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eNewsletter no. 365 23.Apr 2013 Navigation SECA Dear Reader Venture Capital Private Equity – Swiss News Private Equity – Int. News Corporate Finance Mergers & Acquisitions Management Buyout Book of the Week Jobs Ski resorts from Verbier to Chamonix are developing financial communities as traders and fund managers swap the London underground for Alpine adventure in the wake of the financial crisis. This has been just recently written in the news from Bloomberg. “The enclave of traders, money managers and ultra-high net-worth individuals managing their own capital has increased in prominence,” said Alex Hoye, who co-founded The Faction Collective ski equipment and clothing company in Verbier. “They seem to be laying deeper roots rather than just taking a Agenda year out of the City in the mountains.” Editor “Sound of body, sound of mind,” said Everard, a 53-year- old Dutchman, who set up his global trading fund five years ago. “The business environment here is very friendly. There is really Toolbox Print Newsletter Send Newsletter to a Friend Download as PDF no reason to sit in a big financial center.” With the U.K.’s financial industry cutting about 140,000 jobs since the start of 2008, the appeal of lower-cost Alpine bases may increase. While compliance can be a burden and a shortage of qualified professionals limits the growth potential, modern trading technology makes managing money from Verbier and Chamonix possible. “It’s for people who want to take the risk,” some fund manager said to Bloomberg. “Verbier isn’t going to take the place of a London but it’s much easier to operate from ski resorts now.” Have a nice week! Maurice Pedergnana SECA EVCA on Venture Capital It is with pleasure that theEuropean Private Equity and Venture Capital Association is able to present its report Smart choice: The case for investing in European venture capital. If you thought you knew European venture capital, it's time to look again. The combination of highly motivated entrepreneurs and experienced venture capital fund managers with the right skills to commercialise innovation on a global scale now make European venture capital a compelling investment story that investors should not miss. The case for investing in European venture capital OAK BV erlässt Weisung zu den Vermögensverwaltungskosten Unter folgendem Link finden Sie die aktuelle Medienmitteilung der OAK BV betreffend den Weisungen zu den Vermögensverwaltungskosten. Wir von der SECA Swiss Private Equity & Corporate Finance Association werden die Konkretisierung auf die Privatmarktanlagen an der Konferenz vom 3. Juli 2013 in Zürich thematisieren. Medienmitteilung 1. SECA Andermatt Day Donnerstag, 13. Juni 2013, Andermatt In Andermatt entsteht ein neues exklusives Ganzjahres-Ferienresort. Sechs neue Hotels im 4- und 5-Sterne-Segment, rund 500 grosszügige Wohnungen in 42 Häusern und 25 luxuriöse Villen umfassen dieses Projekt. Dabei orientiert sich die Realisierung streng an den Nachhaltigkeitsgrundsätzen Ausgleich zwischen ökonomischen, ökologischen und gesellschaftlichen Aspekten. Präsentation und Diskussion mit (Änderungen vorbehalten) Gerhard Niesslein Verwaltungsratsmitglied von Andermatt Swiss Alps AG und CEO der Orascom Development Holding AG Robert Fellermeier Managing Director von Andermatt Swiss Alps AG Bernhard Russi Verwaltungsrat Andermatt Swiss Alps AG Flyer weitere Informationen und Anmeldung Banking & Finance in Indien und China 2013 31.07 - 12.08.2013, Indien/China Die meisten IPO, die grössten Kundenstämme, die höchsten Wachstumsraten: Wer von Indien und China spricht benutzt meistens Superlative. Entwickeln sich Indien und China immer mehr zu einer Supermacht? Wie funktioniert der Finanzsektor vordergründig und hinter den Kulissen? Wir werden in einem einmaligen und zugleich einzigartigem Programm vieles über Banking und Finance und die damit verbundenen zentralen Themen in den aufstrebenden Volkswirtschaften erfahren und mit zahlreichen Exponenten Gespräche führen. weitere Informationen und Anmeldung Venture Capital Media Monitoring Eine schöne Vision allein genügt nicht Neuer Investor für Capnamic Ventures evobis Venture Conference: Kapital für die Wachstumsphase