|
UK mid-market firm Sagitta closes fund above target of £105m
27/02/2004. UK mid-market buy-out firm Sagitta Private Equity has closed its third fund with commitments of £105m, pushing it beyond its target of £75m. 
Private equity consortium eyes Ireland Eircom exit with March flotation
27/02/2004. Valentia, a consortium of private equity firms, looks set for an exit from its 2001 investment in Ireland's biggest telecoms operator Eircom by floating the firm back on the market in March. The firm is expected to be valued at around E3.5bn.
Hamilton Lane appoints Vandenborre to establish presence in Singapore
26/02/2004. US private equity group Hamilton Lane has recruited Alain Vandenborre to open up a new subsidiary in Singapore and spearhead the firm's business development activities in Southeast Asia.
Ravi Viswanathan joins New Enterprise Associates as principal
26/02/2004. US venture giant New Enterprise Associates has announced the appointment of IT specialist Ravi Viswanathan as a principal at the firm as it begins investing its new $1.1bn fund. He joins from Goldman Sachs.
Canadian pension fund OMERS reorganises to double allocation to alternatives
25/02/2004. The Ontario Municipal Employees Retirement System, one of Canada's largest pension funds, is reorganising itself as part of its plan to double its allocation to alternative assets. It intends to increase its allocation to private equity, property, and infrastructure to 35 per cent of total assets over the next five years from its present level of 18 per cent.
Candover and LGV exit Bourne Leisure investment
25/02/2004. UK-based buy-out groups Candover and Legal and General Ventures have sold their combined 28 per cent stake in Bourne Leisure back to the company to complete their exit from an investment made in 2000. They are reported to have enjoyed a two times multiple on their equity.
German venture firm Earlybird strengthens team for sharper focus on medical devices
25/02/2004. German venture capital firm Earlybird has made two appointments to sharpen its focus on the medical devices sector. Thom Rasche has joined as a venture partner and Graham Lay as a venture advisor.
European fund of funds firm ViaNova adds Neil Cross to industry panel
24/02/2004. European fund of funds firm ViaNova Capital has named former 3i main board member Neil Cross to its industry panel to reinforce its access to strategic advice about the buy-out sector. Cross, a former chairman of the EVCA, joins Roger Brooke, founder and former chairman of Candover.
US-based Capital Z to sponsor UK-based Hutton Collins mezzanine fund
24/02/2004. US-based firm Capital Z Investment Partners has agreed to sponsor the London-based Hutton Collins mezzanine fund by buying an existing E35m interest from Abbey National and injecting a further E40m. The commitment will take the fund to E200m.
AlpInvest buys Novem from CVC and Goldman Sachs for E200m
24/02/2004. Dutch private equity group AlpInvest has made its first direct investment since being separated earlier this month from NIB Capital with the E200m acquisition of car interiors manufacturer Novem from CVC Capital Partners and Goldman Sachs.
Advent International completes protracted buy-out of Bulgaria Telecom
23/02/2004. Advent International has finally completed its protracted buy-out of Bulgaria Telecom from the government with the acquisition of a 65 per cent stake worth E230m.
Carlyle Group doubles its money on Korean Koram bank exit
23/02/2004. US-based private equity firm the Carlyle Group has doubled it money on its investment in the Korean KorAm Bank by selling it to Citigroup.
European Kennet Venture Partners hires new financial director
20/02/2004. European venture firm Kennet Venture Partners has recruited Manish Mittal as finance director. Mittal joins the firm from Advent Venture Partners where he served as financial controller. He previously worked at PricewaterhouseCoopers in the audit department.
US New Enterprise Associates closes latest venture fund on $1.1bn
20/02/2004. US New Enterprise Associates has closed its latest fund on $1.1bn. The firm is targeting less than half of the amount of capital it raised in its previous fund, which closed on $2.3bn at the peak of the venture bubble in September 2000.
Enterprise Investors holds first close on Polish fund with E300m
20/02/2004. Central European private equity firm, Enterprise Investors, has announced the first closing of Polish Enterprise Fund V with total commitments of E300m.
Belgian Big Bang Ventures recruits Georges van Hoegaerden as venture partner
19/02/2004. Belgian Big Bang Ventures (BBV) has recruited Georges van Hoegaerden as venture partner. Van Hoegaerden will be the firm's first US-based investment professional.
US Putnam Lovell Capital Partners spins out as Lovell Minnick Partners
19/02/2004. US Putnam Lovell Capital Partners has spun out of investment bank Putnam Lovell. The new independent firm will be called Lovell Minnick Partners.
US Belvedere Capital Partners hires Gary Gertz as president
18/02/2004. US Belvedere Capital Partners has recruited Gary Gertz as president. Gertz joins the firm from California Bankers Association where he served as president and chief executive officer.
