Click here for printer friendly page

Funds: November 2001

Final close for Jerusalem, initial closing for Aberdeen Murray Johnstone, two new funds for Cofiri, first closings for Merlin BioMed and Lexington, new fund for Arcturus…

Europe

Final close for DTU Invest
DTU Invest closed its fund at DKr85m with commitments from Danish institutions in the public and private sectors. Backed by the Danish Department of Trade and Industry, the fund will invest in the food and biotechnology sectors. PrivateEquityOnline 29.11.01

Central and Eastern European fund for White Williams
New York buy-out firm White Williams Private Equity is raising a new $250m fund - European Accession Fund LP - to invest in Central and Eastern European buy-outs. Chairman Dave Williams is hoping to take advantage of opportunities in countries on the verge of EU membership (AltAssets 6.11.01).

Initial closing for Aberdeen Murray Johnstone
Aberdeen Murray Johnstone Private Equity reportedly held a first closing of its mid-market fund, luring institutional investors from the UK, the US, Canada and the Middle East (PrivateEquityOnline 2.11.01).

TVM closes life science fund
Techno Venture Management closed its biotechnology fund at E336m, defying a difficult fund-raising market by exceeding the E250m target. TVM V Life Science Ventures secured commitments from high-profile investors including NIB Capital, Allianz, KfW and TBG. AltAssets 15.11.01

Two VC funds for Cofiri
Italian merchant bank Cofiri launched two funds. The largest fund, with a target size of E200m, will focus on energy, paper and chemical start-ups. A smaller E15m fund will target biotechnology and new materials start-ups (PrivateEquityOnline 2.11.01).

VC f5nd to target disadvantaged areas
The UK-based community development fund is halfway towards its target of £40m, with commitments from the private sector. The fund structure, proposed in last year's budget, allows investors to reclaim from the government a cash sum equal to 25 per cent of their investment over a five-year period (Venturedome 29.11.01).

Innova fund begins investing
Polish-based Innova Capital has begun to make investments from its latest venture capital fund, targeting opportunities in Central and Eastern Europe. Innova is hoping to reach its E180m target by April 2002 (Venturedome 29.11.01).

Unilever considering standalone venture capital fund
Consumer goods giant Unilever is thinking seriously about setting up its own venture capital fund to invest in and develop ideas that do not immediately fit in with its core businesses, according to the Financial Times (26.11.01).

Scottish Widows invests in Pentech Ventures
Scottish Widows Investment Partnership, one of the largest fund managers in Europe, has given a big vote of confidence to the technology sector with the announcement of a £5m commitment to Glasgow-based early-stage venture capital fund Pentech Ventures (AltAssets 26.11.01).

Quester to launch UK venture capital trust with £25m target
UK-based venture capital firm Quester is to launch its fifth venture capital trust at the start of December with a target of £25m. The firm's director John Spooner said that lower prices meant it was now the perfect moment to start investing (AltAssets 22.11.01).

Final closing and new investors for Jerusalem
Jerusalem Venture Partners closed its latest fund at $400m, with new commitments from Harbourvest, Adveq and the Technion, Israel's premier technical university. Jerusalem Venture Partners IV will target early-stage communications and enterprise software companies in Israel, North America, Europe and Asia (AltAssets 19.11.01).

Danske closes fund-raising for renamed venture fund
Danske Private Equity closed its renamed Venture Partners fund at DKr1.5bn, with commitments from the European Investment Fund and the US life insurance and investment company Phoenix. Previously known as Danske eVentures the fund's name was changed in order to dilute the emphasis on the discredited internet sector (AltAssets 2.11.01).

US

BlueCar Partners aims for $100m
BlueCar Partners, a New York-based venture capital consulting firm, is raising $100m for its debut fund (VentureWire 14.11.01).

First close for Lexington at $725m
Lexington Partners had a first close of its fifth fund at $725m, according to Venture Reporter ( 9.11.01). The firm is aiming for $2.5bn total and expects an interim close towards the end of 2002.

