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Growth equity firm General Atlantic has marked the tenth anniversary of its on the ground presence in Europe, having opened its London office in 1999.
Founded in 1980, GA has GBP9.3bn (USD15bn) in capital under management and has invested over GBP1.5bn (USD2.5bn) in European companies over the last two decades.
Over the past six months alone, GA has committed over GBP0.6bn (USD1bn) in growth equity capital, including more than GBP310m (USD500m) in the financial services industry.
The firm’s most recent investment is in Markit, a global financial information services company based in London.
John Bernstein, managing director and head of
Private equity firm The Carlyle Group has named Annie Paydar head of human resources for the European and Mena regions.
Paydar has worked in human resources at Carlyle for more than five years, previously leading HR activities in the New York office. She will now be based in London.
Carlyle’s human resources team develops and implements Carlyle’s HR strategy and initiatives on a global basis, including compensation programmes, performance management, training and development, recruitment and retention, and organisational development.
Lori Sabet, Carlyle managing director and head of global human resources, says: “We are delighted to have the opportunity
Private equity firm 3i invested GBP59m during the fourth quarter, bringing the total investment in the nine months to 31 December 2009 to GBP249m.
Of this investment, GBP111m was invested in the existing portfolio and the balance related primarily to capitalised interest.
Investment for the equivalent nine month period in 2008 was GBP841m.
In addition, GBP34m (2008: GBP81m) was invested in the quarter on behalf of co-investment funds managed by 3i.
Realisations (excluding co-investment funds) were GBP270m for the quarter, bringing realisations to GBP777m for the nine months to 31 December 2009 (2008: GBP942m). Realisations from the portfolio, including the
The Palestine Investment Fund and private equity group Abraaj Capital have completed the first closing of a USD50m private equity fund dedicated to Palestine.
The private equity fund will focus on investing in small and medium-sized enterprises in Palestine across a range of sectors and stages of maturity.
Abraaj is the largest private equity group in the Middle East and North Africa, with offices in six countries.
With a first closing at USD15m, the private equity fund is the first of its kind dedicated to the Palestinian economy.
The initial commitments from the sponsors – PIF and Abraaj – will
Axiom Asia Private Capital Management Services has completed the final closing on its second fund, Axiom Asia Private Capital Fund II.
The fund’s total investor commitments of USD950m represent the maximum amount the fund could raise under agreement with its investors and exceeded the initial target of USD750m.
The fund was oversubscribed, with firm indications of interest exceeding USD1.1bn.
San Francisco-based Probitas Partners acted as principal placement agent for the fund.
Axiom II is the successor fund to Axiom Asia Private Capital Fund I, Axiom Asia’s first fund, which had USD440m of investor commitments and commenced investing in 2006.
The
The economic downturn of 2009 severely impacted the US fundraising industry, with the amount of time taken to raise a fund increasing to an average of 18 months, twice as long as in 2005, according to a report by C.P. Eaton.
More general partners remained on the road seeking a severely limited supply of capital.
The outlook for 2010 is brighter: according to a recent Preqin survey, a majority of LPs plan to make their next allocation to private equity this year, saying that their current private equity investments have met or exceeded their expectations.
Also, now that the associated
Microvisk Technologies, a developer of patented technology for monitoring blood coagulation for patients taking the drug Warfarin, has raised GBP2m from three new investors and current private and institutional investors.
Based in Wales, and originally a spin-out company of the Science and Technology Facilities Council, Microvisk became an independent company in 2004 with initial backing from Rainbow Seed Fund.
It is now developing the world’s first medical diagnostic strip based on a solid state micro electro mechanical system, called a SmartStrip, and hand held reader.
The GBP2m raised will take the research and development forward through 2010 for a launch
Investment funds across the EU who are challenging unlawful application of withholding taxes levied on dividends can expect refunds of millions of euros following Norway’s decision to refund withholding taxes to a Luxembourg Sicav, according to PricewaterhouseCoopers.
In June 2009 the ECJ issued its final judgment in the Aberdeen Property Fininvest Alpha Oy case in favour of the taxpayer, ruling the application of withholding tax on dividends paid to non-resident investment funds, while exempting domestic investment funds, discriminatory and in breach of Articles 43 and 48 and Articles 56 and 58 of the EC Treaty.
This ruling has set the
Hutton Collins Partners has refinanced its portfolio company Windsor Limited, a Lloyds insurance broker.
The new senior debt facilities, provided by Clydesdale Bank, have enabled Windsor to repay the substantial majority of the capital used to finance the management’s take-private of the company in 2007.
Hutton Collins, which provided GBP15m of preferred equity capital to support the management buyout, will remain a shareholder. Management will retain its 78 per cent shareholding.
Douglas Oppenheim, partner at Hutton Collins, says: “This successful refinancing in a difficult lending market demonstrates the strengths of Windsor’s business model. A large part of the earnings growth
UK venture philanthropy firm Impetus Trust has appointed Louis Elson, managing partner and co-founder of Palamon Capital Partners, as its new chairman.
Elson has been a trustee of Impetus since July 2009 and will officially become Impetus chairman on 24 March 2010.
Elson co-founded Palamon in 1999 and prior to this was a London-based partner of Warburg Pincus. He is a trustee of Phillips Academy – Andover, in his native US, and is a member of the development board of The Prince’s Trust.
Elson will take over from Impetus co-founder Stephen Dawson, who announced his intention to step down
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