The US Department of Defense is struggling to get its arms around all of the new security issues that have come with our current technological explosion. One. Home Duke Street. Duke Street has restructured its sixth fund, with half of LPs cashing out via the process. As part of the unquote In Profile series, Denise Ko Genovese takes a look at the GPs new hybrid strategy. Duke Street has restructured its sixth fund, with half of LPs cashing out via the process. As part of the unquote In Profile series, Denise Ko Genovese takes a look at the GPs new hybrid strategy. SPVGP has made five deal by deal investments since moving away from fund based investing. Typical investments range from 5. EVMid market private equity house Duke Street has restructured its 2. Duke Street VI, in a deal that sees Goldman Sachs and Arcano taking the position of almost half the original LPs. A total of 5. 0 of investors decided to cash out, with the remainder rolling over into a newly created special purpose vehicle SPV where the six remaining assets from Fund VI, including Wagamama and The Original Factory Shop, were transferred. We started to think about options for Duke Street VI last year as it was approaching the 1. James Almond. We wanted to offer our LPs choice, knowing some would appreciate liquidity given the age of their own underlying funds or the fact private equity was no longer a core strategy of theirs. Contrarian Investingbets is an investment strategy that is characterised by purchasing and selling in contrast to the prevailing sentiment of the time. The Mergers Acquisitions Database is an invaluable tool for energy executives and professionals engaged in upstream oil and gas transactions who need to know, who. Get breaking Finance news and the latest business articles from AOL. From stock market news to jobs and real estate, it can all be found here. Five Companies That May Not Survive Past 2014 By Jonathan Berr Fiscal Times December 27, 2013. Wall Street is a sucker for a good comeback story, and it got plenty of. Duke Street is a longterm investor in the healthcare space, making our first investment in 1997. Since then we have deployed c. Torrent Options As A Strategic Investment Advisors' title='Torrent Options As A Strategic Investment Advisors' />1 I celebrate myself, and sing myself, And what I assume you shall assume, For every atom belonging to me as good belongs to you. I loafe and invite my soul. So we decided to restructure the fund and we received overwhelming support with 8. LP group. Lazard was hired to run a process before the summer of 2. September there were a handful of potential buyers willing to provide cash. Goldman Sachs offered the highest price as well as tabling new money to fund future deals as a cornerstone investor up to 5. GPs equity ticket, says Almond. Spanish investment group Arcano also took part in the process and agreed to work alongside the lead bidder at the syndication phase. For those rolling over, we wanted to keep the terms the same, so no different to what they would have been if we had extended the life of the fund, says Almond. Super Street Fighter 4 Pc Skidrow Update 3. And for those cashing out, we wanted to maximise the price it was at a price that was a premium to the NAV of the fund. Duke Street says it is adopting a hybrid model for the next phase of its investment journey, moving away from its deal by deal approach, since they now also have cornerstone funds at their disposal. For a new deal, the GP contribution will be 3 5, the cornerstone fund contributing 5. French investment bank Tikehau acquired a 3. Duke Street business in 2. Almond. Challenge or opportunity. A few years ago, the GP moved away from fund based investing to a deal by deal approach. It wasnt all smooth sailing, especially since the model wasnt as common here in Europe as it is in the US, but we have proved ourselves now with five deals under our belt, which have a combined EV of 7. Almond. The market has been evolving and some LPs who said they couldnt invest with a fundless sponsor only 1. We have a club of circa 2. LPs who co invest in our deals, several of them have been repeat investors. Our most recent deals have been heavily oversubscribed. Now GS and Arcano have given us further support with the new cornerstone fund, we have plenty of fire power. Indeed, the co investment market in general is more established now, and most GPs admit there is increasing appetite for it. Not only is there money to deploy since returns have been so good, LPs are getting savvier about reducing fees. When asked whether Duke Street will ever fundraise again, Almond concedes it would never say never. However, it is keen to give the hybrid model a chance to succeed, especially given the apparent advantages of flexibility and deal by deal carried interest. The 1. I think well start seeing some different and more flexible models on the periphery, says Almond. Duke Street typically calls on three to five co investors for each deal and the LPs range from family offices such as Souter Investments to blue chip institutions like Deutsche Bank, Alberta Teachers and Allstate Insurance. Same but different. The GPs focus on four sectors services, healthcare, consumer and industrials remains unchanged. It continues to look at companies with an EV of 5. Voyage Care was a chunky 3. Duke Street will typically contribute a 6. We dont often go into auctions as the companies we like to invest in can sometimes need quite a bit of operational or strategic change and may not appeal to everyone or suit a process, Almond says, citing the acquisitions of Ardent and Mediglobe where there were messy shareholder structures to buy out. With this in mind, the hope is for an investment rate of up to three deals a year. And in terms of tapping the debt markets for financing, Duke Street is fairly open to the range of options. It used mezzanine for Laurel Funerals ABL for Ardent bonds for Voyage and Wagamama and a group of local German banks for Mediglobal. Deal by deal track record. Since adopting the deal by deal approach four years ago, Duke Street has acquired five companies and exited two. Laurel Funerals was acquired in 2. Dignity and August Equitybacked FSP in 2. Baywater Healthcare was acquired in 2. Irish division then sold to Air Liquide in 2. The GP also acquired Voyage Care in 2. Ardent out of the acquisitions of Fork Rent and One Call in 2. German medical equipment maker Medi. Globe in 2. 01. 6. Longer term returns are understood to be more than 2x with an IRR approaching 3. Key People Peter Taylor, managing partner, joined Duke Street in 1. Bridgepoint. He is a specialist in the consumer sector. Charlie Troup, managing partner, joined Duke Street in 2. Permira and HSBC Private Equity now Montagu on secondment from Deloitte and Touche. Stuart Mc. Minnies, managing partner, joined Duke Street in 2. His main sector expertise is in business services. James Almond, partner, joined Duke Street in 2. Octopus Investments and is responsible for fundraising, running the co investment programme and investor relations.