Investment company FastForward Innovations Ltd announced that its investee, BVI-based biotech firm Juvenescence Ltd, has completed the first part of its funding round, having raised US46mln at US$24.70 per share. In total, the BVI company plans to raise between US$100mln to US$125mln.
FastForward Chief Executive Lorne Abony said: “We are delighted with the progress Juvenescence is making with the pipeline of drugs, therapies and technologies they are developing. Having spent time with the company’s management in the past few weeks in San Francisco I share their optimism in relation to near-term potential of the company… The successful initial public offer of Age-X Therapeutics in which Juvenescence has a 46% interest, is a great example of the expertise Juvenescence brings to drug development companies.”
The price of the Series B funding values Juvenescence at US$400mln, which is 58% premium to the price at which FastForward invested in the company’s Series A funding.
According to Hedge Fund Research, Laureate BVI, British Virgin Islands-registered fund engaged in hedge fund management and run by Peter Tasca, this year has generated 15% return, adding to the 18% that was generated last year. The Research reports that in the third quarter of 2013 hedge fund assets have surged to a record of $2.51 trillion.
Hedge Fund managers including Peter Tasca of Laureate BVI have each generated double-digit returns since the beginning of 2013. Mr. Tasca in May issued a buy recommendation on Facebook, which has generated 79% return year-to-date.
For investors looking to invest in a hedge fund with a low initial investment, Laureate BVI offers a non-institutional fund. The minimum investment is only €2,500.00 and it offers the same transparent, cost-efficient investment model as the institutional fund.
Tasca states, “We have had a lot of interest in our retail fund, investors want the opportunity to test the waters before they make a substantial commitment.” Laureate BVI’s retail fund has partnered with such clients as HSBC, Citco Bank and Asholt Investments.
Overall, as the markets continue to stabilize and produce returns for investors, hedge funds will continue to grow with assets poured into them.
World Property and Commodity Fund, established in the British Virgin Islands, carrried out the launch which was formally announced on 4 July 2008, and which will allow individual investors to access the potential of real estate boom in emerging markets of Asia and Middle East. The fund will balance its investments in both property and commodity sectors of real estate markets.
The Managing Director of the BVI fund will be Terence Cheshire who had been successfully investing in property in the emerging markets for a number of years, together with his partners. Now, when the fund is formed, greater number of investors will be able to participate in the real estate development. The World Property and Commodity Fund will allow individual investors to participate in amounts as small as $10,000 through the series of feeder funds that are investing solely in the parent fund. It will give the opportunity for individual investors to invest in the early rounds of big property projects, while the early rounds are most profitable in the emerging markets.
British Virgin Islands private equity firm shop Sphinx Capital Corp. is currently marketing a US$100 mln turnaround buyout fund Sphinx Turnaround Fund, to invest in small and medium enterprises in Egypt. The fund is planning to invest $10 million to $15 million, to acquire majority or controlling stakes in distressed or defaulting companies. The first closing is targeted to occur in July, with committed capital of $75 million. The International Finance Corp is making an equity commitment of up to $20 million in the fund.
Major part of BVI-registered Sphinx Capital Corp. is owned by Citadel Capital, an Egyptian firm founded in 2003 by Ahmed Heikal and Hisham El-Khazindar.