Mehmet Akseki

If anyone would like hear my thoughts on stressed and distressed acquisitions please book your place on the link below or give Lizzy Tindall a shout

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Great webinar with FT Live on the Global M&A Outlook in the EMEA Region. There is a feel of the optimism in EMEA’s M&A landscape, with private equity leading the charge and valuations on the rise. Geopolitical certaintly, growth agenda, and interest rates certainly will provide confidence in the market, therefore, the future is looking really good. #wheredealsaremade #privateequity #mergers

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#Hargreaves_Lansdown Hargreaves Lansdown backed the £5.4 billion bid for the FTSE 100 fund manager today from a private equity consortium, a deal that will end its time as a listed company. The Bristol-based finance firm has been listed in London since 2007. It said today that the final offer valued its shares at 1140p in cash and would include a 30p per share dividend for the financial year which ended on 30 June. Compared to the Hargreaves Lansdown share price before the approach was first made in April, the price is at a premium of over 54%. The consortium is made up of CVC, Nordic Capital and ADIA. Hargreaves Lansdown is named after its founders – Peter Hargreaves and Stephen Lansdown – who set it up as an investment tip sheet. It now runs a state-of-the-art trading platform from which clients can run their own portfolios and pensions. https://lnkd.in/dKpizupy

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This is exactly what we hear from the VCs that we back. In the UK, there is no shortage of capital for world-class founders. There is a shortage of world-class founders. We need to create the conditions where the very best founders choose the UK as the place to build their companies. If we do this, then the capital will follow. Strong-arming UK pension funds to invest in UK VC funds or, even worse, directly into UK companies, is not the answer. For a more detailed view on this, please see the white paper we published last year on the Mansion House initiative. https://lnkd.in/e86HSxrY

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The very large decline in FX reserves in Georgia last month has raised fears about the sustainability of FX buffers in an environment in which political deadlock seems to be reigning over Tbilisi.  Our analysis suggests that a currency (and a larger BoP) crisis is Georgia is not imminent. While the CA position remains challenging, the flows that finance external gaps (CA and BoP), including remittances, revenues from tourism and FDI, continue apace. The lari itself is only very slightly overvalued as the REER has actually been steadily depreciating since mid-May. External public debt service also seems manageable in the next couple of quarters. Still, there are events on the political horizon that may lead to renewed pressure on the currency. The election administration must announce the final results of the elections no later than November 21, and the first session of the Parliament must be called within 10 days of that. The opposition has said that it intends to boycott the convocation of the Parliament and to renounce its MP seats. We thus expect some fresh protests in an attempt to physically prevent the GD MPs from entering the Parliament building. In any case, an additional modest weakening of the lari to 2.8-2.9 USDGEL (2.73 now) towards year-end looks quite realistic as it would also usefully eliminate any remaining overvaluation of the currency against the backdrop of a still large CA deficit. We also don't think that such a degree of depreciation would have an adverse effect on inflation, which is running well below the 3 percent CPI target (0.3 percent YoY in Oct).

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Nice to see Joe Easton’s positive article focusing on London’s successes, far too often the commentary of London as a financial hub is overly negative. The stats show that the City remains an unrivalled centre, one which has the potential to attract significantly more activity and capital for the benefit of the whole of the UK. London Still Europe’s Share Sale Capital Even With Few IPOs - Share sales of $11.3 billion dwarf other European cities - UK remains in top spot even after rate hikes spurred downturn https://lnkd.in/eRtShiNM

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We are delighted to announce that PTTEP has agreed to acquire a 34% interest in E&E Algeria Touat B.V. from ENGIE Find out more: https://lnkd.in/dvAbBDfk Houlihan Lokey

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#lgim #new_etf European asset manager Legal & General Investment Management (LGIM), announced the launch of the L&G Energy Transition Commodities UCITS ETF, a new fund aimed at providing investors with exposure with commodities that are key to the energy transition. Steven de Vries, Head of Wholesale UK, Europe and Latin America at LGIM, said: “Demand for strategies that provide inflation risk mitigation and uncorrelated market exposure has been significant of late, not least due to the macroeconomic backdrop. Overlay this with the uniqueness of the proposition the Energy Transition ETF presents, and this becomes a particularly compelling strategy.” According to LGIM, the new ETF provides access to a combination of commodities central to the energy transition, targeting three distinct commodity groups with supportive demand-side economics, including transition metals required for production, storage and distribution of clean energy; lower-carbon transition energy sources that can aid in addressing peak energy demand and hard-to-abate sectors, such as natural gas and ethanol, and; carbon pricing, that increases the cost of emissions and incentivizes the switch to lower-carbon activities. https://lnkd.in/dzEuMnrE

