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US-based MMC Capital closes Trident III on $1.1bn
30/07/2004. US-based MMC Capital, the private equity arm of Marsh & McLennan Companies, has announced the final close of Trident III on $1.1bn. The fund will invest between $25m to $150m in the global insurance, employee benefits and financial services industries. 
Permira launches E522m shipping company takeover
30/07/2004. European private equity firm Permira is backing the Grimaldi family in a E522m takeover of listed shipping company Grandi Navi Velocci. The takeover vehicle Vento will pay E2.6 a share for the stake owned by the Grimaldis' holding company.
Veronis Suhler Stevenson hires Thomas Kemp as managing director
30/07/2004. Veronis, Suhler Stevenson has announced the appointment of Thomas Kemp as managing director. Kemp joins the firm from Penton Media where he served as chairman and chief executive officer.
German ECM leads management buy-out of Nestlé frozen foods business
29/07/2004. German private equity firm, ECM Equity Capital Management, has led the management buy-out of Eismann, Nestlé's frozen foods distributor. Dutch Parcom Ventures has co-invested in the deal.
Italian Invesititori Associati closes fourth fund on E700m
29/07/2004. Italian Investitori Associati has closed its fourth private equity fund with E700m of commitments, E100m above its original target.
Private equity consortium acquires Bulgarian telecoms company for E1.2bn
29/07/2004. A private equity consortium led by ABN Amro Capital, Citigroup Investments and Communication Venture Partners has led the E1.2bn takeover of Bulgarian mobile telephones operator MobilTel Holding.
US Friedman Fleischer & Lowe closes Fund II at $750m
28/07/2004. US private equity firm Friedman Fleischer & Lowe has announced a final close on its second fund with $750m of commitments. The fund was originally targeting $600m.
Worldview Technology Partners hires Irwin Gross as a general partner
28/07/2004. Worldview Technology Partners, a technology venture capital firm, has recruited Irwin Gross as a general partner. Gross will be responsible for investments in the software and semiconductor markets.
Pantheon global secondary fund oversubscribed at $900m
27/07/2004. Pantheon has announced the final close of its second dedicated secondaries fund with $900m of commitments. Fundraising for Pantheon Global Secondary Fund II took less nine months and was significantly over subscribed.
Madison Dearborn buys Boise Cascade for $3.7bn
27/07/2004. Madison Dearborn Partners has agreed to buy the paper, forest products and timberland assets of US Boise Cascade Corporation for $3.7bn.
US venture capital hits two-year high, survey finds
27/07/2004. The steady upward trend in US venture capital investment activity continued in the second quarter of the year. A total of $5.6bn was invested in 761 companies, according to the MoneyTree Survey conducted by PricewaterhouseCoopers, Thomson Venture Economics and the National Venture Capital Association (NVCA). This figure compares to $5bn invested in the first quarter of 2004 and $5.4bn in the fourth quarter of 2003.
Israeli Pitango closes fourth fund at $300m
27/07/2004. Israeli Pitango Venture Capital has announced a final close on its fourth fund with $300m of commitments. The new fund brings Pitango's capital under management to over $1bn.
Japanese Advantage Partners closes third buy-out fund at Y46.5bn
26/07/2004. Japanese private equity firm Advantage Partners has announced the final close of its third buy-out fund with Y46.5bn of commitments. The fund will invest between Y2bn and Y5bn in 12 to 15 companies.
Morgan Stanley spins out private equity group
26/07/2004. Morgan Stanley Capital Partners has spun-out to form an independent private equity group. The new firm, to be called Metalmark Capital, will be led by Howard Hoffen, an 18-year private equity veteran and Morgan Stanley managing director.
Robin Doumar quits Goldman Sachs to launch independent mezzanine fund
26/07/2004. Robin Doumar, head of European mezzanine finance at Goldman Sachs, has left the firm to launch an independent mezzanine fund. He will be joined by David Cottam, the head of international equity capital markets at BNP Paribas.
Reliance and Temasek launch $200m India power fund
26/07/2004. India's Reliance and the Singapore state investment arm Temasek are to jointly launch a $200m private equity fund to invest in India's power sector. Both institutions will contribute $100m to the fund.
