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Environmental Capital Partners, a New York based private equity firm, has made an investment in Cascade Drilling in order to fund the company’s future growth initiatives.
Bruce Niermeyer, Cascade Drilling’s founder, remains a significant shareholder and will continue as president and chief executive.
Terms of the agreement were not disclosed.
“We are delighted with our investment in Cascade Drilling. By providing environmental drilling services for water and soil assessment, monitoring, and remediation purposes, Cascade Drilling is a perfect fit with our broader mission to promote the growth of companies that enhance environmental sustainability,” says Robert Egan, a managing partner of
Multi-jurisdictional law firm Conyers Dill & Pearman has hired Guy Cooper to its corporate practice in Bermuda as part of a spate of new hires to the firm.
Cooper (pictured) will focus on company and commercial work, with specialist expertise in the formation of companies and partnerships, joint ventures, restructuring and finance transactions.
He has experience in a diverse range of corporate, transactional, regulatory and finance work.
Cooper joins Conyers from Reed Smith’s financial industry group, where he worked as an associate in both the Dubai and Abu Dhabi offices of the firm. Prior to working at Reed Smith, Cooper
Fortress Investment Group has priced RailAmerica’s initial public offering of 10,500,000 primary shares of common stock at USD15 per share.
A further 11,500,000 secondary shares of common stock of RailAmerica are being offered by RR Acquisition Holding, an entity wholly-owned by certain private equity funds managed by an affiliate of Fortress Investment Group.
Fortress funds acquired the company in February 2007 and will continue to own approximately 55.8 per cent of RailAmerica after the closing of the offering.
In connection with the offering, RailAmerica granted the underwriters a 30-day option to purchase up to 1,575,000 additional shares of common stock,
Offshore law firm Harney Westwood Riegels has appointed Jane Yao, Monica Chu and Tiffany Tang in the firm’s Hong Kong office.
Yao (pictured) joins as a senior associate. Prior to joining Harneys, she was a senior foreign associate with the law firm of Colin Ng Partners in Singapore where her areas of practice included mergers and acquisitions, IPOs and foreign direct investment into China.
Chu joins as an associate from another Cayman and BVI law firm. Her areas of expertise include all corporate and commercial disciplines, particularly in relation to banking and finance, and investment funds.
Tang joins as a
General Atlantic, a global growth equity firm, has promoted Adrianna Ma to managing director and Jing Hong to principal.
Ma (pictured) is based in New York and leads GA’s global energy and resources sector.
Hong is a senior professional in the firm’s Beijing office and focuses on investments in China.
"Adrianna is an extremely talented investment professional, and we especially appreciate the work she has done in the past two years building out our energy and resources sector, which we consider an important area of investment opportunities," says William E. Ford, chief executive of General Atlantic. "We are very pleased
The Association of Investment Companies says the proposed Alternative Investment Fund Managers Directive fails to take account of the benefits the investment company structure provides for shareholders.
In its written evidence to the House of Lords European Union Committee inquiry into the directive, the AIC says the proposals would create unnecessary and duplicating regulatory objectives, increase costs and reduce investment companies’ commercial flexibility.
According to the AIC, the directive fails to recognise the role of the independent board. It says this should be resolved by ensuring that the rules do not create regulatory obligations which conflict with the investment
GI Partners has completed the final closing of its third private equity fund, GI Partners Fund III.
Since the fund’s launch, over USD1.9bn in capital commitments was secured in less than one year from institutional private equity and real estate investors.
The aggregate size represents a 35 per cent increase from the previous fund.
A number of new institutional investors committed to the fund, including Florida Retirement System Trust Fund and Teachers’ Retirement System of the State of Illinois in the US, and Capital Dynamics and Partners Group in Europe.
Rick Magnuson, executive managing director, says: “Given the difficult economic
Negotiating private equity fees and terms has previously been challenging due to limited capacity among high-quality general partners and the restricted ability of limited partners to pool their bargaining power, according to Watson Wyatt.
In a paper, entitled Private equity fees and terms, the firm suggests fairer fees and terms for the asset class with the aim of encouraging debate in the LP community, with the ultimate purpose of eliminating some of the more egregious terms seen in private equity.
The paper introduces features of terms that are not yet common in the private equity community but would represent
Just 17 venture capital funds raised USD1.6bn in the third quarter of 2009, according to Thomson Reuters and the National Venture Capital Association.
This level represents the smallest number of venture funds raising money in a single quarter since the third quarter of 1994 when 17 funds were also raised and the lowest level of dollars committed since the first quarter of 2003 when USD938m was raised.
"Anecdotally we are hearing that fundraising activity is accelerating as more firms that were waiting for economic recovery are beginning to formally seek commitments," says Mark Heesen, president of the NVCA. "The
VTB Capital has closed its deal to purchase a 35.4 per cent stake in Lenta, in cooperation with TPG Capital.
With its 36 hypermarkets, Lenta is one of the biggest retail chains in Russia.
The deal was supported by all shareholders of the company. The shareholders intend to come to a joint viewpoint with respect to the long-term strategy of developing Lenta in the Russian retail market, especially in the regions.
The investors intend to maximise the shareholder value of the company by improving operational management and strengthening the system of financial control.
Yuri Soloviev, president and global chief executive
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