News Archive: October 2004 
US venture firm Ignition Partners closes third fund on $300m
29/10/2004. Ignition Partners, the US venture firm based in Washington State, has closed its third fund with $300m of commitments. The fundraising was significantly oversubscribed and attracted interest from both US and international institutions. 
Venture leasing specialist European Venture Partners closes second fund on E105m
29/10/2004. European Venture Partners, the venture leasing specialist, has closed its second fund with commitments of E105m. The fund will provide early-stage debt and equity to venture-backed firms across Europe.
Permira and Private Equity Partners buy 33 per cent of Italian tiles firm
28/10/2004. Pan-European buy-out group Permira and Italian group Private Equity Partners have bought 33 per cent of the Italian firm Marazzi Group, the world's largest manufacturer of tiles. Their investment is intended to support the firm's ambitions to grow its international presence.
Asian buy-out group Affinity closes debut independent fund on $700m
28/10/2004. Affinity Equity Partners, the Asian buy-out group that spun out of UBS earlier this year, has closed its debut independent fund comfortably ahead of its original target with commitments of $700m.
US Mellon closes fourth private equity fund of funds on $56m
28/10/2004. Mellon Financial Corporation's private wealth management group has closed its fourth private equity fund of funds with commitments of $56.4mn. The capital was raised chiefly from high net worth individuals, endowments, family offices, and employee benefit plans.
Axa Private Equity to manage Caisse de Depots' European venture portfolio
28/10/2004. Axa Private Equity has reached an agreement with giant Canadian investor Caisse de depot et placement du Quebec to manage its portfolio of direct venture investments in Europe.
Swiss-based fund of funds Adveq announces plans to launch third fund in early 2005
27/10/2004. Adveq, the Swiss-based fund of funds, has announced plans to launch a new fund of funds to target European investments in the first quarter of 2005. The new fund, of an as yet undetermined size, will focus on venture funds, smaller buy-out funds and selected large buy-out groups.
Khajeh-Hosseiny leaves McKinsey to open London office for Northgate Capital
27/10/2004. Hosein Khajeh-Hosseiny is joining fund of funds Northgate Capital from the McKinsey Investment Office to open up its London office and head its global private equity fund investing.
German venture firm TVM appoints Schroder as entrepreneur in residence
27/10/2004. Techno Venture Management, the German venture firm with offices in Munich and Boston, has appointed Dr Christoph Schroder, a biotech specialist, as an entrepreneur in residence and senior advisor.
BC Partners wins contest to buy Picard Surgeles from Candover
26/10/2004. Pan-European buy-out firm BC Partners has won the hotly contested auction for French frozen food retailer Picard Surgeles with a bid of more than E1.3bn. The sale provides a good exit for the private equity consortium Candover that bought the business from Carrefour back in 2001.
Candover buys sports utility business Thule from EQT for E465m
26/10/2004. European buy-out group Candover has bought Thule AB, a manufacturer of car roof racks and other sports utility transportation devices, from Nordic buy-out firm EQT for E465m.
Greenpark Capital raises second secondaries fund with E350m
26/10/2004. Greenpark Capital, the London-based private equity secondaries specialist, has closed its second fund with commitments worth E350m. It only closed its first fund in 2003 and this second vehicle was comfortably ovsubscribed.
Axa Private Equity buys $382m portfolio of funds from Deutsche Bank
26/10/2004. Axa Private Equity has bought a portfolio of 21 fund investments with total commitments of $382m from Deutsche Bank. The portfolio of established US funds, mainly in the buy-out sector, is less than 50 per cent funded.
Electra's Ashbourne Healthcare buys Highclear for £60m
26/10/2004. Ashbourne Healthcare, the care homes business owned by pan-European buy-out firm Electra Partners, has paid £60m to buy rival Highclear in its eleventh acquisition since Electra's buy-in in 2003. The deal makes it the fourth largest care home operator in the rapidly consolidating UK market.
UK Close Brothers backs £82m buy-out of Aqualisa from BC's Baxi
26/10/2004. UK mid-market specialist Close Brothers Private Equity has bought shower distributor Aqualisa from Baxi Holdings, the European heating products manufacturer acquired earlier this year by BC Partners. The transaction is valued at £82.5m.
