Solutions
Pacific Fund Systems is a global leader in supporting investment fund accounting and administration through its integrated share registry/fund accounting platform, PFS-PAXUS. With fund administrators under increasing pressure from AIFMs to provide a broader suite of regulatory reporting services – most notably Annex IV reporting under AIFMD – demand has grown for integrated systems that can house fund data on a single platform. This is precisely what PFS-PAXUS offers, avoiding the need for reliance on multiple systems by utilising a single database infrastructure to deliver greater workflow efficiencies, reduced risk, and more timely valuations.
Two years ago, to keep pace
One of the biggest decisions for fund managers under AIFMD is whether or not to appoint an external AIFM. But as management companies, many of whom have experience supporting traditional managers under the UCITS framework, continue to espouse the virtues of outsourcing the ManCo function, alternative fund managers in different geographies are beginning to understand the benefits of going down this path.
"In the US, especially, fund managers are getting to grips with the concept that someone else can take over and run the governance function and do all the necessary risk management without necessarily giving up too much control,"
Under Article 21 of the AIFMD, any AIFM running an EU-based AIF is required to appoint a single full scope depositary to carry out four core duties: cash monitoring, safekeeping and verification of assets and general oversight of the AIF. For EU managers with experience of running UCITS funds alongside their offshore Cayman fund(s), this arrangement is a familiar one, but for AIFMs marketing non-EU AIFs into Europe, the concept of appointing a depositary is unfamiliar.
This is made slightly easier in the sense that the AIFM of a non-EU AIF can, under article 36 of the Directive, avail of
For EU and non-EU managers, the ability to choose between AIFMD or UCITS regimes to bring a regulated fund product to market with minimal fuss is a compelling one. With its unique business model, ML Capital has proven to the marketplace that there are many ways to scale the walls of so-called "Fortress Europe".
ML Capital operates two Dublin-domiciled platforms that between them are capable of supporting a wide range of alternative investment strategies, from the most liquid end of the scale to the most illiquid end. The MontLake UCITS Platform was established in October 2010, while the MontLake QIAIF
Two of the most important considerations for any hedge fund manager under AIFMD are deciding on who to appoint as an external AIFM (or "Management Company") and also who to appoint as a depositary; the latter of which is discussed later in this report.
As registered AIFMs, European hedge fund managers are required to separate out their portfolio management and risk management functions. That is fine for established managers with well-developed front to back teams.
But for smaller managers, who only just qualify as AIFMs by exceeding the EUR100m, they may not have sufficient capital and may not be
Ogier in Jersey has assisted Slaughter and May in advising US infrastructure investor Global Infrastructure Partners on its sale of London City Airport to a consortium of buyers for around GBP2 billion.
The group of investors comprises Ontario Teachers’ Pensions Plan Board, Alberta Investment Management Corporation, Borealis Infrastructure and Wren House Infrastructure.
London City Airport serves around four million passengers a year, a figure that has almost doubled since 2005.
The Ogier team was led by partners Matthew Shaxson and Raulin Amy and assisted by Dilmun Leach (senior associate).
Commenting on the deal Matthew Shaxson says: “We are
Kohlberg & Company LLC and PPG Industries Inc agreed to sell Pittsburgh Glass Works, an automotive glass and services business, to LKQ Corp for an enterprise value of USD635 million.
PPG sold a majority stake in Pittsburgh Glass Works to Kohlberg & Co in 2008. Jefferies and Nomura Securities International served as financial advisor, and Ropes and Gray LLP acted as legal counsel, to Pittsburgh Glass Works. K&L Gates served as legal counsel to LKQ.
LKQ Corporation is to acquire Pittsburgh Glass Works (PGW) from private equity firm Kohlberg & Company (Kohlberg) and PPG Industries for an enterprise value
Stephenson Harwood LLP has advised Shield Therapeutics (Shield) on its GBP162 million AIM IPO, which involved the placing and subscription of GBP32.5m of new ordinary shares, and the issue of warrants to subscribe for ordinary shares.
If these warrants were exercised in full, they would generate an additional GBP17.5m of gross proceeds for Shield. Shield is seeking admission to trading on AIM, a market operated by the London Stock Exchange. Admission to AIM is expected to take place tomorrow, 26 February 2016.
Shield is a specialty pharmaceutical company which focusses on the development and commercialisation of secondary care-focused pharmaceuticals.
American Combustion Acquisition, an affiliate of Blackstreet Capital Management, has sold American Combustion Industries (ACI) to Timothy . Kirlin, Chief Executive Officer, and select members of his management team.
ACI is a mechanical engineering firm located in Brentwood, MD and is one of the leading firms that installs and repairs boilers, chillers, HVAC units and other commercial mechanical systems. Blackstreet is led by Murry Gunty, Founder and Managing Partner, and Lawrence Berger, Managing Director.
“My 10 year partnership with Blackstreet has been rewarding both financially and operationally,” says Kirlin. “We jointly rescued this company from the prior owner and
CVC Capital Partners (CVC) has held the the final closing of CVC Growth Partners, a new fund dedicated to investing in high-growth, middle-market companies in the software and technology-enabled business services sectors.
CVC Growth Partners exceeded its USD750 million fund target and, including a sidecar co-investment vehicle, secured total commitments of USD1 billion.
CVC Growth Partners has already made two investments: Wireless Logic, Europe's leading M2M connectivity and managed services provider that works with over 950 application providers, system integrators and enterprises, in February 2015; and Kount, a Boise, Idaho-based e-commerce and mobile fraud detection service provider used by
Events
12 November, 2026 – 8:00 am
12 November, 2026 – 5:00 pm
