She added that Veritas did not usually back inaugural fund launches, but that Livonia was “very well connected within the local economies.”She added: “Building regional champions instead of country-specific winners makes a lot of sense. Economic growth in the Baltic region is among the strongest in Europe and the fundamentals are in good shape.”Kristo Oidermaa, portfolio manager at LHV Pension Funds Oidermaa added that the fund commitment fit well into its existing strategy, allowing it to benefit from growth in the Baltic market.“Our investment strategy has a small home bias and we regard all three Baltic countries as our home markets,” Oidermaa said. “Over the last few years, we have considerably increased our allocation of alternative assets, with commercial real estate and timber and now private equity funds.”Kaido Veske, co-founding partner of Livonia Partners, said that the fund would focus on mature companies with a track record of up to 5 years and an annual turnover starting at €5m, but up to €40m.He added that the fund is looking for companies with an export focus and which were undercapitalized, and that while earnings volatility in the region would still be higher than elsewhere in Europe, the countries in question also boasted higher growth than Europe as a whole. Finnish pensions insurer Veritas and LHV Pension Funds, Estonia’s second largest pension fund manager, are among six investors committing €70m to a pan-Baltic private equity fund.Domiciled in Latvia, the Livonia Partners-managed fund will invest €3-15m of equity and mezzanine capital per investment in up to 12 small and medium-sized enterprises (SMEs) active largely in Estonia, Latvia and Lithuania. The first investments will be made in the next few months, with the possibility that firms in adjacent countries could also receive funding.Livonia Partners Fund I will acquire a blend of majority and minority stakes, acting as a hands-on investor and holding the stakes for around 5 years. Though it has a generalist mandate, the fund’s initial focus will be on manufacturing, business services and consumer companies, reflecting the management team’s experience.The €2.8bn Veritas has committed €5m from its private equity allocation. Ilona Karpinnen, portfolio manager, private equity, Veritas, told IPE: “Livonia fits well into our private equity portfolio, as European small and mid-market buyouts are the backbone of our private equity programme.
“As a consequence of uncertainty around the takeover, we had fallen behind on the acquisition of clients,” he said. “Keeping an APF running costs at least €1.5m a year. And although we had the means to continue, acquisition is a slow process. Moreover, we would have needed more than €2bn of assets to make the business profitable.“As we had insufficient guarantees from interested parties, we didn’t want to continue for too long, in order to avoid the participants paying the price.”According to Hagendijk, a merger with NN’s APF wasn’t on because both boards found that the governance structures weren’t compatible.The Delta Lloyd APF was the smallest of the six commercial APFs in the Netherlands, with just two clients.Hagendijk said that the Delta Lloyd APF would try to relocate their pensions elsewhere, possibly with another APF.Clients mull future after PGGM pulls its supportSeparately, the chair of Volo has expressed disappointment at PGGM’s decision to pull out of the APF market as a result of a strategy change. PGGM launched Volo as the first non-commercial APF in 2016.Speaking on behalf of the former Pensioenfonds Jan Huysman, one of Volo’s two clients, Erik Goris said: “We have spent much time, money and energy setting up the business, which needs time to establish and distinguish itself.“We were in discussions with seven pension funds, which had received quotes based on our proposition offering the benefits of scale and expertise of PGGM. At several schemes, we were the preferred partner. Had they joined, our current assets of €330m would have more than doubled.”The Volo chair said that the APF and its two clients would assess all options in the interest of members. However, given Delta Lloyd’s exit from the market, he said he didn’t see many strategic players in the market that were willing to take over an APF.That said, he noted that there was no real hurry for finding a solution.Goris added: “PGGM has made clear that it was willing to complete its contract, and we could do the same if our clients want to.”Gerrit Timmer, former chair of Volo’s other client, Pensioenfonds Ortec, said: “PGGM’s choice is not the one we had hoped for.”According to Timmer – co-founder and chief financial officer at Ortec – both the pension fund and the APF wanted to stick to the contracts between Volo and PGGM, as well as between Ortec and Volo.“But I can also imagine that in this new situation, it could be attractive to all parties not completing existing contracts,” he added.The Ortec scheme transferred its 1,400 members and €64m of assets to the Volo APF at the start of this year.Volo has a seven-year contract with PGGM, and has committed to its clients for five years. The Delta Lloyd General Pension Fund is to exit the market after falling too far behind its competitors in the wake of the takeover of its parent company Delta Lloyd.Only months after the vehicle – known as a “general pension fund” (APF) – received its license from supervisor DNB, Delta Lloyd was taken over by NN Group, which already had an APF, De Nationale.APFs are consolidation vehicles in which small and medium sized Dutch pension funds can pool resources such as investment and administration under the oversight of one board.According to Ruud Hagendijk, chairman of Delta Lloyd APF and former CEO of the €130bn asset manager MN, its board had concluded that continuing was not sensible, despite finding parties willing to carry out both administration and asset management.
