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The US private equity industry saw 331 funds raise USD95.8bn in 2009, down 68.1 per cent from the USD299.9bn raised by 508 funds in 2008, according to figures from Dow Jones LP Source.
With the lone exception of secondary funds, every sector experienced sharp slowdowns. This is the first year since 2003 that private equity firms raised less than USD100bn.
There were a few stars that stood out amidst the fundraising gloom. The brightest was Hellman & Friedman, which took in USD8.8bn – all in 2009 – for Hellman & Friedman Capital Partners VII. In venture, Charles River Ventures and
M&A in the global asset management industry in 2009 was dominated by mega-deals, with a record nine transactions announced involving firms with more than USD100bn in assets under management.
Yet several deals in the fourth quarter signal a new phase driven by a greater number of transactions primarily involving independent firms, according to the financial institutions group of Jefferies.
While 60 per cent of Q4 2009 asset management M&A represented divestitures – the defining theme in the past year – significant strategic deals involving independent firms such as Advisory Research’s sale to Piper Jaffray and Metropolitan West Asset Management’s purchase
Imperial Capital has closed of the sale of Protect America, a provider of self-installed monitored alarm systems, to an investor group led by Rockbridge Growth Equity.
Imperial Capital acted as exclusive financial adviser to Protect America and helped arrange the senior financing.
Rockbridge Growth Equity was lead equity sponsor along with Falcon Investments and Protect America founder Thad Paschall.
CapitalSource Bank led the senior financing syndicate which included Bank of America Merrill Lynch and Goldman Sachs.
Protect America was established in 1992 and is one of the fastest growing alarm companies in the US. Headquartered near Austin, Texas, Protect America
Nabarro & Hinge has opened an office in Luxembourg after entering into partnership with Alexandrine Armstrong-Cerfontaine.
The firm has also bolstered its Paris team with the arrival of Benjamin Dahan.
Jonathan Nabarro, a lawyer in private equity and structured finance in France, went into partnership with Jennifer Hinge to establish Nabarro Associés. Joining them is Armstrong-Cerfontaine and Dahan, both of whom formerly served at law firms in Paris.
Together they become Nabarro & Hinge, a law firm dedicated to financing, corporate growth and financial restructurings.
Nabarro & Hinge’s team of multi-disciplinary lawyers offers legal services to investment funds, mezzanine funds,
A&J Venture Capital Group has appointed Zhongwen Chen and Roger Zolg as directors.
Chen will become director and vice-president of the company.
Chen has a strong background and will be responsible for operations in China including the office in Hong Kong, selecting potential companies and expanding the firm’s existing network.
Previously Chen was executive director of HeySpace International, a SNS plus WebGame provider in China.
Chen says: "I am excited to join A&J Venture Capital and will bring in my experience and contacts in China. I’ve taken over negotiations which started prior my involvement with the company and we expect
Hodes Weill, an advisory and investment business focused on the real estate private equity and private funds industry, has appointed Susan Swanezy as a partner.
Swanezy was previously a managing director and head of distribution for Credit Suisse’s real estate investments group.
“The perspective and expertise Susan has gained from her 25 years in the real estate industry will be a vital addition to our business as we continue to work with managers, investors and lenders to navigate the issues presented by the current market dislocation,” says Doug Weill, co-founder and managing partner of Hodes Weill. “In addition to her
SEI is expanding its bank loan operational outsourcing solution by using new technologies that increase loan processing automation and incorporate independently-sourced data.
The new functionality is delivered through Geneva, Advent Software’s portfolio management and fund accounting solution.
Advent recently entered into an agreement with Virtus Partners to integrate Geneva with Virtus’ bank loan data offering.
Through this relationship, SEI clients gain access to automated loan data feeds from Virtus, which can be electronically posted directly into Geneva via a standard integration tool developed by Advent and Virtus. This helps SEI maximise efficiency and use straight through processing of loan data
International legal practice Norton Rose Studio Legale has advised ENI Rete Oil & Nonoil in connection with the sale by ENI, Esso Italiana and Kuwait Petroleum Italia of the entire share capital of two aviation fuelling service companies.
HUB and PAR are being sold to Skytanking, a subsidiary of independent petroleum company Marquard & Bahls.
HUB and PAR provide aviation fuelling services at five major airports in Italy: Milan Malpensa, Rome Fiumicino, Milan Linate, Naples Airport and Palermo Airport.
Skytanking is represented at 21 airports in Europe, the US and Asia. This is its first move into the aviation fuelling
Highland Capital Management, an investment management firm based in Dallas, Texas, has appointed Clay Shumway as a director in its business development group.
Shumway will help Highland develop and manage relationships with institutional investors, including public and corporate pension plans, endowments and foundations and wealth management firms.
He reports to Kevin Latimer, partner, head of business development and marketing for Highland. Shumway will be based in Dallas.
"Clay’s strong experience and stellar leadership add additional depth to our business development team. He will be a great resource for institutional investors seeking to learn more about Highland Capital, our vast credit
Liquent, a provider of software and service solutions for the regulatory business processes of life sciences companies, has been acquired by Marlin Equity Partners from Thomson Reuters.
Based in Los Angeles, Marlin is a private investment firm with over USD1b of capital under management.
Liquent is the provider of the regulatory information management platform Liquent InSight. InSight can be leveraged throughout a client organisation in support of a life sciences company’s development, registration, and manufacturing processes.
Through its regulatory and clinical services consulting services team, Liquent also provides a full range of outsourcing services to support the regulatory submission and
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