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Advent International sells Terapia to Ranbaxy for $324m
31/03/2006. Mid-market buy-out firm Advent International has sold its 96.7 per cent stake in Romanian generic pharmaceuticals manufacturer Terapia to Ranbaxy Laboratories for $324m. 
Consolidation: fewer companies in venture capitalists' portfolios
31/03/2006. The venture capital industry in the US, Europe and Israel continued its pattern of consolidation over the course of 2005 with a declining number of companies in venture capitalists' portfolios over the past six years, according to the annual Venture Insight study from Ernst & Young and Dow Jones VentureOne.
New ITV private equity play is again rebuffed
31/03/2006. Following the ITV board receiving a revised buy-out proposal from Apax Partners, The Blackstone Group and GS Capital Partners V Fund, the board met on Sunday 30 March and decided to reject the second bid.
CEOs in US venture capital-backed firms see further pay rises
31/03/2006. It's lucrative to be in charge, says new VentureOne research, especially if you are the CEO of a healthcare or information technology firm with venture money jingling in your company's coffers.
Allied Capital realises $430m in private equity secondaries deal
31/03/2006. Allied Capital Corporation has completed the sale of the majority of its stake in Advantage Sales & Marketing to JW Childs Associates and Merrill Lynch Global Private Equity. Allied and Advantage's own management have retained equity investments in the business as minority shareholders.
KBC Private Equity acquires majority stake in IPCOS
31/03/2006. KBC Private Equity has bought 60 per cent in the Belgium-based technology company IPCOS, a provider of automated process control solutions for the global chemical, glass and oil industries.
Garage Technology Ventures I launched with LP-backing
31/03/2006.
Trinity Hunt Partners hires Hunter Peterson as principal
30/03/2006. Dallas-based private equity firm Trinity Hunt Partners has appointed Hunter R Peterson as principal.
Montagu Private Equity acquires Misys General Insurance for £182m
30/03/2006. Pan-European buy-out firm Montagu Private Equity has agreed to acquire Worcester, UK-headquartered Misys General Insurance for £182m.
Swicorp moves headquarters from Geneva to Riyadh
30/03/2006. The Capital Market Authority of the Kingdom of Saudi Arabia has awarded Swicorp, an investment banking and private equity firm focused on the Middle East and North
Africa region, an investment banking licence. Following the award of the license, Swicorp - founded in Switzerland in 1987- will move its group headquarters from Geneva to Riyadh and establish a formal office in Jeddah to add to its existing offices.
Buchanan Capital Partners launches private equity fund with €150m target
30/03/2006.
Court Square Ventures closes second early-stage venture fund
29/03/2006. Court Square Ventures has closed its second venture capital fund, Court Square Ventures II, with total commitments of $118m. The original target of the fund was $100m.
Cazenove Private Equity to spin out and merge with Prelude Ventures
29/03/2006. Cazenove Private Equity plans to spin out of parent company Cazenove Capital Management and merge with Prelude Ventures. The new partnership will have assets under management of $500m, focused on European venture capital.
3i and L Capital back Gant's €241m IPO
28/03/2006. 3i and L Capital have backed the €241m flotation on the Stockholm Stock Exchange of the Swedish Gant Company. The IPO provides 3i and L Capital with partial exits generating €44m and €76m of proceeds respectively, according to a statement.
AXA Private Equity's Pitt joins Lexington, Miller goes to Pomona Capital
28/03/2006. James Pitt has left AXA Private Equity to join Lexington Partners, a firm specialised in private equity secondaries and co-investments, as managing director for European co-investments. His former colleague at AXA Private Equity, Barry Miller, has joined private equity investment firm Pomona Capital as principal, secondary business.
Advent International, Dufry acquire Brazilian travel retailer and logistics platform
28/03/2006. Mid-market buy-out firm Advent International and Dufry, a travel retailer controlled by Advent, have acquired 100 per cent of Brazilian travel retail operator Brasif and 100 per cent of its logistics and purchasing platform, Eurotrade, for a total of $500m.
