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Carlyle Group appoints former XO Communications chairman as a managing director
28/02/2003. US private equity giant the Carlyle Group has hired former XO Communications Chairman Daniel Akerson as a managing director. 
US biotech venture specialist Quaker holds initial fund close on $180m
28/02/2003. Quaker BioVentures, the US life sciences venture specialist, has reportedly held a first close on its debut fund of $180m, more than half way towards its target of $300m.
Siemens corporate venturing unit opens office in US
28/02/2003. The corporate venturing unit of German technology giant Siemens has opened an office in San Jose, California to take advantage of US wireless opportunities.
Nordic CapMan increases buy-out team with four new appointments
27/02/2003. Nordic-focused private equity firm CapMan has announced the expansion of its buy-out team in both Sweden and Denmark. Four new appointments have been made, including Peter Langkjaer, chairman of Danish consulting company Lisberg Management, as senior adviser.
Canadian private equity investment levels down 35 per cent year on year in 2002
27/02/2003. The amount invested in Canadian companies by private equity firms slipped to Can $2.5bn in 2002, down 35 per cent from the Can $3.8bn invested in 2001.
Carlyle co-founder David Rubenstein predicts further insitutionalisation of private equity
27/02/2003. David Rubenstein, co-founder of private equity giant The Carlyle Group, has predicted that firms like his will may go public, a further institutionalisation of the private equity industry, by founding partners attempting to manage succession issues.
Investors' agitation about private equity fund management fees intensifies
27/02/2003. Institutional investors are beginning to act more determinedly to address their longstanding irritation about the size of the management fees charged by private equity firms, according to a panel of speakers at an industry conference in Munich.
Latest Deals: 19 February - 25 February 2003
26/02/2003. The AltAssets weekly round up of deals done across the world. This week there were 93 active investors in 38 deals across 12 sectors with no exits, compared to 110 active investors in 42 deals and three exits the previous week…
Investindustrial invests E70m for 40 per cent stake in Italian winery
26/02/2003. Investindustrial, formerly 21 Invest, has announced an E70m commitment to buy a 40 per cent shareholding in Ruffino SpA, a Chianti winery based in Tuscany and founded in 1877. The majority of the company will remain with the Folonari family.
Deals update: Private equity investment activity declines for third week running
26/02/2003. Deal volumes declined once again in the week ending 25 February 2003, with 93 active investors participating in 38 deals across 13 sectors, compared to last week's 110 investors involved in 42 deals across 12 sectors.
Spanish private equity investment falls more than 20 per cent in 2002
26/02/2003. The Spanish private equity market, which has recently been attracting attention as one of the more interesting of the European markets, suffered a setback in 2002. Investment levels fell 22 per cent, bringing them to below E1bn for the first time since 1999, according to new research by the Spanish venture capital association (ASCRI).
France-based AGF Private Equity launches E200m fund of funds
26/02/2003. French private equity firm AGF Private Equity is reported to be in the process of launching its third E200m fund of funds, aiming solely at institutional investors.
Ex-CIT Group veterans form new private equity firm focusing on US mid-market
25/02/2003. The founding partners of CIT Group's private equity unit have formed a new private equity firm with three other CIT professionals, named Laud Collier & Company.
Schroder Ventures US appoints Comcast chairman to advisory board
25/02/2003. Venture firm Schroder Ventures US has announced the appointment of C Michael Armstrong as a member of its advisory board. Armstrong is chairman of Comcast Corporation and former chairman and CEO of Hughes and the AT&T Corporation.
UK Coal Pension Trustees plans to increase private equity allocation to five per cent
25/02/2003. UK Coal Pension Trustees services, the investment trust for the Mineworkers Pension Scheme and the British Coal Staff Superannuation Scheme, plans to commit up to five per cent of its invested assets.
AXA Private Equity pays E170m for secondary CDC Ixis' fund investments
24/02/2003. AXA Private Equity has paid E170m to CDC Ixis Private Equity for a portfolio of buy-out and venture portfolios.
