Funds of Funds

Private equity funds of funds news from around the globe

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• FoF Private Advisors scales back European operations 17 Feb 2010. Source: AltAssets. Private Advisors, a private equity fund of funds, is the latest casualty of the market downturn, having scaled back its European operations after failing to raise cash from investors.

• Sarona holds $12m first close for developing markets FoF 15 Feb 2010. Source: AltAssets. Sarona Asset Management Inc, a Canadian asset management firm that invests in developing markets, has closed private equity fund of funds Sarona Frontier Markets Fund I on $12m.

• Evercore Partners takes stake in former Lehman PE firm Trilantic 12 Feb 2010. Source: AltAssets. Evercore Partners, a US boutique investment bank with private equity operations, has taken a minority interest in private equity firm Trilantic Capital, the Lehman Brothers spin-out.

• Fund of funds Pantheon Ventures in $775m MBO 10 Feb 2010. Source: AltAssets. Pantheon Ventures, a private equity fund of funds manager, has been picked up by Affiliated Managers Group Inc (AMG) for $775m in cash and the potential for additional earn-outs over the next five years.

• PE fund of funds Pantheon sees slight cashflow improvement 04 Feb 2010. Source: AltAssets. The investment trust of global private equity fund of funds manager Pantheon Ventures reported a slight cashflow improvement at the end of 2009. Pantheon International Participations (PIP) announced an unaudited net asset value per share of 844.6 pence (966.6 euro cents) as of 31 December last year, representing an increase of 2.2 per cent per share during the quarter.

• Guggenheim Partners puts $75m to work through its Indian FoF 02 Feb 2010. Source: AltAssets. Guggenheim Partners, the asset management firm which acquired the India-focused private equity fund of funds business of Thomas Weisel Partners in 2008, has completed several transactions in the Asian frontier market worth a total of $75m, according to VCCircle.

• Asian FoF Axiom beats target with $950m fundraise 28 Jan 2010. Source: AltAssets. Axiom Asia Private Capital Management Services has closed its second vehicle, Axiom Asia Private Capital Fund II, well over its $750m target.  The Singapore-headquartered fund of funds reached commitments of $950m, highlighting investors’ appetite for exposure to the Asian private equity market.

• UKIIF raises £125m for first close of environmental fund 26 Jan 2010. Source: AltAssets. The UK government-backed UK Innovation Investment Fund is off the ground with the first closing of the £125m (€143.3m) Hermes Private Equity Environmental Innovation Fund. The fund of funds will continue to seek further commitments from investors.

• CDC commits $10m to ShoreCap Management fund 26 Jan 2010. Source: AltAssets. UK development fund of funds CDC has committed $10m to fund manager ShoreCap Management’s microfinance fund ShoreCap II.

• Steinberg leaves SVG board to join International Monetary Fund 13 Jan 2010. Source: AltAssets. Former SVG Capital board member Gary Steinberg has resigned from his post to pursue a new role as head of the investment unit of the International Monetary Fund in Washington DC. He sat on the board for three years.

• Siguler Guff adds Solomon Owayda to management team 11 Jan 2010. Source: AltAssets. New York private equity firm Siguler Guff has added industry veteran Solomon Owayda to its management team. Owayda, a former CIO at SVG Advisers, joins Siguler as a managing director.

• Aberdeen Asset Management picks up RBS’s FoF business 08 Jan 2010. Source: AltAssets. Listed UK investment group Aberdeen Asset Management has picked up fund management assets from beleaguered Royal Bank of Scotland, in a deal worth £84.7m (€94.9m).

• FoF Auda plans to invest $300m with Asian fund managers 08 Jan 2010. Source: AltAssets. Auda International, fund of funds set up in 1989 to advise Germany’s Harald Quandt family on its private equity investment, is optimistic about deal flow in Asia, planning to put $300m to work in the region over the next three years, according to India’s Business Standard.

• CDC commits $100m to duo of sub-Saharan private equity funds 21 Dec 2009. Source: AltAssets. UK government-backed emerging market fund of funds CDC has pledged over $100m to two sub-Saharan Africa focused private equity funds, having last week highlighted the challenging fundraising environment the region will face next year.

• Insurer Allianz France in talks to sell private equity division AGF 21 Dec 2009. Source: AltAssets. Insurance company Allianz France is in talks over the sale of its French AGF Private Equity division to IDI, also a private equity firm.

• CDC predicts difficult year for private equity in sub-Saharan Africa 18 Dec 2009. Source: AltAssets. Private equity firms in sub-Saharan Africa are facing a challenging 2010 due to a difficult fundraising environment, according to UK state emerging market fund of funds CDC.

• Doughty & Hanson promotes Mark Corbridge and John Leahy to lead private equity practice 17 Dec 2009. Source: AltAssets. European private equity firm Doughty & Hanson has announced that it has promoted Mark Corbrige and John Leahy to serve as co-heads of private equity. In their new role, they are to report to director Richard Hanson.

• UK government-backed FoF CDC commits €10m to India renewables fund 11 Dec 2009. Source: AltAssets. UK development finance institution CDC Group has committed €10m to an investment fund that will back renewable energy projects in India and other developing countries in Asia.

• UK government selects managers for Innovation Investment Fund 10 Dec 2009. Source: AltAssets. The UK Innovation Investment Fund, a government-backed fund of funds set up to stimulate the growth of innovative British companies, has selected Hermes Private Equity and the European Investment Fund to dictate how the vehicle’s capital is put to work.

• Adveq to form first fund of funds in China 09 Dec 2009. Source: AltAssets. Switzerland-headquartered private equity fund of funds manager Adveq Management and Dalian United Holding, a Chinese investment holding company based in Dalian, China, have formed the first non-government fund of funds in the country.

• Alternative Investment Capital to launch new PE fund of funds 03 Dec 2009. Source: AltAssets. Japanese fund of funds Alternative Investment Capital plans to launch a new fund targeting the Asian private equity sector, according to reports.

• Development finance institutions give ILPA’s Private Equity Principles stamp of approval 02 Dec 2009. Source: AltAssets. Numerous European and Asian development finance institutions, including UK fund of funds CDC Group, have publically supported the Institutional Limited Partners Association’s (ILPA) Private Equity Principles.

• Fund of funds TD Capital spins out, rebrands as Northleaf Capital Partners 25 Nov 2009. Source: AltAssets. The private equity fund of funds arm of Canada’s TD Bank Financial Group, TD Capital Private Equity Investors, has spun out and rebranded as Northleaf Capital Partners.