Spirit Group sells hotel chain for £536.2m
26/07/2004. Spirit Group, the private equity-backed pub operator, has sold 141 hotels to leisure group Whitbread for £536.2m. The deal represents a valuable exit for the group's shareholders including Blackstone, CVC Capital Partners and Merrill Lynch Global Private Equity.
Clayton, Dubilier & Rice pays $610m for global water treatment company
23/07/2004. Clayton, Dubilier & Rice (CD&R) has acquired global water treatment company Culligan International from French Veolia Environment for $610m.
New laws could damage Japanese private equity
23/07/2004. Japan's financial regulators are to step up their scrutiny of private equity funds under a new law to impose transparency in the booming sector. But industry professionals in the region are concerned that this could hamper growth just as the market is gathering momentum.
Southern African Intellectual Property Fund secures R104m
23/07/2004. The Southern African Intellectual Property Fund, which is managed by Triumph Venture Capital, has secured R104m in capital commitments. The fund is targeting R400m by June next year.
Private equity firms shortlisted for E2bn VNU World Directories auction
23/07/2004. Five private equity firms have been shortlisted for the final round of bidding for Netherlands-based yellow pages business VNU World Directories. The transaction has been valued at around E2bn.
KKR and DLJ Merchant Banking in $2.2bn deal
22/07/2004. DLJ Merchant Banking Partners, the private equity arm of Credit Suisse First Boston, has agreed to combine three of its portfolio companies into one in a $2.2bn deal with Kohlberg Kravis Roberts.
Portuguese Banco de Investimento Global holds first close on debut fund
22/07/2004. Portuguese bank Banco de Investimento Global (BIG) has held a first close on its debut Iberian fund with E20m of commitments.
Private equity consortium completes $3.65bn power deal
22/07/2004. A private equity consortium comprising Blackstone Group, Hellman & Friedman, Kohlberg Kravis Roberts and Texas Pacific Group, have agreed to purchase power generation company Texas Genco from CenterPoint Energy for around $3.65bn.
US Blackstone to buy Vanguard Health for at least $1.5bn
22/07/2004. US Blackstone Group is in advanced talks to acquire hospital operator Vanguard Health Systems for at least $1.5bn. The company is currently controlled by Morgan Stanley Capital Partners.
US venture posts double figure returns for first time since the bubble burst
22/07/2004. US venture capital posted a one-year return of 15.7 per cent in the first quarter of 2004, the first positive double-digit performance since the end of 2000. Three-year venture capital returns, though still negative, improved to -13.3 per cent up from -18.9 per cent in the previous quarter, according to Thomson Venture Economics and the National Venture Capital Association (NVCA).
Candover buys Belgian film company for E320m
21/07/2004. European private equity firm Candover has acquired Belgium's speciality film manufacturing business UCB Group for E320m.
US Sevin Rosen appoints Dan Meyer as talent partner
21/07/2004. US Sevin Rosen Funds, an early-stage venture capital firm, has appointed Dan Meyer as talent partner following the recent close of its fund. Meyer will be responsible for the executive search and human capital needs of the firm and its portfolio companies.
Kevin Kemmerer leaves US Kennet Venture Partners
21/07/2004. Kevin Kemmerer has left his position as a director of US Kennet Venture Partners to become vice president of business development at Safeguard Scientifics.
ICG's Tom Bartlam appointed chairman of Pantheon International Participations
20/07/2004. Tom Bartlam, the founder and managing director of UK-based mezzanine provider Intermediate Capital Group, has been appointed chairman of quoted fund of funds group Pantheon International Participations (PIP).
UK-based TDR Capital buys French building company stake for E320m
20/07/2004. UK-based TDR Capital has acquired a 67 per cent stake in French modular building company Algeco from Germany's TUI for E320m. The deal is expected to be completed in the third quarter of the year.
New US stock options rules will diminish economic growth, study claims
20/07/2004. While venture capitalists retrenched, many of the companies they helped create have continued to expand during the past three years of economic turmoil. From 2001 to 2003, venture-backed companies created 600,000 jobs throughout the US, a net gain of 6.5 per cent, according to a study conducted by Global Insights on behalf of the National Venture Capital Association (NVCA).
