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EVCA unveils rankings of EU tax and legal environments with UK at the top
31/03/2003. The tax and legal environment in the UK is the most supportive in Europe for the private equity industry, according to research produced by the European Private Equity and Venture Capital Association (EVCA).
UK ISIS sells Tricom Group for £32m
31/03/2003. Middle-market UK buy-out firm Isis Equity Partners has defied difficult exit conditions with £32m sale of Tricom Group to BSS.
No UK IPOs in first quarter; worst performance for 20 years
31/03/2003. The health of the UK IPO market is the weakest for almost a generation, according to new figures from KPMG Corporate Finance.
UK Kennet Venture Partners spins out from Broadview
31/03/2003. Managing directors Michael Elias, David Carratt and Javier Rojas have led a management buy-out of Kennet Venture Partners from global M&A adviser Broadview.
Deutsche Beteiligungs reports Q1 profit; remains upbeat on German outlook
31/03/2003. Germany's oldest private equity firm Deutsche Beteiligungs has announced a small profit for the first quarter of the year and signalled cautious optimism about the market.
Institutional investors' association appoints Arlett Tygesen as executive director
28/03/2003. The Institutional Limited Partners Association, the formative representative body for the private equity investor community, has appointed Arlett Tygesen as its executive director.
European buy-out firm Candover appoints investor relations director
28/03/2003. Pan-European buy-out firm Candover has appointed Piers Dennison as its new investor relations director.
Terra Firma nears first deal as an independent with UK sewage bid
28/03/2003. Terra Firma, the pan-European buy-out firm founded by Guy Hands, is working towards completing its first deal with a bid to buy the UK sewage business of utilities firm Kelda.
Private equity essential to healthy economy, says new BVCA chairman Richard Green
27/03/2003. The incoming chairman of the British Venture Capital Association (BVCA), who takes over from Michael Queen next week, plans to stress the importance of private equity to the European economy and work in close association with the European Private Equity and Venture Capital Association.
Former Abbey man Dummett resurfaces at Merrill Lynch placement team
27/03/2003. Christian Dummett, the former head of Abbey National's abandoned private equity programme, has resurfaced at Merrill Lynch to work as part of the bank's buy-out fund placement team.
Robeco Private Equity holds final close on two funds of funds
27/03/2003. Rotterdam-based firm Robeco Private Equity, a member of Rabo Bank, has announced a final close of its two debut funds of funds, Robeco Global Private Equity Fund and Robeco European Private Equity Fund.
Nordic venture firm Creandum boosts management team with new appointment
26/03/2003. New Nordic venture capital firm Creandum has strengthened its management team with the appointment of Staffan Helgesson.
Latest Deals: 19 - 25 March 2003
26/03/2003. The AltAssets weekly round up of deals done across the world. This week there were 112 active investors in 47 deals and no exits across 13 sectors, compared to 146 active investors in 56 deals and one exit the previous week…
US venture investment in life sciences falls again but increases share of total
26/03/2003. US venture capital investments in life sciences fell for the second consecutive year in 2002 but have continued to increase their share of total venture investment, according to the MoneyTree survey from PricewaterhouseCoopers, Thomson Venture Economics, and the National Venture Capital Association.
US-based Summit Partners strengthens healthcare team with appointment of Craig Frances
25/03/2003. US private equity firm Summit Partners has announced the appointment of Craig D Frances as head of the Palo Alto healthcare and life sciences team.
BVCA chairman calls for renewed commitment to economic reform in Europe
24/03/2003. BVCA chairman Michael Queen will use a keynote speech on Tuesday to call for more strenuous efforts among policymakers to ensure that Europe's economy does not fall further behind the US, citing the fertility of landscape for venture capital investment as an essential part of that ambition.
European mezzanine investment increases by 120 per cent in H2 2002
21/03/2003. Mezzanine investment in Europe more than doubled in the second half of last year, compared with the first half, providing some proof of the market's relative buoyancy in the region.
BC Partners to bid for Six Continents' pub business
20/03/2003. Pan-European private equity firm BC Partners is reported to be planning to bid for Six Continents' pubs business, which includes All Bar One and O'Neill's.
