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The worldwide financial market’s performance over the last 12 months has made some financial institutions and investors wary, but law firm Walkers sees opportunities for offshore finance and private equity structures in Asia.
While there have been shifts in focus by the market, the right offshore strategies can help achieve onshore solutions for investors and institutions, says Walkers.
Over the past five years, there has been significant growth in foreign direct investment in Asia, and particularly in the Peoples’ Republic of China. In that time, thousands of companies have been incorporated in the British Virgin Islands and the Cayman Islands
HM Revenue & Customs intends to consult on how to ensure the enterprise investment scheme is targeted appropriately at businesses.
Richard Hoskins (pictured), manager private client services at Oxford Capital, says some providers have been using limited partnerships to abuse the EIS rules.
“If advisers and investors back products aiming to take advantage of the generous tax breaks, against the spirit of the legislation, they are exposing their clients to significant additional risk and a number of popular tax avoidance schemes have been removed from the market in recent weeks,” says Hoskins.
He believes EIS is the most compelling
Gowalla, a location-based social networking service, has completed a series B funding round totalling USD8.4m.
Silicon Valley-based venture capital firm Greylock Partners led the round.
The capital infusion will be used to strengthen growth efforts. With this latest funding, Gowalla has now raised more than USD10m since it was founded in 2007.
Gowalla encourages people to share their favourite places and events with friends while discovering the world around them. The Gowalla service is currently available on iPhone and Android.
“Gowalla has rapidly attracted a passionate user base by creating an innovative, useful service that is also a lot of
SEI’s latest white paper, “Private Equity Investors – Committed Yet Concerned”, provides insights into institutional investors’ sentiments regarding their private equi
F&C Private Equity Trust has completed its GBP30m zero dividend preference share issue.
The zeros have been issued with a five-year life and a gross redemption yield of 8.75 per cent.
F&C Private Equity Trust is a diversified investment trust that invests in private equity funds and direct investments. It focuses on the mid-sized segment of the European buyout market, which despite the challenges facing the private equity sector in general is increasingly seen as an attractive area.
The trust funds the drawdown of commitments to private equity funds from a combination of the proceeds of realisations and
Catalyst UK and Singapore-based iAxil, the venture accelerator arm of Asian conglomerate Ascendas, have joined forces in a European/Asian partnership.
The co-venture will support and assist both European-based companies wishing to access the Asian market, and Asian-based companies seeking to penetrate European markets.
The partnership offers companies an inside track into each market. It will develop contacts, carry out due diligence on potential partners/customers and negotiate deals.
Richard Turner of Catalyst Venture Partners says: "This is such an exciting time in the development of east/west trading relationships. I am delighted that we can offer our portfolio and other companies access
Tax should not be used as a political football, used to score easy goals, says ACCA (the Association of Chartered Certified Accountants) in response to Chancellor Alistair Darling’s Pre-Budget Report (PBR).
“The so-called ‘supertax’ on bank bonuses is actually a levy, a one-off charge aimed at dampening down the political heat surrounding bankers’ bonuses,” says Chas Roy-Chowdhury, head of taxation at ACCA. “The company will have to pay a 50 per cent levy on bonuses above GBP25,000. It could mean that banks will rethink their bonus and remuneration packages. Banks could end up not paying bonuses at all.
“Given the
A cross-border team from international legal practice Norton Rose has advised the Aspria Group, a European spa and family sporting club operator, on the acquisition of Harbour Club Sporting and Spa in Milan.
The Aspria Group owns and operates health and sporting clubs in Germany and Belgium.
The Norton Rose team, based in London and Milan, was led by Ian Fox (corporate finance partner, London office) and Paolo Daviddi (international managing partner, Italy).
Norton Rose senior associate Rebecca Oliver (London office) and partner Gennaro Mazzuoccolo (Milan office) advised on finance issues in the context of the acquisition.
The law firm
DisplayLink, a specialist in the USB graphics market, has received USD8m in venture capital funding.
The series C venture capital round came from Atlas Venture, Balderton Capital (previously Benchmark Capital Europe), DAG Ventures, and DFJ Esprit.
The company has also appointed semiconductor industry veteran Craig Ensley as chief executive officer and chairman of the board of directors. Ensley was previously with Peregrine Semiconductor where he served as president, chief operating officer and board member. He brings to DisplayLink more than 30 years of leadership in marketing, engineering and management of both startup and public semiconductor and systems businesses.
“Craig brings
Evofem, a women’s healthcare company located in La Jolla, California, has received a USD25m investment from a private equity firm in Europe.
Evofem (formerly Instead Healthcare) currently markets a feminine hygiene product, Instead Softcup, an alternative to pads and tampons, available in pharmacies and retail stores across the US and abroad.
Additionally, the company has been active in developing technologies in the field of women’s reproductive health.
Evofem’s lead drug candidate, Amphora, is currently being evaluated to protect women from pregnancy and a variety of sexually transmitted diseases including the AIDS virus.
Tommy Thompson, former Secretary of Health and Human
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