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US private equity fund-raising fell to USD45.1 billion during the first half of 2010, down 26% from USD61.2 billion raised during the same period last year, according to Dow Jones LP Source, an industry database that tracks private equity fund-raising.
The number of funds raising capital was static, with 198 funds attracting commitments during the first half of 2010, the same number as in the first half of 2009.
"The absence of mega buyouts, which drove private equity fund-raising to new peaks a few years ago, is now keeping the total capital raised at lower levels," says Jennifer Rossa,
farfetch.com, the online fashion marketplace for independent fashion boutiques from across Europe and North America, has secured a USD4.5 million growth equity investment from Advent Venture Partners. As part of the deal, Frederic Court, General Partner at Advent, is joining the farfetch.com board.
farfetch.com has also announcing a key strengthening of its team with two key appointments: Susanne Tide-Frater – the former Creative Director at Harrods and Selfridges – is joining as Brand and Strategy Director, while Andrew Robb – previously managing director of membership-only retailer Cocosa – joins as Chief Operating Officer.
London based farfetch.com was founded
Global private equity firm the Carlyle Group has exchanged contracts on the acquisition of six central London properties, which were formerly part of the portfolio securing the White Tower 2006‐3 plc CMBS.
The properties, which comprise the Thames Portfolio and Alban Gate (pictured) and were acquired for a total of GBP671m, total in excess of 1.6m sqft and currently generate over GBP62m of rent per annum.
60 Victoria Embankment, provides 420,000 sqft of mainly office buildings, and is fully let to JP Morgan Chase. Ludgate House is a 170,000 sqft office building located on the south bank of the Thames
The Blackstone Group has appointed John G. Finley as a senior managing director and chief legal officer, effective 1 September 2010.
Finley is currently a partner at the law firm of Simpson Thacher & Bartlett, where he is head of the global mergers and acquisitions group.
In becoming Blackstone’s chief legal officer, Finley will be succeeding Robert L. Friedman, who will continue at Blackstone for a period of time before retiring from the firm. Finley will serve on Blackstone’s executive committee.
Stephen A. Schwarzman, Blackstone’s chairman and chief executive, says: “John is one of the most outstanding corporate lawyers
Downing Corporate Finance Limited has launched the Downing Low Carbon EIS Fund in conjunction with Low Carbon Investors Limited.
The Fund is designed to enable UK taxpayers to make lower risk, tax efficient investments in trading companies that own and operate wind and solar installations which qualify for feed-in tariffs (“FITs”) in the UK. The Fund is the first EIS product designed to take advantage of UK FITs.
The FITs regime was introduced on 1 April 2010 to incentivise the installation of renewable energy generating technologies up to a maximum installed capacity of 5MW. Under the FITs regime, renewable energy
Lloyds TSB Corporate Markets has appointed Paul Osment as director for leveraged credit sales reporting to Martin Bates, head of capital markets sales.
In this newly created position, Osment will join the leveraged credit sales team covering banks and leveraged investors for both bonds and leveraged loans.
Osment has over 12 years’ credit sales experience having worked at Lehman Brothers, ABN Amro, BMO Capital Markets and latterly, Evolution Securities.
Bates says: “I’m delighted Paul is joining the leveraged credit sales team. As Lloyds continues to expand its capital markets platform and loan lending to core customers, it is important
The Financial Reporting Council (the FRC) published the first UK Stewardship Code (the Code) for institutional investors on 2 July 2010. Sean Geraghty, Partner with Dechert LLP’s Corporate and Securities Group, outlines the purpose and implications of the Code.
In 2009, following Sir David Walker’s recommendation and a request from the Government at that time, the FRC agreed to publish a code for institutional investors and take responsibility for its oversight and future development.
After a detailed consultation process, it was decided that the new code should be based on the code on the responsibilities of institutional investors, issued by
Sun Bancorp has signed definitive investment agreements with private equity funds affiliated with WL Ross, the bank’s founding Brown family shareholders and others to invest USD100m in shares of the company’s common stock.
The shares to be purchased by WL Ross will represent 24.9 per cent of the company’s outstanding common stock, pro forma for the closing and assuming the conversion of the convertible preferred stock. The investment was made at USD4.00 per share.
The additional equity capital will be used by Sun National Bank to strengthen and expand current operations as well as to pursue growth opportunities throughout the
Churchill Financial, a middle market focused commercial finance company, has promoted Chris Cox to managing director and chief risk officer and Thomas Hennigan to senior vice president and head of underwriting and portfolio management group.
Cox (pictured) was previously Churchill’s head of underwriting and portfolio management group.
He joined Churchill in May 2006 from GE Commercial Finance where he was a senior vice president and team leader for risk management in the corporate lending group.
He brings over 14 years of experience to his new role as chief risk officer at Churchill.
Hennigan was previously a member of Churchill’s underwriting
Water Street Healthcare Partners’ portfolio company HealthPlan, a provider of outsourcing solutions to insurers in the individual, small business and union trust markets, has acquired GEMGroup.
Headquartered in Pittsburgh, GEMGroup specialises in accounting, pension and 401(k) administration software and services to self-funded and Taft-Hartley employee benefit plans for unionised workers.
The acquisition enhances HealthPlan’s outsourcing technology and services that it provides to the nation’s largest Taft-Hartley benefit plans. It also expands the company’s presence in the north-eastern US, where GEMGroup has five offices employing more than 120 people.
“GEMGroup has tremendous expertise and technology assets in the union trust market.
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