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FRIDAY TICKER: OCTOBER 31TH 2014: - The re-election of President Dilma Rousseff on Sunday has important implications for Brazil's Baa2 sovereign rating, as well as for the credit quality of the country's banks, corporations and securitisations, says Moody's. The rating agency says the narrow margin of her victory underscores the challenges she faces as she looks to revive Brazil's lacklustre economic performance - Facebook has reported third quarter results, again showing strongest year-on-year growth in mobile, where daily active users (DAUS) rose by 39% to 703 million, while overall daily users rose 19% to 864 million DAUS - Francisco Partners, a global technology-focused private equity firm, today announced it has completed the acquisition of Vendavo, Inc., a leader in business-to-business (B2B) pricing solutions. David Mitchell, an operating partner of Francisco Partners, will join Vendavo as CEO and lead the company’s worldwide business strategy and operations. Incumbent CEO Neil Lustig will transition into an advisory role with Vendavo. Francisco Partners now has a controlling stake in the Silicon Valley company. The acquisition by Francisco Partners provides additional resources to bolster Vendavo’s aggressive growth strategy, enabling the company to expand sales and marketing while accelerating cloud development. Vendavo completed a record first half of 2014, with nearly 30-percent growth in bookings, and the release of two breakthrough solutions for price and sales effectiveness. Based in Mountain View, Calif., Vendavo provides revenue and price optimisation solutions for B2B mid-market and enterprise companies.Francisco Partners was advised by JMP Securities, and Vendavo was advised by William Blair. Financial terms of the transaction were not disclosed – The International Finance Corporation, or IFC, issued the four-year, triple-A rated bond only to Japanese retail investors, tapping into the growing interest in low-risk investments with a social or environmental focus. The World Bank, has sold several billion dollars in green bonds over the past six years, with proceeds going to help countries and firms cut greenhouse gas emissions and adapt to climate change. The latest offering, Inclusive Business bonds, would finance firms that work with or sell to the 4.5bn people in the world that make less than $8 a day. IFC said while most poor people do not spend a lot individually, as a whole they represent an estimated $5trn consumer market that firms could tap into - NAKA Mobile, a telecoms and technology specialist based in Switzerland, has claimed the industry’s first virtualised evolved packet core (vEPC). Utilising Cisco’s NFV services, NAKA claims it will transform its network architecture, expand beyond Switzerland, and provide its mobile Internet services to customers across the world - The Internet Society and Alcatel-Lucent have agreed to provide support and equipment for the development of the Bangkok Internet Exchange Point (BKNIX). The project will utilise the Internet Society’s Interconnection and Traffic Exchange (ITE) programme and is intended to deliver a stronger and more robust Internet infrastructure for South East Asia.

Insurance companies remain committed to private equity says Preqin study

Friday, 15 June 2012
Insurance companies remain committed to private equity says Preqin study Some 60% plan to make new commitments in 2012. New regulations have on a limited impact on allocations. http://www.ftseglobalmarkets.com/

Some 60% plan to make new commitments in 2012. New regulations have on a limited impact on allocations.

Almost two-thirds of insurance companies are planning to make new private equity investments before the end of 2012, according to the latest Preqin research. “Insurance companies represent an important source of capital for the private equity industry, accounting for 9% of all capital invested in the asset class. Regulations such as Solvency II are likely to impact upon the level of exposure some of these investors will have to the asset class. However, over three-quarters of insurance companies have so far been unaffected by impending regulations and the majority of insurance companies will continue to allocate capital to private equity in order to meet their long-term investment objectives,” explains Emma Dineen, manager, Private Equity Investor Data.

The survey results show that despite impending Solvency II regulatory changes, the vast majority (79%) of insurance companies have not altered their levels of exposure to private equity. Moreover, nearly one-third (30%) of insurance companies are currently below their target allocations to the asset class, and 88% plan on maintaining or increasing their allocation to private equity over the longer term. According to the research 60% have over $250m allocated to private equity, while 60% of firms polled intend to make their next commitments to funds in 2012. Only a marginal 2% intend to invest in 2013 and 16% not before 2014, while 22% remain unsure on exact timings.



According to the research, small to mid-market buyout funds are viewed as the most attractive fund types, with 49% of respondents seeking to invest in these types of funds over the next 12 months. Some 46% of respondents are actively or opportunistically seeking co-investment opportunities alongside fund managers.

The results, say Preqin, are generally positive for fund managers coming to the crowded fundraising market with new vehicles, as 85% of insurance companies will consider forming some new GP relationships over the next 12 months. Also positive for fund managers is that 79% of insurance companies have not changed their exposure to private equity as a result of new regulations.

Looking regionally, some 51% of insurance companies view Europe as an attractive area for private equity investment even in the current economic climate, while 45% view North America as attractive, while 16% see Asia as appealing. Around 31% of insurance companies polled already invest in emerging markets, and a further 29% are reportedly considering the opportunity.

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