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BaltCap, a private equity and venture capital firm focused on the Baltic States, has signed an agreement with European Investment Fund for the establishment of a EUR30m venture capital fund.
BaltCap Latvia is the first venture capital fund manager to successfully complete private fundraising under EIF managed Jeremie initiatives in Europe, and the first structured venture capital fund to be raised in the Baltics since the economic crisis hit the region.
Aggregate available financing to Latvian micro, small and medium enterprises will be up to EUR30m.
The fund will provide start-up and expansion financing to companies with established operations and
Hype surrounding booming emerging market funds could trip up investors anxious to get a slice of the action from dynamic economies, warns Rob Pemberton (pictured), investment director of HNW wealth manager HFM Columbus.
2009 saw the likes of the Chinese, Indian and Brazilian stockmarkets enjoy 80 per cent rises, with Russia outgunning its rivals with 100 per cent growth over the year.
There is no doubt that all these economies are rapidly increasing their share of global GDP. They enjoy low debt levels, young and dynamic populations, and all host companies which are rapidly becoming world leaders. The
Carlyle Group was among the top private equity groups last year, according to a study by PitchBook, a Seattle-based research firm that focuses on the private equity industry.
The Washington DC-based firm’s USD13.7bn Carlyle Partners Fund was ranked the second biggest, behind the USD14.7bn Apollo Investment Fund VII.
Carlyle, with New York-based Riverstone Holdings as a partner, had another fund that ranked fifth: the USD6bn Riverstone/Carlyle Global Energy and Power Fund IV.
Carlyle, which last year closed ten deals, was third in a ranking by number of investments.
Sun Capital Partners, of Boca Raton, Florida, was seventh in a ranking
Private equity firm Vestar Capital Partners has made nine promotions.
Evan Marks, Brendan J. Spillane and Oussama I. Takla have been promoted to managing director; Garrick D. Bernstein has been promoted to principal; Fabrizio Gualdi, Gregor Hengst and John B. Stephens have been promoted to vice president; and Patrick Hofmann and David N. Kestnbaum have been promoted to senior associate.
“We are delighted to have such talented individuals on our team and we are pleased to recognize their contributions to the firm,” says Daniel S. O’Connell (pictured), chief executive of Vestar. “These individuals have played a significant role in Vestar’s
Tanfield Foods, a manufacturer of allergen free ready meals, soups and sauces, has obtained a GBP4m investment from Inventages Venture Capital.
The new money will be used to build capacity in the Consett factory unit and provide extra marketing support, particularly for Tanfield Food’s key brand “Look What We Found!”.
Tanfield Foods started production on a green field site in Consett County Durham five years ago. It employs over 100 permanent staff and is currently listed in Sainsbury’s, Waitrose, Tesco, Asda and Morrison’s.
"We are pleased to be working with such an experienced international investor with wide industry expertise and
European Fund Administration has signed a partnership agreement with Italy’s Asset Management Services, a company specialised in fund administration services.
As part of the agreement, AMS acquires 100 per cent of Servizi, in which EFA previously held a 34 per cent stake, while EFA obtains ten per cent of AMS’s equity with the option of raising its ownership to 25 per cent by 2012.
By acquiring Servizi, AMS will expand its customer base and its assets under administration from EUR12.7bn as at 31 December 2008 to EUR19bn, thus becoming the largest independent provider of fund administration services in Italy.
Thomas
Celtic Pharmaceutical, a private equity investment firm focused on the biotechnology and pharmaceutical industries, has formed a partnership between Ipsen and Inspiration Biopharmaceuticals to create a haemophilia franchise.
Prior to this partnership, Celtic Pharma held a direct interest in Inspiration’s lead compound, IB1001 (rFIX), a new version of recombinant Factor IX which is in late stage clinical trials for the acute and preventative treatment of bleeding in patients with haemophilia B. The firm also held an equity interest in the company.
As part of this transaction, Celtic Pharma has exchanged both interests into a new class of preferred shares in
A team of investment management specialists has launched Galileo Capital Management, an investment management and advisory firm with operations in London and Hong Kong.
Founders Anders Jacobsen and Paul Thompson (pictured) have over 40 years’ combined experience in the investment management sector at firms including Goldman Sachs, Prudential Financial, Bankers Trust and Chase Manhattan Bank.
Galileo Capital Management will launch, manage and raise capital for a range of bespoke alternative asset funds. These planned funds target very under-invested business sectors or are highly innovative improvements of existing investment strategies. They will seek to offer a low correlation to traditional investments.
President Obama has called for reforms to ensure that no US bank or financial institution that contains a bank will own, invest in or sponsor a hedge fund or a private equity fund, or proprietary trading operations unrelated to serving customers for its own profit.
While it is believed any reform will likely stop short of a complete separation of power, it seems that proprietary trading operations will be resricted severely and that larger entities may be broken up. Separately, investment banks may find limits placed on assets that would force them from growing “too big to fail”.
Obama yesterday
Tim Roberts, fund manager at Cavendish Asset Management and a specialist in the North American market, comments on President Obama’s threat of a “Glass-Steagall” type of separation, which would separate the activities of deposit-taking banks from investment banking.
President Obama’s announcement goes far beyond what the markets can stomach from the volatile banking sector, and the creeping political tenor of financial debate. These new measures may be presented as advancing a progressive agenda, but to many they cement only an increasingly politicised one.
Attacking the heart and soul of Wall Street is not the answer, and will not necessarily
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