Annual Report and Accounts 2011
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2017 Financial Services Industry Outlook
NEW YORK 535 Madison Avenue, 19th Floor New York, NY 10022 +1 212 207 1000 SAN FRANCISCO One Market Street, Spear Tower, Suite 3600 San Francisco, CA 94105 +1 415 293 8426 DENVER 999 Eighteenth Street, Suite 3000 2017 Denver, CO 80202 FINANCIAL SERVICES +1 303 893 2899 INDUSTRY REVIEW MEMBER, FINRA / SIPC SYDNEY Level 2, 9 Castlereagh Street Sydney, NSW, 2000 +61 419 460 509 BERKSHIRE CAPITAL SECURITIES LLC (ARBN 146 206 859) IS A LIMITED LIABILITY COMPANY INCORPORATED IN THE UNITED STATES AND REGISTERED AS A FOREIGN COMPANY IN AUSTRALIA UNDER THE CORPORATIONS ACT 2001. BERKSHIRE CAPITAL IS EXEMPT FROM THE REQUIREMENTS TO HOLD AN AUSTRALIAN FINANCIAL SERVICES LICENCE UNDER THE AUSTRALIAN CORPORATIONS ACT IN RESPECT OF THE FINANCIAL SERVICES IT PROVIDES. BERKSHIRE CAPITAL IS REGULATED BY THE SEC UNDER US LAWS, WHICH DIFFER FROM AUSTRALIAN LAWS. LONDON 11 Haymarket, 2nd Floor London, SW1Y 4BP United Kingdom +44 20 7828 2828 BERKSHIRE CAPITAL SECURITIES LIMITED IS AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY (REGISTRATION NUMBER 188637). www.berkcap.com CONTENTS ABOUT BERKSHIRE CAPITAL Summary 1 Berkshire Capital is an independent employee-owned investment bank specializing in M&A in the financial services sector. With more completed transactions in this space than any Traditional Investment Management 6 other investment bank, we help clients find successful, long-lasting partnerships. Wealth Management 9 Founded in 1983, Berkshire Capital is headquartered in New York with partners located in Cross Border 13 London, Sydney, San Francisco, Denver and Philadelphia. Our partners have been with the firm an average of 14 years. We are recognized as a leading expert in the asset management, Real Estate 17 wealth management, alternatives, real estate and broker/dealer industries. -
Limited Partnerships and Private Equity Alexander Corrie
Limited Partnerships and Private Equity Alexander R. Corrie The concept of the limited partnership is not entirely new to Jamaica, as legislation has provided for the creation of these entities for over 150 years. However, the Partnerships (Limited) Act, 1853 has been found wanting in a number of key respects, particularly as it relates to the necessities and intricacies of the modern commercial landscape. The newly enacted Partnership (Limited) Act, 2017 has introduced a new regime, which includes several novel forms of limited partnerships as well as a more defined set of rules which govern their formation and operation. Many of these rules facilitate the effective utilization of the limited partnership as an investment vehicle. For many years, the limited liability company has been the vehicle of choice for most entrepreneurs seeking to operate businesses, as well as for many investors using that structure to acquire, hold and sell assets. This is due in no small part to liability protection, separate legal personality and other benefits afforded to shareholders under the company law regime. In contrast, the suitability and effectiveness of a traditional partnership as an investment vehicle is limited, as each individual partner potentially faces unlimited personal liability for the debts of the partnership. Unlike traditional partnerships, which are comprised simply of partners, a limited partnership consists of general partners and limited partners, and there must be at least one person in each category. There is a clear delineation between these roles, whereby general partners are responsible for the firm’s management, while limited partners are forbidden from taking part in the management of the partnership business and do not have the power to bind the firm. -
RRP Sector Assessment
OrbiMed Asia Partners III, LP Fund (RRP REG 51072) OWNERSHIP, MANAGEMENT, AND GOVERNANCE A. The Fund Structure 1. The Asian Development Bank (ADB) proposes to invest in OrbiMed Asia Partners III, LP Fund (OAP III), which is a Cayman Islands exempted limited partnership seeking to raise up to $500 million in capital commitments. It is managed by OrbiMed Asia GP III, LP (the general partner), a Cayman Islands exempted limited partnership. The sole limited partner of the general partner is OrbiMed Advisors III Limited, a Cayman Islands exempted company. OrbiMed Advisors LLC (the investment advisor), a registered investment advisor with the United States (US) Securities and Exchange Commission, will provide investment advisory services to OAP III. This structure is illustrated in the figure below. Table 1 shows the ultimate beneficial owners (UBOs) of the general partner and the investment advisor. Table 1: Ultimate Beneficial Owners of the General Partner and the Investment Advisor (ownership stake, %) Name Investment Advisor General Partner Sven H. Borho (~10–25%) (~8%) Alexander M. Cooper (~8%) Carl L. Gordon (~10–25%) (~8%) (also Director) Geoffrey C. Hsu (<5%) (~8%) Samuel D. Isaly (~50–75%) (~8%) W. Carter Neild (<5%) (~8%) (also Director) Jonathan T. Silverstein (~5–10%) (~8%) (also Director) Sunny Sharma (~8%) (also Officer) Evan D. Sotiriou (~8%) David G. Wang (~8%) (also Officer) Jonathan Wang (~8%) (also Officer) Sam Block III (~8%) Source: OrbiMed Group. 2 2. Investors. The fund held a first closing of approximately $233.5 million on 1 March 2017, and a second closing of approximately $137.6 million on 26 April 2017. -