Die Exit-Strategien eines Startups: So funktioniert der Verkauf iLiga sammelt von Earlybird 10 Millionen Euro ein Wenn ein Engel gebraucht wird Startups: Hände wie Schraubstöcke! Alex Farcet: Ein Bootcamp für Engel – Investoren erhalten Nachhilfe ZKB Pionierpreis geht an SwissLitho AG Der ZKB Pionierpreis ist einer der wichtigsten Innovationspreise der Schweiz. Er prämiert jährlich ein technisches Projekt an der Schwelle zum Markteintritt. Er zeichnet sich durch den Transfer zwischen Wissenschaft und Wirtschaft, Kreativität, Innovationswert, Marktnähe und gesellschaftlicher Relevanz aus. Der gestiftete Preis ist mit dem 10'000fachen Wert der Zahl Pi Quadrat, nämlich CHF 98'696.04 dotiert, ging an SwissLitho AG. Logistics Company looking for investors KADMOS Capital is advising high-growth Odessa-based (Ukraine) 3rd party logistics company in raising capital for debt restructuring and investment program. Full marketing and financial data available to qualified PE and/or industrial investors. Auris Medical closes funding round led by Sofinnova Partners and Sofinnova Ventures On 16/04/13 Auris Medical AG, a Basel, Switzerland-based cochlear therapy developer, announced that it has closed a third round (Series C) of funding worth CHF 47.1 million from Sofinnova Partners SAS and Sofinnova Ventures Inc.. Source: Zepyhr MeinEinkauf.ch kommt gut an Vor einigen Monaten wechselte b-to-v-Mitgründer Jan Bomholt in das Lager der Internet-Unternehmer und gründete MeinEinkauf.ch. Nun kann das Jungunternehmen von positiven Beurteilungen von Kunden und dem Konsumentenmagazin Saldo berichten. PowerbyProxi secures funding from TE Connectivity and Movac On 16/04/13 it was announced that PowerbyProxi Ltd, an Auckland, New Zealand-based wireless power products manufacturer, has secured a USD 5 million Series C (third) funding round from TE Connectivity Ltd (Schaffhausen, CHF 250 million equity) and its existing investor, Movac Ltd. Source: Zephyr Sophia Genetics raised CHF2.8 million Sophia Genetics enables health professionals, researchers and the pharmaceutical industry to make use of genetic information by providing the generation, analysis, and secure, centralized storage of gene sequence data. Now the start-up from Lausanne raised CHF 2.8 million, reports the EPFL. Source: Startupticker.ch Private Equity – Swiss News CastlePE reports holding over 10 per cent of its own shares Castle Private Equity AG informs that, as a result of share buybacks, it currently holds over 10 per cent of the company's shares. The relevant filing with the SIX Swiss Exchange can be found at: Link Neuer Fonds bei AFINUM mit Euro 280 Mio. AFINUM gibt das erste und letzte Closing ihres vierten Midcap Buyout-Fonds, AFINUM Siebte Beteiligungsgesellschaft mbH & Co. KG, an der Obergrenze von 280 Mio. EUR nach nur fünf Monaten Fundraising bekannt. Damit verfügt die Gesellschaft für die nächsten Jahre wieder über ausreichend Mittel für attraktive Beteiligungen an mittelständischen Unternehmen in der Schweiz, Deutschland und Osterreich. Private Equity – Int. News Media Monitoring Private-Equity-Investor Riverside ernennt Peter Schaberger zum Partner StepStone schliesst Secondary Private-Equity-Fonds bei 450 Millionen US-Dollar Lenzing verkauft Plastics-Unit an Private Equity-Häuser Investoren gesucht: Neue Milliardenfonds für Übernahmen Blackstone vergeht die Lust an Dell Überraschung: CVC übernimmt mit Hengeler wieder das Ruder bei Ista China in Europa auf Einkaufstour Wie spaltet man eine Bank? Private Equity mit robuster Entwicklung seit der Finanzkrise / Absolut ... Zypernkrise bringt Private-Equity-Fonds nicht aus der Ruhe IPO-Experte Kaserer erwartet "in den nächsten drei Monaten eine grössere IPO-Welle ... SeaWorld springt mit Salto an die Börse IPO: ING hofft bei Börsengang von US-Tochter auf Milliarden Preqin Private Equity Quarterly Index Report April 2013 The latest figures for the PrEQIn Index, the first index to cover the whole of the global private equity industry, are now available. Private Equity Quarterly Index - PrEQIn - April 2013. Studie Risikokapital in Österreich Die AVCO freut sich, die im Auftrag des Bundesministerium für Wirtschaft, Familie und Jugend und der aws erstellte Studie „Risikokapital in