UK business misses out on £52bn of sales
Small and medium enterprises (SMEs) across the UK are losing out on £52bn of sales due to a lack of funding according to figures published by
John Jenkins, chief executive of GE Commercial Finance, said: “With firms across the country predicting a healthy year of growth, it is vital that they secure the right amount and type of funding early on if they are to achieve their goals and minimise missed opportunities.”
EVCA opens up on three fronts
The European Venture Capital Association officially revealed plans to operate on three platforms at its annual symposium in Rome.
Contrary to reports in the FT, the organisation is not splitting or changing its fee structure but focusing specific attention on three different areas of the private equity industry: venture, mid-market buyouts and mega buyouts. All three business units will operate under the
It hopes to have exact details of how this new structure will work in the coming months, with full implantation planned by June 2008.
Carlyle to launch fund on Euronext
US buyouts giant
Carlyle has already invested the majority of the private placement money in fixed income assets, including high grade AAA US Agency mortgages and credit products. Including leverage, it has investment assets worth US$17bn.
Austria sees largest buyout ever
The vendors include Austrian utilities firm
One, which has two million subscribers, is the third largest mobile phone operator in the country with a 20% market share, generating revenues of €633m last year. It will now operate under the Orange brand.
Brown takes over at No 10
Gordon Brown has taken over the reigns as prime minister of the UK amid fears the former Iron Chancellor is about to come down hard on private equity tax breaks.
Speaking at the GMB Union Conference in Brighton, he said “We will make sure that there is justice and equity in the treatment of the tax arrangements in that area.” This has prompted speculation that carried interest could no longer be regarded as capital gains but instead as normal income.
The Treasury select committee investigating private equity listened to a range of opinions as part of its investigations into the industry, from union officials to buyout chiefs, claiming one scalp with the resignation of
Vigilance in the face of leverage
The head of the
The run up to the summit was characterized by a concerted effort of trade unions, most notably by the UK’s TUC, to force private equity and hedge funds onto the agenda, but to no avail. The G8 summit – consisting of the heads of government of Britain, Canada, France, Germany, Italy, Japan, Russia, and United States – failed to mention anything concerning future regulation of the industry.
European funds smash fundraising records
European private equity funds raised €112bn in 2006, a new record, according to figures released by the European Venture Capital Association (EVCA).
Buyout funds attracted €84bn with €17bn allocated to venture capital, a 60% increase on 2005, making it the second highest grossing year for VC after 2000. A total of €71bn was invested into 7,500 European businesses by the industry, with buyout firms committing €50bn and mega buyouts parting with €19bn across 31 companies. Venture investments increased to €17.3bn from €12.7bn in 2005, accounting for 74.2% of the total number of companies. Start-ups more than doubled with €5.7bn invested in 1,905 companies and expansion capital more stable reaching €11.4bn in 3,335 companies.