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Firms and Funds
Despite the billions set aside for private equity emerging manager programs, finding backers is still extremely tough for new groups. And it’s only getting tougher in an environment where the credit crunch and the dead IPO market are wreaking havoc on buyout returns. So who gets these dollars and how? Altogether, Buyouts has identified at […]
French buyouts firm AXA Private Equity has acquired a majority stake in the Benelux food ingredients group Sfinc from GIMV.
AAC Capital to manage investments owned by Goldman Sachs
Sale of diary products company earns firm a 2x return
French private equity firm Pechel Industries Partenaires has reached a final close on its third fund, Pechel Industries III, with a total of €165m raised. The Paris-based lower mid-market investor will target development capital and LBO opportunities in its home country.
TOKYO (Reuters) – Struggling Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz) plans to sell NikkoCiti Trust and Banking Corp, its trust bank unit in Japan, as part of its global restructuring efforts in a deal that could raise up to 40 billion yen ($420 million), Japanese media reported on Sunday. An auction could be […]
Tembusu Partners, a Singapore-based private equity firm, is forming a $100 million fund in partnership with the government of Nanjing, China. The vehicle will be used to invest in companies based and/or operating in the Yangtze Delta region. www.tembusupartners.com
HONG KONG (Reuters) – Dutch financial services firm ING (ING.AS: Quote, Profile, Research, Stock Buzz) has cut the size of its leveraged finance team in Asia but remains in that business, the company said on Thursday. ING joins a spate of institutions that have cut bankers specialising in lending for private equity deals as the […]
MUMBAI (Reuters) – Blackstone Group LP’s (BX) India head said on Wednesday the private equity firm is considering an infrastructure fund, as the industry and the companies that serve it offer excellent value, particularly in India. Akhil Gupta, chairman of Blackstone India, said he expected it would be three months or so before the firm […]
Hudson Clean Energy Partners, a private equity firm formed last year by alternative energy bankers from Goldman Sachs, has been hit with a lawsuit by wind power giant Renewable Energy Systems Ltd. The complaint was filed in New Jersey District Court, and includes allegations of trade secret misappropriation and inducing, aiding and assisting breach of fiduciary duty. At issue is Hudson’s July hiring of Mike O’Neill, who had been second-in-command at RES and a director on the company’s board. According to the complaint:
For several months before O’Neill gave notice to RES, he was actually serving in part as Hudson’s top-level “inside man” within RES, helping Hudson develop its competitive venture, working on numerous business planning and other documents for Hudson, and inevitably providing to Hudson the benefit of RES’ proprietary, trade secret and confidential information. If RES had not discovered that O’Neill was secretly helping Hudson to develop its competitive venture while remaining in the employ of RES, and thereafter commenced an investigation, it is unknown for how much longer Hudson would have continued to use him in this manner.
The “competitive venture” to which RES refers is Element Power, a global platform focused on utility-scale wind and solar energy development. O’Neill was officially hired to launch