News Archive: December 2001 
European allocation to private equity to rise, says survey
20/12/2001. European institutional investors plan to increase their allocation to private equity over the next few years, according to the latest edition of the Goldman Sachs/Frank Russell report on alternative investment. 
Boston Scientific and Vitalife join forces
20/12/2001. Boston Scientific has announced that it will make an investment in Vitalife Life Sciences, a venture capital fund based in Tel Aviv, signalling an attempt to foster the development of medical technology in Israel.
The Carlyle Group appoints top Coutts banker to wealth management role
19/12/2001. US buy-out giant the Carlyle Group has appointed the chief executive of royal bank Coutts to a ‘wealth management' role, according to its parent Royal Bank of Scotland. Andrew Fisher will leave for Carlyle at the end of February.
Cinven announces closing of third fund at more than E3.5bn
19/12/2001. European buy-out specialist Cinven has announced a closing of its third fund at E3.5bn, comfortably outstripping its original target to become one of the largest ever raised in Europe. Further closings are expected early in the New Year.
Flight to biotech continues with record Swedish venture round
19/12/2001. The bonanza in the biotech sector continued this week with the completion of Sweden's biggest ever biotech venture round. Gyros AB announced it had raised $30m during its second round financing, making it one of Europe's largest biotech fund raisings of the year.
German PolyTechnos announces first close of second fund at E120m
18/12/2001. The German early-stage investor PolyTechnos has announced a first closing of its second fund PTVF II with E120m of capital commitments.
Apax Partners strengthens French team
18/12/2001. Global private equity firm Apax Partners has strengthened its French team in anticipation of an increase in activity, hiring five new associates in different sectors of its business.
UK buy-out values fall for the first time since 1993
17/12/2001. The value of buy-outs in the UK this year is on course to fall well short of last year's level, the first annual decline since 1993, according to research from the Centre for Management Buy-out Research.
Italian Emerald Fund closes ahead of target on E215.5m
17/12/2001. Italian private equity fund Emerald has announced a successful closing ahead of target on E215.5m. The fund aims to focus on investments in the Italian small and medium-sized enterprise market and the family business sector, with average transaction sizes of E30m to E300m.
Sofinnova hires new VP
14/12/2001. Paris-based Sofinnova Partners has announced that Delphine Eyraud, co-founder of First Tuesday, will join the firm as vice president of corporate development from the beginning of January 2002.
CSFB closes giant $5.4bn DLJ Merchant Banking Partners III Fund
13/12/2001. CSFB Private Equity has closed its DLJ Merchant Banking Partners III Fund with $5.4bn of committed capital, making it one of the largest funds ever raised.
KPMG Corporate Finance strengthens private equity team
13/12/2001. KPMG Corporate Finance has strengthened its private equity team with the appointment of Michael McDonagh to lead the London outfit alongside European head Charles Milner.
EU to inject £50m into regional UK venture capital funds
13/12/2001. The European Union is to pour more than £50m into a series of UK regional venture capital funds launched by Chancellor of the Exchequer Gordon Brown in 1999 to fill the so-called ‘equity gap' in poorer parts of the country.
David Cranston to step down as director general of the UK's NAPF
13/12/2001. David Cranston has announced his intention to step down as director general of the UK's National Association of Pension Funds at the end of the year.
Over 40 per cent of hedge funds collapse within five years, says survey
12/12/2001. More than 40 per cent of hedge funds fail to survive for as long as five years, according to new research produced by the University of Reading.
US Heartland Industrial closes first fund on $1.4bn
12/12/2001. US old economy buy-out specialists Heartland Industrial Partners has finally closed its debut fund on $1.4bn.
UK Barclays pension fund increases private equity exposure
12/12/2001. The giant UK Barclays pension fund has this month begun implementing its decision to increase its private equity exposure from two per cent to four per cent over the next few years.