Form 3 FORM 3 UNITED STATES SECURITIES and EXCHANGE COMMISSION OMB APPROVAL Washington, D.C
SEC Form 3 FORM 3 UNITED STATES SECURITIES AND EXCHANGE COMMISSION OMB APPROVAL Washington, D.C. 20549 3235- OMB Number: 0104 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF Estimated average burden hours per SECURITIES 0.5 response: Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940 1. Name and Address of Reporting Person* 2. Date of Event 3. Issuer Name and Ticker or Trading Symbol Requiring Statement Sotera Health Co [ SHC ] GTCR INVESTMENT XI (Month/Day/Year) LLC 11/20/2020 4. Relationship of Reporting Person(s) to 5. If Amendment, Date of Original Issuer Filed (Month/Day/Year) (Last) (First) (Middle) (Check all applicable) 300 NORTH LASALLE STREET, X Director X 10% Owner 6. Individual or Joint/Group Filing SUITE 5600 Officer (give Other (specify (Check Applicable Line) title below) below) Form filed by One Reporting Person (Street) X Form filed by More than One CHICAGO IL 60654 Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Beneficially Owned 1. Title of Security (Instr. 4) 2. Amount of Securities 3. Ownership 4. Nature of Indirect Beneficial Beneficially Owned (Instr. Form: Direct Ownership (Instr. 5) 4) (D) or Indirect (I) (Instr. 5) Common Stock, $0.01 par value per share ("Common 79,286,597(1) I See Footnote(2)(3)(4) Stock") Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 4) 2. Date Exercisable and 3. Title and Amount of Securities 4. 5. -
Limited Partnership: Business, Government, Civil Society (Ngos) and the Public in the Extractive Industry Transparency Initiative (EITI)
Institute for International Economic Policy Working Paper Series Elliott School of International Affairs The George Washington University Limited Partnership: Business, Government, Civil Society (NGOs) and the Public in the Extractive Industry Transparency Initiative (EITI) IIEPWP201028 Susan Ariel Aaronson George Washington University Jennifer Brinkerhoff George Washington University October 2009 Institute for International Economic Policy 1957 E St. NW, Suite 502 Voice: (202) 994‐5320 Fax: (202) 994‐5477 Email: [email protected] Web: www.gwu.edu/~iiep Limited Partnership: Business, Government, Civil Society (NGOs) and the Public in the Extractive Industry Transparency Initiative (EITI) 1 PAAD711 Limited Partnership: Business, Government, Civil Society and the Public in the Extractive Industry Transparency Initiative (EITI) Nigeria is awash in oil; Mali is flush with gold reserves; and Peru has abundant copper. These resources belong to the people, and thus, Nigerians, Malians, and Peruvians should benefit from their extraction and sale. But in many resource rich developing countries, policymakers lack the skills, will, or expertise to effectively manage the funds derived from these resources. Officials may funnel mining or petrodollars to their allies and families to stay in power. In some nations with weak institutions, a lack of accountability and transparency about resource revenues can exacerbate poor governance, and lead to corruption, conflict, and inequality (Karl, 1997, Ross: 2001; and Auty: 2001). Meanwhile, citizens of these resource rich countries have little say over how the revenues are spent or invested. This affliction is known as the resource curse (Lederman and Maloney: 2007, and Sachs and Warner: 1995). Extractive industry companies, civil society activists, and some developing county policymakers have collaborated to help people from resource rich nations such as Nigeria govern more effectively. -
Investment Companies 13 October 2011
www.numiscorp.com Marketing Communication Investment Companies 13 October 2011 Research Listed Private Equity Charles Cade +44 (0)20 7260 1327 What are the True Costs? [email protected] George Crowe Transparency has improved significantly within the listed Private Equity sector in +44 (0)20 7260 1280 recent years, and valuation methodologies have become more standardised with [email protected] the adoption of fair value accounting. This has made it much easier for investors Ewan Lovett-Turner to differentiate between listed Private Equity funds (LPEs) on the basis of their +44 (0)20 7260 1299 portfolio characteristics and balance sheet risk. However, it is still far from [email protected] straight-forward to compare the costs of LPEs in terms of fees and finance Colette Ord charges. In contrast, private equity Limited Partnerships (LPs) have relatively +44 (0)20 7260 1290 standardised fee arrangements and simple balance sheets with no debt. [email protected] In part, these complications reflect the evergreen nature of most LPEs, whereby they Sales offer exposure to a range of investment vintages. As a result, management fees are James Glass typically charged on the value of assets rather than initial commitments. Listed funds +44 (0)20 7260 1369 also face additional operating costs such as directors‟ fees and administration, and often [email protected] adopt more diverse investment strategies, including directs, co-investment and funds. Chris G00k Some have feeder fund structures, with fees charged indirectly by the manager, while +44 (0)20 7260 1378 others are self-managed and pay staff costs rather than a defined management fee. -