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For those that might be interested, we are running the following strategies with teams in both the UK and UAE: 1. Equity and Debt Advisory - Helping companies raise $5m-200m from global investors including VCs, growth funds, family offices, corporate ventures and sovereigns. Giving our investor partners access to the best global deals. We do all the heavy lifting for our corporate clients running their fundraising process and giving them access to global capital 2. Our co-investment vehicle (awaiting DFSA approval) - we put our money where our mouth is and co-invest with the globe's best investors. We will be fundraising for the fund for those interested (professional clients only) 3. Alternatives offering - access to global trophy assets globally. Previous allocations in SpaceX, Epic Games and Stripe. Many more in the pipeline with monthly access If you are thinking about raising money, looking for investment opps, need corporate advisory services (M&A, MBOs, buy and builds), looking at refinancings or debt options or selling your business please do get in touch. Our team is ex VC, family office, co-founders, big and small advisers, M&A professionals and fund managers so we have sat on both sides of the desk and can help accordingly

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This is going to be truly transformational for Ukraine.

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“Mind the gap” between the constructive and engaged public commentary and the critical and increasingly concerned private commentary on UK Penson Funds re-aligning to the UK public equity markets. The vested interests are not aligned in this discussion with the result that time is running out for delivering an effective solution to the ongoing liquidity drain from UK Public Equity markets. Pension fund managers first and foremost must put the interests of pension fund holders first, then there are the genuine concerns from pension trustees about being forced to invest in “underperforming UK assets” and this quite apart from the need for both more of us to save for our pensions and to save more to provide the level of pensions we need. Listen to the discussion and you can only conclude that the UK Government has to make the “investment” case for UK Public Equity markets significantly more compelling/ attractive to achieve far greater active pension engagement and higher asset allocations to the UK Public Equity markets. Whether that is achieved through the abolition of stamp duty, bringing back some form of tax credit on UK dividends, creating a British ISA and changing the rules and obligations on pension fund trustees and fund managers or a combination of some/ all of the above or indeed other means (and quickly) is what the pension fund industry needs in order for it to willingly step up in size. If the UK Government really has no fiscal scope to do these things, then – all other things being equal -  the UK pension fund industry is unlikely of itself to upsize its asset allocations to the UK Public Equity Market. That leaves only one alternative which is for the UK Government to legislate requiring UK Pension funds to allocate a minimum level of asset allocation to UK public equities. A “forced” solution is not what anyone wants – the UK Government should be setting policies that create the conditions for self-interested pro-active engagement by UK Pension Funds into greater UK public equity asset allocations. Time is increasingly short and discussion time targets of “2026 and beyond” are simply far too distant. Moreover this entire issue is potentially about to become much more difficult – Trump will be in the White House in January 2025, cutting US regulations, cutting US taxes and imposing US trade tariffs, providing potentially yet more fiscal stimulus to the US economy. If you believe that the US equity market will respond in a positive way to “Trumponomics” – then the UK needs to get its act together very quickly indeed as the investment case “gap” between UK  public equities and global equities is likely to widen further and potentially accelerate away from us. The time for taking action is now – it is a “call to arms” that the UK must heed. Failure to act leaves U.K. plc exposed to becoming substantially poorer.

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Major Barloworld shareholder rejects R120 offer, demands R130! Silchester says consortium’s offer is undervalued. UK-based SILCHESTER INTERNATIONAL INVESTORS LLP, a major investor in JSE-listed Barloworld, does not believe the offer from the consortium that is proposing to buy out all the ordinary shares in the JSE-listed group is “compelling”. A firm offer by the consortium last week values Barloworld at R23 billion and comprises a cash offer of R120 per share that will not be reduced by the R3.10 per share dividend already declared by Barloworld on 22 November. However, Silchester director Tim Linehan said the firm is unwilling to tender its Barloworld shares unless the consortium offers at least R130 per share. Linehan said a full privatisation of Barloworld is unlikely to succeed without the support of the group’s primary shareholders, including Silchester. Silchester owns 33 531 795 ordinary shares in Barloworld, which represents 17.7% of Barloworld’s issued share capital. The consortium comprises Entsha and Gulf Falcon Holding Limited, a wholly-owned subsidiary of the Zahid Group, a multidisciplinary conglomerate headquartered in Saudi Arabia and an effective 18.9% shareholder in Barloworld. Entsha is a newly incorporated company that is ultimately owned by The Katlego Le Masego Trust, an inter vivos trust established for the benefit of Barloworld CEO Dominic Sewela and his family. The scheme of arrangement requires the support of 75% of eligible voters who participate in the meeting – in their own capacity or by proxy – for it to succeed. The holders of about 22.92% or 43 367 048 of Barloworld’s shares are not eligible to vote on the proposed transaction. These excluded shares are those held by the Zahid Group (35 834 624), Barloworld Foundation (6 578 121), Dominic Sewela (653 207) and Katkego Le Masego Trust (401 096). Lineham said Silchester intends to exercise all rights available to shareholders in South Africa to protect the financial interests of Silchester’s clients. https://lnkd.in/dfqbFvix

