UK / Ireland
GLOBAL - Apollo prepares to list on NYSE; revenues rise
Private equity house Apollo Global Management has revealed that its revenues rose in the third quarter as the firm plans its move to list on the New York Stock Exchange (NYSE).
EUROPE - Wilson succeeds Russell as EVCA chairman
Apax partner Richard Wilson has been named the new chairman of the European Private Equity & Venture Capital Association (EVCA), succeeding Jonathan Russell of 3i.
EUROPE - JC Flowers makes two senior appointments in its London office
US buyout firm JC Flowers has made two appointments to its London office. Dr. David Morgan replaces Ravi Sinha as managing director for JCF Europe and Asia Pacific, and former FSA chairman, Sir Callum McCarthy, joins as chairman of JCF Europe, a newly...
UK - Alchemy Partners sells EPS stake
Alchemy Partners has exited its stake in portfolio company Environmental Property Services (EPS) plc, the property installation and maintenance services provider, via a trade sale to MITIE Group for a consideration of up to £38.5m for all the sellers,...
UK - Smedvig Capital makes 6.2x money on Protego sale
Smedvig Capital has sold Protego Real Estate Investors to US-based Cornerstone Real Estate Advisers LLC, reaping a total return of 6.2x and an IRR of 58%. No other financial details have been disclosed.
EUROPE - TowerBrook, LPs address credit gap with lending unit
LPs started the year defaulting on capital calls and sending letters to GPs asking (or demanding) they refrain from drawing money. What a difference a year makes - now most are honouring their commitments (though the calls are admittedly few and far between)...
UK - Kelso Place reaps 4x money through partial exit of i2S Group
Kelso Place Asset Management-backed i2S Group Limited, a provider of integrated building control and data communication systems, has sold its controls division, DMS Controls Limited, to US-based Carrier Corporation, a unit of United Technologies Corporation,...
UK - Atlas et al invest $20m into picoChip
Atlas Venture, Highland Capital Partners, Pond Venture Partners and Scottish Equity Partners have invested $20m into wireless infrastructure company picoChip, alongside Rothschild, AT&T, Intel and Samsung, in a Series E funding round.
UK - Octopus launches £25m Titan VCT 4 fund
Octopus Investments has announced the launch of Octopus Titan VCT 4, a new vehicle designed to invest in early stage UK companies with a target of £25m.
UK - Aquarius Origin invests in Conformetrix
Newly-launched Aquaris Origin Fund has acquired a minority stake in drug development company Conformetrix in a deal of undisclosed value.
UK - Oxford Capital exits Orthomimetics
Oxford Capital has exited its investment in medical technology company Orthomimetics via a trade sale to TiGenix, for a consideration of EUR 3.7 million new TiGenix shares.
UK - ISIS Equity reaps 4x money on ScriptSwitch sale
ISIS Equity Partners has wholly exited its investment in drug comparison software company ScriptSwitch via a trade sale to US-based healthcare operator UnitedHealth in a deal that values the business at £50m, generating a return of four times money.
UK - NBGI backs the £13m management buy-in of Matrix's Pasta King
NBGI Private Equity has backed the £13m management buy-in of food company Pasta King from Matrix Private Equity Partners and the incumbent management, acquiring a majority stake in the business.
UK - Orkos Capital et al. invest EUR 9m into Muzicall
Orkos Capital, Veddis Ventures and GP Bullhound have invested EUR 9m into ringback tone service provider Muzicall, alongside existing backers BlueRun Ventures and Thule Investments.
UK - NVM achieves IRR of 21% on Abermed sale
NVM Private Equity has wholly exited its investment in Abermed, the occupational health and remote medical services company, via a trade sale to International SOS, for an undisclosed amount, generating a return of 2x money and an IRR of 21%.
EUROPE - EVCA adopts new governing structure
The European Private Equity and Venture Capital Association has today announced the adoption of a new governing structure, including the creation of a Public Affairs Executive (PAE), designed to allowthe industry to "speak with one voice".
UK - NorthStar leads £800,000 Cogenta funding
NorthStar Equity Investors (NSEI) has led an £800,000 investment into software company Cogenta Systems, alongside Hotspur Capital Partners.
GLOBAL - CalPERS to renegotiate terms with Apollo
CalPERS, the California pension fund, is reportedly looking to revise the terms of its relationship with private equity firm Apollo Global Management, pushing for lower management fees, a reduction in commitments, and a renegotiation of other costs for...
Q&A - Lynsey Register, Investment Manager, Hermes Private Equity
Deborah Sterescu speaks to Lynsey Register, investment manager at Hermes Private Equity, about the importance of caution and tracking more than just GPs' stats
Little big business
With the large buyout space pulling a virtual disappearing act, there is now room for the smaller sector to reign king. Deborah Sterescu looks at the status of the small-cap market and what its future holds
All's well that ends well
What a year 2009 has been. This time last year the market entered (what we hope was) the most frightening period of most private equity professionals' careers. LPs began threatening to default on capital calls, as others sent letters to GPs asking they...
EUROPE - AIFM provisions a 'trap' for the PE industry
The new remuneration provisions contained in a fresh re-draft of the EU Commission's controversial AIFM Directive, which could require up to 60% of managers' variable pay to be deferred, has been described as a 'trap' for the industry. Deborah Sterescu...