commitment to Trilantic by 10 per cent from
of investments from 15 per cent to 11.25 per cent. The transaction that is to be completed
during the year ahead will reduce Reinet's commitment to Trilantic by a further 15 per cent.
Reinet's direct share of the carried interest attributable to the management company on the
realisation of investments will therefore be reduced from 11.25 per cent to 9.375 per cent.
of
29 million at 31 March 2010, based on valuations prepared by Trilantic. Accordingly,
of the year-end valuation of
Amount committed:
in respect of land held for future development. The debts were acquired from local lenders
at substantial discounts to nominal value, reflecting the depressed economic situation in the
United States and the risk that the development companies may not be able to meet their
obligations. Alongside its partners, Reinet is committed to invest a further
closely with its partners and co-investors in the United States, who have considerable
experience in managing such projects, recognising that this is an area where industry
knowledge is critical to making the right investment decisions.
Amount committed:
(`Vanterra'), a newly created fund which was established for the purpose of investing in
other listed and unlisted funds and direct investments in the United States and emerging
markets. Reinet's commitment is to invest up to US$ 100 million over the life of the fund.
As at 31 March 2010, no capital contributions had been made to the fund in respect of
this commitment, however, in April 2010, capital contributions totalling US$ 5 million
were made.
investors with long-term capital appreciation through private equity funds investments
and direct investments.