UK's Dunedin Capital Partners and ABN Amro Capital team up to finance MBO of Gardner Aerospace
20/03/2003. Gardner Aerospace, which produces machined components for airframes and aircraft engines, has been saved from closure by a £21.5m management buy-out led by Dunedin Capital Partners and ABN Amro.
Longworth Venture Partners exceeds target for second technology fund, hires new partner
19/03/2003. US-based Longworth Venture Partners has announced the final close of its second fund with $115m of commitments, exceeding its original target of $100m.
Deals update: Negligible increase in investment activity but exits fall again
19/03/2003. There was more bad news for investors concerned about liquidity as just one exit was recorded in the week ending 18 March, a fall from three the previous week and seven the week before that.
Latest Deals: 12 March 2003 - 18 March 2003
19/03/2003. The AltAssets weekly round up of deals done across the world. This week there were 146 active investors in 56 deals and one exit across 12 sectors, compared to 145 active investors in 54 deals and three exits the previous week…
HSBC finalises MBO of private equity arm, reducing stake from 100 per cent to 19.9 per cent
18/03/2003. HSBC Private Equity has joined the growing list of captive funds gaining independence after the announcement by HSBC Holdings that it has finalised the MBO of its private equity business.
CalPERS to disclose public equity performance data quarterly
18/03/2003. The California Public Employees' Retirement System has announced its plan to ‘adopt a comprehensive performance disclosure policy for private equity investments that balances the need for transparency and protection of members' pension benefits'.
3i and VantagePoint Venture Partners team up to invest $50m in SCP Global Technologies
18/03/2003. 3i US and VantagePoint Venture Partners have announced a $50m investment in SCP Global Technologies, a developer of wet processing equipment used in the manufacture of industry wafers.
Israeli firm Vertex Venture Capital strengthens team
18/03/2003. Venture capital firm Vertex Israel has strengthened its investment team with the appointment of Eitan Barzilay, a serial entrepreneur with experience in various high-tech European companies.
French VC Part'Com launches new technology fund
17/03/2003. French venture capital firm Part'Com has launched a new technology fund with an ambitious target of E150m.
Crescendo Ventures strengthens London team
17/03/2003. US-based early-stage venture capital firm Crescendo Ventures has underlined its commitment to Europe with the appointment of Ian Jenks as a general partner in the London office.
ISIS appoints three new team members
14/03/2003. UK mid-market firm ISIS Equity Partners has strengthened its team with the appointment of three new people.
Toronto-based Onex Corp to establish $1.5bn co-investment fund
14/03/2003. Canadian financial group Onex Corporation has announced its plans to launch a $1.5bn private equity fund to which it has pledged an initial $300m, a sum that may be increased on an annual basis.
Access to manage funds of funds for AA Advisors
14/03/2003. European firm Access Capital Partners is to manage two funds of funds for AA Advisors, the multi-manager arm of ABN Amro group in France.
EVCA says private equity investment crept higher in 2002 but fundraising slowed
13/03/2003. Private equity investment activity across Europe rose 12 per cent in 2002 but fundraising nearly halved, according to preliminary figures published by the European Venture Association and PricewaterhouseCoopers.
Permira preparing for another mega European buy-out fund
13/03/2003. UK-based buy-out firm Permira, formerly Schroders, is gearing up to launch a new multi-billion euro European buy-out fund in the next few weeks. Permira Europe III is expected to trump its E3.5bn predecessor with a target of more than E4bn.
US-based Cerberus acquires Fila Holding for $351m
13/03/2003. Distressed investment firm Cerberus Capital Management is to acquire the entire 91 per cent stake presently held by Holding di Partecipazioni Industriali SpA in Fila Holding, an Italian sportswear group, in a transaction valued at $351m.
French private equity industry puts transparency at the top of its agenda
12/03/2003. The French private equity industry has put transparency at the top of its agenda to ensure it can build on its significant success of recent years in growing local investment activity. Xavier Moreno, President of the country's private equity association AFIC, told its annual conference that greater transparency was the key to attracting new investors to the asset class and retaining existing investors during difficult market conditions.
Deals update: Further increase in investment activity in Europe and the US, but exits thin
12/03/2003. There was a further gentle upturn in investment activity in the week ending 11 March, although concerns about liquidity are unlikely to be assuaged by the news that exits were once again down.