40 per cent of UK institutional investors plan to increase allocations to private equity
24/02/2003. UK institutional investors remain committed to private equity despite falling return expectations, according to new research from AltAssets for the British Venture Capital Association (BVCA).
UK private equity firms predict increase in investment levels in 2003, says Deloitte & Touche
24/02/2003. Private equity firms in the UK are expecting a more positive experience in 2003 compared to 2002, according to new research from Deloitte & Touche.
UK's ISIS Equity Partners holds second close with £143m
24/02/2003. UK-based ISIS Equity Partners has announced the second close of its third fund with commitments of £143m. The fund was launched in September 2002 and has a final target of £175m.
US venture-backed M&A value falls dramatically in 2002
21/02/2003. Yet more bad news for US venture capitalists hoping for an upturn: the value of venture-backed mergers and acquisitions fell to $7.2bn for 300 transactions in 2002, compared to 336 transactions worth $17.1bn in 2001.
Vision Capital acquires majority of Morgan Grenfell portfolio investments
21/02/2003. Deutsche Bank-owned Morgan Grenfell Private Equity is selling the majority of its investments to UK-based Vision Capital for a reported $100m.
Deutsche Bank confirms sale of its late-stage private equity portfolio for E1.5bn
21/02/2003. Deutsche Bank has confirmed the final sale of its late-stage private equity portfolio through a management buy-out for E1.5bn. It ranks as the largest ever secondary sale of direct investments.
Permira finalises 65 per cent stake in German pay-TV Premiere
21/02/2003. Private equity giant Permira has taken a 65.1 per cent stake in Munich-based Premiere, paying around E143m.
CalSTRS appoints Cambridge Associates as adviser for US alternative investment strategy
20/02/2003. The California State Teachers' Retirement System, which has been seeking advisers for its alternative investment portfolio since September 2002, has appointed Cambridge Associates to the role.
Unigestion strengthens private equity team with appointment of Winzeler
20/02/2003. Swiss asset manager Unigestion has announced its appointment of Rolf Winzeler as marketing director of the private equity team.
Deutsche Bank set to sell private equity unit for E1.5bn
20/02/2003. Following months of uncertainty, German Deutsche Bank is set to finalise a deal to sell a large chunk of its private equity portfolio in a management buy-out.
Warburg Pincus leads $260m investment in US gas exploration venture
20/02/2003. New York-based private equity giant Warburg Pincus has led a consortium investing around $260m in Antero Resources, a company formed to explore for natural gas.
Jerusalem Global Ventures reduces first fund by $32m
19/02/2003. Early-stage Israeli venture capital firm Jerusalem Global Ventures, which focuses on IT, communications and life sciences, has decided to cut its first fund to $156m, a reduction of $32m according to media reports.
Deals update: a slow week with three exits recorded
19/02/2003. After a gentle upturn in investment levels last week, activity slowed once again, with 42 deals involving 110 active investors across 12 sectors, compared to last week's 57 deals involving 151 investors.
Latest Deals: 12 February 2003 - 18 February 2003
19/02/2003. The AltAssets weekly round up of deals done across the world. This week there were 110 active investors in 42 deals and three exits across 12 sectors…
US-based Intersouth Partners raises $205m for early-stage venture fund
19/02/2003. North Carolina-based venture firm Intersouth Partners, which focuses on emerging life sciences and information technology companies in the US, has announced a final close of its Fund VI with $205m.
Deutsche Venture Capital strengthens life sciences team
19/02/2003. Munich-based venture firm Deutsche Venture Capital has announced the appointment of ex-director of Aventis Venture Activities Dr Thomas Taapken as a partner and director of Breslin Biotech Dr David Karabelnik as a consultant.
UK's Sovereign Capital strengthens investment team
18/02/2003. UK-based mid-market private equity firm Sovereign Capital has announced the appointment of two new investment managers, Mike Foley and Jim Kottler.
Debut mid-market fund for US joint venture Catalyst/Hall
18/02/2003. US mezzanine funds The Catalyst Group, based in Houston, and Hall Brothers Holdings, of Oklahoma City, have joined forces to raise a new mid-market fund named Catalyst/Hall, with $150m.
