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Austrian gamma capital partners closes second fund
28/05/2004. Austrian technology venture capital firm, gamma capital partners, has announced the final closing of its second fund with E17.5m. The firm now manages a total of E38m for investment in the ICT and life sciences industries. 
Doughty Hanson floats UK Umbro after cutting offer price
28/05/2004. The initial public offering of Doughty Hanson's Umbro valued the company at just £145m after the price of the sports clothing retailer's shares was slashed by almost half. Yesterday the shares were offered at 100p, dramatically below the indicative range of 150p to 190p set two weeks ago, which valued the company at £202m.
Lehman Brothers hires DB Capital Partners executive to European merchant banking team
28/05/2004. Lehman Brothers has announced the appointment of Javier Bañón as a managing director and co-head of the European merchant banking group. Bañón joins the firm from DB Capital Partners where he was responsible for private equity investments in Latin America.
Engelfield and Electra acquire UK-based Global Solutions for £207.5m
27/05/2004. Engelfield Capital and Electra Partners Europe have acquired Global Solutions (GSL) for £207.5m. GSL is Danish Group 4 Falck's UK-based facilities management division.
Carlyle and Kyocera to place $2.1bn offer for Japanese wireless company
27/05/2004. US private equity firm The Carlyle Group and Japanese technology company Kyocera are to place a $2.1bn offer for wireless service provider DDI Pocket. The transaction has been under negotiation for around two years, but the parties involved have only just moved into exclusive talks.
KKR to exit Canadian Yellow Pages
27/05/2004. Canada's Yellow Pages Income Fund is planning to issue C$743m of shares in a deal which marks Kohlberg Kravis Roberts' (KKR) final exit from the company.
Doughty Hanson postpones German ATU offering
27/05/2004. Pan-European buy-out group Doughty Hanson has become the latest private equity firm to fall victim to uncertain public markets. The firm has postponed its proposed initial public offering of Auto-Teile-Unger (ATU), the German car parts and accessories group.
UK Terra Firma buys landfill assets for £228m
26/05/2004. UK private equity firm Terra Firma has acquired the UK landfill assets of waste management firm Shanks Group. The transaction has been valued at £228m.
US venture valuations increase for third consecutive quarter in Q1
26/05/2004. The valuations of US venture-backed companies rose for the third consecutive quarter in Q1 04. The average valuation reached its highest level in more than two years at almost $14m, up from just over $12m in the fourth quarter of 2003, according to research conducted by VentureOne.
US Castle Harlan buys shipping company from Carlyle for $650m
25/05/2004. Castle Harlan has agreed to buy Horizon Lines, the shipping container company currently owned by Carlyle Group. The transaction has been valued at $650m.
Merrill Lynch and UFJ Bank to launch Y100bn turnaround fund
25/05/2004. US investment bank Merrill Lynch and Japan's UFJ Bank are to launch a Y100bn turnaround fund. The initiative will be funded exclusively by the two banks, with Merrill Lynch contributing 70 per cent of the investment and UFJ contributing 30 per cent.
Lehman Brothers closes European mezzanine fund with E750m
25/05/2004. US investment bank Lehman Brothers has closed its European mezzanine fund with E750m of commitments, comfortably ahead of its original target of E500m.
Intermediate Capital Group appoints Dr Martin Kohlhussen as non-executive director
25/05/2004. European mezzanine provider, Intermediate Capital Group (ICG), has appointed Dr. Marin Kohlhaussen as a non-executive director.
ABN Amro Capital launches A$300m Australian buy-out fund
24/05/2004. ABN Amro has announced the launch of a A$300m buy-out fund targeting investment opportunities in Australia and New Zealand. ABN Amro will provide a corner stone investment for the fund, equal to 40 per cent of the total amount raised.
EVCA says fragmentation of tax and legal structures are damaging the European PE industry
24/05/2004. The fragmentation of tax and legal structures across Europe are seriously impeding the development of the region's private equity industry, according to a report by the European Venture Capital Association (EVCA).
