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Private equity firm 3i has celebrated PCD Stores’ successful initial public offering on the Hong Kong Stock Exchange.
The company is a rapidly growing department store group in China with an emphasis on high-end luxury products.
PCD Stores offered 1.5 billion shares under the global offering, raising USD377m (HKD2.925bn) before the exercise of over-allotment option. The IPO values the company at USD1bn (HKD7.8bn). The retail tranche was 43 times oversubscribed.
In October 2005, 3i invested USD31m in the company, with Anna Cheung (pictured), 3i partner, taking a board role to support PCD’s growth and expansion. During 3i’s investment period, PCD
Artfact, an online live auction marketplace, has closed on USD13m of growth capital financing provided by Boston-based Commonwealth Capital Ventures and Ascent Venture Partners.
Simultaneously, Artfact has merged with Auctionzip, the world’s largest directory of live auction listings.
In addition to facilitating the merger, the growth capital funding will be used to expand product development, marketing and sales efforts.
Artfact and Auctionzip provide over 16,000 estate auctioneers of all sizes worldwide with a complete range of technology and marketing services including online live bidding and integrated auction management software. Through their websites Auctionzip.com, Artfact.com, and Invaluable.com, the companies allow two
LDC, a UK mid-market private equity house, is supporting one of the new Formula One racing teams led by Manor Motorsport and WR Technology, which will compete for the first time in the 2010 FIA Formula One World Championship.
The investment is consistent with LDC’s core investment principles of seeking out unusually attractive market segments.
Manor Motorsport has been successful in Formula 3 and has identified and nurtured future FI champions such as Lewis Hamilton (pictured) and Kimi Raikkonen. Manor beat off fierce competition from as many as 20 entrants to secure Formula 1 entry.
Next season, Manor will
State Street has been selected by Illinois-based Calamos Investments to provide custody, fund administration and securities lending services to Calamos’ collective fund structures.
The funds include open and closed end mutual funds, Dublin Ucits and private funds exceeding USD21bn in assets.
With this consolidation, State Street now provides full back-office services for all of Calamos’ collective fund structures.
“By further consolidating our operations with State Street, it provided us with a seamless model which has resulted in additional efficiencies in our processes, enabling us to better serve our clients,” says Nimish Bhatt, senior vice president of Calamos Advisors and chief
Venture capital firms have agreed to sell LifeSize Communications, a US-based provider of high definition video communications products, to Logitech International, a Switzerland-based manufacturer of computer peripherals.
Venture capital firms include Tenaya Capital, Austin Ventures, Norwest Venture Partners, Redpoint Ventures, Sutter Hill Ventures and Pinnacle Ventures.
Logitech will acquire LifeSize for a cash consideration of USD405m. Following the transaction, LifeSize will operate as a separate division of Logitech in Austin, US.
Morgan Stanley is acting as financial adviser to Logitech on the transaction.
The acquisition will enable Logitech to extend its leadership position in video communication beyond the desktop.
Alternative investment firm NIR Group has appointed Robert M. Cohen as managing director.
Based in the firm’s Roslyn, New York, headquarters, Cohen is responsible for overseeing operations and business development.
"Bobby has a proven track-record in managing and building a successful firm in the financial services sector," says Corey Ribotsky, managing member and head portfolio manager. "We are confident that he will add significant value to us as we continue to build our operation."
For 15 years Cohen was founder and president of Robert M. Cohen, a full service brokerage firm specialising in investment banking, research and market making. Most
Three portfolio companies managed by Carlyle Asia Growth Capital Partners have completed their initial public offerings in Hong Kong and in New York, raising a combined total of nearly USD780m in gross proceeds.
China Forestry, Kaisa Group and Concord Medical Services have all seen active trading.
Wayne Tsou (pictured), managing director and head of Carlyle Asia Growth Capital, says: "These IPOs are milestones for China Forestry, Kaisa and Concord. The broad participation in the IPOs by a large number of quality institutions and retail investors stands testament to the strong growth potential of these companies and their leadership in
F&C Private Equity, the private equity fund of funds division of F&C Asset Management, has completed the first close at EUR30m of the Aurora Fund, a new fund specialising in acquiring secondary interests in predominantly European private equity funds.
Investors in the Aurora Fund include UK and Dutch pension funds.
F&C believes that the European mid market offers one of the most attractive areas for private equity investment. The firm has been investing in European buyout funds, mezzanine and co-investments through its listed vehicle, F&C Private Equity Trust, for many years. The trust’s portfolio of European buyout and mezzanine investments
DoubleLine, an advisory firm recently formed by Jeffrey Gundlach and Philip Barach, has established a strategic relationship with Oaktree Capital Management whereby Oaktree will help DoubleLine establish its own operational infrastructure.
In addition, Oaktree will receive a minority equity position in DoubleLine.
The investment team supporting Gundlach, former chief investment officer of The TCW Group, and Barach, former group managing director of the TCW Mortgage-Backed Securities Group, includes more than 30 former members of their previous team at TCW. DoubleLine expects this number to grow.
"Our agreement with Oaktree, one of the world’s leading investment advisory firms, will provide DoubleLine
Michael Kim, a partner at Rustic Canyon Partners, has formed Cendana Capital, a fund of funds investing in private equity.
Based in San Francisco, Cendana Capital will pursue a tactical and opportunistic strategy, which will include non-traditional private equity and venture capital investments.
Cendana Capital is forming at a time when more institutional investors face greater opportunities to generate excess returns, but are resource constrained or cannot deploy capital efficiently.
A recent study by Casey & Quirk projects that outsourced investment assets in the US will grow from USD195bn at the end of 2008 to USD510bn by 2012.
"Many institutional
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