Piper Jaffray targets $150m
Venture capital firm Piper Jaffray is looking to raise $150m for its fourth healthcare fund, according to VentureWire ( 2.11.01).

$300m close for E-telint
San Jose-based E-telint closed its debut fund, the Cross Pacific Technology Fund, with over $300m in commitments (VentureWire 2.11.01). E-telint will focus on the telecommunications, internet application and bioscience sector.

Blackstone reportedly reach $4bn
US private equity firm the Blackstone Group reportedly had a first closing of its latest fund, Blackstone Capital Partners, at $4bn. The fund was launched nearly a year ago and will invest in a wide range of core-economy opportunities (AltAssets 16.11.01).

Fund 13 for Village Ventures
Village Ventures, a Massachusetts-based holding company, announced the launch of its thirteenth fund, according to PrivateEquityCentral (1.11.01). The fund will be based in Florida and will invest in tech start-ups.

Re-closing for Lincolnshire
Lincolnshire Management, the middle-market private equity firm, closed its Lincolnshire Equity Fund II at $315m (PrivateEquityCentral 6.11.01). The final close occurred after a brief reopening of the fund to include commitments from three additional limited partners.

New fund for Merit Energy
Merit Energy Co announced that it had started fund-raising for its $200m target Canadian Acquisition Program. The fund will invest in oil and natural gas assets, predominantly in Western Canada (PrivateEquityCentral 6.11.01).

$100m launch for Arcturus
Los Angeles-based Arcturus Capital began fund-raising for its latest fund, according to PrivateEquityCentral (6.11.01). Arcturus Capital Core Technology has a target of $100m and will invest in technology from both corporate, government and academic labs throughout Southern California.

Genesis Campus looks to year end close
Texas-based Genesis Campus, an early-stage firm, raised $60m and is aiming to close its first fund by the end of the year, according to VentureWire (6.11.01).

JP Carey opens $150m hybrid fund
Investment bank JP Carey announced the launch of Carey Capital Partners, a $150m fund looking to invest in small and micro-cap companies. This is the third hybrid fund for the firm (PrivateEquityCentral 1.11.01).

Granite closes at $160m
Californian Granite Global Ventures closed its first fund at $160m according to VentureWire (5.11.01). It took just over a year to raise the fund, which will invest in expansion-stage technology companies.

First close for Merlin BioMed
Merlin BioMed Private Equity Group had a first close of its healthcare fund, Merlin BioMed Private Equity Fund at $50m (VentureWire 29.11.01).

American River Ventures I reaches $48m
Californian-based American River Ventures announced the first close of its debut fund at $48m, according to VentureWire (28.11.01).

Trivest close third fund
Trivest, the mid-market specialists, closed their fund at $316m. The fund is 50 per cent larger than its predecessor, which closed in 1996 (PrivateEquityCentral 1.11.01).

$150m for Skyline Ventures
Healthcare and life sciences specialists Skyline Ventures closed fund III at $150m according to The Deal.com (27.11.01). It took four months to raise the fund, which is expected to be fully invested within the next three years.

New fund for Murphy & Partners
Murphy & Partners, the New York-based private equity firm, has begun raising its third fund with a target of $125m. The fund will invest in healthcare, media, communications and education sectors (VentureWire 21.11.01).

IDG Ventures launches $100m fund
Boston-based IDG Ventures announced the launch of its third fund, according to VentureWire (16.11.01). Sole limited partner IDG committed $100m to the fund.

Asia

Japanese fund for HSBC
HSBC holdings announced a new private equity fund for Japan. Managing director Mamine Soeda will invest around $245m over the next three years, according to Venturedome (2.11.01).

VC fund for Nintendo president
Hirosho Yamauchi, president of Japanese video game company Nintendo, is launching a $160m venture capital fund to invest in the video game software sector, according to Kyodo News (27.11.01).

Nomura star player to manage own fund
Financial player Guy Hands secured approval from employer Nomura to operate an independent fund, Terra Firma Capital Partners II. The Japanese bank will hold a significant stake in the E3bn fund (PrivateEquityOnline 9.11.01).