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Seven funds of Chinese and foreign venture capital and private equity institutions in China raised a total of USD320m in October that can be invested into the Chinese mainland, according to investment information provider Zero2IPO.
Among them, six RMB funds raised capital worth USD202m and one US-dollar fund raised USD100m in the month.
Meanwhile, ten funds were newly established by Chinese and foreign venture capital and private equity institutions in October, with plans to raise capital of USD720m.
China’s venture capital and private equity markets reported 29 investments in October, mainly in the fields of internet, retail, clean technology, and
American Capital, a private equity firm and asset manager, has given notice today to the holders of its secured debt due in 2013 that it will voluntarily prepay USD107m of the debt on 29 November 2010.
With this prepayment, the amount outstanding under the secured debt will be less than USD1.0bn, causing the interest rate on the remaining debt to decline to the lowest level under the governing debt agreements.
The company’s fixed rate notes, representing 83 per cent of the remaining secured debt, will bear interest at an annual rate of 7.96 per cent and its secured loans and
Actis, an emerging markets private equity firm, has invested USD53m in Gtex, a cleaning products company based in Brazil whose stable of brands include, Urca, UFE and Amazon.
Following this investment, Actis will initiate a growth plan for Gtex in the Brazilian market to include new product lines, geographical expansion and acquisitions.
Gtex holds a large portfolio of cleaning products, with a strong presence in segments including laundry soap, fabric softeners, disinfectants, bar soaps, multi-use cleaners and steel wool. Its washing powder Amazon H20, is one of the first eco-friendly brands in Brazil.
Gtex has over 1,000 employees
Red Fort Capital and Parsvnath Developers have launched a five million square foot residential and mixed-use project in the heart of New Delhi.
Located on a 38-acre parcel convenient to the Connaught Place central business district, the project is New Delhi’s largest integrated mixed-use project.
The project was secured from India’s Rail Land Development Authority for a consideration of USD360m.
The marquee project offers home buyers over three million square feet of residential design, luxurious appointments, green space and a prime New Delhi address. In addition, over 500,000 square feet of mixed-use space – including retail, office, hotel and
Jersey Finance has welcomed the vote on the compromise agreement for the Alternative Investment Fund Managers EU Directive that was reached by European Parliament.
Geoff Cook, chief executive of Jersey Finance, says Jersey will meet the agreed criteria for ongoing market access into Europe.
“This is fantastic news for our funds industry, and removes any uncertainty that has existed in the market place while the Directive was under discussion. Jersey is also confident that it will be among the first jurisdictions to obtain a passport for non-EU alternative investment funds and managers, when it is introduced in 2015.
“Additionally, the
Movirtu, a supplier of network infrastructure solutions for mobile operators servicing rural poor communities in Africa and South Asia, has raised USD5.5m series A investment to support its expansion and extend its product portfolio to high growth applications for developed markets.
The investment was led by TLcom Capital with the participation of existing investor Gray Ghost DOEN Social Ventures Coöperatief.
TLcom Capital’s managing partner, Maurizio Caio, has been appointed to Movirtu’s board of directors.
Movirtu provides mobile technology and business models to wireless telecommunication service providers. Its mobile phone product Cloud Phone works like web based email, allowing subscribers
AGCO, Your Agriculture Company, a manufacturer and distributor of agricultural equipment, has agreed to acquire Sparex and its trading subsidiaries from Rubicon Partners Industries for GBP53m.
Sparex is a distributor of accessories and tractor replacement parts serving the agricultural aftermarket.
Headquartered in Exeter, UK, Sparex has operations in 17 countries and exports to over 75 countries.
The transaction is expected to close before the end of 2010 once competition authority approval is obtained.
"Sparex is an excellent fit with AGCO and will allow us to extend our reach in the agricultural aftermarket and provide our customers with an even wider
Bowmark Capital, a mid-market private equity firm, has recruited two members to its investment team.
Richard Mathews has joined the firm as a partner and Dylan Bourguignon as an investment director.
Mathews brings with him more than ten years’ experience of private equity investment with HgCapital, where he was latterly responsible for the firm’s consumer and leisure investments team. He began his career as a strategy consultant with Braxton Associates before joining HgCapital in 1998.
Bourguignon has been a UK mid-market private equity investor since 2004, having previously worked at NBGI Private Equity and Cognetas, where he executed and monitored
Macfarlanes has advised Azini Capital Partners on the formation of Azini 2, a USD100m fund which has been backed by Lexington Partners, a manager of secondary private equity and co-investment funds.
The fund has acquired two partnerships from Apax Partners. The two partnerships own interests in 16 technology companies in Europe and the US.
The fund retains significant reserves to allow Azini Capital to provide additional funding to support the ongoing development and growth of the portfolio companies.
Macfarlanes’ funds partner Stephen Sims says: “We expect that this type of bespoke fundraising will become increasingly popular as sellers refocus
The Swiss Funds Association has welcomed the European Parliament’s decision to pass the EU Directive on Alternative Investment Fund Managers.
The SFA says that compared with the draft presented in April 2009, the directive in its present form contains two significant improvements from the Swiss perspective.
Under the AIFM Directive there remains the possibility for portfolio management and/or risk management for an alternative investment fund established in the EU to be delegated to a Swiss-domiciled manager, provided the latter is subject to FINMA supervision.
In addition, Swiss asset managers may at a later date acquire authorization in respect of marketing
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