Industri Kapital completes recapitalisation of CEVA Santé Animale
28/03/2006. Industri Kapital, a European private equity firm with Nordic roots, has completed a €208m recapitalisation of CEVA Santé Animale, a French-based animal healthcare company.
Foundation Capital closes $525m Fund V
27/03/2006. Venture capital firm Foundation Capital has closed Foundation Capital Fund V, on $525m. Two new limited partners, the Stanford Endowment and Purdue University, are participating in the fund.
Ming Shu joins Henderson Private Capital as North Asian principal
27/03/2006. Private equity firm Henderson Private Capital has appointed Ming Shu as the new principal in North Asia. At Henderson, Shu will perform a wide-ranging role across all aspects of deal making - origination, execution, transformation, and exit.
Warburg Pincus exits Zentiva
27/03/2006. Warburg Pincus has exited its investment in pharmaceutical company Zentiva. The firm has sold its 19.634 per cent stake in Zentiva (representing all of Warburg Pincus's remaining interest in Zentiva), while management and employees have sold a 4.507 per cent stake and former managers of Zentiva have sold a 0.734 per cent stake to Sanofi-Aventis.
TA Associates closes private equity and subordinated debt funds, totalling $4.3bn
27/03/2006. US buy-out firm TA Associates has closed two new funds: the $3.5bn private equity fund TA X, and TA Subordinated Debt Fund II, a $777.5m captive subordinated debt fund.
Siemens Venture Capital hires Anupendra Sharma, Sebastian Wossagk
27/03/2006. Siemens Venture Capital has appointed Anupendra Sharma and Sebastian Wossagk as investment partners in the Boston and Munich offices. At Siemens, they will manage investment activity within the Communications and Medical Solutions Funds.
Industri Kapital to acquire Sport Group from ECM
24/03/2006. Industri Kapital, a European private equity firm with Nordic roots, has agreed to acquire Sport Group, a Germany-headquartered provider of outdoor sport and recreational surface systems, from ECM.
August Equity to sell Durrants to Exponent Private Equity for £82m
24/03/2006. UK lower mid-market private equity firm August Equity, previously known as Kleinwort Capital, has agreed to sell its portfolio company Discovery Group, which trades as Durrants Media Monitoring, to Exponent Private Equity for £82m.
CapMan Life Science IV holds first closing on €45m
24/03/2006. CapMan' fourth life science fund has held a first closing on €45m. CapMan Life Science IV has a target of €100m. The firm's own commitment into the fund is €5m.
Israeli venture capital funds raise $1.2bn in 2005
23/03/2006. Israeli venture capital funds raised $1.2bn in 2005, which represents an increase of 40 per cent from the $724m raised in 2004, according to the Annual Survey of Israeli Venture Capital Fund Raising, conducted by the IVC Research Center in cooperation with the Israel Venture Association.
Thomas Lee leaves Thomas H. Lee Partners
23/03/2006. Thomas Lee has officially announced his departure from Thomas H. Lee Partners, the buy-out firm that he founded in 1974 in Boston.
Granville Baird Capital Partners in UK rebrands itself Baird Capital Partners Europe
23/03/2006. Mid-market private equity firm Granville Baird Capital Partners is rebranding itself Baird Capital Partners Europe in the UK to reflect GBCP's increasing cooperation with its colleagues at Baird Private Equity in the US and China.
ComVentures hires Robert Barron as venture partner
23/03/2006. Early stage venture capital firm ComVentures has appointed Robert Barron as a venture partner. Barron brings to the firm 25 years of operating and investment experience.
Siemens Venture Capital expands its activities Asia
23/03/2006. Siemens Venture Capital, the €700m corporate venture organisation for all Siemens businesses, is in the process of extending its activities in India and China.
WHI Capital Partners appoints Andy Baker as associate
23/03/2006. Chicago-based lower middle-market private equity firm WHI Capital Partners has appointed Andy Baker as an associate. In his new role Baker will be involved in all aspects of portfolio company assessment and acquisition, including transaction modeling, financing and due diligence.