JP Morgan Partners in talks to buy AMC Entertainment for $1.4bn
20/07/2004. JP Morgan Partners, the private equity arm of JP Morgan Chase, is in advanced talks to buy the number two cinema chain in the US, AMC Entertainment. The transaction has been valued at around $1.4bn.
Bridgepoint to buy Pets at Home for £230m
19/07/2004. Mid-market private equity firm Bridgepoint is to acquire Pets at Home, the UK's largest pet shop chain, for £230m.
US buy-out firm Hicks Muse separates European operations
19/07/2004. Hicks, Muse, Tate & Furst is to separate its European division, according to a report by the Financial Times. The move has been prompted by pressure from investors who are currently being asked to contribute towards a E1bn dedicated European fund.
Nokia Venture Partners opens India office
19/07/2004. Nokia Venture Partners has opened an office in India, reflecting its growing commitment to the region. The firm has been investing in Asia since 2001 and already includes companies based in Japan, China, Korea and India in its portfolio.
Carlyle to sell Honsel for around E700m
16/07/2004. Carlyle Group is understood to be nearing an exit from its investment in German car components manufacturer Honsel International Technologies. US-based Ripplewood is understood to be in exclusive talks with the firm to acquire the company for in the region of E700m.
Lazard to raise E500m European buy-out fund and hires Doughty's Russo
16/07/2004. Lazard has launched a E500m European mid-market buy-out fund. The fund will target European businesses valued at between E50m and E250m.
US SOFTBANK Capital recruits Craig Cooper as partner
16/07/2004. US venture capital firm SOFTBANK Capital has recruited Craig Cooper as a partner. Cooper will be responsible for investments in broadband companies with a focus on the wireless sector.
US-based TH Lee to buy Nortek for $1.75bn
16/07/2004. US-based Thomas H Lee Partners has agreed to acquire Nortek, a designer and manufacturer of building products, from private equity firm Kelso for $1.75bn. The deal represents the firm's sixth deal in the past 12 months.
EVCA welcomes CAD III proposal
15/07/2004. The European Venture Capital Association (EVCA) has welcomed the new third Capital Adequacy Directive (CAD III) published this week. The organisation supports the initiative, which has significantly improved the levels of capital European-based banks will have to hold for private equity and venture capital investments compared to the Basel II Accord.
Ed Ewing and his turnaround team leave Carlyle to set up on their own.
15/07/2004. Edward Ewing and his 20-strong turnaround team have left Carlyle Group to set up on their own. The new firm will be called Ewing Management Group and was officially launched on July 1 this year.
Apax Partners launches E4.5bn fund
15/07/2004. Global private equity firm Apax Partners has launched its latest private equity fund targeting E4.5bn, according to the Financial Times. If successful, the fund is set to become one of the largest ever European funds.
Duke Street buys luxury boat company for E130m
15/07/2004. Duke Street Capital has acquired Navimo, a French supplier of equipment for the luxury boat industry, from rival Bridgepoint Capital for around E130m.
General Atlantic's Erik Engstrom returns to publishing
15/07/2004. Erik Engstrom, head of the media and consumer investment sector at US General Atlantic, is leaving the private equity firm to serve as chief executive of Reed Elsevier's scientific and media publishing business.
Israeli venture investment activity up five per cent in second quarter
14/07/2004. The value of venture capital investment in Israeli high-tech companies increased by five per cent in the second quarter of 2004, according to the latest Israeli Venture Capital Research Centre survey. A total of $338m was invested in 111 companies by domestic and foreign venture investors, up five per cent from the previous quarter and 25 per cent from the same period last year.
US Meritage hires Holladay as investment director
14/07/2004. Meritage Private Equity Funds, the US communications-orientated private equity firm, has recruited Doug Holladay as an investment director. Holladay was formerly the founder of Digital Television Services, president of Sterling Cellular and one of the original members of The Weather Channel management team.
US Hellman & Friedman closes $3.5bn private equity fund and opens London office
14/07/2004. US Hellman & Friedman has announced the final closing of its fifth private equity fund with $3.5bn of commitments. The fund will make invests of between $100m and $750m primarily in the US but also in Europe and Australia.
