Fidelity Emerging Markets (FEML) has agreed to buy back the 25.7% legacy stake held by Strathclyde Pension Fund at a price 14% below net asset value (NAV). Given the £548m investment trust stands on about a 10% discount, that should lead to a 4% uplift to NAV per share, which analysts welcomed. On a poor […]
Caledonia Investments (CLDN) has agreed to sell its top holding in wealth manager Stonehage Fleming for around £288m in cash. The disposal of its six-year investment, which accounted for 7.5% of its £3bn global multi-equity portfolio, comes after Stonehage, multi-family investment office, sold its business to Miami-based Corient Private Wealth. Caledonia will receive £251m for […]
Rufus Darwall, son of European Opportunities Trust (EOT) fund manager Alexander Darwall, has increased his holding in the investment trust to 7.6% from 3.1%, a stock exchange filing shows. That leaves Darwall junior with a £32.8m stake in the £432m closed-end fund, an increase of £19.4m on the £13.4m position he previously held. That’s not […]
HarbourVest Global Private Equity commits money to the simpler seperately managed account announced in May; Value & Indexed Property offers an exit and investment opportunity; and updates from Custodian Property Income and Sirius Real Estate. Fidelity Emerging Markets (FEML) has agreed to buy back the 25.7% stake held by Strathclyde Pension Fund at a price […]
Listed private equity funds may not invest in quoted companies but they badly need the post-April recovery in public stock markets to continue if they’re going to see a rehabilitation in their own share prices, says broker Stifel. The first batch of half-year results from private equity funds last week confirmed a drop in realisations, […]
Gore Street Energy Storage makes the first of four new non-executive director appointments having survived a challenge to its board last month and Home REIT promises all its long-delayed accounts will be published this year. Plus news from RM Infrastructure Income, Great Portland Estates, Diverse Income, Downing Renewables & Infrastructure and Cordiant Digital Infrastructure. Gore […]
Ocean Wilsons (OCN) has rejected criticisms of its proposed £900m merger with Hansa Investment Company (HANA) by US fund manager Arnhold as “inaccurate and misleading”. Having met and corresponded with Arnhold over its concerns, Ocean Wilsons said it was “extremely disappointed” to see its claims repeated in an open letter on Monday. Ocean Wilsons said […]
Further updates from private equity funds include the last set of half-year results from Apax Global Alpha before its fund manager takes it private plus July valuation reports from Pantheon International, Patria and NB Private Equity. Winding-down Abrdn European Logistics Income prepares to pay out a further £53m to shareholders. Apax Global Alpha (APAX) issues […]
Shareholders in VH Global Energy Infrastructure (ENRG) have given their near unanimous support to put the £409m portfolio into a three-year run-off. At an extraordinary general meeting today 94.5% of votes were in favour of changing the investment objective to one of getting the best returns for shareholders through the orderly sale of its assets. […]
The dollar’s historically large fall against the euro helped knocked 8.2% off the net asset value of Partners Group Private Equity (PEY) in the first half of the year. Chair Peter McKellar said it was a “disappointing” result after the 11.4% gain the £705m investment company made last year. The shares were unchanged at €10.20 […]