UBS Capital reports 38 per cent reduction in private equity investment year on year
18/02/2003. The private equity arm of Swiss bank UBS Warburg, UBS Capital, has announced yet more writedowns and further declines on investments. The firm's private equity investments, including fund investments, stood at CHF3.1bn on 31 December 2002, a 38 per cent decline from the CHF5bn reported the previous year.
3i pulls back from Japan, citing a lack of deal flow
17/02/2003. Lack of management buy-out opportunities was cited as the reason UK-based private equity firm 3i has decided to close its Tokyo office, according to media reports.
European fundraising experiences 37 per cent slump year on year
17/02/2003. Further evidence of the decline in private equity fundraising in 2002: just E24bn was raised for private equity investment in 2002, a 37 per cent fall from that recorded in 2002, and a 42 per cent fall from that raised in 2000, says Initiative Europe.
Exit for HSBC Private Equity in $240m trade sale
14/02/2003. HSBC Private Equity has announced the sale of Ampafrance, a manufacturer of baby-products, to Canada-based Dorel Industries, a consumer products manufacturer. The total value of the transaction is $240m.
European venture investment drops 58 per cent in 2002
13/02/2003. Further evidence of the drastic slowdown suffered by the private equity industry in 2002: European venture-backed companies raised just E4.4bn in 2002, a 58 per cent fall from 2001 when venture investment in Europe totalled E10.5bn, according to new figures released by Ernst & Young and VentureOne.
Finnish 2002 private equity investment grows 12 per cent on year
13/02/2003. The continuing struggle for survival amongst private equity players may have softened slightly for those based in Finland.
Latest Deals: 05 - 11 February 2003
12/02/2003. The AltAssets weekly round up of deals done across the world. This week there were 151 active investors in 57 deals and five exits across 14 sectors…
Fund of funds sector growth boom looks set to end with a bump
12/02/2003. The unprecedented boom in the private equity fund of funds industry looks set to come to an abrupt end, with more than 40 per cent of present managers likely to disappear in the next few years, according to new research released by AltAssets.
Swiss Life Private Equity Partners' troubles intensify with departure of Dominik Meyer and Michael Miller
12/02/2003. Struggling private equity firm Swiss Life Private Equity Partners has suffered another blow. Dominik Meyer and Michael Miller, both partners, left the firm on 6 February.
Cinven may sell Odeon group to WestLB
12/02/2003. Cinven seems likely to add to the slowly growing number of secondary buy-outs providing private equity players with exits in the current hostile climate.
Deals update: upturn in investment levels and exits increase
12/02/2003. There was a gentle increase in investment levels across the world in the week ending February 11 with 151 investors active in 57 deals.
Management team crucial to MBO success, says SJ Berwin
11/02/2003. The importance of a quality management team to the success of MBOs has been confirmed by the publication of a survey of senior European venture and buy-out investors.
US venture fundraising slumps more than 80 per cent in 2002
11/02/2003. US venture capital fundraising remains in crisis as the amount raised in 2002 fell by 83 per cent on 2001 figures, according to new figures released by Thomson Venture Economics and the National Venture Capital Association.
Average number of US investments expected to increase by 50 per cent over the next year
11/02/2003. US mid-market private equity firms are looking to increase their investment pace substantially over the next 12 months, according to new research carried out by US-based M&A research firm RW Baird.
PolyTechnos Venture-Partners has final close of second venture fund with E130m
11/02/2003. German-based PolyTechnos Venture-Partners has announced a final close for its second venture fund, PolyTechnos Venture Fund II, with E130m of commitments.
Private Equity Holding announces more write-downs, Swiss Life withdraws its credit facility
10/02/2003. Listed Swiss private equity fund Private Equity Holding has announced that it has made permanent write-downs of CHF96m over the nine months between 1 April 2002 to 31 December 2002, CHF38m of which was recorded in the last quarter.
International venture firms team up with IBM to source new telecoms technologies
10/02/2003. Venture firms 3i, Mayfield and Worldview Technology Partners have teamed up to form the Telecom Venture Coalition, a group that will act as a global corporate venturing arm for IBM.
