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Fidante Capital

Fidante Capital is an experienced and specialist capital markets business, concentrating on listed alternative investment companies. Fidante offers a full suite of strategic and advisory services: distribution, advisory, product development, market making and market insight.

Focused on building long-term partnerships, Fidante works with boards of directors and asset management companies to grow investment companies, including newly conceived strategies. Fidante Capital has expertise in advising on the optimal design for alternative investment companies such that they appeal to investors and has the breadth of relationships with investors to broaden and deepen shareholder ownership over time.

Fidante Capital offers specialist, distinct and intelligent research that covers emerging trends shaping the alternative investment landscape, including credit, real estate, private equity, hedge funds and infrastructure. Its research is written in-house by its dedicated research team.

Fidante Capital is a division of Fidante Partners, part of the ASX listed Challenger Group.

 

Corporate Action Series

Private equity corporate actions: February 2019

Share issuance activity for listed private equity companies continued to be focused on Baillie Gifford US Growth, which has now issued £4.4m of shares so far this year.

The only company to buy back shares in February was NB Private Equity (£0.5m of shares were repurchased), taking the year-to-date total to £7.3m (across the three sub-sectors). JZ Capital Partners has bought back the bulk of these shares (£4.8m worth).

Year-to-date capital returns moved to £87.2m by the end of February (for January, the total was £70.9m). The capital returns in February were driven by dividends, with both Tetragon (£12.8m, Sterling equivalent) and ICG Enterprise (£3.5m) having ex-dividend dates during the month.

   

 

Buybacks

Feb. 2019

Buybacks

2019

Capital returns

2019

Issuance 2019

Direct - diversified

0.5

6.8

61.5

 

Direct – specialist

 

 

 

 

Direct – hybrid

 

 

 

4.4

Fund of funds

 

0.5

25.7

 

Total

0.5

7.3

87.2

4.4


Source: Fidante Capital.

 

This series contains non-substantive material consisting of: (i) short term market commentary on the latest economic statistics or company results, and/or (ii) short market updates with limited commentary or opinion that is not substantiated, and/or (iii) summaries of public news stories or public statements from corporate issuers. It is generic in nature and not personalised to reflect the circumstances of an individual client and therefore does not amount to a personal recommendation to any person. Readers of this series based in the EEA who are subject to regulation under MiFID should note that while they must make their own determination Fidante Partners Europe Limited ("Fidante Partners") is of the view that the information constitutes a “minor non-monetary benefit”.

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