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With the US set to transition to T+1 settlement in May next year, panelists discussed the impacts it would have on UK and EU markets as well as the challenges associated with following suit with the US. https://lnkd.in/eZ7wM38e #regtech #regulatory #fintech

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Really enjoyed being on the panel at Private Equity Insights conference in London last week discussing best sectors for Private Equity going forward. PE investments are long term and it’s important for PE to invest in sectors with long term positive trends. Operational improvement is key for PE managers to deliver best returns and hence specialization is a key trend we can observe in the industry. In our selection of managers, Cubera Private Equity focuses on their sector expertise and ability to improve businesses.   #privateequity

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We recently published our first Responsible Investment Report – an important milestone for us as a firm. The report outlines the efforts EMK and our portfolio companies have made over the past year in advancing sustainability.   You can read the full report below.   #ResponsibleInvestment

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#Private_equity Private equity’s $2 trillion pile of cash is set to fuel M&A opportunities in 2025. Private equity firms are sitting on an unprecedented war chest: roughly $2 trillion in uncalled capital. Often referred to as “dry powder,” this cash pile has been accumulating since the last big global mergers-and-acquisitions blowout, in 2021, when volume reached a whopping $5.9 trillion, according to Dealogic. The following year, activity plummeted 38.8%, and it’s been relatively quiet ever since. “We had a general slowdown in private equity exits in 2023 and 2024,” says Alain Dermarkar, US co-head of Private Equity at global law firm A&O Shearman. High interest rates were an issue; steep borrowing costs and lower returns created valuation mismatches, ultimately reducing the size, scope, and appeal of private equity deals. https://lnkd.in/dzxSUYkP

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HETI RIPORT #Neuberger_Berman Neuberger Berman, an employee-owned, private, independent investment manager, announced its NB Private Markets Access Fund LLC has reached a significant milestone, surpassing $1bn in net assets. Launched in January 2021, the NB Access Fund has grown consistently, highlighting both financial advisor and institutional investor demand for a differentiated, registered, evergreen private equity fund focused on direct private equity investments managed by an experienced and dedicated private equity team. The NB Access Fund provides a broader universe of investors access to Neuberger Berman’s private equity co-investments and GP-led secondary private equity solutions. The Fund invests in institutional-quality direct investments alongside leading private equity managers. As of April 30, 2024, the portfolio includes 68 private equity investments alongside 55 unique, lead private equity sponsors. https://lnkd.in/debswmz6

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Interesting article: UK trades at a discount to US Election result has given certainty There is very low anti-monopoly concern Activity seems to be for relatively small companies being sold to foreign buyers My thoughts: Headline pitches this as good news - it’s not. We trade at a discount because growth potential is seen as limited. Companies are being bought by foreign interests before they have the opportunity to grow domestically. Deals are being done now because there is a “Labour discount” - everyone sees that Labour will not get another term so they buy now cheap and then trade out at a premium after the next election. LSE in underperforming - this is worrying.

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UK Mid-Market M&A Sees TMT Uptick Amidst Economic Recovery The UK’s mid-market M&A sector is bouncing back. The latest data shows that deal value is up, reflecting the stabilizing economic environment and presenting new opportunities for mid-market businesses and advisory firms. The total value of British M&A deals in the first half of this year is 66% higher than in 2023, at £68 billion, according to PwC. This is mainly attributed to 16 deals with values above £1 billion each, seven of which make up £17 billion of the total. While deal value is up, however, there has been a 20% decrease in the number of deals, from 2,126 in H1 2023 to 1,703 in H1 2024. This reflects a shift toward larger transactions. Amongst the best-performing sectors were technology, media and communications (TMT). Market dynamics significantly impacted technology and telecoms M&A in 2023, as declining public market valuations for tech companies spilled over into private markets, according to a report by Trowers and Hamlins. Buyers hesitated to pay premium prices, while sellers were cautious about putting assets on the market. At the same time, private equity funds, though flush with capital, were deterred from leveraging deals due to rising interest rates. In 2024, though, the technology and telecommunications M&A landscape has shown signs of recovery, driven by stabilizing valuations and renewed investor confidence, according to PwC. As interest rates have plateaued, both buyers and sellers are re-engaging in the market with more aligned pricing expectations. Private equity firms, holding substantial capital reserves, are increasingly active, targeting high-growth opportunities in areas such as artificial intelligence, cloud computing, and cybersecurity. The ongoing emphasis on digital transformation across industries continues to fuel deal-making, as businesses aim to enhance operational efficiency and leverage advanced technologies.

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