Limited Partnerships
INTELLECTUAL PROPERTY AND TRANSACTIONAL LAW CLINIC LIMITED PARTNERSHIPS INTRODUCTORY OVERVIEW A limited partnership is a business entity comprised of two or more persons, with one or more general partners and one or more limited partners. A limited partnership differs from a general partnership in the amount of control and liability each partner has. Limited partnerships are governed by the Virginia Revised Uniform Partnership Act,1 which is an adaptation of the 1976 Revised Uniform Limited Partnership Act, or RULPA, and its subsequent amendments. HOW A LIMITED PARTNERSHIP IS FORMED To form a limited partnership in Virginia, a certificate of limited partnership must be filed with the Virginia State Corporation Commission. This is different from general partnerships which require no formal recording with the Commonwealth. The certificate must state the name of the partnership,2 and, the name must contain the designation “limited partnership,” “a limited partnership,” “L.P.,” or “LP;” which puts third parties on notice of the limited liability of one or more partners. 3 Additionally, the certificate must name a registered agent for service of process, state the Post Office mailing address of the company, and state the name and address of every general partner. The limited partnership is formed on the date of filing of the certificate unless a later date is specified in the certificate.4 1 VA. CODE ANN. § 50, Ch. 2.2. 2 VA. CODE ANN. § 50-73.11(A)(1). 3 VA. CODE ANN. § 50-73.2. 4 VA. CODE ANN. § 50-73.11(C)0). GENERAL PARTNERS General partners run the company's day-to-day operations and hold management control. -
SCHEDULE 13D Decibel Therapeutics, Inc
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 Decibel Therapeutics, Inc. (Name of Issuer) Common Stock (Title of Class of Securities) 24343R106 (CUSIP Number) OrbiMed Advisors LLC OrbiMed Capital GP VIII LLC OrbiMed Genesis GP LLC OrbiMed Capital LLC 601 Lexington Avenue, 54th Floor New York, NY 10022 Telephone: (212) 739-6400 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) February 17, 2021 (Date of Event which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ☐ Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7(b) for other parties to whom copies are to be sent. * The remainder of this cover page shall be filled out for a Reporting Person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). -
A Framework for a Public-Private Partnership to Increase The
A national laboratory of the U.S. Department of Energy Office of Energy Efficiency & Renewable Energy National Renewable Energy Laboratory Innovation for Our Energy Future Enhancing Commercial Technical Report NREL/TP-110-40463 Outcomes from R&D May 2007 A Framework for a Public–Private Partnership to Increase the Yield of Federally Funded R&D Investments and Promote Economic Development L.M. Murphy Manager, Enterprise Development Programs National Renewable Energy Laboratory P. Jerde Executive Director Robert H. and Beverly A. Deming Center for Entrepreneurship, Leeds School of Business University of Colorado, Boulder L. Rutherford Venture Partner Vista Ventures R. Barone 2008 MS/MBA Candidate Department of Environmental Studies and Leeds School of Business University of Colorado, Boulder NREL is operated by Midwest Research Institute ● Battelle Contract No. DE-AC36-99-GO10337 Enhancing Commercial Technical Report NREL/TP-110-40463 Outcomes from R&D May 2007 A Framework for a Public–Private Partnership to Increase the Yield of Federally Funded R&D Investments and Promote Economic Development L.M. Murphy Manager, Enterprise Development Programs National Renewable Energy Laboratory P. Jerde Executive Director Robert H. and Beverly A. Deming Center for Entrepreneurship, Leeds School of Business University of Colorado, Boulder L. Rutherford Venture Partner Vista Ventures R. Barone 2008 MS/MBA Candidate Department of Environmental Studies and Leeds School of Business University of Colorado, Boulder Prepared under Task No. 1100.1000 National Renewable Energy Laboratory 1617 Cole Boulevard, Golden, Colorado 80401-3393 303-275-3000 • www.nrel.gov Operated for the U.S. Department of Energy Office of Energy Efficiency and Renewable Energy by Midwest Research Institute • Battelle Contract No. -
The Emergence of the Corporate Form
