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Private Equity Briefing 06.Jul 2012

Posted on 06 July 2012 by admin |  Email |Print

Private equity firms are gearing up for a possible deterioration of the sovereign debt crisis in Europe and an extended period of low economic growth, through a mixture of refinancing and hedges.
Making sure European investments stay in business while not jeopardizing returns by European nations’ onerous debt and austerity measures, along with slowing economic growth, has been in sharp focus of late for investment managers and their clients. ……………………………………….Full Article: Source

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Asia Pacific Private equity investors are far more pessimistic about India than global investors, finds a global PE study by Coller Capital, a leading global investor in private equity secondaries, which publishes a Private Equity Global barometer annually.
As a buyout destination, within the Asia Pacific region, India is seen as far less attractive than China, or the favourite Australia. For venture capital growth over the next two years, however, India comes second as a favourite destination, behind China, with Indonesia as the only 3 countries that respondents expect growth in. ……………………………………….Full Article: Source

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The US$23.2 billion (Dh85.21bn) Middle Eastern private equity industry is struggling as fund-raising gets tougher and viable exit options diminish. About $700 million was raised last year, compared with more than $6bn at the industry’s peak in 2007, according to the Mena Private Equity Association’s annual report.
Funds under management grew to about $23.2bn last year from about $8bn in 2006, the report said. ……………………………………….Full Article: Source

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Like many other developed countries, Australia faces an aging population, more obesity and higher cancer rates, and is spending more to tackle those problems. The government spent $5,479 per person on health care in the fiscal year that ended June 30, 2010, the latest figures available, up from $4,710 four years earlier.
That money is flowing to a wide range of health-care providers as the government turns to private companies to treat patients under Australia’s Medicare system. Genesis Care operates services for cancer and cardiovascular diseases in state-funded and private hospitals and seeks to benefit from the increased government spending. It plans to open more private clinics that offer quick access to treatment. ……………………………………….Full Article: Source

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Islamic private-equity investments are poised to quadruple in Malaysia to US$3.1bil (RM9.7bil) in five years on government incentives, according to the industry’s biggest fund manager.
CIMB Islamic Bank Bhd, which oversees RM1.7bil of funds that invest in unlisted companies, was handling more cash for state institutions and benefiting from tax exemptions on fees until 2016, Kuala Lumpur-based chief executive officer Badlisyah Abdul Ghani said in an interview. Syariah-compliant regulations and fund-raising options were developed enough to support growth in the market, which had about RM2.5bil in assets, he said. ……………………………………….Full Article: Source

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China will amend its fund law to start regulating private equity funds, Xinhua News Agency said, citing Wu Xiaoling, vice chairman of the Financial and Economic Committee of the National People’s Congress.
A draft amendment has been submitted to NPC for review, Xinhua said. The amendment aims regulate all kinds of private equity funds and will allow them to invest in the shares of unlisted companies, according to the official news agency. ……………………………………….Full Article: Source

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China plans to allow asset management companies to invest in private equity with funds from their special-asset management units. The plan is meant to prompt private investment in unlisted companies’ stocks and debt, according to a statement posted on the China Securities Regulatory Commission’s website.
The nation plans to remove allocation restrictions for special accounts’ securities investments. The funds aren’t currently allowed to buy a single stock exceeding 20 percent of their planned net asset value or a single non-stock security exceeding 10 percent. ……………………………………….Full Article: Source

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Blackstone Group chairman and CEO Steve Schwarzman told CNBC’s “Squawk Box” that the private equity industry’s leaders need to do a better job of marketing if they want to dispel popular misconceptions about what their firms do.
“What private equity does is raise money from pension funds – these represent policemen, firemen, teachers, corporate executives and state and municipal employees,” said Schwarzman, “and it invests that money to buy companies.” ……………………………………….Full Article: Source

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Axa Private Equity, the investment arm of French insurance group Axa, said it would buy a portfolio of 11 private equity fund investments worth about $850 million from the private equity arm of Canadian pension fund OMERS.
The portfolio consists of buyout funds including North American and global funds, the companies said in a statement. “This is a large and significant transaction where we have excellent visibility on the assets, especially given that we are an existing investor in many of the funds,” Benoit Verbrugghe, Axa Private Equity’s head of North America said. ……………………………………….Full Article: Source

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US investment manager BlackRock is buying Swiss Re’s European private equity arm, marking the second deal for a private equity fund manager in as many days as sellers contend with a new regulatory landscape and tough trading.
Swiss Re’s deal to sell its $7.5 billion private equity and infrastructure fund of funds business follows hot on the heels of HarbourVest Partners’ agreement to buy Amsterdam-listed private equity fund of funds business Conversus Capital. ……………………………………….Full Article: Source

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The auction for a potential sale of Getty Images Inc. has progressed to the second round, with several private-equity firms putting in initial bids of around $4 billion, people familiar with the matter said.
Buyout firms KKR & Co. and TPG are among at least five bidders that remain interested in privately-owned Getty, these people said. The Seattle-based photo agency distributes stock photographs, video footage and digital images to media and other organizations around the world. ……………………………………….Full Article: Source

