Western Europe

Kingdom Zephyr inks third deal in a month

A $20m investment in South African company Buildworks will benefit from the ongoing development of Africa’s electrical power infrastructure. The company could expand into the Middle East, according to Kingdom Zephyr partner Panos Voutyritsas.

African growth finance faces cost barrier

High set-up costs and a lack of performance data are two obstacles that the ‘missing middle’ needs to overcome in Africa.

PSERS pulls out of almost $1bn of planned commitments

The $45.4bn Pennsylvania Public School Employees Retirement System has joined New Jersey in withdrawing planned commitments to funds, including Beacon, Carlyle, Stockbridge and Mesa West.

Apax-backed Streetbroadcast goes bust

The UK-based street advertising firm, acquired by Apax in 2003, has filed for administration, blaming poor market conditions and slashed advertising budgets. The firm’s administrator MCR is now seeking a trade buyer.

CPPIB fund declines by $19.5bn

The Canadian Pension Plan fell in value by C$13.8 billion to C$108.9 billion in 2008 as investment returns shrank. However according to the plan’s latest figures, its inflation-linked assets continued to grow in value.

Apax, Barclays complete £1.6bn Somerfield exit

The UK supermarket chain Somefield has been sold to fellow supermarket operator Co-Operative Group just three years after it was acquired by an Apax- and Barclays-led consortium for £1.8 billion. The deal was announced in July but has taken 6 months to complete.

Oakley raises £18m as it eyes main market listing

The UK mid-market player has raised additional capital via its AiM-listed feeder fund to take advantage of the increasing flow of turnaround opportunities.

SWFs to direct $750bn to real estate

The world’s sovereign wealth funds are expected to allocate up to 30 percent, or around $218 billion, of new investments in unlisted property funds over the next seven years, according to a report by CB Richard Ellis. It comes as Bahrain-based Investcorp launches a $1bn real estate debt vehicle with an unnamed Gulf sovereign wealth fund as an investor.

Give LPs a break

As LPs increasingly push back on deal terms, GPs may want to consider some relatively low cost moves to mitigate their concerns, writes Kevin Ley.

Risk Capital raises £75m debut fund

The 8-year-old firm led by UK entrepreneur Luke Johnson has raised its first institutional fund so as to be ready for investment opportunities driven by current market distress.