US Charles River closes twelfth fund on $250m
18/02/2004. US Charles River Ventures has closed its twelfth fund on $250m. The fund brings the firm's total capital under management to $1.6bn. The fund will continue Charles River's strategy of investing in early-stage companies in the technology, intellectual property, services and media sectors.
US Code Hennessy & Simmons to buy The Hillman Companies from Allied Capital
18/02/2004. US private equity firm, Code Hennesy & Simmons is to buy key manufacturer, The Hillman Companies, from Allied Capital Corporation. The transaction has been valued at $510m and net cash proceeds to Allied Capital are estimated to be $192m.
United States Power Fund closes with $250m
18/02/2004. Energy Investors Funds Group (EIF) has closed the United States Power Fund with $250m of commitments. The fund will invest in electric power generation facilities, project development companies, privatised utility assets and environmental and clean energy projects in the US. EIF expects the fund to be fully invested by the end of the year.
Australian AMP Capital and the Asian Development Bank launch Indian infrastructure fund
17/02/2004. Australian AMP Capital Investors has joined forces with the Asian Development Bank (ADB) to launch a fund to invest in non-listed securities of companies that develop or own infrastructure facilities in India. The fund is targeting $100m and has a cap of $125m.
Abingworth Management recruits Michelle Doig
17/02/2004. European life sciences venture capital firm, Abingworth Management, has recruited Michelle Doig. Doig will be responsible for managing the funding and refinancing of the firm's portfolio companies.
Canadian private equity investment falls by $1bn in 2003
17/02/2004. Canadian private equity investment fell from $2.5bn in 2002 to $1.5bn in 2003, according to the latest industry statistics from the Canadian Venture Capital Association (CVCA) and Macdonald & Associates.
Switzerland-based Capvent to launch US mezzanine and expansion capital fund
17/02/2004. European fund of funds firm, Capvent, is to launch a US mezzanine and expansion capital fund. The Capvent Current Income Fund will also seek opportunities for co-investment.
Blackstone Group and First Reserve to buy German coal mining company for over $1bn
16/02/2004. US private equity firms Blackstone Group and First Reserve have joined forces with US mining group, AMCI, to acquire the international coal operations of German coal mining group RAG for over $1bn. The consortium will take over 12 coal mines in the US.
European private equity houses face realisation overhang, survey finds
16/02/2004. European private equity firms are facing a realisation overhang as exit rates are running at 40 per cent of anticipated levels, according to research by KPMG. The virtual closure of the IPO markets has in turn reduced the availability of trade buyers and has generally depressed market confidence, the survey reveals.
Clayton, Dubilier & Rice buys laboratory unit for $1.68bn
16/02/2004. Clayton, Dubilier & Rice has acquired Merck's laboratory distribution unit, VWR International, for $1.68bn. Merck intends to use the proceeds to improve its balance sheet and expand its core businesses.
Australian Starfish Ventures holds first close at AUS$62.5m
13/02/2004. Australian Starfish Ventures has announced a first close of the Starfish Technology Fund I (STF) with AUS$62.5m of commitments. The fund will invest across all fields of technology including information technology and life sciences.
Calpers to invest $3bn in private equity in 2004
13/02/2004. The California Public Employees' Retirement System (Calpers) is to invest up to $3bn in private equity this year. The pension fund will be paying particular attention to European buy-out and Asian growth and distressed assets opportunities.
Cinven to offer over £550m for Hollinger newspaper assets
13/02/2004. Cinven is to back the Daily Mail & General Trust's (DMGT) offer for Hollinger International's UK newspaper assets. Cinven is understood to have joined DMGT at a late stage and is offering in excess of £550m for the Telegraph Group.
Lazard steps into European mid-market private equity
13/02/2004. Private investment bank Lazard is preparing to go head to head with European mid-market private equity firms by setting up its own principal finance unit. The firm plans to cash in on its high-level corporate client relationships and will target deals valued at between £50m and £250m.
Warburg Pincus and Blackstone to invest $300m in West African oil and gas exploration
13/02/2004. Warburg Pincus and Blackstone have backed a $300m investment in West African oil and gas exploration in one of the region's biggest private equity transactions.
US TA Associates hires Michael Berk as principal
13/02/2004. US Associates has hired Michael Berk as principal. Berk will work on leveraged buy-outs and recapitalisations of growth companies in the consumer, financial services and business services sectors.
HgCapital backs E115m buy-out of Hirschmann Electronics
13/02/2004. HgCapital is to back the E115m management buyout of German Hirschmann Electronics from Rheinmetall. The deal represents HgCapital's fourth acquisition in Germany since the beginning of 2003.
