Latest News
An affiliated fund of Southridge, an investment firm providing capital to publicly listed companies, has closed a private equity agreement for up to USD7.5m in equity financing with PuraMed BioScience.
"Southridge is very pleased to provide equity capital financing for this innovative market leader in the over-the-counter consumer market for alternative health remedies," says Stephen Hicks, founding principal of Southridge.
PuraMed BioScience was established to capture two opportunities. The first is to build a substantial business, beginning with three products developed by its founders: LipiGesic M for acute relief of migraine headaches, LipiGesic H for acute relief of tension headaches
European private equity investor Silverfleet Capital has appointed Falko Westphalen as an investment executive in its Munich office.
Silverfleet recently expanded its team in France with the appointment of Frederic Chiche, also as an investment executive, and is currently recruiting for its London team as well.
Westphalen joins the team from Jefferies International where he worked as an analyst.
Neil MacDougall, managing partner, says: “Silverfleet’s EUR212.5m acquisition of Wiesbaden based Kalle, a global manufacturer of artificial sausage casings, was one of the largest buyout transactions completed in 2009. Germany has been one of the most active regions for European buyouts
Pitango Venture Capital has agreed to sell its stake in Convergin to enterprise software firm Oracle.
Convergin makes software that lets telecommunications companies deliver services across multiple networks and platforms.
Both Pitango Venture Capital and Convergin are based in Israel, while Oracle is based in the US.
The transaction is expected to close in the first half of 2010.
The acquisition of Convergin will complement Oracle Communications’ product suite.
HarbourVest Global Private Equity, a closed-end investment company listed on Euronext Amsterdam, had an estimated net asset value of USD699.1m, or USD8.42 per share, as at 31 January 2010.
This represents a 1.5 per cent decrease from the 31 December 2009 estimated NAV per share of USD8.55.
The decrease was driven primarily by foreign currency movements, decreases in the value of publicly-traded holdings, and ongoing operating expenses.
During January, HarbourVest did not make any new commitments or purchase additional interests in HarbourVest-managed funds.
The company continued to benefit from ongoing commitments made by the actively-investing HarbourVest funds in its
Blackstone has postponed plans to float Merlin Entertainments Group just 24 hours after postponing the flotation of Travelport, casting a shadow over London’s IPO market.
Opposition from City fund managers to participate in private equity-backed IPOs is one of the reasons for the postponements, the other being the lack of appetite for such flotations during a period of severe volatility in the markets, driving the Vix to three-month highs.
The IPO of New Look, owned by Apax and Permira, is being reviewed today by the board of New Look, which is scheduled to launch its prospectus on Monday.
Goldman Sachs
Frédéric Bilas has joined European Fund Administration as the forthcoming NAV operations director.
After a transition period of six months, he will replace Jean Paul Thomas on 1 July 2010, when the latter retires.
Bilas will then also become a member of the executive committee.
Bilas began his career at J.P. Morgan in Brussels and London, and then moved to Accenture Luxembourg as senior manager financial services.
Afterwards, he was assistant manager of the organisation department of the Banque et Caisse d’Epargne de l’Etat in Luxembourg before joining Dexia BIL where he was head of securities until the end of
Kingdom Zephyr Africa Management, the pan-African private equity investment firm, has completed the final closing of Pan African Investment Partners II Fund with total commitments of USD492m.
The funds seek attractively valued investment opportunities in companies with clear business models and a record of profits in high-growth, strong demand sectors across all regions of Africa.
The PAIP II fund is a follow-on to PAIP I, which was launched in 2003 with USD122.5m in capital.
PAIP II has completed three investments since its first closing in June 2008:
• USD20m in South Africa-based power infrastructure and heavy building materials company, Buildworks Group,
We are conducting a survey of the Private Equity Wire readership to assess the best private equity performers and service providers during 2009 in a range of categories covering the entire private equity space. Managers and service providers are welcome to nominate their own funds/firms – with relevant justification. The response so far to the survey from our 56,000 readers has been significant, so send your nominations to us asap.
The results from this survey will be presented in aggregate and all individual answers will remain confidential. The awards, which will be backed by editorial coverage and global news distribution,
Och-Ziff Capital Management has reported a GAAP net loss for the fourth quarter and full year ended 31 December 2009 of USD47.2m, or USD0.58 per basic and diluted class A share, and USD297.4m, or USD3.79 per basic and diluted class A share, respectively.
The company has also declared a USD0.58 per share fourth quarter cash dividend on its class A shares.
Distributable earnings for the 2009 fourth quarter and full year were USD281.4m, or USD0.69 per adjusted class A share, and USD355.3m, or USD0.88 per adjusted class A share, respectively.
Assets under management were USD23.5bn as of 1 January 2010,
Kohlberg Kravis Roberts and Premier Natural Resources have formed a partnership to pursue investments in oil and gas properties in North America.
The relationship between KKR and PNR dates back to 2008 when they first worked together to evaluate investments in the oil and gas sector.
In 2009, PNR assisted KKR in evaluating its investment in East Resources, a privately owned oil and natural gas exploration and development company with operations in Appalachia’s Marcellus shale region.
“We are always looking to partner with exceptional management teams and PNR has exactly what we look for: a long and successful history
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