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Kommera Chakradhar (KC) Reddy (pictured), Head of India Equities at Baring Asset Management Limited (London) summarises the impact of India’s latest Budget.
The surcharge on India’s corporate and personal income taxes was reduced to 7.5% from 10%. While this is not a huge tax cut, it is the first corporate tax reduction in six years.
Having seen stealth tax increases almost every year since 2004, their absence this year has been noted and welcomed. This signals that, for now, the government is keen to adopt a more market and economy-friendly posture.
However, this reduction in tax was funded by an
Synseal Extrusions, a UK-based supplier of PVC-U windows, doors and conservatories, has been acquired by private equity house H.I.G. Europe with debt funding from Yorkshire Bank.
The deal sees the management team led by chief executive officer David Leng take a significant equity stake in the business.
It also provides an exit for the founder Gary Dutton MBE, who will be retiring from the business to pursue his hobbies following a two-year wind down.
Operating from a 34-acre manufacturing facility in Sutton-in-Ashfield, Nottinghamshire, Synseal employs over 500 people. Turnover for the year ending March 2009 was GBP76.3m.
Synseal
Ergo Media Capital, an entertainment and media investment firm headed by former Cinetic Media co-founder Matt Littin, has launched in New York.
The company will provide venture capital and private equity funding to companies in the film, video game, music, television and new media spaces at stages ranging from start-up to growth to expansion, providing up to USD15m in equity per transaction.
The company is backed by Ergo Ventures, a private investment vehicle with holdings in aerospace, food and wine, real estate and technology.
"With revolutionary changes taking place in technology and consumer behavior, and a historic recession further pressuring
Asset management firm KKR had assets under management of USD52.2bn as of 31 December 2009.
Fee related earnings were USD87.5m for the quarter ended 31 December 2009 and pro forma FRE for the year ended 31 December 2009 were USD247.4m.
Economic net income was USD515.3m for the quarter ended 31 December 2009 and pro forma ENI for the year ended 31 December 2009 was USD1,953.9m.
Committed dollars invested amounted to USD456.7m for the quarter ended 31 December 2009 and USD2.1bn for the year ended 31 December 2009.
KKR had uncalled commitments to its investment funds of USD14.5bn as of 31
StepStone Group, a provider of private equity investment management and advisory services, has opened an office in New York.
In addition, Johnny Randel has joined the firm as chief financial officer and chief operating officer. He will be based in New York.
StepStone Group works with institutional investors to build portfolios that include private equity fund investments, co-investments and secondary investments.
“This is an exciting time in the evolution of our firm, and it is an important time for private equity investors to be evaluating and possibly reconstituting their portfolios,” says Jose Fernandez (pictured), a managing director at StepStone. “New
Private equity firm Rock Hill Capital Group has made an equity investment in Blackhawk Specialty Tools, an oilfield services company located in Houma, Louisiana.
Blackhawk, founded in April 2008, is a provider of automated top drive cement heads and related equipment and services to the deepwater offshore oil and gas industry operating in the US Gulf of Mexico and Brazil.
Blackhawk is led by president and chief executive Billy Brown.
“We are pleased that Billy and his team selected Rock Hill as their new equity partner,” says Randall B. Hale, founder and managing director of Rock Hill. “Billy and his
Currensee, a Forex trading social network that connects traders from around the world based on real-time trades, has secured USD8m in series B financing for total funding of USD12m.
Led by Northbridge Venture Partners, the round includes new investor Egan-Managed Capital.
Travis D. Connors, partner at Egan, will join the Currensee board of directors.
“Currensee is one of the most disruptive companies we’ve seen in the financial services sector,” says Jim Moran (pictured), general partner at Northbridge Venture Partners. “In a space that has been viewed as the Wild West for investors, the Currensee team has made tremendous progress —
The global economic and financial crisis damaged many Asian economies last year, but CDC Group is optimistic about private equity fundraising in Asia during 2010.
Anubha Shrivastava, managing director of CDC Group’s Asia team, expects the environment for private equity fundraising in Asia to be more positive than last year, with fund managers who have held back from raising funds in 2009 now coming forward.
“Investors active in Asia, such as CDC, expect to scrutinise more funding proposals and we might also expect to be joined by investors traditionally focussed on established markets now wishing to diversify,” he says.
Last year demands for exports from many Asian countries dropped, economic growth stagnated and foreign direct investment, including from private equity, fell. However, Anubha Shrivastava (pictured), MD of CDC Group’s Asia Team, sees cause for optimism in 2010.
Overall in 2010, I would expect the environment for private equity fundraising in Asia to be more positive than last year, with fund managers who have held back from raising funds in 2009 now coming forward. Investors active in Asia, such as CDC, expect to scrutinise more funding proposals and we might also expect to be joined by investors
Evercore Partners has acquired key assets of the private funds placement group of Neuberger Berman.
The group, headquartered in London with personnel in both Europe and the US, advises fund sponsors on all aspects of the fundraising process including competitive positioning and market assessment, investor introductions, marketing materials, due diligence, asset raising and documentation.
The group has served as a placement agent to funds across a wide range of alternatives strategies, including buyout, co-investment, distressed, real estate, credit/mezzanine, energy/infrastructure, fund of funds and venture capital.
Upon its transition to Evercore, the business will operate as Evercore Private Funds Group, which
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