The pension fund has now announced that it received 36 offers in all in response to the tender.In its 2016 annual report, AP7 said its board of directors had decided during that year to increase the share of private equity to 4% from 3% of the portfolio, over time.An increase of one percentage point would equate to around SEK3.8bn based on the SEK379.6bn value of the equity fund at the end of November.While HarbourVest is already on AP7’s published list of private equity managers, Adams Street Partners is not. Sweden’s AP7 has awarded SEK6.5bn (€661m) in private equity mandates to two US managers, according to tender award notices.The SEK407bn pension fund, which runs the default option in the premium pension system (PPM), announced it has awarded an SEK4.2bn private equity mandate to HarbourVest in Boston and a SEK2.3bn (€234m) private equity mandate to Chicago-based firm Adams Street Partners.The awards were the result of a tender launched two years ago, when the pension fund was seeking private equity managers for around SEK10bn of assets.In that December 2015 notice, AP7 said it anticipated appointing three to four managers for an initial period of three years with two optional two-year extensions.
Men’s basketball head coach Andy Enfield was granted a contract extension through 2023, Athletic Director Lynn Swann announced on Wednesday. Terms of the deal were not disclosed.In four years, Enfield has revived the Trojans basketball program from dead last in the Pac-12 to a NCAA Tournament contender winning more games each and every season. The 47 wins in the last two seasons mark the most in any two-year stretch in program history. In 2016-2017, USC started 14-0, its best start since the 1971 season, and finished with a program record 26 wins, including two victories in the NCAA Tournament.“With Andy Enfield as our head coach, we have built consistency and stability in our men’s basketball program,” Swann said. “Extending Andy’s contract will allow that consistency and stability to continue. The record-setting season we just had is proof that Andy has established the USC program as an annual contender on the national level.”The team continued to succeed under Enfield this season, battling against mid-season injuries and cross-country doubters to clinch a spot in the play-in game for the No. 11 seed in the NCAA tournament. After storming back in a redemption matchup against Providence, Enfield led his Trojans to upset No. 6-seeded SMU.The team’s time in the big dance ended with a 4-point loss to Baylor, a No. 3 seed expected to walk over USC on their way to the Sweet Sixteen and beyond. This year’s performance was a massive improvement, giving the team its second consecutive tournament berth after only a single NCAA appearance over the four years of Enfield’s predecessor, Kevin O’Neill.And the team’s run in the NCAA tournament turned heads across the country, earning Top 15 rankings in premature Top 25 predictions from USA Today, Sports Illustrated and NBC Sports.Katlyn Lee | Daily TrojanBefore coming to Los Angeles, Enfield coached at Florida Gulf Coast University, leading the program its first No. 15 seed in the 2013 NCAA Tournament. Under Enfield, the team went on to upset No. 2 seed Georgetown and No. 7 seed San Diego State, becoming the first No. 15 seed to reach the Sweet Sixteen.The run came to an end against No. 3 Florida, but Enfield’s success after such a short time with a young program made its mark in the national attention. His impact on the Trojans’ program has been similar in the last two years, but the six-year extension will help to give him the time he needs to cultivate a winning program that can compete in a Pac-12 that is consistently growing as a national powerhouse in basketball.Between sophomore forward Bennie Boatwright’s declaration for the NBA Draft and the possibility that fellow sophomore forward Chimezie Metu could follow, the team’s future isn’t entirely etched in stone. But the Trojans’ performance in his first two seasons has given Enfield and his team confidence as they look forward.“Our coaching staff is proud of our players’ development and accomplishments both in the classroom and on the court,” Enfield said. “With the core of veteran returnees and incoming talented freshmen, we are excited about the future of USC basketball.”
StumbleUpon Submit Kambi takes full control of LeoVegas sportsbook portfolio August 26, 2020 Sky Sports grows American football offering with NFL channel August 14, 2020 Share Kambi takes control of Churchill Downs BetAmerica sportsbook August 28, 2020 Share Related Articles Publishing its Q3 2019 trading update (period ending 30 September), Kambi Group has detailed strong progress on its regulated market agenda combined with the strengthening of its US commercial pipeline.Despite trading on a ‘quiet sporting calendar’ competing against World Cup 2018 comparatives, Kambi has recorded a 12% increase in Q3 2019 revenues to €23.million, up from €20.5m in Q3 2018, and €65.6m for the period January to September 2019, up from €54.5m in 2018.Speaking on what has been a ‘successful’ period for the sportsbook platform and software provider, Kambi CEO Kristian Nylén commented: “Multiple customer launches, new product releases and major commercial agreements all contributed to a successful period for Kambi, as we continued to display a high-level of expertise throughout the organisation.”The sportsbook platform and software provider has, however, noted a drop in operating profit as a result of higher spending related to its US expansion efforts. However, Kambi maintains its group period EBITDA at 7.1 million (Q32018: €6.6m), and trades at year-to-date EBITDA of €19 million (YTD2018: €16m) Tough like-for-like comparatives saw Kambi trade with an operating margin of 14.9% against, Q3 2018 highs of 20%, as the technology group records EBIT operating profit of €3.4 million (Q32018: €4.2 million) – with Kambi maintaining €8.6million (YTD2018: €8.5m) for the period January to September 2019 with an operating margin of 13.0%.Nylén added: “The third quarter is traditionally a challenging one for the sports betting industry, particularly in a year with no major summer football tournament. This, along with our ongoing investments to capitalise on the huge US opportunity, was the reason for the year-on-year decrease in operating result.”Kambi has attributed September’s European football fixtures as a ‘prominent driver’ behind the group’s operator turnover growth in Q3, which has been boosted by the return of the NFL season in the US. The CEO continued: “I was also pleased to see momentum increase throughout the quarter, culminating in September’s operator turnover, which was up significantly year-on-year and surpassed the previous highest monthly total. This encouraging performance was due to the combination of multiple customer launches, enhancements to the Kambi sportsbook, and a busier sporting calendar, which gives me confidence for the rest of the year.“We signed two new customers during the quarter, the first being Penn National Gaming, the largest regional gaming operator in North America. With market access to as many as 19 states, Penn National was always a key US target for us. In addition to the land-based establishments Penn National operates, the company has a sports betting philosophy that complements our own, which bodes well for a long and successful relationship.“We also signed a deal with JACK Entertainment, which covers two retail establishments and an online offering in Ohio. A digital-savvy operator with a strong, local brand, JACK Entertainment is an operator we are excited about working with. Meanwhile, we also secured contract extensions with NagaWorld and DraftKings, the latter of which has already seen us enter a number of additional states as we build upon the partnership’s early success in New Jersey.“Overall, there were multiple US customer launches in Q3, with online or on-property launches taking place across the states of New York, Iowa, Indiana, Pennsylvania, New Jersey and West Virginia. Among those launches was Unibet, which made its US sports betting debut in New Jersey and then launched retail in Pennsylvania. Once again, this demonstrates our market leading US proposition based on our regulatory expertise and operational capability. “In general, Kambi remains well positioned for the future and I look forward to building on our successes in Q4 and beyond, a period which has begun well with an industry award win at the recent G2E exhibition in Las Vegas.”