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Northern Trust has launched a portfolio reporting and monitoring solution for private equity fund of funds managers, which enables them to track their fund of funds holdings and valuations right through to portfolio company level.
“Detailed tracking of underlying investments by a private equity fund of funds manager can be a very time consuming, specialised and resource hungry middle office operation,” says Mark Schoen, head of global product and strategy for Europe, Middle East and Africa. “Through Northern Trust’s fund and investment tracking solution, we can provide our clients with a high level of granularity and reporting that effectively ‘looks
J.P. Morgan Private Equity has opened a tender offer to purchase up to three per cent of current equity shares, ZDP shares and 2015 ZDP shares outstanding.
Shares will be tendered at a price based on the prevailing net asset value as at 31 December 2010.
"Offering the tender is a direct result of the company’s strong balance sheet and the recent increase in distribution activity from underlying investments," says Trevor Ash, J.P. Morgan Private Equity’s chairman. "When distribution activity is sufficient we try to reward shareholders with the ability to periodically tender shares at NAV even when the
Dawn Capital has made an investment in European online printing company Optimalprint.
Optimalprint is using the capital to expand its existing technology and distribution platform in the commercial printing industry.
Henrik Müller-Hansen, founder and chief executive officer at Optimalprint, says: “The global commercial printing market is estimated to be worth EUR277bn. Dawn Capital is providing Optimalprint with extensive knowledge and experience from investing and developing fast growing companies that operate in large, competitive markets. The injected capital is allowing us to increase the pace of our expansion plans, initially in Europe and then on a global scale.”
Norman Fiore, managing
Alternative asset manager The Carlyle Group has closed the acquisition of the B&B Hotel Group, which operates a chain of 223 budget hotels across France, Germany and Italy, from European investment firm Eurazeo for an enterprise value of circa EUR480m.
Further financial terms were not disclosed. The transaction closed on 28 September 2010.
Launched in France in 1990, B&B serves business and leisure travellers.
Carlyle intends to expand the company by investing in the continued renovation of current hotels and by accelerating the hotel opening pace across Europe.
This will include further penetration of the core French market, significant
Law firm Greenberg Traurig has added fund lawyers John A. Brunjes and Genna N. Garver to its corporate and securities practice.
Brunjes joins in the Boston and New York offices as shareholder and Garver in the New York office as of counsel, where they will add to the firm’s growing private investment funds group.
Prior to joining Greenberg Traurig, Brunjes and Garver were at Bracewell & Giuliani in its Connecticut office where Brunjes, a partner, was a member of private investment funds group, and head of the fund formation practice.
Garver was a member of the private investment funds and
Harris & Harris Group has made its first venture debt investment of USD500,000 in GEO Semiconductor.
The round of venture debt financing was led by Montage Capital.
Harris & Harris received warrants as part of the venture debt financing.
This investment is part of Harris & Harris Group’s efforts to expand its core venture capital investments in equity of privately held and publicly traded small companies with debt securities that provide predictable cash flows and timelines for returns on investment.
In addition to providing venture debt financing, Harris & Harris continues to make equity-based venture capital investments in companies developing
Crosslink Capital, a venture capital and growth equity firm, has closed Crosslink Ventures VI, a USD200m venture fund focused on information technology and energy technology investments.
Like prior funds, Crosslink Ventures VI is stage-independent with a bias to early-stage investments.
The new fund attracted investment from existing and new limited partners. Among those the new LPs investing in Crosslink Ventures VI is Guardian Life Insurance Company of America.
"We joined Crosslink Ventures VI as a new limited partner because Crosslink Capital has consistently been a top performer in up or down markets, and we’re convinced their unique investment strategy works,"
Endo Pharmaceuticals has entered into a definitive agreement to acquire Apax Partners’ portfolio company Qualitest Pharmaceuticals for approximately USD1.2bn in cash.
Qualitest, a portfolio company of Apax since 2007, is the sixth largest generic pharmaceutical company in the US.
Buddy Gumina, partner and co-head of global healthcare at Apax, says: "We have been proud to work with the management team at Qualitest Pharmaceuticals over the past three years as they have built one of the leading generics businesses in the US by supplying high-quality, cost-effective pharmaceuticals. Qualitest, and now Endo, represents an important part of the solution to the challenges
Clydesdale Bank Corporate & Structured Finance has backed private equity house ECI Partners in the secondary buy-out of XLN Telecom, a UK provider of telecoms services for small businesses.
ECI, which has acquired a majority stake from Zeus Private Equity, will continue to support founder and group chief executive Christian Nellemann and his management team to grow XLN both organically and through acquisition.
Clydesdale Bank Corporate & Structured Finance provided funding as part of a three-bank club which also included Lloyds and RBS.
Alison Taylor, director of Clydesdale Bank Corporate & Structured Finance in London, led a team which also
Private equity firms made 35 investments with a disclosed transaction value of USD8.0bn in the financial institutions group sector during the first half of 2010, up 17 per cent from the same period last year, according to a report by Freeman, an adviser to the financial services industry.
The average transaction size was USD331.2m, down modestly from 1H 2009’s average size of USD365.0m.
In the asset management sector, market stabilisation led to deal activity resuming with four transactions totalling USD226m taking place in the first half of the year, compared to only one transaction valued at USD16m for 1H 2009.
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