Österreich – Angebots- und Nachfrageseitige Erklärungsfaktoren für die geringe Ausprägung“ zu veröffentlichen.Mit der Durchführung wurde das Projektteam bestehend aus AVCO, Improveo, WIFO, KPMG beauftragt. Studie zum Downloaden DPE Deutsche Private Equity provides growth equity to SLM Solutions Germany’s DPE Deutsche Private Equity has completed a growth capital investment in SLM Solutions, a manufacturer of metal-based additive manufacturing technologies. DPE was launched by Marc Thiery and Volker Hichert in December 2007 with the backing of Parcom Capital, a pan-European investment subsidiary of the Dutch ING Group. The firm is currently investing a €250m fund, targeting €5-50m equity investments in German, Swiss and Austrian mid-market companies with enterprise values of €10m €150m in sectors including business services, education, healthcare, industrial technology and alternative energy/environment. Ducati – the brillant turnaround by a private equity investor There is a Harvard Business School case written in February 2013 before Investindustrial's triumphant sale of Ducati to Audi. The case examines how the firm turned around its sputtering motorbike manufacturer. In early 2012, Investindustrial, a European private equity group, publicly announced their intention to sell their 76.7% stake in Ducati Motor Holding S.p.A., an iconic Italian producer of sport performance motorcycles. The decision followed a six-year turnaround during which Ducati returned to profitability and significantly expanded its product line. Investindustrial's team had the following exit alternatives: 1) a trade sale to an automotive buyer; 2) a secondary buyout, partial or complete, by a financial investor; 3) a relisting in Hong Kong. Each option had its pros and cons, but all required a careful valuation of Ducati to maximize the investors' return on their flagship investment. Investindustrial has sold Italian motorcycle designer and manufacturer Ducati to Audi AG, a deal believed to be worth slightly less than €900m. The sale sees Investindustrial reap an almost 3x money multiple on its investment. Canadian co-investor Hospitals of Ontario Pension Plan and Italian investor BS Investimenti have also sold their stakes in Ducati to Audi. Silver Lake raises $10.3bn fund Global investment firm Silver Lake has raised over $10bn for it latest large-cap technology investment fund, Silver Lake Partners IV. This is the largest ever technology private equity fund. Investors include public and corporate pension funds, sovereign wealth funds, endowments, foundations, funds of funds, family offices and individual investors. Silver Lake Partners IV pursues large-scale private investments in companies within the technology, tech-enabled and related growth industries. It invests in the broad value chain and sub-verticals of the global technology sector, from semiconductors, cloud computing, and IT infrastructure to tech-enabled financial markets, transaction processing, mobile communications, and e-commerce. Located in New York, Menlo Park, San Mateo, London, Hong Kong, Shanghai and Tokyo, the firm is led by Managing Partners Mike Bingle , Jim Davidson , Egon Durban, Ken Hao , and Greg Mondre, and has approximately 100 investment professionals. Silver Lake also invests in Europe. The firm's European investments include the acquisition of a majority stake in German recycled plastic processor friedola Tech from WHEB Partners; the €1bn SBO of travel payment service provider Global Blue from Equistone; and the sale of Skype to Microsoft, which saw the investor reap a $2.9bn windfall. Corporate Finance Media Monitoring Grünes Licht für Börsengang der Thurgauer Kantonalbank EU Kommission prüft an der CMS Competition Conference Fusionskontrolle auch für Minderheitsbeteiligungen Die EU Kommission denkt über eine Erweiterung der Kontrollpflichten bei Unternehmensbeteiligungen nach. So könnten künftig auch Minderheitsbeteiligungen einer Fusionskontrolle unterzogen werden. Das kündigte ein hochrangiger Vertreter der EU-Behörde auf der CMS Competition Conference in Brüssel an, zu der sich alle zwei Jahre mehr als 200 internationale Wettbewerbsrechtsexperten aus Unternehmen, von Behörden und Gerichten treffen. Die EU Kommission