US venture capital investment slows slightly in third quarter in same period last year
26/10/2004. US venture capital investment activity slowed slightly in the third quarter when compared with the same period last year. The slowdown was more pronounced in later stage deals and there was a small increase in the amount and number of seed and early stage investments.
UK IPO recovery fragile but maintained in Q3
25/10/2004. Many of the new entrants in 2004 represent exits by private equity funds, including Premier Foods, Admiral, Halfords, Umbro, Cambridge Silicon Radio and Dignity.
Israeli venture capital picks up in Q3
25/10/2004. $438 million is raised by Israeli technology firms - the highest level in three years. The amount raised in the first three quarters of 2004 reflects an increase of 43 percent over the same period in 2003.
Cinven expands its Frankfurt and London teams
25/10/2004. European buy-out firm adds five new staff to its operations, including Valerio Massimo, who leaves TDR Capital.
European Venture Partners close EVP II
25/10/2004. EVP II's capital raising has been led by Deutsche Bank's Structured Product team and includes a commitment from the European Investment Fund.
CPP boosts private equity investments to $7 billion
25/10/2004. The Canada Pension Plan's Investment Board has announced commitments to one existing and three new private equity partners, totaling $740 million.
Canada's Ontario Teachers forges partnership with Bioscience Managers Limited
22/10/2004. Teachers' Private Capital, the private equity arm of the giant Ontario Teachers' Pension Plan, has forged a partnership with Bioscience Managers Limited (BML) to invest in Canadian life science companies.
Standard Life hires Robert Hatch to help expand US private equity activity
22/10/2004. UK-based fund of funds Standard Life Investments, part of the eponymous insurer, has recruited Robert Hatch to help build up its private equity fund investment activity in the US. He will be based in Boston and joins as a vice president.
US mid-market buy-out firm Genstar Capital closes fourth fund with $475m
22/10/2004. San Francisco-based buy-out firm Genstar Capital has closed its fourth fund with commitments totalling $475m. The firm, founded in 1988, focuses on mid-market investments in the life sciences, IT, industrial technology and business services sectors.
Nordic group Segulah closes third fund on E250m
22/10/2004. AB Segulah, the Nordic mid-market buy-out firm, has closed its third fund with commitments of E250m, having attracted enough interest to have been four times oversubscribed.
Allianz signals plans for major increase in private equity investing
21/10/2004. German insurance giant Allianz plans to increase significantly its private equity investment activity, both direct and into funds, at the expense of public equity investment, according to the group's chief investment officer Paul Achleitner.
UK technology investment firm Strathdon appoints new scientific advisor
21/10/2004. UK technology venture group Strathdon Investments has appointed Dr Peter Cowley as its chief scientific advisor. He will advise the firm and its portfolio companies on matters relating to the commercialisation of new technologies.
Taiwanese Development Fund forms alliance with Israel's Giza Venture Capital
21/10/2004. The Taiwanese government's Development Fund has formed a groundbreaking strategic alliance with Israeli firm Giza Venture Capital and agreed to invest in the VC's latest fund. The relationship highlights the growing importance of Asian markets to the international venture community and the efforts of some groups to establish footholds in the region.
US Yellowstone Capital launches new early stage energy venture fund
21/10/2004. US firm Yellowstone Capital has reacted to growing financial market concerns about the sustainability of present energy sources with the launch of a new early stage energy fund called Yellowstone Energy Ventures.
Barchester beats private equity firms to 3i's UK Westminster Healthcare
20/10/2004. The furious competition for 3i's nursing home operator Westminster Healthcare has been won with a £525m bid from Irish firm Barchester Healthcare, trumping strong interest from private equity firms Blackstone, Allianz Capital Partners and Charterhouse. The sale has generated 3i a four time return and 80 per cent IRR.
Venture firm Partech International sharpens Israeli focus with new Tel Aviv partner.
20/10/2004. Venture capital firm Partech International has sharpened its focus on investment opportunities in Israel with the hiring of a new venture partner in its Tel Aviv office. Sarah Mattson-Fishman joins from RBC Capital Markets and will focus on software.