American River Ventures closes fund on $100m
13/07/2004. US early-stage information technology venture firm, American River Ventures, has announced the final close of American River Ventures I with $100m. The oversubscribed fund included commitments from new investors as well as significantly increased commitments from existing LPs.
Carlyle in talks to buy Swiss chemicals group
13/07/2004. US Carlyle is in advanced talks to acquire the electronic materials division of highly indebted Swiss chemicals group, Clariant. The deal is expected to raise in the region of SFr500m ($408m).
UK middle-market buy-outs on a three year high
13/07/2004. UK middle-market buy-out activity remained strong in the second quarter of 2004, according to figures released by KPMG's Private Equity Group. A total of 26 deals valued at under £250m were completed with a total value of £1.8bn, representing the market's best performance since Q3 2000.
US Quaker BioVentures recruits former J&J exec to advisory board
13/07/2004. US life sciences venture firm Quaker BioVentures has recruited former Johnson & Johnson executive Thomas Amick to its advisory board. Amick was most recently vice president of J&J Development and also served as vice president of the Johnson & Johnson oncology franchise.
US Platinum closes debut fund with $700m
13/07/2004. US Platinum Equity has closed its debut fund with aggregate capital commitments totalling $700m. The closing represents one of the strongest for a debut fund in the last few years, albeit Platinum has a long track record of investing its own partners' capital.
Mark McDonald joins Pomona Capital in Europe
13/07/2004. Pomona Capital has recruited Mark McDonald as an investment associate based in the firm's London office. McDonald's appointment strengthens Pomona's European team at a time of increased activity in the European private equity secondaries market.
US Caltius Capital closes third mezzanine fund with $300m
12/07/2004. US Caltius Capital Management has announced the first and final closing of its third mezzanine fund with $300m of commitments. The fund exceeded its original target of $250m.
UK Hutton Collins closes E235m intermediate capital fund
12/07/2004. UK Hutton Collins has closed its debut mezzanine fund with E235m of commitments. Investors in the fund include Adams Street Partners, Pantheon Ventures, Northwestern Mutual, Credit Suisse First Boston, Bank of Scotland, Morgan Stanley and Martin Currie.
CVC sells German sausage casings firm Kalle to Montagu Private Equity
12/07/2004. Pan-European buy-out firm CVC has sold Kalle, a German sausage casings manufacturer to Montagu Private Equity to mark its fifth exit of the year. A sale price was not disclosed.
Poteza raises E67m buy-out fund to invest in Southeast Europe
12/07/2004. The Slovenia-based Poteza financial group has raised E67m for a buy-out fund to invest in Southeast Europe. The Adriatic fund will target businesses in Bosnia and Herzegovina, Bulgaria, Croatia, Macedonia, Romania, Serbia and Montenegro, and Slovenia.
Electra sells Safety-Kleen to JP Morgan Partners for £280m
12/07/2004. Electra Partners Europe has sold its industrial cleaning business Safety-Kleen to JP Morgan Partners for £280m.
Warburg Pincus announces two European acquisitions
12/07/2004. Global private equity firm Warburg Pincus has announced two European acquisitions just days after it emerged the firm had closed its German office. The group has bought the Norwegian imaging business ElectroMagnetic GeoServices (EMGS) and Swedish translation services company SDI Media Group.
Canadian Galiano Ventures and Haywood Capital join forces for life sciences fund
09/07/2004. Canadian Galiano Ventures and Haywood Capital Partners have joined forces to raise a fund to invest in both public and private life sciences companies. The newly formed private equity firm and the subsidiary of Canadian investment firm Haywood Capital are looking to raise between C$25m and C$50m for Haywood Life Sciences Limited Partnership I.
Shahinian to replace Hayes as Calpers' head of alternative investments
09/07/2004. Leon Shahinian has been appointed head of alternative investments for the California Public Employees' Retirement System (Calpers). He will replace Richard Hayes as senior investment officer in charge of the $162bn pension fund's alternative investment programme.
US Sevin Rosen Funds closes $300m fund IX
09/07/2004. US Sevin Rosen Funds, an early-stage venture capital firm, has announced the closing of the $300m Sevin Rosen Fund IX. The firm now has in excess of $1.8bn under management.