möchte zur Erweiterung der europäischen Fusionskontrollregeln noch in dieser Amtszeit ein Diskussionspapier veröffentlichen, das konkrete Änderungsvorschläge benennt. "Durch die Fusionskontrolle auch für nicht-kontrollierende Minderheitsbeteiligungen würde die Zahl der Verfahren in Brüssel deutlich erhöht, weil Unternehmen derartige Minderheitsbeteiligung bislang nicht bei der EU prüfen lassen müssen," sagte Dr. Patrick Sommer, Leiter der Kartellrechtsgruppe von der CMS Schweiz. Fusionsprojekte könnten sich so zeitlich in die Länge ziehen. Medienmitteilung NEK Group acquires Mr C. Dica's stake in Eolica Dobrogea (Schweiz) On 10/04/13 Eolica Dobrogea (Schweiz) AG, a Pfäffikon, Switzerland-based wind energy project developer holding company, announced that NEK Group AG acquired Mr C. Dica's 17 per cent stake in the company. Previously, NEK Group owned a 50 per cent stake, therefore, it now holds 67 per cent. The remaining 33 per cent in Eolica Dobrogea is held by Rokura Srl. Source: Zephyr Swiss Life Holding to sell specialist life insurance unit in the US: Crown Global Insurance in preliminary talks On 28/03/13 it was reported that Swiss Life Holding AG is looking to sell a specialist life insurance unit in the US. Financial terms were not disclosed. Reportedly, The Crown Global Insurance Company Group is in preliminary discussions to acquire the business. Swiss Life had reportedly been considering options for the business for the past two months. Source: Zephyr Mergers & Acquisitions New M&A reports on Cleantech and Biotech Please find hereunder the new Zephyr M&A reports that you might be interested in: Cleantech March 2013 Biotech March 2013 AKO Capital acquires FlexGas from FlexStrom On 12/04/13 AKO Capital AG announced that on 11/04/13 it has acquired FlexGas GmbH, a Berlin, Germany-based natural gas distribution services provider, from FlexStrom AG. FlexGas will be renamed to FairTrade Gas. Source: Zephyr Ares Life Sciences agrees Planet Biopharmaceuticals buy Healthcare-focused investor Ares Life Sciences (established in 2008 as an investment partnership with the backing of the Bertarelli family) has announced a transaction to pick up Planet Biopharmaceuticals and its subsidiary Antigen Laboratories, a supplier of allergenic extracts and ancillary supplies based in Missouri. The deal is in line with the acquiror’s plans to focus on the allergy immunotherapy market in the US, which it expects to grow considerably over the coming years. Geneva-based Ares Life Sciences’ chief executive Jacques Theurillat said it would complement the firm’s existing investments in the sector. ABB snaps up Power-One ABB is taking US renewable energy products manufacturer Power-One private for an equity value of USD 1.03 billion in an effort to accelerate its expansion in the growing solar photovoltaic (PV) inverter market. The Zurich-headquartered power and automation technology group revealed it is tabling a friendly offer of USD 6.35 per share in cash, representing a 57.2 per cent premium to the Californian manufacturer’s undisturbed closing price of USD 4.04 on 19th April. Power-One is also an attractive target as it has a power solutions portfolio that is in line with ABB's energy conversion business. Source: Zephyr Agrofert Holding may purchase media assets of Ringier Axel Springer Media On 18/04/13 it was reported that Agrofert Holding AS is interested in purchasing Czech and Slovak media assets of Ringier Axel Springer Media AG, a Zurich, Switzerland-based multimedia publishing services provider. The consideration can reach up to EUR 300 million. Source: Zephyr Banque Syz & Co increases stake in Banca Albertini Syz &C On 18/04/13 Banque Syz & Co. SA (Syz) announced that it has acquired an additional 14.3 per cent stake in the holding company of Banca Albertini Syz & C SpA, a Milan, Italy-based private banking services provider, from Mr Giampaolo Gamba and Mr Ernesto Marelli. As a result, Syz has increased its interest in Banca Albertini's holding company from 50 per cent to 64.3 per cent. The remaining 35.7 per cent interest is held by Mr Alberto Albertini. Source: Zephyr ILFORD Group has acquired TECCO On 16/04/13 ILFORD Group AG announced that it has acquired TECCO GmbH, a Bergisch