JLEO, V33 N2 193 The Emergence of the Corporate Form Giuseppe Dari-Mattiacci Downloaded from https://academic.oup.com/jleo/article-abstract/33/2/193/3089484 by Universiteit van Amsterdam user on 07 October 2018 University of Amsterdam Oscar Gelderblom Utrecht University Joost Jonker Utrecht University and University of Amsterdam Enrico C. Perotti University of Amsterdam and CEPR We describe how, during the 17th century, the business corporation gradually emerged in response to the need to lock in long-term capital to profit from trade opportunities with Asia. Since contractual commitments to lock in capital were not fully enforceable in partnerships, this evolution required a legal innovation, essentially granting the corporation a property right over capital. Locked-in cap- ital exposed investors to a significant loss of control, and could only emerge where and when political institutions limited the risk of expropriation. The Dutch East India Company (VOC, chartered in 1602) benefited from the restrained executive power of the Dutch Republic and was the first business corporation with permanent capital. The English East India Company (EIC, chartered in 1600) kept the traditional cycle of liquidation and refinancing until, in 1657, Giuseppe Dari-Mattiacci gratefully acknowledges the financial support by the Netherland Organization for Scientific Research (NWO VIDI grant 016.075.332) and the Becker-Friedman Institute at the University of Chicago (BFI Fellowship winter 2012). The authors would like to thank Kenneth Ayotte, Douglas Baird, Patrick -
KKR Private Equity Investors Reports Its Financial Results for the First Quarter Ended March 31, 2009
KKR Private Equity Investors Reports its Financial Results for the First Quarter Ended March 31, 2009 NAV per Unit of $12.82 as of March 31, 2009 Guernsey, Channel Islands, May 15, 2009 – KKR Private Equity Investors, L.P. (Euronext Amsterdam: KPE), a Guernsey limited partnership that is invested predominantly in private equity investments identified by Kohlberg Kravis Roberts & Co. (“KKR”), today reported its financial results for the quarter ended March 31, 2009. As of March 31, 2009, KPE’s net asset value (“NAV”) was $2,626.1 million, or $12.82 per unit. George R. Roberts, Co-Founder of KKR and Co-Chairman of KPE’s Managing Partner’s Board of Directors, commented, “We believe that our performance during the first quarter is attributable in large part to our focus on operational improvement, cost reduction and efficiency initiatives, our progress in implementing appropriate capital structures for our portfolio companies, our adherence to procedures for monitoring our investments and our work in helping our companies adapt to the changing global regulatory environment.” Henry R. Kravis, Co-Founder of KKR and Co-Chairman of KPE’s Managing Partner’s Board of Directors, added, “We remain prudently on guard in terms of the operations of our portfolio companies given the environment. The work of our company management teams, private equity industry teams, KKR Capstone team and capital markets team to improve company operations, address refinancing issues and proactively optimize capital structures allows us to, in general, lower debt to earnings ratios, cut costs, control cash flows and opportunistically access the capital markets. -
Report on the Misuse of Corporate Vehicles for Illicit Purposes
Behind the Corporate Veil « USING CORPORATE ENTITIES FOR ILLICIT PURPOSES Behind the Corporate entities underpin most commercial and entrepreneurial activities in market-based economies and have contributed immensely to growing prosperity worldwide over recent Corporate Veil decades. Increasingly, however, governments and regulatory bodies have realised that Behind the Corporate Veil corporate entities ranging from corporations and trusts to foundations and partnerships are USING CORPORATE ENTITIES often misused for money laundering, bribery and corruption, shielding assets from FOR ILLICIT PURPOSES creditors, tax evasion, self-dealing, market fraud, and other illicit activities. Prepared against this background, the OECD report Behind the Corporate Veil: Using Corporate Entities for Illicit Purposes opens ways to prevent and combat the misuse of corporate entities. The report shows that the types of corporate entities misused most frequently are those that provide the greatest degree of anonymity to their beneficial owners. With that in mind, the report offers governments and other relevant authorities a menu of policy options for obtaining information on the beneficial ownership and control of corporate entities in order to combat their misuse for illicit purposes. USING CORPORATE ENTITIES FOR ILLICIT PURPOSES USING CORPORATE This report was prepared by the OECD Steering Group on Corporate Governance and derestricted by the Council under the title Report on the Misuse of Corporate Vehicles for Illicit Purposes. OECD's books, periodicals and statistical databases are now available via www.SourceOECD.org, our online library. This book is available to subscribers to the following SourceOECD themes: Finance & Investment/Insurance & Pensions Governance Taxation Ask your librarian for more details of how to access OECD books online, or write to us at [email protected] www.oecd.org ISBN 92-64-19543-2 21 2001 13 1 P -:HSTCQE=V^ZYXV: © OECD, 2001.