Click here for printer friendly page

Funds: August 2001

STAR to close on $457m, WestAM announces fisrt close on fund of funds, half-year loss for 2M Invest, Polaris attracts $900m, Prudential beats mezzanine target…

Europe

11.5 per cent growth for Pantheon
The fund of funds investment trust, Pantheon International Participations announced an 11.5 per cent growth in net asset value(NAV) per share. NAV stood at 669.06 pence at the end of June and the total fund value stands at £206m.
Efinancialnews.com 13.8.01

Fourth fund nets $900m for Polaris
Polaris Venture Partners has closed the firm's fourth fund at $900m. Polaris attracted new investment from Credit Suisse First Boston and most of Polaris's existing institutional investors returned, providing the main commitments to the fund.
AltAssets 14.8.01 

Goldman Sachs closes $1bn secondaries fund
Goldman Sachs closed a secondaries fund, Vintage II, with around $1bn - more than double the size of its previous fund. Vintage II is a global fund and will buy a variety of private equity portfolios.
AltAssets 23.08.01

FLV problems far from over
Belgian FLV fund has ended its relationship with auditors KPMG as it continues to try and work out how $30m was lost in Korea, according to PrivateEquityOnline.com (6.8.01)<> STAR 1 will close on $457m
UK firm STAR capital partners expects a final closing of STAR 1 at $457m by the end of the year, according to Venturewire (21.8.01). Major investors include The Royal Bank of Scotland and Banco Santander Central Hispano.

High returns for Sovereign Capital LP I
Sovereign Capital Limited has sold the last investment made by its first fund Sovereign Capital LP I, according to PrivateEquityOnline.com (1.8.01). Sovereign sold the investment for £1m - four times its book value.

WestAM announces first close of fund of funds
WestAM has announced the initial closing of its global Coreplus fund of funds at $180m.  Its final target is $500m. The majority of the money will be invested in global funds.
AltAssets 21.8.01

Albermarle's final exit from first fund
Albermarle Private Equity's first fund will end in October as Home Entertainment Corporation, the fund's last investment, is listed on Aim. The Brown Shipley Development Capital Fund made 18 investments from its £24m.
PrivateEquityOnline.com 21.8.01

First closing for new Avlar fund
Avlar Bioventures has announced the initial closing of Avlar Bioventures Fund II. The fund's target is £75m and it will invest specifically in seed and early-stage deals in the biotechnology sector.
Unquote 6.08.01

Half-year loss for 2M Invest
2M Invest reported a E5.3m half-year loss, according to PrivateEquityOnline.com (23.8.01). The firm remains confident however that it will make a pre-tax profit of between DKK210-240m by the end of the year.

Extra £22m for Northern 2 Venture Capital Trust
The fund total for Northern 2 Venture Capital Trust now stands at $62.6m after Northern Venture Managers raised an extra £22m ( $31.3m).
Venturewire 8.8.01

STEAG and WestLB form new company
German STEAG and WestLB have formed the venture capital firm West STEAG partners. Each party invested $43.9m to create an $87.8m venture fund. The fund will invest in Europe, Israel and the US and will make both early and later-stage investments.
Venturewire 8.01

MVM to close life sciences fund
MVM will soon close its second Medical Ventures Fund as investors are showing a high level of interest in the life sciences sector. The second fund aims to raise £60m and will invest in Europe and the US as well as in the UK.
Efinancialnews 13.8.01

Launch of new technology fund for NBG
NBG Venture Capital has launched its third fund, according to PrivateEquityOnline.com (6.8.01). The NBG Tech Fund will invest in the telecoms, media and entertainment sectors. A first close of E60m-70m is expected in September.

North America

Polaris Venture Partners close fourth fund at $900m
US fund Polaris Venture Partners has announced the closing of its fourth fund at $900m, proving that funds with solid track records can still find money. The firm specialises in early and seed-stage funding across the full range of IT and medical technology sectors. It now has around $2bn under management.
AltAssets 14.8.01

Global Financial launches bond-backed fund of funds
Global Financial Group is set to become the first firm to raise a US fund of funds by a bond offering. The Los Angeles-based group has set a $1bn target for in GFG Next Generation Fund, which consists of three sub-funds. The idea behind to move is to allow fixed-income investors such as insurance companies to invest if they buy a 30-year bond.
Private Equity Analyst August 2001

Initial closing for Miramar IT fund
California-based Miramar has overcome a difficult fund raising market and announced an initial close of its debut information technology fund at $62m. The company was formed earlier this year and is looking to invest in the early stage sector, with a southern California focus. The fund is expected to close at around $100m by the end of the year.
AltAssets 10.8.01

Canaan Partners closes at $700m
Canaan Partners closed its sixth fund at the end of August at $700m. The final close was $50m short of its original goal, but the firm said it had raised enough to keep it busy for the next few years.
VentureWire 21.8.01

Morgenthaler closes seventh fund on $850m
US venture capital and buy-out specialist Morgenthaler has announced the closing of its seventh fund at $850m, some way ahead of its original target of $700m. The fund will focus on early stage investments in communications, software and healthcare. The firm said the fund was generously oversubscribed but it had capped commitments to avoid compromising its preferred investment strategy.
AltAssets 7.8.01

Clairvest closes first fund at C$219m
Canadian merchant bank Clairvest Group closed its first Clairvest Equity Partners fund at C$219m, exceeding its uppermost limit by C$19m. The bank already has a 13-year track record of private equity investment, but this is the first time it has raised funds via external investors. The bank focuses on late-stage investments of between $10m and $30m.
PrivateEquityCentral 22.8.01

Prudential beats target on first mezzanine fund
Prudential Capital Group announced a final closing of its first mezzanine fund at $619m, beating its $500m target quite considerably. The fund will focus on mid-sized services and manufacturing companies and will provide mezzanine financing of between $10m and $50m.
Private Equity Analyst August 2001

Goldman Sachs closes secondaries fund with $1bn
US banking giant Goldman Sachs is reported to have closed its new secondaries fund with around $1bn, more than double the size of its previous fund. Vintage II will be a global fund, buying up all a variety of private equity portfolios with the exception of property.
AltAssets 23.8.01

Oxford Bioscience to close $400m fund
Boston firm Oxford Bioscience Partners, specialists in biotech and healthcare will close a $400m fund this September. The close of this fund will double the firm's capital under management. New investors in the fund include GE Capital and IBM corp.
TheDeal.com 6.8.01

Africa, Asia and Australasia

New $350m fund for Sub-Saharan Africa
Frank Savage, former chairman of Alliance Capital Management International, is launching a $350m fund backed by the Overseas Private Investment Corporation. The fund will invest in the telecoms, energy and transport sectors and hopes to attract a varied group of institutional investors.
Venturedome 8.8.01

First close for Baring Asian Fund II
Baring Private Equity Partners Asia announced the initial close of its second fund at $206m. The target for this fund is $400m and the investments will be focused on IT and communications investments. INVESCO Private Capital and CDP capital are limited partners in the fund.
PrivateEquityCentral.net 16.8.01

I-cap plans launch of $100m fund
I-cap Partners will launch a $100m fund in the fourth quarter of this year. The Australasian private equity firm plans to invest in the US, Australia and the Asia-Pacific region.
Venturewire 17.8.01