News
Harwood Private Equity
We are pleased to announce that Harwood Private Equity is now established as our new brand. This follows the acquisition of J O Hambro Capital Management Limited (JOHCM) by Australian fund management group BT Investment Management Limited (BTIM). The private equity division of JOHCM, known as JOHCM Private Equity, was not acquired by BTIM. It has adopted the new brand to mark the switch of ownership from JOHCM to Harwood Capital Management.
In all respects the day-to-day management of the Trident Private Equity funds remains entirely unchanged. Limited Partners of the funds need take no action. The underlying vehicle for advising TPE2 and managing TPE3 remains North Atlantic Value LLP. The investment team is wholly the same and continues in the same premises. Our contact details remain unchanged until further notice.
JOHCM Private Equity invests in OpenBet Technologies Limited
JOHCM Private Equity is pleased to announce its investment in OpenBet Technologies Limited ("OpenBet").
Headquartered in London, with satellite offices in Australia, North America, China, India and Macau, OpenBet is a leading provider of solutions that facilitate betting and playing online games in multiple languages, currencies, and across numerous channels. Other OpenBet systems allow customers to bet on the outcome of live events with the betting odds offered by major bookmakers. The company generates revenues from recurring licence and maintenance fees; from ongoing software development; and from revenue-sharing agreements. OpenBet's platform and products are used by an expanding range of gaming operators in addition to traditional bookmakers and online gaming specialists.
Commenting on the acquisition, Jeremy Brade, a senior partner at JOHCM Private Equity who will join the board of OpenBet, said:
"We are very pleased to have invested in OpenBet and look forward to working with the management team, and the lead investor. We are very encouraged by the strength of the company's products and market position, and enthusiastic about the opportunity for significant growth."
Hugh Hayes joins JOHCM Private Equity
JOHCM Private Equity is pleased to announce the appointment of Hugh Hayes as a Partner. Hugh begins a full-time role with responsibilities for originating, executing and monitoring transactions. He has worked alongside the team at JOHCM Private Equity for a number of years, both as the chief executive of a portfolio company and as an Operational Adviser to TPE3.
Commenting on the appointment, Jeremy Brade said, “We are delighted that Hugh has joined us. He adds to our capacity and brings a wealth of experience in the area of our investment strategy. Hugh has worked closely with us in the past on transactions and I am confident that his addition to the team will have a significant positive influence on our investment programme going forward.”
Trident Private Equity Fund III appoints Advisory Board
TPE3, which held its final closing in June 2010, is pleased to confirm the appointment of its Advisory Board from amongst the Limited Partners of the Fund. The function of the Advisory Board is to be consulted by the General Partner on general policies and guidelines, investment valuations, prospective investment sectors and conflicts of interest in respect of the Partnership. The Advisory Board does not take part in the management of the Partnership's business. The members, who represent a significant portion of the committed capital of the Fund, are:
Sidney Cabessa, CEO, CIC Finance
Jack Edmondson, Investment Director, Oxford University Endowment Management
Simon Jamieson, Director, FF&P Asset Management Ltd
Brian Phillips, Chief Investment Officer, Greenhill Capital Partners Europe LLP
Jeremy Brade said, "We are most grateful to the members for agreeing to serve on the Advisory Board. They make a very strong line-up in the best interests of the Fund."
JOHCM Private Equity exits SiRViS IT Limited
JOHCM Private Equity achieved a full exit from its position in SiRViS IT through a sale of the company to a trade buyer on 14 July 2010, creating a return of 1.5x cash multiple and an IRR of 24%.
SiRViS provides a range of IT support services, consultancy and systems installation across the UK. JOHCM Private Equity acquired the business in a public-to-private transaction in 2008.
JOHCM Private Equity invests in Inspired Gaming Group plc
JOHCM Private Equity is pleased to announce its investment in Inspired Gaming Group plc (“INGG”) following a public-to-private transaction. INGG, headquartered in London, has been de-listed from London’s AIM market.
INGG is a global leader in the development and provision of server-based gaming products. It has four trading divisions and operates in ten countries where it manages over 50,000 gaming and entertainment terminals.
Commenting on the acquisition, Jeremy Brade, a senior partner at JOHCM Private Equity who has joined the board of INGG, said:
"We are very pleased to have invested in Inspired Gaming Group and look forward to working with the management team, and the lead investor, to make this a successful investment . We are confident of the strength of the company, its market-leading position, and its prospects for growth."
Trident Private Equity Fund III holds final closing
JOHCM Private Equity is pleased to announce the final closing of TPE3 with £78 million of committed capital.
Jeremy Brade said, “We are very satisfied with the level of support we have received from our investors in a very difficult fund-raising environment. Our Limited Partners have increased their commitment to us from the previous fund, which we much appreciate. This is a testament to our focus and our track record of delivering superior returns.”
Trident Private Equity Fund III holds second closing
JOHCM Private Equity is pleased to announce the second closing of its new fund, TPE3. The fund now has £52 million of committed capital.
TPE3 remains open for new commitments until the final closing, scheduled for no later than 30 June 2010.
The fund completed its first investment in September 2009, the public-to-private acquisition of Celsis (see news item for 4 September 2009).
AssetCo Awarded £40m UAE Government Contract
AssetCo announces £40m Outsourced Firefighting Services Contract with the UAE Government.
Read more about this announcement here
Trident Private Equity Fund II returns over 100% of committed capital to limited partners
JOHCM Private Equity is pleased to announce that its current fund, TPE2, has so far distributed to limited partners a total of 102% of committed capital.
The 2005 vintage fund, which is now fully drawn down and fully invested, made 15 investments of which six have been realised. The remaining nine investments continue to be managed by the team for optimum exit.
TPE2 drew down from limited partners 25% of committed capital as cash. The remaining 75% of committed capital was funded by early distributions.
The realised performance of TPE2 to date is a return of 3.1x cash multiple and an IRR of 106%.