Nordic Capital closes €1.9bn fund
22/03/2006. Nordic Capital has closed its latest private equity fund, Nordic Capital VI, on €1.9bn. The fund was launched six months ago with a €1.5bn target.
Canadian Whitecastle hires Michael Fricker as vice president
22/03/2006. Toronto-based private equity firm Whitecastle Private Equity Partners has appointed Michael Fricker as vice president.
Apax Partners and Alain Afflelou to sell stakes in ALAIN AFFLELOU
22/03/2006. Global private equity firm Apax Partners and Mr Alain Afflelou have agreed to sell their interests in ALAIN AFFLELOU to Bridgepoint. The share price - €33 per ALAIN AFFLELOU share - implies a total equity value of the company of approximately €500m.
ArcLight Capital Partners completes acquisition of MYR Group
22/03/2006. Boston, Massachusetts-headquartered ArcLight Capital Partners has purchased 60 per cent of the common stock of electric transmission, distribution, construction and maintenance services provider Rolling Meadows, Illinois-based MYR Group from FirstEnergy Corp.
Bridgepoint sells Hydrex in £106m transaction
22/03/2006. Pan-European private equity firm Bridgepoint has sold Hydrex Group, a supplier of mobile operated equipment and associated support services for the UK rail and materials handling sector, to Quilvest and Shoaibi Group in a transaction totalling £106m.
ITV rejects takeover approach from private equity consortium
22/03/2006. UK broadcaster ITV has rejected an approach by a private equity consortium comprising Apax Partners, The Blackstone Group and Goldman Sachs' Principal Investment Area.
Lime Rock Partners invests in IDM Equipment stake
21/03/2006. US energy-focused private equity firm Lime Rock Partners has acquired a stake in IDM Equipment, a Houston-based supplier of drilling rigs and integrated drilling systems. Financial details of the transaction were not disclosed.
Accession Mezzanine Capital invests in Bulgarian company Devin Group
21/03/2006. Mezzanine Management's Central European fund, Accession Mezzanine Capital, has backed the institutional buy-out of Bulgaria-based bottled water company Devin Group from a group of Bulgarian investors. The value of the transaction was not disclosed.
Permira walks away from HMV bid
21/03/2006. Europe-based private equity firm Permira has decided not to proceed with its bid for music and video retailer HMV following the latest rejection by HMV.
CapMan to sell Mehiläinen to H-Careholding
20/03/2006. CapMan funds Finnventure V and Finnmezzanine III will realise their investment in Finnish private healthcare services Mehiläinen Oyj. The consideration offered values the equity of Mehiläinen at €152m. The funds will sell their 47 per cent stake in the company to H-Careholding, which owns Swedish healthcare company Carema.
Greek Global Finance launches new fund for South East Europe
17/03/2006. South Eastern European private equity firm Global Finance has established its eighth private equity fund, South Eastern Europe Fund.
KKR appoints Taketo Yamakawa as chief executive officer of Japan operations
16/03/2006. US buy-out giant Kohlberg Kravis Roberts & Co. has appointed Taketo Yamakawa as a managing director of KKR and CEO of the firms' Japanese operations. Yamakawa joins KKR from General Electric Corp. where he is a corporate officer and CEO, GE consumer finance, North East Asia.
Scandinavia's Amanda Capital to establish fund of funds for Russia, Eastern Europe
15/03/2006. Helsinki-based Amanda Capital is planning to establish a new fund of funds, Amanda III Eastern Private Equity, for Russia and Eastern Europe. The new fund of funds is expected to raise at least €100m.
US MedVenture Associates appoints Robert Brownell as partner
15/03/2006. California-based venture capital firm MedVenture Associates has appointed Robert Brownell as a partner in MedVenture Associates V.
Swiss Re Private Equity Advisers closes SRPEP III on €564m
14/03/2006. Swiss Re Private Equity Advisers, the private equity fund of funds advisory arm of reinsurance company Swiss Re Group, has closed its latest fund of funds on €564.3m.
Nordic Capital to sell Guide to IT group EDB
14/03/2006. Nordic Capital has agreed to sell Guide, a Swedish supplier of IT services, to Nordic IT group EDB.