European venture investment fell 23 pct in 2003; still little sign of recovery
12/02/2004. European venture capital investment fell 23 per cent in 2003 on the previous year to stand 82 per cent below its peak level in 2000, according to the latest figures from VentureOne and Ernst and Young. There was little sign of a recovery in the breakdown, which saw the third consecutive quarterly drop.
Apax Partners appoints Carol Olson as venture partner in the US
11/02/2004. Apax Partners has appointed Carol Olson as venture partner to expand the firm's US healthcare investment team. Olson will be responsible for developing and implementing healthcare divestiture strategies and for identifying investment opportunities.
Italian Cape Natexis Private Equity Fund holds first close with E87m
11/02/2004. Italian Cimino & Associati Private Equity (CAPE) and Natexis Cape have announced the first close of Cape Natexis Private Equity Fund with E87m of commitments. The fund is targeting a maximum fund size of E110m.
Private equity firms compete for Dutch retailer Vendex KBB
11/02/2004. US private equity firm Kohlberg Kravis Roberts and a consortium of rival funds including Permira and Cinven, are competing to buy Dutch retailer Vendex KBB. The transaction is likely to be valued at around E1.3bn.
UK private equity industry shows upsurge in confidence, says BVCA
11/02/2004. The UK private equity industry has demonstrated a renewed confidence in the business climate for investments, according to a survey produced by the British Venture Capital Association, (BVCA).
CPP Investment Board co-invests $120m in secondary acquisition with Paul Capital Partners
10/02/2004. The CPP Investment Board has agreed to commit $120m to CPP Investment Board-Paul Capital holdings II, a $310m limited partnership that will acquire secondary interests in private equity funds. The portfolio will be managed by Paul Capital Partners and will consist primarily of US buy-out funds.
US Baird Ventures recruits Peter Shagory as principal
10/02/2004. US Baird Ventures has recruited Peter Shagory as a principal. He will help lead the firm's healthcare and life sciences activities.
Apax prepares bid for Greek Olympic Airways
09/02/2004. UK Apax Partners is reportedly preparing to bid for Greek Olympic Airways. The private equity firm is expected to make its move next month, following the airline's anticipated privatisation after Greece's general election.
Carlyle, Texas Pacific and Kohlberg Kravis to bid for UK National Grid Transco
09/02/2004. US private equity firms Carlyle Group, Kohlberg, Kravis Roberts and Texas Pacific are to bid for UK gas pipelines being sold by National Grid Transco. The transaction is expected to raise in the region of $10bn.
US Riverside exceeds target with $750m final close
09/02/2004. US private equity firm, Riverside Company, has announced a final close on its fourth fund with $750m in commitments. The 2003 Riverside Capital Appreciation Fund was launched in June last year and was originally targeting $600m.
Dutch pension schemes take control of NIB Capital Private Equity
09/02/2004. Dutch pension schemes PGGM and ABP have taken direct control of NIB Capital Private Equity from NIB Capital. The private equity group will be renamed Alpinvest Partners.
Cinven exits troublesome Dunlop investment
06/02/2004. Cinven has sold sports brand Dunlop Slazenger for a fraction of the price that the private equity firm originally invested. Mike Ashley, the founder of retail chain Sports Soccer, is reported to have paid between £35m and £40m for the company, which Cinven acquired in a management buy-out for £370m in 1996.
Belgian Capricorn Ventures to raise up to E60m for IMEC spin-offs
06/02/2004. Belgian private equity firm Capricorn Venture Partners is to raise between E40m and E60m to support spin-offs from IMEC research centre. The IMEC Technology fund (ITF) expects to hold a first close in the third quarter of this year.
US Carlyle continues its demystification with publication of 2003 investment activity
05/02/2004. US private equity giant Carlyle Group has continued its process of demystification with the unusual step of disclosing details of its activities for 2003. The firm's revelations include details of money invested, deals entered and exited, money returned to investors and money raised. The move is in sharp contrast to the curtain of secrecy that has traditionally surrounded the private equity industry and Carlyle in particular.
Charterhouse makes quick return on UK betting shop investment
05/02/2004. European private equity firm, Charterhouse Development Capital, has made a quick return on its investment in Coral Eurobet. The betting chain is to undergo a £830m refinancing that will allow Charterhouse to recoup 60 per cent of the £860m it initially invested in the company.
US healthcare venture capital investment exceeds $5.5bn in 2003
05/02/2004. Venture capital investments in healthcare companies exceeded $5.5bn in 2003, according to the Jenks Healthcare Business Report. The fourth quarter saw a significant increase in the value of transactions, recording nearly $1.8bn in investments. This represents a 26 per cent increase on the previous quarter.
US-based EGL launches new venture fund and hires general partner
05/02/2004. US-based EGL Ventures is to launch its fourth fund targeting $90m. The firm has also announced the recruitment of former Alliance Technology Ventures professional, Stephen Fleming, as a general partner.