UK-based North Atlantic Value starts fundraising for Trident Private Equity Fund II
24/05/2004. UK-based North Atlantic Value has announced the launch of Trident Private Equity Fund II. The fund will make investments of up to £10m in small-cap UK companies in the manufacturing, services, leisure, media, healthcare, retail, fincial services and construction sectors.
US firm Institutional Venture Partners targets $250m for new fund
24/05/2004. US firm Institutional Venture Partners (IVP) has launched its second fund since rebuilding its team and shifting its focus to later-stage information technology companies. The firm is targeting a minimum of $250m and has capped the fund at $325m.
US Draper Fisher Jurvetson plans move into former Soviet Union
24/05/2004. US early-stage technology venture capital firm, Draper Fisher Jurvetson, is exploring the possibility of setting up a fund to invest in Russian companies and US companies leveraging Russian research and development. The fund would also invest in the other former Soviet republics.
US First Atlantic Capital hires Thomas Berglund as a managing director
21/05/2004. US mid-market private equity firm, First Atlantic Capital, has recruited Thomas Berglund as a managing director. Berglund will be responsible for managing the firm's existing portfolio companies and developing new investments for the firm. Berglund joins First Atlantic Capital from Jupiter Partners where he served as a partner.
Swiss HBM Partners reaches first close on second fund at $95m
21/05/2004. Swiss HBM Partners has reached a first close on its second biotech fund with $95m of commitments. The fund was launched in September 2002, but fundraising was suspended for a year due to market conditions and the firm's merger with NMT New Medical Technologies.
Blackstone, Apollo and Goldman Sachs prepare $4.7bn IPO for Ondeo Nalco
21/05/2004. The private equity consortium, which acquired Ondeo Nalco from French conglomerate Suez for $4.2bn, is planning to float the US water treatment business less than seven months after completing the deal.
Warburg Pincus floats Zentiva on Prague Stock Exchange
21/05/2004. Zentiva, the Warburg Pincus-backed Central and Eastern European pharmaceutical company, has announced plans for a floatation that will make it the first substantial initial public offering to take place on the Prague Stock Exchange.
French Wendel Investissement acquires Editis from Lagadere for E660m
20/05/2004. French private equity firm, Wendel Investissement, has acquired a controlling stake in publishing group Editis from French conglomerate Lagardere in a transaction valued at E660m.
Trillium Group launches New York venture capital fund
20/05/2004. US Trillium Group has launched Trillium Lakefront Partners III Fund, a venture capital fund designed to provide business-building capital to upstate New York companies. The fund has already raised in excess of $50m and is targeting a minimum of $75m.
US BioVista teams up with Swiss HBM Partners to launch $200m life sciences fund
20/05/2004. US BioVista, a venture firm backed by not-for-profit Golden LEAF Foundation, has changed its name to Hatteras BioCapital and has teamed up with Swiss HBM Partners to launch a $200m life sciences fund.
US St. Paul Venture Capital splits to form two separate funds
20/05/2004. US-based St. Paul Venture Capital, a $3bn venture capital firm, is planning to split up and form two separate funds with different areas of focus.
Clayton, Dubilier & Rice hires Morgan Stanley's Rochat as European partner
20/05/2004. US buy-out firm Clayton, Dubilier & Rice (CDR) has recruited Christian Rochat as a partner based in the firm's London office. Rochat joins CDR from Morgan Stanley Capital Partners where he served as managing director.
US Broadcast Capital hires Hank Torbert to assist with fundraising
20/05/2004. US Broadcast Capital has hired Hank Torbert as executive vice president and chief operating officer. Torbert will be responsible for the Broadcast Capital's investment operations and will manage the firm while it raises its new fund, Blackstar.
BVCA calls on UK government to ditch pension reforms
19/05/2004. The British Venture Capital Association is to call on the UK government to ditch proposed amendments to the Pensions Bill because they could be disastrous for the private equity industry. The BVCA fears that private equity investing in the UK will be adversely affected by prospective rules, which would see them having to plug pension holes in the companies they acquired.
Canadian Integrated Partners to launch C$250m private equity fund
19/05/2004. Canadian private equity firm, Integrated Partners, is to launch its second fund with a target of C$250m. The fund will invest in the region of C$25m in Canadian and US companies.
