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Spring 2016 Legal & Regulatory Bulletin
In this Bulletin we address a number of commercial, governance, legal and regulatory issues, which we believe are both timely and of broad interest to the emerging market private equity, venture capital, and infrastructure investment community. We are certain that some of the topics covered will be discussed—vociferously perhaps—at the IFC’s 18th Annual Global Private Equity Conference (GPEC) in association… Read More
Ethos Private Equity to Exit Brandcorp Holdings to The Bidvest Group (Sub-Saharan Africa)
South Africa-focused private equity fund manager Ethos Private Equity has agreed to sell South Africa-based consumer and industrial products distributor Brandcorp Holdings to Johannesburg Stock Exchange-listed conglomerate The Bidvest Group. Ethos Private Equity originally acquired Brandcorp in 2007 through Ethos Fund V. Financial details of the transaction, which is subject to the fulfillment of certain conditions, were not disclosed. Read More
Grupo Hotelero Santa Fe Completes a Follow-on Primary Public Offering (Latin America)
Grupo Hotelero Santa Fe, a Mexico-based hotel operating platform backed by private equity firm Nexxus Capital, has raised MXN1.83 billion (approximately US$98.3 million) in a follow-on primary public offering. The offering took place through a modified Dutch auction on the Mexican Stock Exchange and Chile and Peru under the regulatory terms of the Mercado Integrado Latinoamericano. Nexxus originally invested in… Read More
Lok Fund III Reaches a US$40.5 Million First Close (Asia)
India-focused impact investment firm Lok Capital has reached a first close for its third fund, Lok Fund III, with US$40.5 million in capital commitments. Investors in the fund included development finance institutions CDC, FMO and Proparco, as well as investment advisor TIAA Global Asset Management. Lok Fund III, which has a target of around US$100 million, will focus on growth-stage… Read More
Gávea Investimentos to Sell Its Stake in Camil to Warburg Pincus (Latin America)
Brazil-focused private equity firm Gávea Investimentos has agreed to sell its 31.75 percent stake in Brazil-based rice and bean producer Camil Alimentos to global private equity firm Warburg Pincus. Gávea Investimentos originally invested in Camil Alimentos in 2011 through GIF IV. Financial details of the transaction were not disclosed. Read More
Golden Gate Ventures Fund II Reaches a US$60 Million Final Close (Asia)
Southeast Asia-focused early-stage venture capital firm Golden Gate Ventures has reached a final close for Golden Gate Ventures Fund II with US$60 million in capital commitments, exceeding its original US$50 million target. Investors in the fund included Singaporean sovereign wealth fund Temasek, angel investor Eduardo Saverin, Korea-based Hanwha Life Insurance, Thailand-based Siam Commercial Bank and Germany-based media conglomerate Hurbert Burda… Read More
IFC and IFC AMC Invest US$140 Million in Consorcio Financiero (Latin America)
Development finance institution International Finance Corporation (IFC) and IFC Asset Management Company (IFC AMC), a wholly-owned subsidiary of IFC, have invested US$140 million in Consorcio Financiero, a Chile-based financial services company focused on the insurance and banking sectors. IFC and IFC AMC contributed US$100 million and US$40 million, respectively to the transaction, with IFC AMC’s contribution structured through its IFC… Read More
Hamilton Lane Strategic Opportunities Fund 2016 Reaches a US$210 Million Final Close (Global)
Global private markets asset management firm Hamilton Lane has reached a final close on Hamilton Lane Strategic Opportunities Fund 2016, a credit-oriented investment fund, with more than US$210 million in capital commitments, exceeding its initial target of US$150 million. Investors in the fund included insurance companies, Taft-Hartley pension plans, endowments and foundations, family offices and other financial institutions. The fund… Read More
EAV and I&P Participate in a US$4.3 Million Series A Round for PEG (Sub-Saharan Africa)
Venture capital firm Energy Access Ventures (EAV) has led a US$4.3 million Series A round for Ghana-based pay-as-you-go financing company PEG with participation from impact investment group Investisseurs & Partenaires (I&P). Other investors included family office Blue Haven Initiative and Engie Rassembleurs d’Energie, the sustainable energy initiative of power generation company Engie. EAV contributed US$2 million to the round. PEG,… Read More
BlackPeak Capital and PostScriptum Ventures Acquire a Minority Stake in Software Group (CEE and CIS)
Bulgaria-focused growth private equity firm BlackPeak Capital and venture capital group PostScriptum Ventures have acquired a minority stake in Software Group, a Bulgaria-based IT vendor for microfinance institutions, credit unions and banks. Software Group plans to use the new capital to support its global expansion, facilitate research and development, and acquire new talent. Financial details of the transaction were not… Read More
4Di Capital Completes a First Close for Its New Technology Venture Capital Fund (Sub-Saharan Africa)
South African venture capital firm 4Di Capital has reached a first close for its new technology venture capital fund with ZAR256 million (approximately US$16.8 million) in capital commitments. Investors in the fund included Exponential Ventures, the investment arm of Johannesburg Stock Exchange-listed financial services group MMI Holdings. The fund will invest in early- and growth-stage companies, with a focus on… Read More
Darby Private Equity to Sell Alesat CombustĂveis to Ipiranga Produtos de PetrĂłleo (Latin America)
Darby Private Equity, the private equity arm of Franklin Templeton Investments, has agreed to sell its stake in Brazil-based fuel distributor Alesat Combustíveis (ALE) to Brazil-based fuel company Ipiranga Produtos de Petróleo. The total value of the acquisition of ALE by Ipiranga is BRL2.1 billion (approximately US$614 million). Darby Private Equity originally invested in ALE through Darby Latin America Private… Read More