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Private Equity

HPA’s People First Approach Stands with Black Lives Matter

First and foremost, as an organization, HPA stands with the Black community and supports the pursuit of justice and equality for all. We speak out against the racism and social injustices in our society, and show our support that #BlackLivesMatter. Our nation has watched the recent acts of racism unfold with the murders of George…

The post HPA’s People First Approach Stands with Black Lives Matter appeared first on HPA.

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First and foremost, as an organization, HPA stands with the Black community and supports the pursuit of justice and equality for all. We speak out against the racism and social injustices in our society, and show our support that #BlackLivesMatter.

Our nation has watched the recent acts of racism unfold with the murders of George Floyd, Breonna Taylor and Ahmaud Arberry, as well as the racial profiling against Christian Cooper. We also recognize that these documented moments are the tip of the iceberg in showing how systemic racism is a reality that has been embedded in the fabric of our nation since its origin.

While statements are important to break the silence and to show solidarity, ultimately, these are just words until we collectively take action for the good of our communities, city and nation. We do not pretend to have all the answers or desire to rush to announce an initiative out of a quick response. We do, however, commit to learn. To engage. To continue taking steps forward.

At HPA, our People First approach defines everything we do. Our greatest asset is our human capital.

In relation to our investing, we leverage the expertise of member investors and network partners who have started, scaled and/or sold their own companies, or who have served as executives to provide critical human capital resources throughout the investment process.

There are many steps firms can and should take to diversify their portfolios and add People of Color (POC) to positions of leadership. We at HPA will take these steps and leverage our People First approach in support of a diverse, inclusive and non-racist environment.

The expertise of our people provides access to entrepreneurs and founders, and we commit to furthering that access to underrepresented communities, specifically to POC. We seek to leverage our financial and human capital to provide more access to those who may not have access to the same resources or connections.

The core of HPA focuses on its people, which is why we need to be engaged. We can do more. We must do more. We will be thoughtful over the next several weeks and months about how we can be a part of creating change and driving solutions that will last. We acknowledge that this is only the beginning.

Let’s come together and work as a community to create lasting, societal change.

Thank you,
The team at HPA

Source: https://hydeparkangels.com/hpas-people-first-approach-stands-with-black-lives-matter/#utm_source=rss&utm_medium=rss&utm_campaign=hpas-people-first-approach-stands-with-black-lives-matter

Private Equity

Lorax Capital Partners pulls in $142m for its sophomore fund

Lorax Capital Partners has pulled in $142m for its sophomore fund and has named Apex Group to supply administration and corporate services.

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Lorax Capital Partners has pulled in $142m for its sophomore fund and has named Apex Group to supply administration and corporate services.

The fund, LCP II, has a target size of $250m and will focus on midcap companies in Egypt that are focusing on local consumption and production as well as financial inclusion.

Lorax will also back companies that are looking to expand regionally.

The investor aims to implement high-quality governance and environmental and social practices within portfolio companies and help them increase their value creation.

There have been five LPs to commit to Lorax’s new fund, so far.

Lorax Capital Partners director of operations Adnan Razzak said, ”We appointed Apex due to their strong reputation and ability to provide the all-inclusive fund administration, accounting and investor reporting services required across multiple jurisdictions.

“We have been particularly impressed with their ability to guide us through regulatory challenges and our decision to domicile the fund in the Netherlands. Our management team has an unmatched track record in sourcing, executing and managing transactions in Egypt and Apex’s support will enable us to focus on these core competencies.”

Founded in 2015, Lorax is an Egypt-focused private equity firm and over the past five years it has deployed around $175m into five companies.

Last year, Lorax aided Helios Investment Partners and Enterprise Fund with their purchase of a 96.6 per cent stake in agricultural seeds provider Misr Hytech Seed International.

