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StepStone Group has completed the transaction whereby Citi transferred the management of certain of its fund of funds, mezzanine funds, feeder funds, and co-investment business to StepStone.
In connection with this event, StepStone will provide ongoing management and advisory services for certain of CPE’s USD4bn fund of funds, mezzanine, feeder, and co-investment funds.
In addition, Lexington Partners, a private equity sponsor, completed the purchase of a portion of Citi’s proprietary interests in certain fund of funds, mezzanine and co-investment funds.
“We are excited to move forward with this significant expansion of StepStone’s private equity investment management activities and capabilities. We
CommScope, a provider of infrastructure solutions for communications networks, has entered into a definitive merger agreement with alternative asset manager The Carlyle Group in a transaction valued at approximately USD3.9bn that will result in CommScope becoming a private company.
The transaction is expected to close in the first quarter of 2011.
Under the terms of the merger agreement, Carlyle will acquire all of the outstanding shares of CommScope common stock for USD31.50 per share in cash. This represents a premium of approximately 36 per cent over CommScope’s closing stock price on 22 October 2010, the last trading day prior
Jersey Finance has welcomed the Council of Minister’s proposals to retain the jurisdiction’s personal taxation rate at 20 per cent.
Setting out his budget proposals, Treasury and Resources Minister Senator Philip Ozouf said ministers wanted the States of Jersey Assembly to send out a powerful message that it would maintain the 20 per cent rate, describing it as one of Jersey’s key elements of stability and economic success for more than 60 years.
Geoff Cook, chief executive, Jersey Finance, says: “The Council of Minister’s proposals provide the reassurance and certainty that investors need and will be particularly welcome to those
European Parliament and Council negotiators on Tuesday overcame the final major hurdles to an agreement on the Alternative Investment Fund Managers Directive.
Parliament pushed through new chapters on asset stripping and remuneration principles, as well as influencing the rules on the passporting system, depositary liability, capital requirements, and use of leverage.
Over a year in the making, this often-controversial law will impose registration, reporting and initial capital requirements on a financial industry sector which until now has been subject only to "light touch" regulation.
Alternative investment funds, notably hedge funds and private equity, will be subject to more substantial regulatory
Kohlberg Kravis Roberts has formed a partnership with RPM Energy, a privately-owned oil and gas exploration and development company led by energy professionals Claire Scobee Farley and David Rockecharlie.
The partnership, RPM Energy Partners, will target opportunities to be a joint venture partner with E&P companies that are well positioned in the large unconventional resource plays throughout North America.
Financial details and terms of the transaction were not disclosed.
“KKR is excited to partner with Claire and David. Both have a deep knowledge of the energy sector – from operations to business development – and we are thrilled to partner
Bertram Capital, a private equity firm headquartered in California, has promoted Ryan Craig and Stephanie Ho to principal.
Craig leads the firm’s investment in One Distribution (Supra Footwear and KR3W Apparel) and also serves as a director with Bertram general partner Ken Drazan on the firm’s investment in Genascis.
Craig joined Bertram Capital in 2006 and is a founding member of the firm’s investment team, focusing on deal execution and portfolio company management in the healthcare and consumer sectors.
Prior to Bertram, Craig worked on strategic transactions for Health Net, one of the country’s largest managed care organisations.
Ho leads
Guido Boysen, CEO of GroFin Africa, says that the capital needed to drive economic growth in Africa certainly exists, but is being invested in the wrong asset class.
Foreign direct investment in Africa has increased from USD9 billion in 2000 to USD62 billion in 2008-almost as large as the flow of capital into China, when measured relative to GDP.
However, the prioritisation of this capital is imbalanced. For example, there are roughly 10 private equity funds active in East Africa alone, with about USD200m of committed capital looking for investment opportunities in the region. Assuming that these funds typically
TxVia, a provider of processing technology for prepaid and emerging payments, has received a USD27.5m series D financing led by new investor Oak Investment Partners.
Existing institutional investors, including Bain Capital Ventures, Espírito Santo Ventures and Village Ventures, also participated.
The latest funding provides TxVia with expanded resources to respond to demand for its processing solutions in the prepaid and emerging payment sectors. TxVia pioneered the platform-as-a-service delivery model for processing. Now in its fifth year, TxVia has more than 30 million cards on file and is on pace to double that number by year-end.
“The first iteration of technology
iNovia Capital, an early stage venture capital fund manager, has appointed angel investor Geoff Judge and entrepreneur investor Kevin Swan as partner and principal, respectively.
Judge is an entrepreneur, operator and active angel. He was senior vice president and general manager of the media division at 24/7 Real Media, and a co-founder of the company.
He was formerly the president of Interactive Imaginations, one of three companies that merged to form 24/7 Media in 1997.
Prior to his entrepreneurial career, Judge spent nine years at American Express in the card division in several roles including vice president and general manager,
Red Fort Capital and Parsvnath Developers have launched Red Fort Parsvnath Towers, a 300,000 square foot grade A office project in Connaught Place, New Delhi’s supply-constrained CBD.
The Red Fort Parsvnath Towers are located on a five-acre parcel adjacent to The Metropolitan Hotel and convenient to a metro station.
Red Fort has committed USD26m to the transit-oriented development, which is being developed in accordance with a Delhi Metro Rail concession agreement.
Parry Singh, managing director of Red Fort, says: "We are delighted to back Parsvnath’s new office project in Delhi’s CBD. Parsvnath is a proven developer of transit-oriented developments, and
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