Ukraine’s VC and PE association launches fund of funds 

The Ukrainian Venture Capital and Private Equity Association has launched the Ukrainian Fund of Funds, an investment vehicle enabling investors to deploy capital into local funds through an intermediary. The expected initial size is $300m. 

The Ukrainian FoF is currently open to capital-raising from investors interested in Ukrainian VC and PE projects. The vehicle was first conceived in 2016.

In a press statement, the UVCA said that the investment vehicle’s primary targets include AVentures Capital, ICU Ventures, Freedom One VC, Digital Future, Flashpoint, One Way Ventures, FfVC, Ukrainian Phoenix, ZAZ Ventures, Network VC, 3X Capital, Flyer One Ventures, SID Venture Partners, 1991 Ventures, Rada Capital and Green Flag Ventures.

The investment vehicle will be led by Ertan Can, who in 2018 launched Multiple Capital, a European private fund of funds focused on emerging managers. The firm has invested in 48 funds since inception.

Europe must avoid ‘disaster’ of trade decoupling as it eyes China tariffs, EU’s economics chief says

Europe needs a “more mature” attitude to trade and must avoid a global decoupling while it secures its economy and addresses Chinese state subsidies, the EU’s economics chief Paolo Gentiloni told CNBC on Wednesday. “The characteristic of the EU economy is to be more open, more influenced by trade, and less by only internal consumption,” Gentiloni said. He also said several factors would boost the EU economy in the year ahead, including a rise in private consumption, falling inflation and high employment.

The European Union must avoid a harmful decoupling of global trade as it mulls tariffs on Chinese electric vehicles and other goods, the bloc’s economic chief said Wednesday.

“I think that as far as Europe is concerned we need a more mature attitude in our trade, securing our economy … especially with China,” European Commissioner for Economy Paolo Gentiloni told CNBC’s Silvia Amaro.

Gentiloni said the EU’s ongoing anti-subsidy probes covering the EV market and wind turbines, addressing concerns that China is overwhelming global markets with green energy products.

These enquiries are a way to understand whether the subsidies prodvided by the Chinese government to domestic firms are “disrupting any chance for European companies,” Gentiloni said.

“But this is not bringing us to a theory of decoupling of global trade, which would be a disaster for both parts of the decoupling,” he said.

“The characteristic of the EU economy is to be more open, more influenced by trade, and less by only internal consumption. This is the reason, the economic reason, why it is in the interest of the European Union to keep the doors of trade open.”

The U.S. on Tuesday announced hefty tariff hikes on $18 billion worth of Chinese imports, across EVs and the lithium-ion batteries used in them, solar cells, steel and aluminum.

China argues that its EV market is growing due to innovation rather than state subsidies, and says the U.S. Inflation Reduction Act — which has also sparked protectionism concerns among EU officials, including Gentolioni — is subsidising U.S. manufacturing.

Meanwhile, several EU nations are nervous about potential Chinese retaliatory trade measures hitting important domestic industries, from German automotives to French cognac.

That comes as the bloc looks to recover from years of sluggish economic growth and a shallow recession in the latter half

CNBC

Quilvest Capital Partners appoints first Global COO

Quilvest Capital Partners, a global mid- and lower mid-market alternatives investment manager with over $7bn in AUM, has appointed John Eggleston as its first Global COO and Partner.

Eggleston will oversee finance, operations and technology functions. Based in Quilvest’s London office, he will also serve on the firm’s executive committee.

Eggleston’s experience includes co-founding Callcredit and previously serving as a Partner at both BGF and Pantheon Ventures.

Mutares acquires German shopfitting provider as add-on 

Private equity holding company Mutares has agreed to acquire FSL Ladenbau from shareholders Christian Füßer, Marion Füßer and Guido Krümpel, serving as an add-on acquisition for the GanterGroup, a general contractor in interior finishing.

The transaction marks the fifth this year for the firm and is expected to close by the end of Q2 2024.

FSL Ladenbau provides shopfitting services and was founded in 1973. In a press statement, Mutares said that FSL planned to see €15m in revenues in 2024.

Robin Laik, CEO and founder of Mutares, added that the acquisition would bring “complementary customer portfolios and own production capabilities that enhance our competitive position in the market”.

Mutares is headquartered in Munich and focuses on companies in special situations with operational improvement potential, which are then sold again after undergoing repositioning and stabilisation.

Basel III endgame: why moving fast might prove better for banks

US Republicans have been clear about what they want regulators to do with controversial proposed prudential rules: go back to the drawing board. But perhaps they need to be careful what they wish for. In practice, a fast track to finalising the US implementation of the Basel III banking standards may require the three federal regulators to scale back their ambitions, which would be more in line with what Republicans and bank lobbyists have been seeking.

Federal Reserve Governor Michelle Bowman

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Sustainable investing continues to confuse investors despite FCA labels

According to a Boring Money study, even after the labels, which are part of the Sustainability Disclosure Requirements, were explained to consumers, a quarter said they were still unsure as to which label best aligned with their requirements for a sustainable fund. FCA eyes extension of SDR remit to include portfolio managers Even among more confident “savvy” investors, around 20% were left puzzled, the firm found. Of the four incoming labels, consumers singled out ‘Sustainability Improvers’ as the least popular. Boring Money CEO Holly Mackay said: “We have been tracking consume…

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Charted: How Democrats and Republicans View Government Agencies

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May 15, 2024 Graphics/Design:

See this visualization first on the Voronoi app.

How Democrats and Republicans View Government Agencies

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Forget the presidential race, the partisan divide in America can also be seen by how Democrats and Republicans feel about key government agencies.

We visualize the net favorability ratings of 16 federal government agencies, based on respondent party affiliation.

To find this data, Pew Research Center surveyed more than 10,000 adults, between March 13-19, 2023. View their methodology page for more details about the survey, the questions asked, and the results obtained.

ℹ️ Example calculation: This survey shows net favorability. As an example of how the score is calculated, 80% of the Democrats rated the CDC “favorable” and 15% rated it “unfavorable.” Therefore, CDC’s net favorability rating with Democrats is 65. Republicans Don’t Like How the CDC Handled the Pandemic

The division in net favorability is deepest for three federal government agencies. While the CDC garnered a net favorability rating of 65 from Democrats, more Republicans rated the agency unfavorably, leading to a net favorability rating of -32.

Similarly, with the EPA and the Department of Education, the difference in net favorability between the two voting sides is as high as 70–80 points.

Federal AgencyRepublican Net
Favorability RatingDemocrat Net
Favorability Rating 🔬 CDC-3265 🌿 EPA-1562 📚 Department of Education-3632 🚗 Department of Transportation-1846 💉 Health and Humans Services-855 💰 Federal Reserve-2031 🕵️ FBI-1543 💼 IRS-3513 💼 Social Security Admin1452 🕵️‍♂️ CIA-830 ⚖️ Justice Department-1023 🛡️ Homeland Security427 📮 USPS4867 🚀 NASA5873 🏞️ Park Service7280 🎖️ Veterans Affairs2532

Pew Research Center notes that Republicans didn’t always view the CDC quite so unfavorably, though a direct comparison is impossible.

Nevertheless, per the source, in March 2020, 84% of surveyed Republicans expressed positive views of the CDC’s performance. By October 2022, just 32% said the CDC had done an excellent or good job of handling the pandemic.

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