Kleinwort Capital renames itself August Equity
13/03/2006. UK lower mid-market private equity firm Kleinwort Capital has renamed itself August Equity. The firm pointed out that the name change does not mean that the firm will alter its strategy.
Spanish private equity firm Nazca sells stake in Svenson for €82m
13/03/2006. Spanish private equity firm Nazca Capital has sold its remaining 67.8 per cent shareholding in European hair-treatment specialist Svenson to Investindustrial for €82m. This sale means that the company is valued at more than €120m.
UK private equity firm Phoenix raises £375m fund
13/03/2006. UK middle-market private equity firm Phoenix Equity Partners has closed its new fund, Phoenix Equity Partners 2006 Fund, on the hard cap of £375m. The fundraising was formally launched in December 2005.
Feri Institutional Advisors joins Next Wave Fund II
10/03/2006. US-headquartered venture capital firm Next Wave has established a strategic relationship with Feri Institutional Advisors, which along with the firm's other partner, Japan Asia Investment Co., an independent VC in Japan, gives Next Wave a global team to form its next pan-European fund of funds.
Eurazeo to acquire Europcar from Volkswagen for €3bn
10/03/2006. French firm Eurazeo has agreed to acquire 100 per cent of the capital of European car rental outfit Europcar from Volkswagen for €3bn.
Alfa Capital holds first closing of private equity fund targeting Russia, Ukraine
10/03/2006. Moscow-based private equity and real estate investment group Alfa Capital Partners has held a first closing of its latest private equity fund, Alfa Private Equity Partners, on $105m. The fund is expected to close on $250m later this year.
Hanwha VC launches Hanwha Korea Global Investors Fund
09/03/2006. Hanwha VC, the venture capital arm of South Korea's Hanwha Group, is to establish a $100m investment fund. The Hanwha Korea Global Investors Fund is for international investors looking to invest in South Korea.
Dutch media giant VNU agrees to public offer from private equity group
08/03/2006. Haarlem, the Netherlands and New York, US-headquartered media giant VNU and Valcon Acquisition, a holding company controlled by a private equity consortium consisting of AlpInvest Partners, The Blackstone Group, The Carlyle Group, Hellman & Friedman, Kohlberg Kravis Roberts & Co. and Thomas H. Lee Partners, have agreed to a public offer for VNU that values the company's equity at €7.5bn, or €28.75 per common share.
Michael Barth joins Darby as managing director, global investment
08/03/2006. US-headquartered emerging markets specialist Darby Overseas Investments has appointed Michael Barth as managing director, global investment.
TVM changes its name to TVM Capital
08/03/2006. Munich, Germany and Boston, US-based life sciences and information technology venture capital firm TVM has renamed itself TVM Capital.
TowerBrook closes $1.3bn TowerBrook Investors II
07/03/2006. TowerBrook Capital Partners, the private equity firm founded by former Soros Private Equity senior professionals, has held a final closing on its new fund. TowerBrook Investors II closed on $1.3bn.
Providence, GS Capital Partners to acquire EDMC in $3.4bn transaction
07/03/2006. Providence Equity Partners and Goldman Sachs Capital Partners have agreed to acquire Education Management Corporation for $43 per share in a $3.4bn transaction. EDMC's board of directors has unanimously approved the transaction.
Michael Barth joins Darby as managing director, global investment
07/03/2006. US-headquartered emerging markets specialist Darby Overseas Investments has appointed Michael Barth as managing director, global investment.
Carlyle/Riverstone Global Energy and Power Fund to buy EnCana
07/03/2006. EnCana Corporation and certain affiliates have agreed to sell substantially all of their gas storage business interests to the Carlyle/Riverstone Global Energy and Power Fund for approximately $1.5bn after adjustments.
Partners Group, F&C Private Equity Trust buy DrKW's £60m commitment in KCP IV
06/03/2006. UK lower mid-market private equity firm Kleinwort Capital has announced that Swiss-based Partners Group and F&C Private Equity Trust have bought out Dresdner Kleinwort Wasserstein's £60m commitment in Kleinwort Capital's latest fund, Kleinwort Capital Partners IV.