Latest Deals: 5 March 2003 - 11 March 2003
12/03/2003. The AltAssets weekly round up of deals done across the world. This week there were 145 active investors in 54 deals and three exits across 12 sectors, compared to 104 active investors in 39 deals and seven exits the previous week…
Advent International funds buy-out of Danish furniture retailer ILVA
11/03/2003. Private equity firm Advent International has funded the buy-out of Denmark's second largest furniture retailer, ILVA, having teamed up with UK retail expert Martin Toogood.
Cinven sells Odeon cinemas for £431m to WestLB-led syndicate
10/03/2003. European private equity firm Cinven has sold Odeon Cinemas to a syndicate of investors led by WestLB for £431m. The transaction reinforces the prevailing trend for secondary buy-outs to provide liquidity for private equity firms.
Candover Investments sees profits rise, NAV fall
10/03/2003. Candover Investments has reported a six per cent increase in pre-tax profits for 2002 to £15.5m, but a 7.7 per cent decrease in net asset value.
Pennsylvania-based PA Early Stage Partners holds first close on third fund with $68m
07/03/2003. PA Early Stage Partners has announced the first close of its third fund with commitments of $68m, over half way towards the target of $100m, defying the tough fundraising climate for venture capital firms.
Secondaries specialist Greenpark Capital closes debut fund on E200m
06/03/2003. London-based secondaries specialist Greenpark Capital has successfully navigated an unforgiving fundraising climate to close its debut fund on target with E200m.
JP Morgan Partners acquires two publishing companies from Veronis Suhler Stevenson
06/03/2003. JP Morgan Partners has acquired two publishing companies, Atwood Publishing and GEM Communications, through its portfolio company Ascend Media, from media merchant bank Veronis Suhler Stevenson.
3i European Barometer shows marginal increase in confidence for private companies
06/03/2003. Private equity-backed companies in Europe are a little more confident about the general economic outlook than at the end of 2002, according to the latest 3i Barometer, which measures private companies' confidence in business, political and economic climates.
Japan-focused Entrepia Ventures closes two funds with $50m
05/03/2003. US-based Entrepia Ventures has announced the closing of two funds, Entrepia Fund II and Le Fonds Entrepia Nord, with $50m. The funds will begin investing at once.
French venture capital investment turns upwards in H2 2002
05/03/2003. Evidence of the relative buoyancy of the French venture capital activity: after four consecutive semesters recording decline, the second half of 2002 brought a marginal increase in investment levels, according to L'Indicateur Chausson Finance.
Latest Deals: 26 February 2003 - 4 March 2003
05/03/2003. The AltAssets weekly round up of deals done across the world. This week there were 104 active investors in 39 deals and seven exits across 15 sectors, compared to 93 active investors in 38 deals and no exits the previous week…
AXA Private Equity CEO calls for further transparency in private equity industry
05/03/2003. Dominique Senequier, CEO of AXA Private Equity, called for more transparency within the private equity industry in order to get its ‘true development,' at a Frankfurt round table.
Deals update: Good news for investors with seven exits recorded
05/03/2003. Investors looking for signs of an upturn in the extremely harsh exit environment for private equity firms may be comforted by the news that there were seven exits in the week ending 4 March 2003, six of them in Europe.
Private equity firms expect to be more active in media sector in 2003
04/03/2003. Private equity investors specialising in the media sector expect to be more active in 2003, according to new research from KPMG. B2B publishing is seen to be the most promising of the media sub-sectors.
Soros Private Equity Partners acquires PolymerLatex in transaction valued at E235m
04/03/2003. Global private equity firm Soros Private Equity Partners, owned by billionaire George Soros, has bought latex producer PolymerLatex from Germany-based Bayer and Degussa AG in a transaction valued at E235m.
UK-based Electra achieves exit for pub company Tom Cobleigh
03/03/2003. European private equity firm Electra Partners Europe has announced the sale of Tom Cobleigh to a trade buyer, Spirit Group.
UK's Permira underlines commitment to Nordic region with Stockholm office
03/03/2003. UK-based Permira has announced the opening of a new office in Stockholm to better enable the firm to take advantage of opportunities in the Nordic market. Kurt Björklund will head up the new office.
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