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California based SDS Ventures is launching a biotechnology fund in October 2010.
The fund is raising up to USD75m with a focus on oncology biotechnology companies with at least one phase three drug in the pipeline.
SDS Ventures has already identified a California based prospective portfolio company and is currently in the due diligence stage.
The fund is expected to close the first round of approximately USD30m by the end of 2010.
Former biotechnology chief executives and researchers have signed on to serve as the fund’s independent advisers.
Thoma Bravo, a private equity investment firm, has completed the acquisition of LANDesk Software from Emerson.
LANDesk specialises in systems lifecycle management, endpoint security and IT service management.
Financial details were not disclosed.
Steve Daly, formerly the executive vice president and general manager of LANDesk, has been named the chief executive of LANDesk and will lead the independent company along with the existing management team.
“Now that LANDesk is an independent company, we can be more focused on strengthening our core business,” says Daly. “LANDesk customers, partners and employees can expect even more innovation throughout our key solutions – systems
The Blackstone Group and Patria, a Brazilian alternative asset manager, have formed a partnership in which Blackstone would purchase a 40 per cent stake in Patria and the two firms would agree to cooperate in building their businesses in Brazil and throughout South America.
Stephen A. Schwarzman, chairman and chief executive of Blackstone, says: “We have known and respected Patria, whose business parallels ours in so many respects, for over ten years. Brazil is the largest economy in Latin America and growing rapidly. Partnering with Patria will enable Blackstone’s limited partners and advisory clients to benefit from the fast expanding
Keyuan Petrochemicals, a manufacturer of petrochemical products in China, has closed a private placement financing with institutional investors with gross proceeds of USD20.3m to fund the purchase of raw materials for its petrochemical production facility.
The lead investor was Prax Capital, a China-focused private equity fund that invests in the company through its solely owned investment vehicle Dragon State International.
Keyuan Petrochemicals issued 540,001 investment units. Each unit includes ten shares of series B preferred stock convertible into ordinary common shares, in addition to 1.5 class C warrants with an exercise price of USD4.50 per share and 1.5 class D
Protox Therapeutics, a developer of receptor targeted fusion proteins for the treatment of diseases of the prostate and cancer, has entered into an investment agreement with private equity firm Warburg Pincus.
Under the agreement, Warburg Pincus Private Equity X and Warburg Pincus X Partners have committed to invest up to CAD35m in Protox, comprised of an initial tranche of CAD10m and an additional tranche of CAD25m subject to the FDA granting a Special Protocol Assessment for the treatment of benign prostatic hyperplasia prior to 30 September 2011.
An SPA is a binding written agreement with the FDA that the proposed
Rypple, a provider of social software for workplace feedback, has raised USD7m in financing led by Bridgescale Partners.
Howard Gwin (pictured), a Bridgescale partner and former executive vice president at PeopleSoft, and Roger Martin, Dean of the Rotman School of Management, will join the company’s board of directors.
Additional investors include Edgestone Capital Ventures, Extreme Venture Partners, Peter Thiel, Seymour Schulich, Roger Martin and Joe Sigelman.
To date, the company has raised a total of USD13m in financing.
"Employees and managers are fed up with HR software that sucks. They don’t want top-down performance software focused on process, not results.
Platina Partners and Environmental Technologies Fund have completed a GBP20m management buy-out of TAG Energy Solutions, the UK’s first manufacturer of tubular foundation structures for offshore wind turbines.
The investment was led by Platina, a private equity firm specialising in renewable energy and special situation buyouts, and supported by Environmental Technologies Fund, a venture capital firm focussing on high-growth opportunities in the cleantech sectors.
TAG also received GBP3mof grants from the Department for Energy and Climate Change and One North East.
TAG Energy Solutions has re-developed the Haverton Hill shipyard on the River Tees in Cleveland and will operate
With changes afoot in the attitude of governments and regulators to compensation and incentivisation packages, Martin Cornish (pictured left) and Mark Silveira (pictured right) of Katten Muchin Rosenman Cornish LLP outline the series of steps alternative investment firms need to take in advance of the changes.
Persuaded by the argument that the size and design of compensation and incentivisation packages in the financial sector contributed to the 2007–09 financial crisis, governments and regulators have spent much of 2010 working on a number of initiatives which they hope will address perceived problems.
Recent developments make it clear that the new rules
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
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