SAGIA and Venture Capital Bank establish $100m Saudi VC investment company
06/03/2006. The Saudi Arabian General Investment Authority, Bahrain-based Islamic investment bank Venture Capital Bank, and international investment house Global Emerging Markets have signed a memorandum of understanding to establish an independent $100m venture capital investment company.
QUARTILIUM II closes on €284m
03/03/2006. QUARTILIUM, FINAMA Private Equity's fund of funds team, has held a final closing of QUARTILIUM II, its generalist fund of funds, on €284m. QUARTILIUM II was launched in June 2003 and had an original target of €250m. It is already more than 50 per cent committed, according to the firm.
Lombard Asia III holds first closing on $153m
03/03/2006. San Francisco, Bangkok and Hong Kong-based private equity firm Lombard Investments has held a first closing of $153m for Lombard Asia III, an expansion capital and buy-out fund with a $300m target and a $500m hard cap.
The Cypress Group agrees to sell Meow Mix to Del Monte Foods
03/03/2006. New York-based private equity firm The Cypress Group has agreed to sell its majority stake in cat food producer Meow Mix Holdings to Del Monte Corporation, a wholly owned subsidiary of Del Monte Foods Company, for approximately $705m, which includes approximately $23m in tax benefits which the company expects to achieve as a result of the acquisition.
Hicks, Muse, Tate & Furst renames itself HM Capital Partners
03/03/2006. US private equity firm Hicks, Muse, Tate & Furst has renamed itself HM Capital Partners and has made changes to its senior management.
Mezzanine Management hires Henry-Louis Merieux as a director
03/03/2006. Mezzanine Management, a mezzanine and private equity provider, has appointed Henry-Louis Merieux as a director. Merieux will be based in the firm's Paris office and will be responsible for originating and managing mezzanine investments in France.
Pomona Capital hires Paul Delaney as director, fund of funds and partner
02/03/2006. Pomona Capital has appointed Paul Delaney as director, fund of funds and partner, based in New York. Delaney will be responsible for spearheading Pomona's $1.6bn private equity fund of funds business.
Deirdre Cunnane joins Advanced Technology Ventures as general counsel
02/03/2006. Advanced Technology Ventures has appointed Deirdre Cunnane as general counsel. Cunnane comes to ATV with more than 16 years of legal experience specific to the venture capital and private equity business.
The Gores Group, Tennenbaum Capital Partners complete acquisition of Enterasys
02/03/2006. The Gores Group and Tennenbaum Capital Partners have completed the $386m acquisition of Enterasys Networks.
Kayne Anderson adds petroleum engineer Iverson to its energy private equity team
02/03/2006. Kayne Anderson Capital Advisors has appointed David Iverson to its energy private equity team as a senior vice president.
HgCapital closes £950m European buy-out fund
01/03/2006. HgCapital, the European sector-focused private equity investor, has closed its latest private equity fund, HgCapital 5, on £950m. The target size was £750m. The new fund will focus on investing in the European middle market through dedicated sector teams and offices in London, Frankfurt and Amsterdam.
Duke Street appoints Sir Neville Simms as operating partner
01/03/2006. UK and French buy-out firm Duke Street Capital has appointed Sir Neville Simms as operating partner. Sir Neville will specialise in the support services sector, where he has extensive experience. He is currently chairman of power generation company International Power.
Norwegian firm Norsk Vekst Equity Partners changes name to Norvestor Equity
01/03/2006. Oslo-based Norsk Vekst Equity Partners has changed its name to Norvestor Equity to reflect both the company's pan-Nordic investment strategy and its international investor base, the firm said.
Median premoney valuation of US VC-backed companies in 2005 highest since 2001
01/03/2006. The median premoney valuation of US venture-backed companies hit its highest point in four years in 2005, reaching $15.2m, according to VentureOne. The last time the overall annual median premoney valuation was higher was in 2001, when it reached $16m.
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