Sageview Capital Backs Software Maker Specright (The Wall Street Journal)
Sageview Capital led a $30 million investment in Specright Inc., which helps companies digitally map their supply chain, to help finance expansion to meet surging demand. Specright aims to accelerate hiring over the next year and extend its reach internationally with the new capital. Previous investors including Pritzker Group Venture Capital also participated in the Series B investment.
Third Point Investors Rejects Call for EGM (Investment Week)
Third Point Investors Limited (TPIL) has refused shareholders’ calls for an emergency general meeting to instigate a new investment policy as it says the proposed resolution falls under the legal definition of ‘ineffective’. In a stock exchange announcement, the board of the £1bn investment company said the changes proposed by the shareholders would legally need to be through a special resolution, rather than an ordinary resoluation.
Egypt’s food delivery app Elmenus raises $10mln from Fawry, Luxor Capital (Zawya.com)
Cairo-based food discovery and ordering platform, Elmenus, has secured $10 million in a series -C investment round led by the country’s e-payment unicorn Fawry. Luxor Capital Group, a New York-based hedge fund, and Marakez, a leading Egyptian real estate developer also contributed to the round. With this deal, the funds raised by the ten-year-old company have reached a total of $ 19.5 million.
Hedge Funds See the Crypto Market Decline as an Investment Opportunity (Investing.com)
Crypto market capitalization is down more than 40% since its $2.5-trillion high back in early May, but institutional investors continue to pile into the market. Despite Bitcoin (BTC) losing over half of its United States dollar value and altcoins tanking almost 70% on average, big-money players like hedge funds are still taking up digital currency investment positions.
Silver Creek Capital Adds MD to Hedge Fund Investment Team (Hedge Week)
Silver Creek Capital Management (Silver Creek), a boutique alternative investment manager, has appointed Brendan Connor, former Executive Director and a strategy head within the Absolute Return Strategies group at GCM Grosvenor, as a Managing Director. In this role, Connor will serve as a portfolio manager for select Silver Creek hedge fund strategies and build upon the firm’s longstanding history of managing a diversified portfolio of long-term alpha generators irrespective of market conditions. Based in Seattle, Connor reports to Art Zaske, Silver Creek’s Deputy Chief Investment Officer.
David Tepper’s Next Play: Private Equity With a Side of Sports (Bloomberg)
Hedge fund manager David Tepper, best known for his stock-picking prowess, is devoting a piece of his personal fortune to private investing. Tepper — worth about $14.5 billion — has become the founding investor for a private equity firm that plans to invest in growth companies, special situations and the media and sports sectors, according to regulatory filings and a person familiar with the matter.