CSFB Private Equity loses four top execs
09/07/2004. Credit Suisse First Boston has lost four top executives from its private equity operations. The four partners, David Wittels, Andy Rush, Mike Ranger and Ari Benacerraf, have all abruptly left the firm to pursue other interests.
3i in talks to sell quoted trusts
08/07/2004. European private equity firm 3i is in talks to sell its quoted fund management activities, which it considers to be non-core.
Baring Vostok Capital appoints two new partners
08/07/2004. Baring Vostok Capital Partners, the Russian arm of global private equity group Baring Private Equity International, has announced the appointments of Sergey Abramov and Philippe Der Megreditchian as partners.
UK-based Hg Capital acquires IRIS software for £102m
08/07/2004. Hg Capital has led the management buy-out of IRIS Software in a £102m transaction. The private equity firm is taking a 62 per cent stake in the accountancy software company, while Lloyds Development Capital, the company's current owner, will reinvest £8m in a 12 per cent share of the business.
Japanese Mitsubishi and Daido launch $200m fund of funds
08/07/2004. Japanese trading house Mitsubishi Corporation and Daido Life Insurance Company have announced that they are to launch a $200m private equity fund of funds for investment in corporate turnaround and venture capital vehicles in Europe and the US.
3i closes latest buy-out fund with limited support from outside investors
07/07/2004. 3i has closed its latest buy-out fund on target, with E3bn of commitments. But the European private equity firm raised just E800m from outside investors, well short of the original ambition for E1.5bn, and E2.2bn coming from the parent balance sheet.
Canadian ARC Financial closes new energy venture fund
07/07/2004. Canadian ARC Financial Corporation has closed its fourth venture capital fund with C$403m. The fund will invest in early-stage energy companies in Canada and internationally.
Italian Cape Natexis closes fund on E120m
07/07/2004. Italian Cimino & Associati Private Equity and Natexis Cape have announced the final close of Cape Natexis Private Equity Fund on E120m. The fund was targeting a minimum of E110m.
KKR sells Borden Chemical to Apollo for $1.2bn
07/07/2004. Kohlberg Kravis Roberts has agreed to sell Borden Chemical to rival buy-out firm Apollo Management for $1.2bn. The transaction price includes the assumption of around $545m of debt.
AGF Private Equity strengthens fund of funds team
07/07/2004. AGF Private Equity has recruited Martin Mabille to its fund of funds team. He will be responsible for the development of co-investments alongside buy-out funds across Europe.
Auda Secondaries fund closes with $410m in commitments
07/07/2004. Auda Advisor Associates has announced the final closing of its secondaries fund with $410m of commitments. The fund was over subscribed and closed above its original target.
Geoff Clark and Elisabeth Varley Camp leave Goldmans private equity
06/07/2004. Goldman Sachs has confirmed that New York-based Geoff Clark and Elisabeth Varley Camp have left the firm. Clark was formerly a co-head of the private equty group with specific responsibility for the firm's secondaries operations and Varley Camp was a managing director.
German Allianz Capital wins £775m auction for UK nursing home business
06/07/2004. German Allianz Capital has won the auction for UK nursing home operator Four Seasons. The private equity arm of Germany's largest insurer beat a number of rivals including European firm Electra and US group Blackstone to secure the deal with a £775m bid.
Hicks Muse preparing to exit UK Premier Foods in £300m IPO
06/07/2004. Hicks, Muse, Tate & Furst is preparing to exit its investment in Premier Foods, the maker of Typhoo tea, Branston pickle and other well-known British brands. The company is seeking to raise in the region of £300m through an initial public offering of shares.
UK group Legal & General Ventures closes new fund with £180m
06/07/2004. Legal & General Ventures, the private equity arm of UK insurer Legal & General Group, has closed its latest fund with in excess of £180m of commitments.
US Forward Ventures closes fifth fund below target
06/07/2004. US Forward Ventures has closed its fifth fund with $145m of commitments. The final total is significantly below the firm's stated target of $250m.
UK private equity IPOs increase dramatically in second quarter
05/07/2004. After a three year lull, private equity backed UK businesses are returning to the stock market. Buy-out flotations surged in the second quarter of 2004, with 11 recorded following none in the first quarter of the year and nine in the whole of 2003, according to the Centre for Management Buy-out Research (CMBOR), in a report sponsored by Deloitte and Barclays Private Equity.
