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Ares Management settles SEC insider info charges for $1m

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Private equity major Ares Management has agreed to pay a $1m settlement to settle charges it was exposed to potential insider trading issues after buying stock in a company with one of its employees on the board.

The US SEC said Ares invested several hundred million dollars in an unnamed US public company in 2016, through a loan and equity investment that allowed it to appoint a senior employee to the company’s board.

Its report said Ares’s compliance policies failed to account for the special circumstances presented by having an employee serve on the portfolio company’s board while that employee continued to participate in trading decisions regarding the portfolio company.

The SEC said Ares obtained potential material nonpublic information about the company, including through Ares’s representative on the company’s board, relating to changes in senior management, adjustments to the company’s hedging strategy, and decisions with respect to the company’s assets, debt, and interest payments.

After receiving this information the firm purchased more than 1 million shares of the company’s common stock, which was 17% of the publicly available shares.

The SEC added that Ares did not require its compliance staff, prior to approving the trades, to sufficiently inquire and document whether the board representative and members of his Ares team possessed material nonpublic information relating to the portfolio company.

Ares consented to the entry of a cease-and-desist order and a censure, and to pay a civil penalty of $1m, without admitting or denying the findings.

Anita Bandy, associate director in the SEC’s division of enforcement, said, “Investment advisers and private equity firms that place employees on the boards of public companies bear heightened risks that they will obtain nonpublic material information through their representative occupying dual roles.

“It is critical for firms like Ares to have proper policies and procedures in place to address these risks and prevent the misuse of information obtained under these special circumstances.”

Copyright © 2020 AltAssets

Source: https://www.altassets.net/market-news/firm-news/ares-management-settles-sec-insider-info-charges-for-1m.html

Private Equity

Sole Source Capital brings in new investor relations head after making final Fund I investment

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Industrial-focused private equity house Sole Source Capital has hired former Crescent Capital senior exec Sumil Menon as its new head of investor relations.

Sole Source closed its debut private equity fund on its $160m hard cap in December 2018, and completed its last investment from the vehicle in May this year by picking up Supply Chain Services.

Menon spent nearly a decade at Crescent, most recently as senior vice president for business development.

During his time at the firm he helped it more than than tripling its assets under management, which by 2020 totaled nearly $30bn.

Menon was previously an associate on the business development and institutional relationship management team at Wilshire Associates, and began his career at Pacific Investment Management Company.

Sole Source was founded by former Gores Group senior exec David Fredston two years ago, to focus on lower mid-market investmetns in manufacturing, distribution, and industrial service companies.

Fredston said, “We are pleased to welcome a talented investor relations professional of Sumil’s caliber to the Sole Source team.

“With deep institutional relationships around the world and significant experience managing numerous capital raises, Sumil will play a key role in fostering investor engagement and articulating our differentiated strategy.”

Sole Source targets North American companies with between $5m and $20m of EBITDA, and focuses on management buyouts, corporate divestitures, and founder/family owned businesses in defensive end-markets.

Copyright © 2020 AltAssets

Source: https://www.altassets.net/private-equity-news/by-news-type/people-news/sole-source-capital-brings-in-new-investor-relations-head-after-making-final-fund-i-investment.html

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Private Equity

Bright Network highlights need to help ‘Corona Class’ of graduates amid investment from Maven Capital, Seneca Partners

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UK private equity house Maven Capital Partners has led a further investment in Bright Network, a media technology recrui

Source: https://www.altassets.net/private-equity-news/by-news-type/deal-news/bright-network-highlights-need-to-help-corona-class-of-graduates-amid-investment-from-maven-capital-seneca-partners.html

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Hamilton Lane holds final close for its new Impact Fund

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Hamilton Lane, a  private markets asset management firm, has held the final close of its new Impact Fund, pulling in over $95m.

The exact figure for the fund was not disclosed.

Hamilton Lane Impact Fund will have a dual focus and will target attractive investment returns and positive social and environmental impact.

It will back companies around the world either through direct or secondary investments. Target sectors include health and wellness, energy and environment, community development, and financial empowerment.

By leveraging its network of GP relationships, the Impact Fund will make buyout, growth, venture and real assets investments, it claims.

The vehicle will primarily invest into developed markets, with the opportunity to impact emerging markets.

Limited partners for the fund include large private pension funds, financial institutions, high-net-worth individuals, endowments and other institutions.

Hamilton Lane managing director and head of product management Jackie Rantanen said, “As impact investing continues to gain attention and traction from all investor types, the private markets industry has responded in kind, helping address some of the world’s most pressing environmental and social challenges, while seeking to generate meaningful returns.”

Earlier in the year, Hamilton Lane raised over $1.7bn for its fourth flagship secondaries fund.

Copyright © 2020 AltAssets

Source: https://www.altassets.net/private-equity-news/by-news-type/fund-news/hamilton-lane-holds-final-close-for-its-new-impact-fund.html

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