Michael Dugan joins corporate advisory team at the Blackstone Group
19/05/2004. The Blackstone Group has recruited Michael Dugan to its corporate advisory team as a senior managing director. Dugan, who will maintain offices in New York and London, has been instrumental in the execution of some of the largest industrial transactions, including KKR's acquisition of Legrand, Europe's largest ever leveraged buy-out.
Carlyle to bid for Dutch Petroplus
19/05/2004. The Carlyle Group is leading a bid to take Dutch oil refiner Petroplus off the stock market. The private equity firm is offering E247m for the company, which has indicated that it will recommend acceptance of the bid.
US Glenrock Group recruits Alastair Short as managing director
19/05/2004. US-based Glenrock Group has recruited Alastair Short as managing director. Short joins from Matrix Global Investments where he was co-founder, president and chief operating officer.
UK Charterhouse to buy vending machine firm for E800m
18/05/2004. UK private equity firm Charterhouse is to acquire UK-based packaging and vending machine firm Autobar for E800m. The sale by the company's current owner, the Kuwaiti Investment Office, is subject to regulatory approval and is expected to be completed in the next six to eight weeks.
Kodiak Venture Partners hires Steve Maxwell as a recruiting partner
18/05/2004. Kodiak Venture Partners has recruited Steve Maxwell as a recruiting partner. Maxwell will assist the firm in recruiting executives for the firm's portfolio companies, predominantly in the communications, IT, semiconductor and software sectors.
US-based W Capital Partners closes secondaries fund at $250m
18/05/2004. US-based W Capital Partners has closed its secondaries fund with $250m of commitments. The fund was launched in April of last year and was originally targeting just $150m.
Carlyle and Welsh, Carson prepare to float Dex Media in $1.5bn IPO
17/05/2004. US private equity houses Carlyle and Welsh, Carson, Anderson & Stowe are preparing to exit some of their investment in US Dex Media with an initial public offering expected to raise up to $1.5bn. The two firms acquired the directories business from Qwest Communications in 2002 for $7.1bn, in what was the largest US buy-out since 1989.
UK mid-market firm Royal London Private Equity recruits Tim Thomas as investment manager
17/05/2004. Royal London Private Equity has recruited Tim Thomas as an investment manager. Thomas joins the firm from KPMG Corporate Finance where he served as an associate director in the financial services M&A team.
UK Gresham exceeds target with £235m final close
17/05/2004. UK mid-market private equity firm Gresham has closed its third fund above target with total commitments of £235m. The fund was originally targeting £200m.
Jim Breyer of Accel Partners elected chairman of the NVCA
14/05/2004. Jim Breyer of Accel Partners has been elected as chairman of the US National Venture Capital Association (NVCA). Breyer succeeds Jeffrey Harris, managing director of Warburg Pincus.
US-based RWI Group recruits Mark Foley as managing director
14/05/2004. US-based venture capital firm, RWI Group, has recruited Mark Foley as a managing director. Foley will be responsible for investments in the life sciences sectors.
Utah Capital appoints board to invest $100m fund of funds
14/05/2004. The Utah Capital Investment Corporation has announced the formation of its board of directors, one of two key bodies charged with overseeing and implementing Utah's $100m fund of funds, which was approved by the Utah State Legislature in 2003.
Scandinavian Life Science Venture hires Rigele Abilock as senior investment director
14/05/2004. Scandinavian Life Science Venture (SLS), a Denmark-based venture capital firm, has recruited Rigele Abilock as senior investment director. Abilock will provide support to SLS portfolio companies concerning international strategy and perspective.
BC Partners more than doubles its money with C&C Group IPO
14/05/2004. BC Partners is expected to more than double its money with the flotation of Irish drinks manufacturer C&C Group. The private equity firm and its co-investors invested a total of E300m into the company, which it acquired from Allied Domecq in 1999.
Investcorp's Yea to replace Brian Larcombe as head of 3i
14/05/2004. Managing director of Investcorp Bank, Philip Yea, is to replace Brian Larcombe as head of pan-European private equity giant 3i. Larcombe is stepping down on July 7 after seven years as chief executive.