Cinven report predicts rise in private equity funding for European M&A activity
11/12/2001. Private equity firms will increase their participation in the European merger and acquisition market over the next six months, according to a survey of investment banks conducted by buy-out specialist Cinven.
KPMG Transaction Services prepares for rise in German activity
11/12/2001. KPMG Transaction Services has geared itself up for a jump in restructuring activity in Germany by relocating two partners and 18 managers from its London office.
KPMG reports big fall in global M&A activity, no signs of quick recovery
10/12/2001. Global merger and acquisition activity fell a stunning 52 per cent in 2001 to $1,595bn from $3,292bn in 2000, according to KPMG corporate finance.
Confidence still falling among Europe's VC-backed firms
07/12/2001. Confidence about the business outlook is still falling among Europe's venture-backed firms, according to the latest 3i barometer.
Tim Parker joins CDC Capital Partners as non-exec director
07/12/2001. Tim Parker, chief executive of giant non-sports shoe brand Clarks, has joined emerging market specialists CDC Capital Partners as a non-executive director. He replaces Pen Kent, who is retiring.
BVCA to establish working party to examine valuation guidelines
07/12/2001. The BVCA will today announce the establishment of a working party to examine valuation and reporting guidelines.
Abingworth closes life sciences fund at $225m
06/12/2001. UK-based life sciences venture firm Abingworth Management has announced the final closing of its latest fund, Abingworth Bioventures III LP, at $225m.
Softbank Venture Capital changes name to Mobius
06/12/2001. California-based Softbank Venture Capital has changed its name to Mobius Venture Capital ‘to reflect its independent status' from the Japanese firm Softbank Corporation that has been its biggest investor since the firm was started in 1996.
Europe is becoming more entrepreneurial, says US group
06/12/2001. Some European countries are making genuine progress towards liberalising their traditionally sclerotic economies to make them more fertile for entrepreneurs, according to the US National Commission on Entrepreneurship.
Final closing for Invesco's third fund of funds
05/12/2001. NewYork-based Invesco Private Capital has announced the closing of its third fund of funds, bringing the total amount of assets raised in limited partnerships since 1997 to $2bn.
Versant Ventures defies tough climate and closes healthcare fund
05/12/2001. California-based Versant Ventures has defied the tough economic climate and closed its second venture capital fund at $400m, bringing the total amount of capital under management to $670m.
Pantheon creates marketing director role to capitalise on growing institutional interest
04/12/2001. UK private equity firm Pantheon Ventures has created a marketing director role to capitalise on the growing interest it has encountered from institutions in the asset class in the UK and Europe. It has appointed Peter Flynn to the job.
Friends Ivory & Sime Private Equity changes name to ISIS Capital
04/12/2001. Friends Ivory & Sime Private Equity has changed its name to ISIS Capital. ‘This change of name heralds our desire and ambition to be distinctive. We are committed to making ISIS Capital synonymous with outstanding private equity investment,' said Wol Kolade, the firm's managing director.
First closing for Merlin Biomed
03/12/2001. New York-based asset management company Merlin Biomed has announced the successful first closing of its debut private equity fund at $50m.
AXA Private Equity closes latest secondaries fund ahead of target
03/12/2001. French firm AXA Private Equity has provided further evidence of the growing popularity of the secondaries market with the news that it has closed its second specialist fund well ahead of target on $480m.
DB Capital Partners names Bill Burgess as MD of venture capital unit
03/12/2001. DB Capital Partners, the private equity arm of Deutsche Bank, has appointed Bill Burgess to the role of managing director of its venture capital unit, DB Capital Venture Partners.
Nokia launches early-stage corporate venturing fund
03/12/2001. Just when most businesses are scaling back their corporate venturing activities, Finnish mobile telecoms giant Nokia has announced plans for a new E40m early-stage technology fund.
Wilshire Associates appoints new managing director of Private Markets Group
03/12/2001. US investment specialist Wilshire Associates has announced the appointment of Derek Minno as managing director of its Private Markets Group, the unit that invests in private equity funds.
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