European GPs may face US regulation
IPES expansion details
Institutions favour alternative investments
Biotech investments make slow progress
Advantage West Midlands to launch LBX
Nordic investors favour hedge funds over PE
Proventure takes on Pohjola-Suomi funds
Italian reform provides more choice on shares
VCTs: time to consolidate?
FSA proposes change to listing rules
Recovery will be sector specific
EVCA queries IAS 27
AIM rules change
Germany: high hopes for Q4
C share for Sitka’s VCT
Italy’s first mezzanine fund on track
Quester seeks further £2m
First close for Halder-GIMV
Baronsmead VCT 4 seeking funds
Golding & VCM launch German mezz Fofs
ViaNova launches novel FoF fee structure
RLPE’s first deal provides 3i exit
Trio of exits for Permira
Industri Kapital cashes in shares
Recapitalisation of TeamSystem
PPM exits fashion chains
KKR’s first European IPO
ISIS buys Art Group second hand
AMJPE exits Intron
Topway partial realisation
Hilding Anders secondary buyout
ABN AMRO Capital’s first exit
IRRfc completes Ward realisation
Candover sells Pandrol
Novell acquires SuSE Linux
NextGenTel to list on Oslo Stock Exchange
Bridgepoint and Electra sell Gower
Groupe Plastex in secondary buyout
EVCJ wins award
KPMG boosts team
Jones Day moves
New Arma partner
Werner to RBS France
Alta Berkeley recruits
Elbaz to Equitis
New MD at Giza
New recruit at CDC
Bank of America moves
Deloitte fund raising appts
Dunedin promotes Fraser
Jennings joins Hermes
SEP boosts UK team
Kalido wins award
New face at AshtonPenney
Real estate: How is investing in private equity real estate?
As an asset class, real estate has a far longer pedigree than private equity and applying private equity principles to real estate investing is an even more recent development. This concept, which originates in the US, is rapidly becoming a feature of the European market against a background that has seen growing commitments across the whole spectrum of real estate funds. Louise Cowley reports on the evolution of private equity real estate funds, their investments and the trends driving their growth.
Mezzanine: The hottest ticket in town
Average mezzanine contributions to European LBOs are steadily increasing and have more than doubled over the past three years. Investment banks are hungry for deals and have already shown they understand the market by becoming more creative with innovative structures such as the Ontex and Telediffusion de France warranted/warrantless melange and the Focus Wickes hybrid mezzanine note issued earlier this year. Although the investment banks are keen and have been making waves at the top end of the deal spectrum, the mid market for mezzanine is now awash with funds and enthusiastic participants. Angela Sormani looks at the attractions of this market and where it goes from here.
Equity structures: Why have all the angels gone?
Angel investors, seed investors and early stage investors, in that order of severity, saw their investments wiped out when venture capital and private equity valuations collapsed in late 2000 and during 2001. For many it’s a case of a lesson they feel no need to repeat, but others are coming back, strictly on their terms. Angel, seed and early stage investors are developing new investment models, some of which have already begun to emerge. Given that most of these investors received unsympathetic treatment at the hands of later stage venture capitalists it should come as no surprise that these new models are unlikely to offer much benefit to the later stage venture capital community. This could be a worrying development given that later stage venture capitalists have traditionally relied on these earlier stage funders to create at least a part of their deal flow. Lisa Bushrod reports.
Buyouts: Buyouts dominate M&A scene
The US recovery shows signs of being stronger than expected and the country’s stock markets have turned almost over night from bear to bull. And European stock markets are poised for a similar, if less marked, transformation. Among other things this should mark the resumption of corporate M&A activity, so how long buyout investors can command the best seat at the M&A negotiation table remains to be seen. Certainly buyout firms still have plenty of money, which should ensure they get invited to bid. But how long will it be before they are beaten back by strategic acquirers and deeper pockets? Lisa Bushrod reports
Legal & Regulatory Exchange: The Private Privak: a fund for Europe?
Earlier this year the Belgian Parliament passed legislation creating a new type of collective investment vehicle designed to cater to the specific needs of the private equity industry. The Private Privak, a un-listed, closed ended, tax transparent vehicle that is subject to an indirect tax regime, is already being hailed as a possible model for the long-awaited pan European fund structure. Louise Cowley reports
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