recent sales of BHP and Rio Tinto.
The continued increase in rough prices sent a clear message to the market by the major producers that
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
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