BY EMMET RUSHE: Last week the media dropped a bombshell about red meat that had the whole of the internet talking.The headlines stated that red meat increased your risk of cancer by 18% and is as carcinogenic as smoking.The World health organisation (WHO) published research on Monday that put bacon, ham and sausages in the same category of cancer risk as tobacco, asbestos, arsenic and alcohol.The report also classified red meat – which includes beef, lamb and pork – as a “probable carcinogenic” and linked its consumption to a higher risk of pancreatic and prostate cancer. The WHO has since said the message from its cancer report was “misinterpreted” and has clarified that it is not asking people stop eating processed meats.Chances are though, if you read the media reports on this, it may have made you rethink your red meat consumption.However, before you throw out your steaks, we will look at the report and see if there is actually a danger or if it is all media hype.When we look at red meats, they are not all the same, and neither are white meats.Oh, and pork is not white meat either. Kamal Patel of Examine.com had this to say regarding the issue.Examine.com is an independent and unbiased encyclopedia on supplementation and nutrition.“There are a few important things you should know straight off the bat.First, the findings were mostly referring to cancer of the colon or rectum.You can’t generalize the researchers’ findings to all other cancer types.Cancer is not one monolithic condition.The researchers were mostly making conclusions about one type: colorectal cancer”“Second, it’s not like we didn’t know this stuff already.Processed red meat has been strongly linked to colorectal cancer for many years.”“Third, just because the WHO is a big (big) deal doesn’t mean they can’t be wrong. Wrong is a strong word though, let’s just say “slightly off”.”It’s strange, but not surprising that the media headlines of the past days have been so extreme, but they are based on a 1.5-page summaryAlso what you have to know is that this isn’t really new information.It’s based on studies that have been conducted for the past 10-20 years.So this is more of a new framing of evidence.Plus, the full paper isn’t even out yet.The WHO has also criticised the headlines that the media have posted.Gregory Härtl, a spokesman for WHO said;“We’re not saying stop eating processed meats altogether. Do not cut out meats completely as it has nutrients,” he said.“But we do not want to do anything to excess. Research indicates reducing your consumption of processed meats can reduce the risk of colorectal cancer.” WHO released the statement on Thursday night in response a number of queries and requests for clarification following the cancer review.Experts from the International Agency of Research on Cancer (IARC), which is part of the WHO, concluded that eating 50g of processed meat daily increases the risk of colorectal cancer by 18 per cent.Mr Härtl said it was a “shortcoming” to of the classification system that tobacco, processed meats and arsenic were in the same group.“We do not want to compare tobacco and meat because we know that no level of tobacco is safe.” Mr Härtl said the classification does not explain amounts and how people use the products.“Eat healthily means eating a balanced diet, too much of anything is not good,”Therefore, it is very important to distinguish between the different types of meat regarding their health effects:• Processed Meat:These products are usually from conventionally raised, processed through various methods. Examples include sausages and bacon.• Conventional Red Meat: Conventional red meats are fairly unprocessed, but the animals are usually factory farmed.Meats that are red when raw are defined as “red” meats.Includes lamb, beef, pork and some others.• White Meat:Meats that are white when cooked are defined as “white” meats.Includes meat from poultry like chicken and turkey.• Grass-Fed, Organic Meat:This meat comes from animals that have been naturally fed, raised organically and not been pumped full of drugs and hormones.They also don’t have any artificial chemicals added to them.When examining the health effects of meat, it’s important to realize that not all meat is created equal.The way that you cook the meat can also have an effect.When meat is cooked at a high temperature, it can form harmful compounds.Here are some tips to make sure your meat doesn’t form these harmful compounds:1. Use gentler cooking methods like stewing and steaming instead of grilling and frying.2. Minimize cooking at high heats and never expose your meat to a flame.3. Do not eat charred and/or smoked food.If your meat is burnt, then cut away the charred pieces.4. If you must cook at a high heat, flip your meat frequently to prevent it from getting burned.So what is the Take-Home Message here?When you look past the scare tactics and the sensationalist headlines, you realize that, even though there is a risk, it isn’t as bad as the media makes it out to be.Moderation is key as usual.As long as you’re choosing unprocessed red meat and make sure to use gentler cooking methods and avoid burnt/charred pieces, then there probably is nothing to worry about.#TrainSmartFor more information, contact me through the link below.https://www.facebook.com/pages/Rushe-Fitness/120518884715118?ref=hl* Emmet is the owner and operator of Rushe FitnessEMMET RUSHE: IS RED MEAT AS DEADLY AS SMOKING? was last modified: November 2nd, 2015 by John2Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:emmet rushered meat
It has been revealed that three rural Garda stations in Donegal do not have an internet connection to access the Garda network.Stations in Pettigo, Kilmacrennan and Ballintra do not have internet connectivity to allow officers to access Garda ICT services including the PULSE database.Nationally, one in five Garda stations are not connected. The lack of access to Garda ICT resources has been described as ‘unbelievable’ and ‘prehistoric’ by the Garda Representative Association (GRA). There are 564 operational Garda stations in Ireland, with 111 currently not connected to the Garda Network.In revealing the figures, Minister for Justice and Equality Charlie Flanagan said that Gardai in unconnected stations can access PULSE at their local district station. He said that connectivity for 34 stations is now nearing completion, with a further 12 to be connected by the end of 2018.“I am further informed that An Garda Síochána is engaged in planning connectivity solutions for the remaining 65 stations, taking into account factors such as local access to broadband services and the potential for mobile connectivity,” Minister Flanagan said.Garda Representative Association (GRA) spokesperson John O’Keeffe said that the Irish public deserve more than such ‘catastrophic IT failings’. Mr O’Keefe said: “Report after report over the last number of years has highlighted pre-historic communication systems in the Force as being central to its current inability to communicate with the public, itself, or indeed its own software systems.”Donegal Garda stations with no internet operate under ‘pre-historic’ systems was last modified: July 17th, 2018 by Rachel McLaughlinShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)