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Over the last decade the state of private equity in the Middle East has gone from virtually nonexistent to a booming prospect to an industry facing a shakeout, says consulting firm Booz.
The sector’s breakneck evolution has made it difficult for investors to obtain a clear picture of the industry’s underlying fundamentals.
This being the case, they have been understandably cautious about directing their funds to regional private equity firms.
Booz says this hesitation could come with serious costs for those who miss what is becoming a burgeoning opportunity. The Middle East remains a region of increasing wealth and growing
Axis Investment Fund has completed the sale of all or substantially all of its portfolio assets to NorthStar Bancorp pursuant to a portfolio asset purchase agreement in exchange for CAD465,000 in cash.
On 23 July 2010, the fund announced that it had entered into the purchase agreement in connection with the portfolio asset sale.
The portfolio asset sale and purchase agreement were unanimously approved at the special meeting of the class A shareholders and class B shareholder (each voting separately as a class) held on 25 August.
At the meeting, the class A shareholders and class B shareholder also unanimously
Favourable trends are emerging for the US private equity industry, supported by improved valuations and conditions in the capital markets, according to a report issued by Fitch Ratings.
Since August 2009, Fitch has assigned initial long-term issuer default ratings to several alternative asset managers, including:
• The Blackstone Group: ‘A+’ on 10 August 2009;
• Oaktree Capital Management: ‘A-‘ on 16 November 2009;
• Fortress Investment Group: ‘BBB’ on 24 February 2010; and
• KKR: ‘A’ on 9 August 2010
The rating outlook on each is stable.
The investment grade rating profiles of these entities are generally supported by the size and predictability of
Financial law firm Walkers has made a number of promotions at its Hong Kong office.
Arwel Lewis and Thomas Granger have both been promoted to partners in Walkers’ investment funds group.
Lewis joined Walkers in January 2007, specialising in corporate work with an emphasis on private equity and investment funds. Having originally trained with Linklaters, Lewis moved to Hong Kong in 2002. His experience includes advising investment banks, financial institutions, investment managers and private equity houses on downstream private equity investments, private equity fund formation, as well as all aspects of Cayman Islands and BVI hedge fund structures.
Granger also
KRG Capital Partners, a Denver-based private equity firm, has completed an investment in PAS Technologies, a provider of repairs and coatings for the aerospace, industrial gas turbine and oil and gas markets.
PAS is the eighth platform company for KRG’s USD1.96bn Fund IV and represents KRG’s second platform investment in the aerospace market.
"We are excited to be partnering with the PAS team,” says Chuck Hamilton, managing director of KRG Capital. "PAS is a customer-focused organisation with impressive global repair and coating capabilities that enable it to deliver value-added solutions for its partners. We expect to continue to invest in
Global mergers and acquisitions deal value totalled USD1,422.9bn for the first three quarters of 2010, up 25 per cent from the same period in 2009, according to research from mergermarket.
Global mergers and acquisitions deal value totalled USD1,422.9bn for the first three quarters of 2010, up 25 per cent from the same period in 2009, according to research from mergermarket.
Deal count was also up by 18 per cent at 8,102 announced deals.
Skadden Arps Slate Meagher & Flom is the leading legal adviser, having advised on 139 deals worth a total of USD245.1bn in the first three quarters of
Greylock Partners, a Silicon Valley venture capital firm, has appointed entrepreneur and former Skype chief executive officer Josh Silverman to the position of executive in residence.
Prior to joining Greylock, Silverman was the chief executive officer of Skype. Previously he was the chief executive officer of Shopping.com, part of eBay.
Before Shopping.com, Silverman led the development of eBay’s EU classifieds business.
Silverman began his relationship with Greylock as the chief executive officer and co-founder of Evite, a social event planning web service.
“Josh was the chief executive officer and co-founder of Evite, which was one of our first consumer internet
MPM Capital, a life sciences venture capital firm, has opened its Midwest office in Kansas City.
Governor Mark Parkinson, Joe Reardon, Mayor and chief executive of the Unified Government of Wyandotte County and Kansas City, Kansas, and Tom Thornton, president and chief executive of the Kansas Bioscience Authority, were joined by community, civic and life sciences leaders to welcome MPM and open the newly-renovated MPM Heartland House.
"MPM has long been interested in life sciences throughout the Midwest. While our primary focus at the MPM Heartland House will continue to be human therapeutic products, the Kansas City office gives us
An affiliate of H.I.G. Capital, a private equity investment firm, has acquired VAS Aero Services from AB Volvo.
Headquartered in Florida, VAS is a provider of aftermarket aviation component services and distribution.
The company was formerly known as Volvo Aero Services. VAS Aero Services sources, warehouses, and markets aftermarket components across a broad range of aircraft and engine platforms and provides related services to airlines, leasing companies, and MRO providers.
“We are very pleased by H.I.G.’s support of the business and will benefit from their commitment to growth,” says Claes Malmros, chief executive officer of VAS. “We will continue to
Alps Advisors, a provider of advisory solutions to the investment management industry, says assets under management in the Alps Red Rocks Listed Private Equity Fund have crossed USD100m.
Sub-advised by Red Rocks Capital, the fund is one of the Alps Portfolio Solutions sponsored by Alps Distributors.
The fund, launched on 2 January 2008, seeks to maximise total return, which consists of appreciation on its investments and a variable income stream.
“The success of the Alps/Red Rocks Listed Private Equity Fund is particularly gratifying given the profoundly difficult macro environment the fund encountered on its launch,” says Corey Dillon, senior vice
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