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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
Munich venture capital firm Target Partners has made an early round investment in Hetras, an Austrian-based developer of hotel management software.
Hetras will use the funds to complete development and launch of the first internet-based management and reservation system for international hotel chains.
Software technology in hotel chains traditionally consists of several standalone solutions from different vendors. As a result, hotel companies must maintain redundant data.
“A single change to a room rate can require updating five or more different systems manually,” says Olaf Jacobi (pictured), partner at Target Partners. “The Hetras solution combines all business-critical functions in a
Low Carbon Accelerator has made a further investment of USD533,333 (approximately GBP330,000) in LUMEnergi as part of an overall funding round of USD1m with its existing co-investor, Noventi Ventures.
The funding has been provided as an extension to the existing convertible loan note that was announced on 11 August 2009.
This investment takes LCA’s total investment in LUMEnergi to USD5,333,333 (approximately GBP3,300,000) of which USD4,000,000 represents an equity stake of 25.3 per cent and USD1,333,333 represents the convertible loan.
Andrew Affleck (pictured), executive chairman for Low Carbon Investors, the investment manager for Low Carbon Accelerator, says: "LUMEnergi is in late
Jonathan Denton, partner in law firm Mishcon de Reya’s Finance and Banking Group, examines the implications of the UK Chancellor’s proposed “bank payroll tax”.
The Chancellor Alistair Darling announced in the Pre-Budget Report that the Government would introduce a temporary "bank payroll tax" payable by banks on the value of any bonuses paid or awarded in the period from 9 December 2009 until 5 April 2010 which exceed GBP 25,000.
Bonuses in respect of which a contractual obligation to pay arose before the announcement are excluded but other than that, most payments will be caught, including deferred payments and
The hedge fund industry will grow in 2010 with risk management continuing to be the key to success and macro, long/short equity and long/short credit will be the best performing hedge fund strategies in 2010, according to Morten Spenner (pictured), CEO at fund of hedge funds manager International Asset Management (IAM), and Andrew Gibson, Head of Asset Allocation.
Stabilisation of the industry: Outflows have subsided greatly, inflows have returned and a large core set of managers have demonstrated their ability to remain successful. Allocations to hedge funds will continue to grow in 2010 in response to the uncertain macro-economic environment.
Marlin Management has completed the first and final closing of Marlin Equity III, a USD650m institutional private equity fund that seeks capital appreciation through investments in businesses undergoing operational, financial or market driven change.
Marlin targets companies across a variety of industries, including technology, healthcare, business services, consumer products, and manufacturing.
Marlin has closed three private equity funds since its inception in 2005 and has over USD1bn of capital under management.
Fund III’s limited partners comprise a mix of existing and new investors from leading endowments and foundations, public and private sector pension funds, family offices, financial institutions, and insurance
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