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Dr Bernhard Koehler, CEO of Pfaeffikon-based Swisslake Capital AG, examines the activity of real estate private equity funds (REPE) funds in Q3 2009.
1. Market Overview
In the third quarter of 2009 we have recorded the launch of 67 new real estate private equity (REPE) funds. Although this is an increase compared to the 65 vehicles launched in Q3 08’ the target equity volume decreased by 34.5% to USD24.17 billion. Note that in contrast to Q3 08’ where the geographical allocation of funds was much more diverse, in this quarter European and US funds account for more than 90% of
The State Street Private Equity Index, which includes more than 1,600 private equity partnerships with aggregate commitments of approximately USD1.5trn, posted a return of 5.48 per cent in the second quarter of 2009 after five consecutive quarters of negative returns.
All strategies and geographies were positive contributors during the quarter, with the biggest impact coming from buyout funds and US domiciled funds.
When compared to the Q2 2008 quarterly return, the State Street Private Equity Index increased by 699 basis points, from -1.51 per cent. Since inception IRR as of the end of June 2009 was 9.08 per cent, a
GreenPeak Technologies, a semiconductor company offering ultra low power wireless and battery-free data communication technologies, has closed a series B financing round.
The financing round totalling EUR13m, led by Gimv and Robert Bosch Venture Capital and supported by DFJ Esprit, Motorola Ventures and Allegro Investment Fund, will provide the company with the necessary funds to finance its growth in the coming years.
Cees Links, chief executive for GreenPeak Technologies, says: “Securing new funding in this challenging financial climate shows the market potential of GreenPeak’s technology and applications. We are very proud that a world-class company like the Bosch Group
The Federal Court of Australia has approved the settlement of a compensation claim to clients who were advised by Professional Investment Services to invest in the failed Westpoint Group.
Under the settlement, PIS must pay eligible investors AUD5.9m.
The court approved a distribution mechanism whereby the settlement sum will be distributed equally to group members based upon the total capital that they had invested. This will result in group members receiving 62.5 per cent of the capital they invested.
On 7 September 2009, the Australian Securities and Investments Commission filed an application with the Federal Court in Brisbane seeking final
American Securities, a New York-based private equity firm, has completed its acquisition of GenTek, a provider of inorganic chemical products and valve actuation systems for automotive and heavy duty/commercial engines.
Equity was provided by American Securities Partners V, a USD2.3bn private equity partnership.
GenTek operates through two business segments: performance chemicals and valve actuation systems. The performance chemicals segment provides water treatment products, primarily used by municipalities; various grades of sulfuric acid as well as sulfuric acid regeneration services for the refining and chemical industries; ingredients used in prescription pharmaceuticals, nutritional supplements and veterinary health products; and high purity
Iron Capital, a venture focused private equity services firm, has launched Iron Capital Wealth Management, a new division that will offer financial advisory services to high net worth individuals.
The Iron Capital Wealth Management service will work in tandem with the Iron Capital liquidity desk, which helps individuals seeking liquidity from shares and options in privately held companies.
Iron Capital has also partnered with an institutional wealth services firm to offer independent wealth advisers access for their clients to shares in private companies, which are typically unavailable to this investor class. In addition, clients registered with the wealth services firm
Jersey Finance has welcomed the conclusions of the Review of British Offshore Financial Centres, which was launched in November last year when Michael Foot was asked to review the opportunities and challenges facing British Crown Dependencies and overseas territories that had significant financial centres.
Published today, the report includes an examination of how these financial centres are managing the effects of the economic downturn, as well as their overall ability to respond to major economic shocks. Issues such as implementation of international standards for regulation and information exchange are also reviewed.
Jersey is regarded as performing extremely well in all
US venture capital investment in cleantech companies in Q3 2009 increased 46 per cent compared to the prior quarter to USD965m in 50 financing rounds, according to an Ernst & Young analysis based on data from Dow Jones VentureSource.
This is the second consecutive quarter of growth in 2009 and the fifth largest quarterly investment total on record.
Compared to Q1 2009, quarterly investment has increased 182 per cent in terms of capital and doubled in terms of financing rounds.
Continuing a trend that began in the first quarter of 2009, the majority of investment dollars – 61 per cent
At first glance, it would be easy to say that the report by former UK regulator Michael Foot on the three British crown dependencies and six other overseas territories was a statement of the blindingly obvious. And possibly at second glance, too.
The report published yesterday warned the territories that they would have to meet international standards on regulation, financial crime and exchange of tax information, and suggested that for reasons of both economic need and fiscal compliance those jurisdictions that currently do not levy a standard corporate income tax should consider doing so.
None of this is any revelation
TJ Hughes, the big brand discount department store backed by European private equity firm Silverfleet Capital, has appointed Hawkpoint to undertake a strategic review of the business.
Sue Tennant, chief executive of TJ Hughes, says: “We’ve defied the gloom on the high street with a successful strategy of providing branded products at discount prices. There is still much untapped potential and value to deliver; including the opening of new stores and a bigger internet offering. We have had several unsolicited approaches for the business and the time is now right to undertake a full review of our strategic options.”
TJ
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