Euroventures Hungary III reaches first close at E31m
05/02/2004. Euroventures Hungary III has reached a first close with E31m of commitments. The fund is targeting E75m and is the first private equity fund in Hungary to be structured in such a way that Hungarian pension funds can invest.
UK-based GMT Communication Partners sets up industry council
04/02/2004. GMT Communication Partners, a private equity firm specialising in media and communications, is to set up an industry council made up of international media industry professionals.
US Charles River hires George Zachary as venture partner
04/02/2004. US Charles River Ventures has hired George Zachary as venture partner. Zachary joins the firm from Mohr, Davidow Ventures where he served as a general partner.
Warburg Pincus buys US firm Polypore for $1.1bn in secondary deal
04/02/2004. US buy-out firm Warburg Pincus has agreed to acquire Polypore from GTCR Golder Rauner and The InterTech Group for a reported $1.1bn. Warburg Pincus beat rivals including Permira, Ripplewood Holdings, CSFB Merchant Banking and Goldman Sachs Capital Partners to seal the deal.
Wayne Tsou to head Carlyle's Asia venture team
04/02/2004. The Carlyle Group has recruited Wayne Tsou as head of Asia Venture. Tsou joins the firm from Warburg Pincus.
Barings Private Equity Partners prepares to launch new Asia fund
03/02/2004. Barings Private Equity Partners is preparing to launch a new fund targeting Asian companies. The fund will target between $300m and $400m.
European CVC to launch $1bn Asia buy-out fund
03/02/2004. European CVC Capital is to launch a $1bn buy-out fund to make investments in South East Asia. The fund will focus on South Korea, China, Singapore and Japan and represents the largest ever fund dedicated to the region.
Italian Investindustrial hires Razzano as senior partner
03/02/2004. Italian mid-market private equity firm, Investindustrial, has recruited Dante Razzano as a senior partner. Razzano was previously head of Morgan Grenfell Private Equity in Italy.
Grove Street Advisors selected to build $125m US venture portfolio for Finnish pension funds
03/02/2004. Grove Street Advisors has been selected by Finland's Local Government Pensions Institution to build a $125m venture capital portfolio in the US.
Texas Pacific Group closed fourth fund at $5.3bn
03/02/2004. Texas Pacific Group has closed its fourth fund at $5.3bn. The fund was reportedly over subscribed by between $800m and $900m.
US David L. Babson closes mezzanine fund on $265m
03/02/2004. US investment management firm, David L. Babson & Co, has closed a $265m fund to provide mezzanine debt and private equity financing for small and medium-sized businesses. The new fund is called Tower Square Capital Partners.
US-based WL Ross and France-based IPE to launch E250m French mid-market fund
03/02/2004. US-based WL Ross is to join forces with France-based private equity firm, Investors in Private Equity (IPE), to create an E250m mid-market buy-out fund targeting the French market.
US Technology Crossover Ventures closes $900m fund
03/02/2004. US Technology Crossover Ventures (TCV) has announced the final close of TCV V on $900m. The new fund brings TCV's total funds under management to $3.3bn.
US venture capital fundraising improves slightly in fourth quarter 2003 after two difficult years
03/02/2004. Commitments made to US venture capital funds increased slightly in the fourth quarter of 2003 after two difficult years, according to the latest figures released by Thomson Venture Economics and the National Venture Capital Association (NVCA). A total of 43 funds announced final closings with aggregate commitments of $5.2bn in the fourth quarter of last year, almost half of the total amount raised in 2003 as a whole.
Barclays Private equity backs £100m buy-out of Cabot Financial
02/02/2004. Barclays Private Equity has backed the £100m buy-out of Cabot Financial, a company that buys defaulted debts from lenders. The private equity firm has invested £43m in the company on the basis that it expects the market to grow strongly over the next five years, driven by high levels of consumer debt.
Candover sells packaging business to Warburg Pincus for E630m
02/02/2004. A consortium of private equity players led by Candover has sold packaging business Clondalkin to Warburg Pincus for E630m. The company was taken private by Candover for E550m at the end of 1999.
US Glencoe Capital closes third fund at over $380m
02/02/2004. US buy-out firm Glencoe Capital has announced the final closing on its third set of funds with over $380m of commitments. Glencoe Capital Partners III closed on $200m and Glencoe Institutional Partners III, a companion fund, raised an additional $182m of institutional co-investment capital.
New German fund Argantis announces first close at E100m
02/02/2004. New German middle-market private equity firm Argantis has announced a first close at E100m. Argantis will invest in midsize family-run companies and corporate spin-offs in Germany, Austria and Switzerland. Its debut fund is targeting E200m.
|