French Iris Capital holds E144m second closing of new fund
05/07/2004. French venture capital firm Iris Capital, formerly known as Part'Com, has announced the second closing of its new fund at E144m. The new fund will continue the firm's strategy of investing in the media and entertainment, communications and information technology sectors.
Former 3i execs hold first close on debut fund at £260m
05/07/2004. Exponent Private Equity, the UK-based private equity firm launched by four former 3i executives, has reached a first close on its debut fund on £240m. The fund was launched in March this year and is targeting a final close of £400m.
CapMan announces first close of fourth mezzanine fund on E105m
05/07/2004. Finnish CapMan has announced the first close of its fourth mezzanine fund on E105m. The fund will focus predominantly on middle-market buy-out opportunities in the Nordic region.
Albemarle Private Equity GPs ousted in UK's first hostile takeover
02/07/2004. Investors in Albemarle Private Equity's £44m private equity fund have ousted the fund's general partners in the UK's first hostile takeover of a private equity firm's management. Nova Capital Management has been appointed to take over the running of the fund's portfolio.
Jim Treanor to replace Frank Fernandez as Florida state pension's private equity head
02/07/2004. Jim Treanor is to replace departed Frank Fernandez as senior portfolio manager and head of private equity at The Florida State Board of Administration, the fourth largest public retirement system in the US.
John Connolly joins Aberdeen Murray Johnstone
02/07/2004. Aberdeen Murray Johnstone Private Equity has announced that John Connolly has joined its Birmingham office as a senior investment manager.
US Forstmann Little guilty of three charges
02/07/2004. A Connecticut jury has found New York buy-out firm Forstmann Little guilty of all charges in a breach of contract case brought by the State of Connecticut. But the firm has been assigned no damages for the violations.
Three BC Partners top execs to retire over next 18 months
02/07/2004. Three managing partners at European private equity firm BC Partners are set to retire over the next 18 months. LPs in the firm's funds have been informed that Michel Guillet, John Burgess and Alberto Tazartes are due to leave the firm.
Advent International closes life sciences fund with $125m
01/07/2004. Advent International has announced the close of its third life sciences fund with $125m of commitments. Investors in the fund include global pharmaceutical company AstraZeneca.
Bahrain-based TAIB Bank to join IL&FS India buy-out fund for first close
01/07/2004. Bahrain-based TAIB Bank and the Punjab National Bank are to co-sponsor Infrastructure Leasing & Financial Services' (IL&FS) India buy-out fund. The fund is targeting a total of $110m.
CVC and Permira buy the AA for £1.75bn
01/07/2004. European private equity firm CVC Capital Partners and Permira have acquired UK motoring organisation, the AA, from Centrica for £1.75bn. The company's share price has soared following the announcement that the transaction price had exceeded initial estimates of around £1.5bn.
GED Capital Development launches E100m Southeastern Europe fund
01/07/2004. GED Capital Development, part of GED private equity group which operates in the Iberian Peninsula and Eastern Europe, has launched a E100m fund for investment in Southeastern Europe.
Industri Kapital sells Groupe Fives Lille to Barclays Private Equity for E300m
01/07/2004. Industri Kapital has sold French industrial engineering company, Groupe Fives-Lille (GFL), to Barclays Private Equity France for E300m.
Mike Guthrie joins US Garnett & Helfrich venture buy-out firm
01/07/2004. Garnett & Helfrich Capital has announced that Mike Guthrie has joined its firm as a director. Guthrie joins from TPG Ventures, the venture capital arm of Texas Pacific Group, and will be responsible for making investments from Garnett & Helfrich's newly formed venture buy-out fund.
US Venture-backed IPOs on the increase in second quarter
01/07/2004. A total of 24 venture-backed US companies completed initial public offerings that raised $1.3bn in the second quarter of 2004, making it the busiest quarter since 2000, according to VentureOne.
Warburg Pincus closes German office
01/07/2004. Global private equity group Warburg Pincus is closing its Munich office four years after it opened. The firm will now handle investments in Germany, Eastern Europe and Russia from its London base.
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