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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
J.P. Morgan Private Equity’s net asset value per USD equity share reached USD1.29 at 30 September 2010, representing a 2.4 per cent increase for the month and a 0.8 per cent increase for the quarter.
JPEL’s share price ended the month at a discount of 14.7 per cent to the stated NAV versus an average trading discount of 41.7 per cent within the multi-manager peer group.
The NAV per share for the company’s 2013 and 2015 ZDP shares increased from 59.09p to 60.15p and from 55.33p to 56.50p, respectively, during the quarter, representing gains of 1.8 per cent and 2.1
Celtic Therapeutics, a successor firm to Celtic Pharma, and Resolvyx Pharmaceuticals have entered into an option agreement relating to Resolvyx’s RX-10045, a late-stage programme for the treatment of dry eye syndrome and other ophthalmic conditions.
In connection with the RX-10045 option agreement, Celtic Therapeutics purchased a note convertible into Resolvyx equity.
Under the terms of the option agreement, Celtic Therapeutics has an exclusive option to acquire and license rights to Resolvyx’s RX-10045, in all eye indications. RX-10045 is scheduled to enter a Phase III randomised, placebo-controlled, multi-centre study in 2011.
As part of the agreement, Celtic Therapeutics may also license
General Atlantic, a growth equity firm, has named J. Frank Brown, the dean of Insead, as a managing director of the firm.
Brown will complete his term at Insead in March 2011 and will join General Atlantic in June 2011.
William E. Ford, chief executive officer of General Atlantic, says: “We have known Frank for nearly three decades, initially as an adviser to General Atlantic and since then as a close friend of the firm. Along with his broad network of international business relationships, Frank brings a depth of business acumen, leadership skill and operating experience that will be
Ambit Capital has appointed Saurabh Mukherjea as head of equities at the managing director level, strengthening its institutional equities business.
Mukherjea will join Ambit after completing his gardening leave, which he is currently serving.
The equity business will now be headed by Mukherjea, leaving Andrew Holland to continue to focus on Ambit’s investment advisory business full time.
Mukherjea and Holland will report directly to Ashok Wadhwa (pictured).
Wadhwa says: "Under Andrew’s leadership, Ambit’s equities business has made a substantial mark in the competitive landscape in the last few years because of its focus on strong research and client satisfaction. Our
New hedge fund and securities regulation through measures such as the Dodd-Frank legislation in the US and the European Union’s Directive on Alternative Investment Fund Managers are indicative of a changed global order, according to the International Organisation of Securities Commissions.
Iosco’s new principles for securities regulation represent a paradigm shift for regulators and a marked change from the long-standing confidence in self-regulation, says the organisation’s deputy secretary-general, Tajinder Singh (pictured).
“Financial stability depends on prudential market regulation,” he told delegates at the recent Channel Islands Stock Exchange Summit conference in Jersey. “What is important is implementation and co-operation
Guernsey’s finance industry has significant opportunities to win business in India, according to Peter Niven, chief executive of Guernsey Finance, the promotional agency for the island’s finance industry.
Niven was speaking at the culmination of a week-long delegation to Delhi and Mumbai organised by Guernsey Finance and led by Carla McNulty Bauer (pictured with Sarvjit S Dhillon, group director at Bharti Enterprises), minister for the commerce and employment department within the Guernsey Government.
Guernsey opened an office in China nearly three years ago but this is the island’s first official delegation to India.
“There are plenty of opportunities and not
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