Gladbach, Germany-based coated and uncoated media supplier and converter. Source: Zephyr Medienmitteilung La Montre Hermes increases stake in Joseph Erard On 19/04/13 it was announced that La Montre Hermes SA, a subsidiary of Hermes International SCA, has increased its stake and now holds an undisclosed majority stake in Joseph Erard Holding SA, a Le Noirmont, Switzerland-based watch parts manufacturer. It already held a 32.5 per cent stake in Joseph Erard since September 2011 and increased it by an unknown stake to hold a majority stake. Source: Zephyr Management Buyout HgCapital closes £2bn European buyout fund HgCapital announced the 15 April 2013 final closing of its latest private equity fund, HgCapital 7. The £2 billion fund will provide broad coverage of the Northern European mid-market through its four sector teams, dedicated portfolio management group, and investment offices in London and Munich. (Non SECA member) Credit Suisse Group advised on the fundraising. Book of the Week Die neuen Asiaten Vorweggenommen sei gleich, dass es sich sehr (!) lohnt, dieses jüngste Buch von Urs Schoettli zu lesen. Es ersetzt – oder zumindest ergänzt – manche Tageslektüre, die aus dem Kontext gerissen kaum wirklich eingeordnet werden kann. Mit einer typisch schweizerischen Gliederung geht der Autor den zentralen Entwicklungen in China, Indien und Japan, aber auch den "Tiger"-Staaten nach. Dabei spielt er mit dem Perspektivenwechsel, geht auf Bildungs- und Erziehungsthemen ein und behandelt das islamische Asien. Beispielsweise Indonesien mit seinen 240 Millionen Einwohnern mit einer ausgeprägten muslimischen Identität und einem sich stark urbanisierenden Mittelstand. Die Herausforderungen der Moderne, für einmal nicht aus der Perspektive eines Investments-Fondsmanagers, in solchen Ländern wird feinfühlig, aber manchmal allzu statistisch-nüchtern erläutert. In einem Alter, in dem andere in die Pension gehen, vermittelt der Autor sein hellwaches, differenziertes Beobachten der asiatischen Gesellschaften. read more Jobs How to publish a job ad On this place your Job ad could be published. If you are interested please send an e-mail with you Job Ad, the company logo and a short description about the Job and/or the Company to info@seca.ch. for SECA Members CHF 100.- CHF / 2 Weeks for Non-Members CHF 200.- / 2 Weeks Agenda The 16th MedTech Investing Europe Conference 25 & 26 April 2013, MCH Beaulieu, Lausanne Welcome to the 16th MedTech Investing Europe Conference, the leading MedTech investment conference in Europe. We will again bring together game-changing technologies and leading entrepreneurs with a wide range of MedTech investors including VC’s, angel investors, leading MedTech corporations, private wealth holders, family offices and many more. SECA Members benefit of a discount of 40%. More information and registration BAI - Alternative Investor Conference 14 & 15 May 2013, Frankfurt Die zweitägige Veranstaltung mit dem Schwerpunkt Alternative Investments ist der jährliche Branchentreff in Deutschland, auf dem sich insbesondere institutionelle Investoren, aber auch Anbieter, Aufseher und Dienstleister über neueste Entwicklungen in der AI-Industrie austauschen können. Themen wie u.a. die Welt der Insurance Linked Securities, Ausgestaltungsmöglichkeiten von Infrastrukturinvestments und kapitaleffiziente Investments in Erneuerbaren Energien, globale Megatrends und deren Auswirkungen auf das Private Equity-Umfeld, neue Risikomanagementansätze für Alternative Investments sowie AIFMD und Solvency II werden diskutiert. SECA Mitglieder profitieren von einem Rabatt von 20%. weitere Informationen und Anmeldung bioInnovation Day 2013 15 May 2013, University of Geneva BioInnovation Day is an established regional partnering event intended to provide a constructive interface in life sciences between researchers, scientist-entrepreneurs, investors, start-ups and economic decision-makers. In 2013, the edition of the BioInnovation Day will take place on 15th May at the Centre Médical Universitaire, University of Geneva. more information and registration 3. New Energy Investor Summit 21 & 22 May 2013, Rüschlikon Damit Sie effizient Ihre passenden Geschäftspartner finden, werden am Investor Summit das Top-Management von finanzkräftigen Investoren, Projektentwicklern und Anbietern von Investitionsgefässen vernetzt. Die Meetings ermöglichen Ihnen, wichtige Akteure des Marktes zu spüren und neue Geschäftsbeziehungen auf oberster Führungsebene aufzugleisen. SECA Members profitieren von einem Spezialpreis bis zum "closing" (CHF 1'390.