3i sees investment levels increase in 2003
13/05/2004. European private equity firm, 3i, saw its total investment value increase to £979m last year, up 9.5 per cent from the previous financial period, the company revealed.
Actis wins mandate to invest the C$200m Canadian Investment Fund for Africa
13/05/2004. Emerging markets private equity investor, Actis, and Canadian fund manager, IFPT Management, have won a mandate to invest the C$200m Canada Investment Fund for Africa. The fund, to launch later this year, will consist of C$100m Canadian government money, with at least an equivalent contribution to be raised from third parties.
European venture capital investment off to a sluggish start in 2004
13/05/2004. The European venture capital industry has experienced a sluggish start to 2004, with a decline in investment activity in the first quarter of the year. Just E619m was invested in 172 deals during the first quarter, a significant drop from the increases experienced at the end of 2003, according to the latest figures from Ernst & Young and VentureOne.
Charles River Associates recruits Mason Tenaglia as vice president
13/05/2004. Charles River Associates has recruited Mason Tenaglia as a vice president. Tenaglia will focus on the firm's pharmaceutical operations.
German mid-market buy-out group Finatem announces first close at E74m
13/05/2004. German mid-market private equity firm, Finatem, has announced the first closing of its second fund with E74m of commitments. The fund is targeting between E125m and E150m.
Doughty Hanson prepares to float ATU in E1.5bn IPO
12/05/2004. Doughty Hanson is preparing to exit its investment in Auto-Teile-Unger (ATU) in an initial public offering worth in the region of E1.5bn. The flotation will take place on the Frankfurt Stock Exchange by June this year.
Grant Jackson joins US venture group The Aurora Funds as a senior associate
12/05/2004. US-based early-stage venture capital firm, The Aurora Funds, has recruited Grant Jackson as a senior associate. Jackson has joined the firm's life sciences team and will be responsible for sourcing new investment opportunities in the healthcare services and device industries. He will also support Aurora life sciences and healthcare portfolio companies.
UK Sagitta boosts team with Apax professional
12/05/2004. UK mid-market firm, Sagitta Private Equity, has boosted its investment team with the addition of former Apax professional, Toby Wyles. Wyles joins Sagitta after 13 years at Apax, where he served most recently as co-head of the firm's European buy-out group before resigning last year.
UK-based Candover sells Earls Court and Olympia for £245m
11/05/2004. UK-based Candover has sold its investment in London exhibition halls, Earls Court and Olympia (ECO), for £245m. St James Capital, a private property fund, will purchase a 75 per cent controlling stake in the company from the consortium of existing owners, which also includes L&G Ventures, the private equity arm of Legal & Ventures and Andrew Morris, chief executive of the business.
US Longworth co-founder leaves to join software company
11/05/2004. Ian Finley, a co-founder of US Longworth Venture Partners, has left the firm to join Formation Systems as vice president of marketing. Formation Systems provides product-development software for manufacturers.
US-based BV-Cornerstone Ventures recruits Bernie Brennan as senior venture partner
11/05/2004. US-based BV-Cornerstone Ventures has recruited Bernie Brennan as a senior venture partner. The firm manages a $100m venture capital fund that invests in US expansion-stage companies with between $10m and $50m in revenues.
US Versant Ventures hires Bradley Bolzon as managing director
11/05/2004. US Versant Ventures has hired Bradley Bolzon as a managing director with responsibility for the biotechnology sector. Bolzon joins the healthcare venture capital firm from F.Hoffmann-La Roche, where he served as executive vice president and global head of business development.
US venture-backed M&A valuations rise sharply in Q1 04
11/05/2004. In a sign that things may finally be looking up after several years of depressed private company valuations, the amount generated by US venture-backed mergers and acquisitions increased 75 per cent in the first quarter of 2004 compared to the previous quarter, according to Thomson Venture Economics and the National Venture Capital Association (NVCA).
Canadian Ventures West expands entrepreneur-in-residence team
11/05/2004. Canadian Ventures West has expanded its entrepreneur-in-residence team with the addition of Barry Allen. Allen, former president and CEO of VSM MedTech, will be involved in identifying and evaluating investment opportunities with a focus on biotech and medical device companies.