Copyright © 2020 FinTech Global

Source: https://www.altassets.net/private-equity-news/by-news-type/fund-news/lorax-capital-partners-pulls-in-142m-for-its-sophomore-fund.html

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Private Equity

Lobby group for Black women urges firms to ‘go beyond solidarity statements’

The 300-strong group calls asset managers to build an anti-racist portfolio, divesting from companies that benefit from business models that perpetuate racial inequities

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Industry group Black Women in Asset Management has published an open letter calling on institutions to promote racial equity through their portfolios — and take action if companies they invest in do not.

The letter comes as the City took a hard look at racial diversity within its ranks over the summer this year.

“As Black women professionals in the asset management industry, we call on investment firms and institutional investors in our industry to go beyond solidarity statements and instead commit to action, activism, and accountability to dismantle the racial inequities plaguing society,” the letter, released on 26 October, reads.

The death of George Floyd at the hands of three police officers in the US on 25 May and the disproportionate impact the Covid-19 pandemic is having on people from Black, Asian and Minority ethnic backgrounds triggered Black Lives Matter protests around the world, including in London and elsewhere across the UK.

In response, financial services firms and their executives made statements saying the sector could do better and promised to fight for a better society, although activists have said that actions speak louder than words.

BWAM, the industry organisation that counts 300 members, was founded in May 2019 by Jacqueline Taiwo, principal at TowerBrook Capital Partners, and Mariam Akanbi, senior legal counsel at ARCH Emerging Markets Partners.

“Dismantling systemic racism creates a more sustainable and equitable society. However, investment firms have been slow to see racism as a serious investment risk,” said Taiwo in a statement, explaining why the group decided to pen the letter.

The open letter makes five recommendations for investment firms and institutional investors. These include calling on firms to build an anti-racist portfolio, which would entail setting metrics to examine a company’s demonstrable commitment to racial diversity.

Following the research, the group subsequently urged asset managers to divest from companies that benefit from business models that perpetuate racial inequities or target vulnerable communities, citing examples like prison labour and immigration detention.

BWAM also highlights the necessity for communication of expectations to portfolio boards on considering racial implications on strategic decisions, pointing out that this is already the case on issues such as climate change.

Other recommendations include committing resources to encourage young Black women to work in finance as well as advocating for policy change both externally and internally.

“I believe BWAM’s recommendations provide a meaningful framework to bring about long overdue change in our industry,” said Adebanke Adeyemo, general counsel of Vantage Infrastructure and a member of BWAM’s impact committee, said in a statement.

“I am publicly endorsing this letter because I know that many of my peers may not feel empowered to do so. I have been there in my career and I understand it.”

To contact the author of this story with feedback or news, email Bérengère Sim

Source: https://www.penews.com/articles/lobby-group-for-black-women-urges-firms-to-go-beyond-solidarity-statements-20201026

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Private Equity

Dunkin’ reportedly in talks with PE-backed group to go private

The deal worth $8.8bn with Inspire Brands, owned by private equity firm Roark Capital, would delist the coffee and doughnuts chain

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Owner of Arby’s, Buffalo Wild Wings could buy company in deal worth $8.8bn

Dunkin’ Brands Group is reportedly in talks to go private in a sale to private equity-backed Inspire Brands.

The New York Times reported Sunday, 25 October, that Dunkin’, the parent company of the former Dunkin’ Donuts and Baskin-Robbins ice cream, could sell itself for $106.50 a share, a 20% premium over Friday’s closing price, for an implied market value of about $8.8bn. The Times said a deal could be announced as soon as today, 26 October.

Inspire Brands, which is backed by Roark Capital, owns a number of restaurant chains, including Arby’s, Buffalo Wild Wings, Sonic and Jimmy John’s.

In a statement to the Times, Dunkin’ confirmed that there have been preliminary talks over an acquisition, but a deal is not certain and neither side will comment further unless the transaction is finalized.

Dunkin’ Brands has more than 13,000 franchised Dunkin’ locations and about 8,000 Baskin-Robbins locations.

Write to Mike Murphy at AskNewswires@dowjones.com

From Dow Jones Newswires

Source: https://www.penews.com/articles/dunkin-reportedly-in-talks-with-pe-backed-group-to-go-private-20201026

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