KKR to join 2005 fundraising crush with E3.5bn European fund
20/10/2004. US buy-out giant KKR is to join the fundraising crush in Europe next year with the launch of its second dedicated fund for the region with a target of E3.5bn. The launch follows closely on the announcement that it has made record $9bn of distributions to investors over the past 18 months.
Carlyle and KKR make record $15.6bn pay-outs to investors over past 18 months
20/10/2004. Two of the largest US private equity firms have made record cash distributions to their investors over the last 18 months worth a combined $15.6bn. Carlyle accounts for $6.6bn and KKR some $9bn, according to the Financial Times.
Bridgepoint picks up Austrian car parts retailer and backs UK TV company buy-out
19/10/2004. European buy-out firm Bridgepoint has bought Austria's largest car parts retailer in a secondary deal from German turnaround specialist Orlando, taking its total number of standalone acquisitions for the year to date up to five. It has also financed the purchase by its portfolio company All3Media of TV production business Company.
Edmond de Rothschild Capital Partners closes debut French fund on E210m
19/10/2004. Edmond de Rothschild Capital Partners, the French mid-market buy-out firm, has held a final close on its debut fund with commitments of E210m, slightly ahead of its original E200m target.
Carlyle sells stake in Italian boilermaker Riello
19/10/2004. The Carlyle Group has sold its 50 per cent stake Italian boilermaker Riello to members of the Riello family in a deal that it is understood to be valued at around E600m. The transaction represents the firm's fifth exit from its first European fund and will lend further momentum to its ongoing efforts to raise a follow-up fund.
EVCA says European corporate venturing increased slightly in 2003
19/10/2004. European corporate venturing investment activity recorded a modest increase in 2003 and a brighter recovery in fundraising, according to a survey published by the European Venture Capital Association.
US mid-market group Kohlberg & Co closes fifth fund on $800m
18/10/2004. US mid-market specialist Kohlberg & Co has closed its fifth fund with commitments of $800m, exceeding its initial target of $650m. The fund attracted investment from 40 institutions.
Bridgepoint backs UK publishing buy-out in fourth deal of the year
15/10/2004. Bridgepoint has maintained its record as one of the most active European mid-market buy-out groups with its fourth major acquisition of the year. The group has backed a buy-out of UK publishing business John Brown Publishing in a deal understood to be worth around £30m.
Lehman continues growing private equity activities with hiring of secondaries team
15/10/2004. US investment bank Lehman Brothers has continued the bulking up of its private equity activities with the hiring of a team of secondaries specialists. Brian Talbot joins from Deutsche Bank to become a managing director and head of the secondary fund investing group.
US firm DW Healthcare Partners closes inaugural fund on $88m
15/10/2004. US venture group DW Healthcare Partners has closed its inaugural fund with commitments worth $88m. The group is based in Salt Lake City and plans to invest in companies in the medical device, product, services and specialty distribution sectors.
US Piper Jaffray spins healthcare venture team off into Sightline Partners
14/10/2004. US financial services group Piper Jaffray has spun its healthcare venture team off into a separate and independent unit called Sightline Partners. The new firm will continue to manage the four Piper Jaffray venture capital funds, which together comprise $225m of committed capital.
3i's UK nursing home group attracts four bids at around £500m
14/10/2004. The strength of private equity interest in the consolidating UK healthcare sector has been further evidenced by the intensity of the competition for 3i's nursing home business Westminster Healthcare. Four groups are understood to have submitted bids of around £500m in advance of Wednesday's deadline.
US buy-out firm Blackstone buys UK cinema chain Cine-UK
14/10/2004. US buy-out firm Blackstone has bought UK cinema chain Cine-UK just weeks after being thwarted by rival Terra Firma in its efforts to pick up Odeon. The deal is understood to be worth around E175m.
Swiss fund of funds Partners Group opens Singapore office and launches Asia fund
13/10/2004. Swiss fund of funds Partners Group has opened an office in Singapore and launched a new fund to invest in Asian buy-out and venture funds. The office will be headed by Christoph Rubeli.
US venture performance figures continue gradual improvement
13/10/2004. A stronger exit environment underlay further gradual improvement in the performance of US venture capital funds in the second quarter, according to new figures published by the NVCA and Venture Economics.