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Private equity firm Hellman & Friedman LLC is pushing ahead with a $4 billion sale of Getty Images Inc, the largest supplier of stock photos, video and other digital content, to private equity, two people familiar with the matter said.
While several private equity firms, such as Bain Capital LLC, have balked at Hellman’s $3.5 billion to $4 billion price expectations, other buyout groups, including KKR & Co LP and TPG Capital LP, are still in the process, which is now in the second round, the sources said. ……………………………………….Full Article: Source

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Control of Wood Mackenzie, one of the Scotland’s oldest and most lauded companies, has been sold by Chartehouse to rival private equity group Hellman and Friedman, in a deal valuing the business at £1.1bn.
The deal, which will see Charterhouse retain a 13pc stake, leaving H&F with 63pc overall, will net the private equity group a good profit just three years after buying the company………………………………………..Full Article: Source

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David Jones Ltd. said that a little-known private equity firm, EB Private Equity, had made a 1.65 billion Australian dollar (US$1.67 billion) takeover approach for the company, sending its shares surging.
The upmarket department store chain urged investors to be cautious about the approach and said it had limited information about the bidder or its funding capabilities. A spokeswoman for David Jones said the offer was received via email and did not contain a contact telephone number. “We have responded via email with a request for more information,” she said. ……………………………………….Full Article: Source

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Private equity-backed EverBank Financial Corp said it would buy GE Capital’s Business Property Lending Inc division for $2.51 billion to boost its ability to lend to small and mid-size companies, driving up its shares more than 4 percent.
EverBank, which went public in May and has a market value of about $1.3 billion, has used acquisitions to diversify its operations and increase its assets. The lender agreed to buy MetLife Inc’s warehouse finance business in February. ……………………………………….Full Article: Source

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Private-equity shops have been portrayed as villains this year in the run-up to the presidential election. But today, Carlyle is being cast something of an American hero in its deal to take over a Sunoco refinery in Philadelphia.
Republicans and Democrats alike have taken shots at the background of Mitt Romney, the presumed Republican candidate and the former head of Bain Capital. While Romney has touted his experience as a job creator, critics have tried to lambast the private-equity industry as job destroyers………………………………………..Full Article: Source

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Private-equity firm RRJ Capital Ltd. is raising $5 billion for its second Asia-focused fund, and has already secured more than $3 billion in commitments from investors, according to a person familiar with the matter. The fund is targeting a first-close of September, the person said.
Hong Kong and Singapore-based RRJ was started by Richard Ong, who formerly headed investment-banking at Goldman Sachs Group Inc. in Asia excluding Japan, before leaving in 2008 to found Chinese private-equity firm Hopu Investment Management Co. RRJ raised $2.3 billion in its first fund in March 2011, with investments focusing on the energy, resources, consumer and financial sector………………………………………..Full Article: Source

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Billionaire Sam Zell’s Equity Group Investments LLC is seeking $1 billion for its next distressed private-equity fund, said two people familiar with the matter.
Zell Opportunities Fund II LP will make distressed investments including asset acquisitions, secondary-market purchases and rescue capital for cash-strapped companies, according to the people, who asked not to be identified because the information isn’t public. ……………………………………….Full Article: Source

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CapitaMalls Asia, the shopping malls arm of Singapore’s CapitaLand, said on Monday it has set up a US$1 billion (S$1.27 billion) closed-end private equity fund that will invest in Chinese malls.
Outside investors will take up half the capital in the CapitaMalls China Development Fund III, while a CapitaMalls unit will subscribe for the remaining 50 per cent. ……………………………………….Full Article: Source

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Compass Diversified Holdings (CODI) describes itself as “an acquirer, owner, and manager of high cash flow, niche leading middle market businesses operating in attractive industries.” CODI is thus essentially a public middle-market private equity fund.
The company has done a good job buying and selling businesses with realized gains of $198m on the five businesses CODI has sold since its IPO. Shareholders can profit from owning CODI not only because of its success at buying and selling companies but also from its strong dividend yield……………………………………….Full Article: Source

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Abraaj Capital—a private equity fund that counts Middle East royal families and high net worth individuals and sovereign funds as investors—is exploring more investment opportunities in Southeast Asia, including the Philippines.
Abraaj Capital established its presence in Southeast Asia with the acquisition of Aureos Capital, which has become the platform for its investments in small and medium enterprises. ……………………………………….Full Article: Source

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Gulf Capital, a leading alternative investment firm, was awarded the “Best Private Equity Firm in the Middle East” title for the second year in a row at the Banker Middle East Industry Awards 2012 yesterday (June 12) in Dubai.
The awards extravaganza witnessed an attendance of eminent industry experts and dignitaries from the GCC, Levant and around the world including Dr Nasser H Saidi, chief economist of the Dubai International Financial Centre Authority (DIFCA) and board member of the Hawkamah-Institute for Corporate Governance at the Dubai International Financial Centre (DIFC). ……………………………………….Full Article: Source

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