Mezzanine Management strengthens investment team with ex-Pricoa director
10/02/2003. Mezzanine Management, the first firm to raise an independent mezzanine fund in Europe, is to strengthen its investment team with the appointment of Rolf Brien.
Terra Firma's first acquisition as an independent fund falls through
10/02/2003. Terra Firma, Guy Hands' new pan-European private equity firm, has suffered a major setback with the collapse of its first big deal as an independent fund.
The Carlyle Group in talks with Italian bank to raise E1bn fund
07/02/2003. US-based private equity firm The Carlyle Group is understood to be in talks with Italian investment bank Mediobanco, over the possibility of raising a E1bn private equity fund.
Capital Stage Nanotech loses backing from sponsor
07/02/2003. German quoted investment company Capital Stage is to renege on its sponsorship of nanotechnology venture capital fund Capital Stage Nanotech, which was launched last year.
Ripplewood Holdings to buy Japanese unit from Vodafone
06/02/2003. President of Vodafone Group's Japan Telecom Holdings Co, William Morrow, has confirmed that the division is in talks with Ripplewood Holdings LLC, a New York-based private equity fund, to sell its Japanese fixed-line phone business.
Private equity consortium backs buy-out of Comcast cable TV systems
06/02/2003. A consortium of private equity firms led by Providence Equity Partners and including Quadrangle Group and TD Capital Communications Partners is to team up with Bresnan Broadband Holdings to buy the cable television systems currently owned by Comcast Corporation for around $525m.
Spanish private equity industry could double over next five years, says Loizaga
06/02/2003. The Spanish private equity market could double in size over the next few years but the emphasis is likely to remain on growth and expansion capital rather than buy-outs, according to Javier Loizaga of Mercapital.
Latest Deals: 29 January - 04 February 2003
05/02/2003. The AltAssets weekly round up of deals done in Europe and North America. This week there were 103 active investors in 45 deals and two exits across 12 sectors…
UK's Martin Currie strengthens private equity team, markets new fund
05/02/2003. Edinburgh-based fund manager Martin Currie has announced the appointment of Paul Murray, previously a founding partner of Deutsche Bank Capital Partners, as managing director of its private equity team.
Deals update: Slowest week of the year to date
05/02/2003. Private equity investment activity slowed to a crawl in the latest week, recording the lowest number of deals this year, according to the latest AltAssets figures.
Continental European buy-out market value leaps to E38.7bn in 2002
05/02/2003. The continuing slump in global financial markets seems not to have affected European private equity players, according to new figures from the Centre for Management Buy-Out Research, sponsored by Deloitte & Touche and Barclays Private Equity.
Pharma M&A deal value falls significantly in 2002
05/02/2003. The slowdown in global capital markets was blamed for the drastic fall in total M&A pharma deal value in 2002 but private equity firms took advantage of weak markets to extend their influence across the sector, according to new figures released by PricewaterhouseCoopers.
France's Eurazeo pays E447m for 23 per cent stake in Eutelstat
05/02/2003. French private equity firm Eurazeo has paid France Telecom E447m for a 23 per cent stake in European satellite operator Eutelstat. The investment is Eurazeo's second as a fully-fledged private equity business since its transmogrification from a holding company.
Coller Capital finances $100m spin-out of BT incubator Brightstar
04/02/2003. UK secondaries specialist Coller Capital has reinforced its reputation for transactional ingenuity by bankrolling the $100m spin out of British Telecoms' incubator BT Brightstar. The new entity will effectively be an outsourced corporate venturing business with exclusive access to some of BT's intellectual property.
Investors attempt to take control of Viventures II
04/02/2003. A group of disgruntled third-party investors in Viventures II, a fund launched in June 2000 and controlled by Vivendi Universal, is attempting to wrest control of the management team from the troubled utilities giant, according to media reports.
European energy fund 4D Global Energy holds first close with $60m
04/02/2003. 4D Global Energy, Europe's first private equity fund to target the oil and gas market, has held a first close with $60m of commitments.
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