Fundraising and investment activity on the increase for UK private equity industry
10/05/2004. The UK private equity industry saw a significant improvement in both fundraising and investment activity in 2003, according to the British Private Equity and Venture Capital Association (BVCA).
Jon Stout launches new US military turnaround specialist
10/05/2004. Jon Stout, formerly chairman of the board of Analex Corporation, has announced the formation of a new US turnaround private equity firm. The Shawmark Group will focus on the middle-market federal defence contracting sector.
US Semaphore appointed as interim general partner of Northcoast fund II
10/05/2004. Semaphore, a US corporate finance firm, has been appointed interim general partner of Northcoast Fund II, a technology and business fund. The $34m fund was raised in 2000 and invests in early-stage companies. Semaphore will manage the fund's existing portfolio companies but will not be making new investments.
Golding Capital Partners and VCM hold first close on mezzanine fund of funds
07/05/2004. German fund of funds investors Golding Capital Partners and Venture Capital Management are holding a first close of their mezzanine fund of funds at E50m. This is the first fund of its kind in Europe.
South Korean government announces measures to promote domestic private equity industry
07/05/2004. The government of South Korea has announced a set of measures aimed at promoting the creation of private equity funds in the region. Under the proposals, investors may freely set up private equity funds to acquire shares, assets or ownership interests in financial and non-financial companies for any purpose.
Caisse de dépôt et placement du Québec announces private equity shake up
06/05/2004. The Caisse de dépôt et placement du Québec has announced that it is to combine three internal direct, late-stage private equity investment programmes and has hired Ernst & Young to find an external manager for its portfolio of direct venture capital investments.
Swiss SCM expands into real estate services
06/05/2004. Swiss gatekeeper SCM Strategic Capital Management has announced plans to expand its operations into foreign real estate services. The newly formed International Real Estate Group will be led by the firm's chief executive officer, Stephan Hepp, and head of private equity, and Ralph Aerni.
US Hellman & Friedman to buy UK Delaware International Advisers
06/05/2004. US private equity firm Hellman & Friedman has announced that it is to lead the management buy-out of London-based Delaware International Advisers Limited (DIAL) from Lincoln National Corporation. DIAL is among the largest managers of global assets for US institutional investors with in excess of $19bn under management.
Israeli venture capital investment rises 31 per cent in first quarter of 2004
05/05/2004. In the first quarter of 2004, 111 Israeli high-tech companies raised $323m from venture investors. This represents a 31 per cent increase from the $246m raised by 96 companies in the previous quarter and a 53 per cent increase from the $211m raised by 86 companies in the first quarter of 2003, according to a survey conducted by the Israel Venture Capital Research Centre.
US Hovde Capital recruits Kirk Rostron to help launch private equity fund
05/05/2004. US Hovde Capital Advisors, an alternative investment firm, has recruited Kirk Rostron as executive vice president and chief operating officer. His responsibilities will include the creation of a new private equity fund.
US Castle Harlan to buy Puerto Rico's Burger King chain for $340m
04/05/2004. US private equity firm Castle Harlan has agreed to acquire Caribbean Restaurants, operator of 165 Burger King restaurants in Puerto Rico. The transaction has been valued at $340m.
German CAM recruits three to fund of funds team
04/05/2004. German fund of funds manager CAM Private Equity has strengthened its team with three new hires. The three professionals have been recruited to bolster the firm's investment and business development teams.
US Live Oak Capital enters secondaries market with inaugural fund
04/05/2004. US Live Oak Capital has announced the formation of its inaugural fund, Live Oak Secondary Opportunity Fund. The firm has been formed and funded by Sponsor Investments, The Guggenheim Group, Sammons Enterprises and managing partner Haubert Mulherin.
US Novak Biddle closes $150m fourth fund
04/05/2004. US Novak Biddle Venture Partners has closed its fourth fund with commitments of $150m. The fund will focus on investing in high-potential early-stage technology companies.
US Sorenson Capital closes debut fund with $250m
04/05/2004. US Sorenson Capital has closed its debut fund with commitments of $250m. Investors in the fund include Adam Street Partners, Wilshire Private Markets Group, CalPERS and the Massachusetts Mutual Life Insurance Company.
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