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The US Securities and Exchange Commission has declared effective the registration statement of KKR & Co. relating to the listing of its common units on the New York Stock Exchange.
Common units of KKR & Co. will begin trading on the NYSE at the market opening on 15 July 2010 under the ticker symbol KKR.
The existing common units of KKR Guernsey will cease trading on Euronext Amsterdam at the market close on 14 July 2010.
Common unitholders do not need to take any action to receive their NYSE-listed common units of KKR & Co. Any required action will be
Bank of America, a provider of banking and other financial services, has completed the sale of First Republic Bank, a provider of private banking and wealth management services, to a consortium of investors.
The consortium is led by First Republic’s existing management and includes investment funds managed by Colony Capital and General Atlantic.
The management team includes First Republic’s chairman James H. Herbert, and chief operating officer Katherine August-deWilde (pictured).
The transaction is valued at approximately USD1bn.
As of 30 September 2009, First Republic had USD19bn in total assets, USD16bn in deposits, and USD15bn in wealth management assets under management.
Axa Private Equity has appointed Benoit Verbrugghe as senior managing director, head of the New York office.
Verbrugghe will be responsible for helping to further expand Axa Private Equity’s business in North America.
Previously, Verbrugghe was a managing director based in Axa Private Equity’s Paris office where, as part of the fund of funds team, he played an active role in developing the firm’s business around the world, including North America.
In his new position, Verbrugghe has relocated to New York and will focus on North America, where Axa Private Equity has achieved growth in the last several months.
Over
Heidrick & Struggles International, an advisory firm providing executive search and leadership consulting services, has hired Richard Thackray and Jonathan Goldstein for its global private equity practice.
Thackray joined the firm as a partner in London and Goldstein as a partner in New York.
Both will focus on regional clients within the private equity sector, managing senior-level administration, operations, and searches for private equity funds and their investment management portfolio companies.
Thackray was previously chief executive and partner of Armstrong Management Group, a leadership advisory and executive search consultancy focused on private equity and asset management firms across Continental Europe
Law firm Dechert has hired James Waddington in London as a partner.
Prior to joining Dechert, Waddington was a partner at Orrick, Herrington & Sutcliffe.
Waddington advises commercial and investment banks and private equity and hedge fund clients in connection with finance and derivative transactions, credit default swaps, lending and borrowing arrangements, debt and equity offerings, insolvency and restructuring matters as well as fund formation and fund investments.
He has practiced law in Paris, London and New York since 1985 and has previously worked as an investment banker at Bankers Trust Company (now Deutsche Bank). He is fluent
The Aureos Latin American Fund has agreed to launch an investment scheme with Urbi, a home-developer in Mexico, to promote and finance low-income housing in Mexico.
The scheme will provide low-income housing through both traditional mortgages and the Alternativa Urbi programme.
Urbi’s rent-to-own programme provides access to housing to non-wage earners, who represent over 50 per cent of Mexico’s economically active population, and who do not typically have access to a traditional mortgage.
Miguel Olea, managing partner of Aureos Mexico, says: “Aureos has extensive experience managing private equity funds across Asia, Africa and Latin America; now with Urbi, we
Venrock, a venture capital firm originally established as the venture arm of the Rockefeller family, has closed Venrock VI, a USD350m diversified venture capital fund focusing on investments in early stage technology, healthcare and energy companies.
With the close of Venrock VI, the firm holds approximately USD2.2bn under management.
"The quality of Venrock’s team is illustrated by their continued ability to work with great companies and produce returns in this difficult venture capital environment. It is a testament to the firm’s efforts and success that the fund was oversubscribed, particularly when so many others are struggling to raise capital," says
Last week the SEC officially changed its position, voting to adopt new rules concerning public pension funds’ pay-to-play practices. Donald A. Steinbrugge, CFA, Managing Member,
Agecroft Partners, LLC, examines the impact of the new rules.
The new rules permit managers to pay third party marketers that are registered as investment advisers or broker-dealers. In addition, the new rule “prohibits an investment adviser from providing advisory services for compensation — either directly or through a pooled investment vehicle — for two years, if the adviser, or certain of its executives or employees, make a political contribution to an elected official in
Lyceum Capital has arranged an additional GBP25m of capital to support the growth of its portfolio firm Carewatch, the largest independent national homecare provider in the UK.
The new capital, which includes additional debt facilities from Barclays Corporate and Clydesdale Bank, will enable management to continue its programme of internal investment and facilitate further acquisitions of complementary businesses.
Over the past 18 months Carewatch has made a total of 12 acquisitions to expand its service offering, resulting in a 25 per cent growth in the number of hours of care provided by the company and its franchisees.
As
Venture capital firm Energy Ventures has strengthened its international oil and gas team with two appointments.
Shantanu Agarwal joins the Aberdeen-based team as an associate while Kristian Lier will be based in Houston as investment manager.
Agarwal joins Energy Ventures from Schlumberger when he held different positions, including business development manager, engineer in charge of well construction services and offshore and lead engineer.
Lier is a former head of DnB NOR Markets’ corporate finance group where he focused on energy transactions. Prior to that he was founding partner of management consulting firm Bangstad and an equity research analyst
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