Reithinger leaves 3i for German Global Life Science Ventures
13/10/2004. GLSV has announced that Dr. Holger Reithinger has joined their investment team as Principal, and will be operating out of their Munich office.
European fundraising in first three quarters of 2004 up 25 per cent on year
12/10/2004. European private equity fundraising totalled E20.4bn in the first three quarters of the year, up 25 per cent on the E16.3bn raised in the same period of 2003, according to figures published by Almeida Capital. The figures suggest the total for the year as a whole will be comfortably ahead of last year.
Secondary buy-outs help produce busiest quarter for UK buy-outs since 2000
12/10/2004. A rash of secondary buy-outs in the third quarter helped produce the busiest period for private equity firms in the UK since 2000, according to figures from accounting firm KPMG.
US NGN Capital expands team
12/10/2004. Peter Johann joins the healthcare VC firm as General Partner.
John Hull joins OVP
12/10/2004. Former Intel Capital Communications Fund Director appointed to US venture firm.
New Mexico Venture Capital Association (NMVCA) launched
12/10/2004. VC firms based in New Mexico join to announce formation of new regional association for the US.
US NewSpring Capital hires new Managing Partner
12/10/2004. Glenn T. Rieger leaves Cross Atlantic Capital Partners for position at NewSpring.
US buy-out heavyweight Forstmann announces retirement for 2006
11/10/2004. Ted Forstmann, one of the central figures in the history of US private equity, has announced plans to retire in 2006 and said he might possibly wind down his firm's existing fund even earlier. He also used an interview with the New York Times to complain about the growing institutionalisation of private equity.
UK Cambridge cluster leads Europe for technology investment, research finds
11/10/2004. The Cambridge Cluster, the community of technology firms based around the UK university town, continues to lead the rest of Europe in its recovery from the downturn in venture investment, according to research produced by Library House and financial advisers Grant Thornton.
PE firms line up for auction of French food firm Picard Surgeles
11/10/2004. The auction of French food business Picard Surgeles has attracted interest from some of Europe's largest buy-out groups as well as the increasingly ubiquitous US firms. BC Partners, Cinven, PAI, Eurazeo, and KKR are among those reported to be competing over the firm.
Tim Wright joins European law firm SJ Berwin's buy-out team
11/10/2004. The musical chairs being played by the private equity teams of European law firms has continued with the move of Tim Wright from Clifford Chance to SJ Berwin.
Former BBC director-general Dyke joins Apax as advisor to media team
11/10/2004. Greg Dyke, the former director-general of the BBC, has joined global private equity firm Apax in a part-time role as an advisor to its media team.
Vestar exits US healthcare business and European brake firm
08/10/2004. US buy-out firm Vestar Capital Partners has announced two exits in the space of a week with the sale of its US healthcare business Sheridan and European railway brakes manufacturer Sab Wabco.
Polish Innova Capital appoints Andrzej Bartos
08/10/2004. Polish private equity firm Innova Capital has announced the appointment of Andrzej Bartos to spearhead deal flow generation in the manufacturing and business services sectors. Bartos was previously head of Dresdner Kleinwort Capital's operations in Poland.
Blackstone and CG Holdings to bid for German KarstadtQuelle's logistics unit
07/10/2004. US Blackstone is preparing to submit a joint offer with German investment group CG Holdings for KarstadtQuelle's logistics unit. The unit has an estimated value of E350m, not including distribution centres.
Private equity firms circle UK retailer JJB Sports
07/10/2004. There is increasing speculation that JJB sports will soon become the subject of a private equity auction. Cinven, Apax, Permira, CVC Capital, Blackstone and Kohlberg Kravis Roberts are all understood to be contemplating involving themselves in any formalised sales process.
Ulrich Granzer to join German group Wellington as venture partner
07/10/2004. Ulrich Granzer has joined Wellington Partners as a new venture partner. He was previously an independent consultant in the pharmaceutical sector advising on drug development and regulatory affairs.
Soros spins off private equity business
06/10/2004. Soros Asset Management has reportedly spun off its private equity, real estate and credit operations in order to re-establish focus on its core business of hedge funds.