--). Bitte benützen Sie den Promotions-Code bei der Anmeldung, um vom Spezialpreis profitieren zu können: "SECA-Mem13" More information and registration Prepared by investors for investor - 16th Edition Grenoble-Alpes 22 & 23 May 2013, Congress Center of the Grenoble World Trade Center Identify top 30+ high-growth venture-backed regional companies from investors active in Europe. Introduce them to key European, US and Asian investors and professionals who can assist in their global expansion. A special price of CHF 300 is granted to SECA members. To obtain this promotion code please contact Marianne Zutter (e-mail). more information Alpine Venture Forum 18 June 2013, Starling Hotel Lausanne Come join the Alpine Venture Forum, a unique platform and event promoting a dynamic and professional image of innovative entrepreneurship and venture capital, connecting Swiss investors to a large network of EU investors and entrepreneurs in Life Sciences, Clean Technology and Information Tehnology from Switzerland and surrounding regions. A discount of 25% is available for all SECA members. To obtain this promotion code please contact Marianne Zutter (marianne.zutter(at)seca.ch. more information SuperReturn Emerging Markets 2013 24 to 27 June 2013, Hôtel Intercontinental Genève A forum for 120 LPs and 200 GPs to compare and contrast investment opportunities across growth markets including Sub-Saharan Africa, Mexico, Andean Region, Brazil, China, Indonesia & Turkey. Extensive networking features for LPs to connect with European and regional GPs. SECA members: 15% Discount - Quote VIP: FKR2339SECA on the link: SuperReturn more information Forthcoming SECA Events - save the date SECA Annual General Meeting Wednesday, 8 May 2013, 15.30 - 18.00 Widder Hotel, Zurich 1. SECA Andermatt Day Donnerstag, 13. Juni 2013, Andermatt SECA Private Equity & Corporate Finance Conference Wednesday, 3 July 2013, SIX Convention Point, Zurich Study Tour Banking & Finance in India and China 31 July - 11 August, 2013, India & China TOP 100 Swiss Startups 2013 18. September 2013, Zurich SECA Private Equity Workshop 08. November 2013 & 09. November 2013 22. November 2013 & 23. November 2013 Forthcoming Young SECA Events 5. Young SECA Get Together 05.09.13, 19.00 - 22.00, Zurich Young SECA Evening Event 16.10.13, 19.00 - 19.00, Widder Hotel, Zurich 6. Young SECA get Together 14.11.13, 19.00 - 22.00, Zurich Forthcoming related Events Go Beyond Deal Terms - Part 1 22.04.13, Webinar Go Beyond Deal Terms - Part 2 24.04.13, Webinar The 16th MedTech Investing Europe Conference 25./26.04.2013, Lausanne Go Beyond Healthcare Awareness Seminar 29.04.13, Zurich Go Beyond Healthcare Investment Event 29.04.13, Zurich BAI - Alternative Investor Conference 14./15.05.2013, Frankfurt 3. New Energy Investor Summit 21./22.05.2013, Rüschlikon 41st Swiss Venture Day 11.06.2013, SIX Swiss Exchange, Zurich 09.00 - 12.30 - Angelday / 14.00 - 18.00 - SVday Les forums de Neode - Gestion de croissance des entreprises: défis et réalité 13.06.13, La Chaux-de-Fonds The AlpineVenture Forum (AVF) 18.06.2013, Lausanne SuperReturn Emerging Markets 2013 24.-27.06.2013, Genève Study Tour Banking & Finance in India and China August 2013, Mumbai, Hong Kong, Shanghai, Peking 42nd Swiss Venture Day 11.09.2013, SIX Swiss Exchange, Zurich 09.00 - 12.30 - Angelday / 14.00 - 18.00 - SVday 10th CEO Day 23.10.2013, Stade de Suisse, Berne 43rd Swiss Venture Day 11.12.2013, SIX Swiss Exchange, Zurich 09.00 - 12.30 - Angelday / 14.00 - 18.00 - SVday Editor Editor SECA eNewsletter is a free online newsletter published by Maurice Pedergnana, Managing Director of the SECA Swiss Private Equity & Corporate Finance Association, received by more than 3'000 email addresses. More information: www.seca.ch or +41 41 757 67 77 (Andrea Villiger). The eNewsletter archive service is available only for SECA members. © 2017 SECA powered by endurit gmbh