Chris Witkowsky
Venture capital outperformed private equity in the second quarter, with the private equity index returning 3 percent, a 1.5 percent drop from the previous quarter, and the venture capital index returning 4.3 percent, an improvement of 1.8 percent from the previous quarter, according to Cambridge Associates. Both private equity and venture capital posted returns that matched or bettered major indices that track the performance of large public companies, Cambridge said.
Solera Holdings, an auto insurance software company, has completed the purchase of equity interests in a parent company of Service Repair Solutions from Welsh Carson Anderson & Stowe.
Sterling Partners has agreed to acquire Innotac Corporation, which provides integrated digital technology, fulfillment and contact center solutions to support global brands, for $8.20 per share in cash. Innotac's CEO Scott Dorfman, along with other members of the company's management, will continue their leadership and retain significant equity positions in the company.
CrowdSource, which provides managed crowdsourcing solutions, has agreed to acquire Servio, which focuses on crowdsourcing solutions for large online retailers. The acquisition is expected to strengthen CrowdSource's client portfolio, expand its workforce and augment its service offerings. CrowdSource, backed by Highland Capital Partners, will retain the Servio team.
Targeted business social network Zerdos, backed by a group of international investors in partnership with Swedish count Erik Wachtmeister, has gone live. Wachtmeister founded social network ASMALLWORLD in 2004, dubbed "MySpace for millionaries" by the WSJ. He also launched BestofAllWorlds. Zerdos is an invitation-only social network targeting business owners.
The Carlyle Group has agreed to acquire a controlling stake in Edgewood Partners Insurance Center, a retail insurance broker. Edgewood was founded in 2007 by John Hahn and Dan Francis, in partnership with funds managed by Stone Point Capital.
HarbourVest Global Private Equity Limited, a closed-end investment company, estimated net asset value of $13.13 per share, an $.08 cent increase from the September 30, 2013 estimate and a $.67 cent increase from January 31, 2013. The firm invested $13.4 million in U.S. funds of funds and secondary funds, including increased commitments to HarbourVest's U.S. fund of funds.
Jos. A. Bank Clothiers has dropped its $2.3 billion bid for The Men's Wearhouse. Jos. A. Bank had told the board of directors of Men's Wearhouse that it would terminate its unsolicited proposal if the board did not engage in good faith negotiations by November 14. Jos. A. Bank may consider a new proposal to buy Men's Wearhouse in the future if warranted.
To cap off a busy November week, First Read divulges intelligence about Under Armour entering the wearable technology fray, Silicon Valley nerds fighting back against NSA spying and a guy who escalated a dispute with his neighbor by firing an unloaded Civil War cannon at his house.
The Wyoming Retirement System has hired an investment professional with experience in private equity as its chief investment officer, the system announced in a statement Wednesday.