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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
Austrian M&A has seen a total of 51 announced deals valued at USD2.6bn so far in 2009, representing a drop of 66 per cent by value and 37 per cent by volume compared to the first three quarters of 2008, according to mergermarket.
The nine month period is the lowest since 2006 by value and 2003 by number of deals.
Domestic activity during Q1-Q3 2009 decreased significantly as a percentage of total Austrian M&A involvement (31 per cent) compared to the same period last year (76 per cent).
Industrials and chemicals has been the most active sector by volume in
Music website Deezer has raised EUR6.5m using funds from AGF Private Equity and CM-CIC Capital Prive.
This second fundraising brings the company’s total working capital to EUR12 .2m since its creation in August 2007.
Guillaume Lautour, partner of AGF Private Equity, is joining the company’s board of directors.
With over ten million users in Europe, including six million in France and more than one million downloads of its mobile phone apps, Deezer is one of the most popular music site in Europe.
"We are delighted to welcome the assistance of AGF Private Equity and CM-CIC Capital Prive in the Deezer
Some 19 venture capital trusts changed management group in 2009, with the majority of these due to management buy outs among a number of VCT management groups, according to the Association of Investment Companies.
One of these became self-managed and a further five VCTs merged.
In addition, 14 VCTs became fully qualifying by placing 70 per cent of their holdings in qualifying investments. Five of these were generalist VCTs, four were Aim focussed VCTs, three were VCT specialist: media, leisure and events, and two were VCT specialist: environmental.
VCTs have raised GBP21m since 5 April 2009, largely due
The predominance of US-based M&A deal activity has pushed US law firms back into a dominant position in mergermarket’s third quarter M&A value league tables.
Propelled by their roles advising US companies on the spate of deal-making activity in the healthcare and technology sectors, firms like Skadden Arps, Simpson Thacher and Sullivan & Cromwell have come to dominate the global league tables by value.
While US law firms may not have managed to usurp London-based “magic circle” law firms for the very top spots in the European M&A league tables, their prevalence in the top 20 outweighs the limited incursion
Leaders from Guernsey’s funds industry have revealed that the island is aiming to achieve equivalence with the EU in light of the proposed Directive on Alternative Investment Fund Managers.
Guernsey’s determination to maintain access to EU markets in the face of the directive was highlighted by speakers from the island at a debate in London on Tuesday evening assessing the future of the funds industry following the credit crunch and subsequent global economic downturn.
Horace Camp, a member of the Guernsey Investment Funds Association, said: “While it is unclear at the moment exactly what form the directive will ultimately take,
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