Charterhouse wins UK Saga auction with £1.35bn bid
05/10/2004. Charterhouse Development Capital has won the protracted auction for holiday and insurance company Saga with a £1.35bn bid. The winning offer was considerably higher than original estimates, which priced the company at just £1bn.
European Doughty Hanson buys US luggage company for $276m
05/10/2004. European Doughty Hanson has acquired US luggage company Tumi for $276m. The firm is buying the company from US private equity firm Oaktree Capital Management.
Jim Lim joins US fund of funds Montagu Newhall as partner
05/10/2004. Venture capital fund of funds firm Montagu Newhall Associates has recruited Jim Lim as partner.
US Battery Ventures closes $450m venture fund for IT investment
05/10/2004. US Battery Ventures has closed a $450m venture fund for investment in information technology companies. Battery Ventures VII will commit capital to companies in various stages of development, from seed ventures to later-stage start-ups and buy-outs. The fund was reportedly heavily oversubscribed.
US Triathlon Medical Ventures closes fund on $96m
05/10/2004. US-based Triathlon Medical Ventures has closed its debut fund with $96m of commitments. The fund will invest exclusively in early-stage life sciences companies.
Park Square Capital closes debut European mezzanine fund on E1bn
05/10/2004. Park Square Capital Partners has announced the final close of its debut mezzanine fund with E1bn in commitments making it the largest independent mezzanine finance fund in Europe.
Pantheon acquires Swiss Life private equity portfolio
04/10/2004. Pantheon Ventures has acquired the majority of Swiss Life's private equity portfolio. The transaction involves investments valued at around CHF400m and will also reduce Swiss Life's outstanding commitments to the asset class by over CHF300m.
Permira buys Spanish supermarket chain for E685m
04/10/2004. Permira has agreed the acquisition of Dutch company Ahold's Spanish supermarkets business in one of the country's largest ever private equity transactions. The firm, which has never invested in Spain before, beat rival offers from Apax, CVC and Vista Capital.
US healthcare venture capital investment falls 34 per cent in third quarter
04/10/2004. The total value of US healthcare venture capital investment has fallen by 34 per cent in the third quarter of 2004, according to Jenks Healthcare Business Report, published by Irving Levin Associates. The survey also records a 15 per cent decrease in the total number of investments compared with the previous quarter.
US venture-backed IPO market continues steady climb in third quarter of 2004
04/10/2004. 24 US venture-backed companies raised $3.2bn through initial public offerings in the third quarter of 2004, according to Thomson Venture Economics and the National Venture Capital Association (NVCA). Although down from the previous quarter's total of 29 IPOs, the third quarter continued the trend of steady IPO activity seen over the last year.
$105m Oregon Investment Fund begins selection process for investment opportunities
01/10/2004. The Oregon Investment Fund, a $105m fund created from the Oregon Public Employees Retirement Fund (OPERF) and Credit Suisse First Boston's fund of funds unit, has issued a questionnaire designed to identify venture capital direct and fund investment opportunities, primarily in its home state.
3i reshuffles senior management
01/10/2004. 3i, Europe's largest listed private equity firm, has announced a major re-shuffle of its senior management team.
Bregal Investments strengthens fund of funds team with three new hires
01/10/2004. Bregal Investments, the international investment arm of the Brenninkmeijer family, has strengthened its fund of funds team with the recruitment of Jan Faber, David Young and Joost Becker.
IPOs of US venture-backed companies raise $1.72bn in the third quarter
01/10/2004. In the third quarter of 2004, 14 venture-backed US companies completed initial public offerings raising a total of $1.72bn, according to VentureOne, a unit of Dow Jones Newswires. While the number of IPOs decreased from 24 last quarter, it is still tied as the second highest quarter on record since the fourth quarter of 2000.
Private equity firms eye up NTL's broadcasting business
01/10/2004. A number of private equity firms are considering offers for all or part of NTL's television and radio broadcasting operations. Apax Partners, Blackstone, Carlyle, Permira and Kohlberg Kravis Roberts are all reported to be interested in acquiring the business for around £1.2bn.
Canadian Second City Capital Partners closes debut fund on $100m
01/10/2004. Canadian Second City Capital Partners has announced the final close of its debut private equity and mezzanine fund, Second City Capital Partners I, with aggregate commitments of $100m.
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