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Funds: December 2001

Final close for Invesco, Abingworth exceeds target, Axa closes secondaries fund, third fund of funds for Pantheon…

Europe

Final close for Emerald
Italian-based Emerald Fund closed at E215.5m, exceeding its E200m target. Launched a year ago, the fund will focus on the small to medium-sized enterprise market and the family business sector in Italy (AltAssets 17.12.01).

Additional capital for HBM
Swiss firm HBM Bioventures raised an additional SFr248m by increasing its share capital, leading to commitments from a number of banks. Along with the SFr517m raised over the summer, HBM will invest the new capital in private and public companies (PrivateEquityOnline 12.12.01).

EIF commits £53.5m to regional funds
The European Union will inject more than £50m into a series of UK regional venture capital funds to fill the so-called ‘equity gap' in poorer parts of the country. The money will be channelled through the European Investment Fund, which is owned by the European Investment Bank, the European Commission, and a string of private banks and institutions (AltAssets 13.12.01).

Abingworth closes life science fund
UK-based life sciences venture firm Abingworth Management announced the final closing of its latest fund, Abingworth Bioventures III at $225m. The closing was well in excess of the original $150m target  (AltAssets 6.12.01).

Final closing for Invesco fund of funds
New York-based Invesco Private Capital announced the closing of its third fund of funds, bringing the total amount of assets raised in limited partnerships since 1997 to $2bn. Invesco Partnership III secured commitments from over 30 limited partners including public funds, endowments and foundations, corporate pension plans and high net worth individuals (AltAssets 5.12.01).

Axa closes secondaries fund
French firm Axa Private Equity closed its second specialist fund well ahead of target at $480m. Axa said it had attracted significant investments from a number of large institutional investors, including Bombardier Pension Funds, and the Caisse de Depot et Placement du Quebec (AltAssets 3.12.01).

Early-stage technology fund for Nokia
Nokia is expected to announce the launch of the E40m Nokia early-stage technology fund, a corporate venturing initiative (Venturewire 3.12.01).

Third fund of funds for Pantheon
Pantheon Ventures launched a third fund of funds and is looking to raise $1bn, most of which will be invested in later stage and buy-out funds (Unquote November/December 2001).

Shore expected to launch fund
UK-based Shore Capital is expected to begin raising its third fund at the beginning of 2002, according to eFinancialNews (5.12.01).

Fund raising underway for Qualitas
Qualitas Equity Partners secured over E30m for its Qualitas Fund I, which is targeting E60m to invest in privately owned companies in Spain (PrivateEquityOnline 4.12.01).

New fund for Litorina
Sweden-based Litorina Capital Management is raising its second fund, Litorina Kapital II, to provide expansion capital to small and medium-sized companies with high growth potential. SKr500m has already been committed to the fund, which is targeting SKr100m (Tornado-Insider 11.12.01).

Debut fund of funds for NIB Capital
NIB Capital is targeting small and medium-sized institutional investors for its debut fund of funds vehicle. Still in a pre-marketing phase, the fund will invest in venture capital, development capital and buy-out funds in the US, Europe and Asia (Unquote November/December 2001).

FCPR for Rothschild & Cie
Paris-based Rothschild & Cie launched a new fund - R Capital Technologies - to invest in later stage telecommunications, information technology and software opportunities, mostly in Europe. The fund is mainly targeting French institutional investors but also has a number of high net worth individuals on board (Unquote November/December 2001).

VC fund for Israeli government
The Israeli government established a new fund to invest in start-ups, according to PrivateEquityOnline (21.12.01). The fund will provide interest-free loans of up to $1m, to be invested alongside local venture capital.

First closing for Polytechnos
Germany-based Polytechnos Venture Partners made a first closing of its venture capital fund at E120m, with around half of the total committed by US-based investors. The fund, expected to close in the first quarter of 2002, will target opportunities in the technology and life science sectors in Europe, the US and the Middle East (AltAssets 18.12.01). 

US

Giant $5.4bn close for CSFB
CSFB Private Equity closed its DLJ Merchant Banking Partners III Fund with $5.4bn of committed capital. The fund is one of the largest ever raised and will be invested across a range of sectors with as much as $800m earmarked for Europe (AltAssets 13.12.01).

First closing for Merlin Biomed
New York-based asset management company Merlin Biomed has announced the successful first closing of its debut private equity fund at $50m. The final target is $150m with investments likely to be made in the healthcare industries of the US and Europe, according to AltAssets 3.12.01.

Versant closes
California-based Versant Ventures has closed its second venture capital fund at $400m, according to AltAssets 5.12.01. The fund will continue the firm's strategy of investing in the early-stage healthcare sector, focusing specifically on medical devices, biotechnology, specialty pharmaceuticals and healthcare information technology.

Trilon closes at C$400m
Canadian financial services company, Trilon Financial Corp, raised C$400m for its Tricap Restructuring Fund, according to PrivateEquityCentral 14.12.01. The fund will focus on turnaround opportunities in the forest products, mining and metals, real estate and power generation sectors.

Batterson looking at April close
Batterson Ventures, the Chicago-based venture capital firm, is targeting the close of its second fund for April. The target amount of $400m will be invested in technology and healthcare companies at early and late-stage levels (VentureWire 13.12.01).

$400m close for Norwest
The ninth technology fund from Norwest Venture Partners closed at $400m (PrivateEquityCentral 7.12.01). In keeping with the firm's strategy, the fund will invest in enterprise software, information technology, communications technology and systems.

DuPont - State Street close at $241.5m
The debut joint fund of funds from DuPont Capital and State Street Global Advisors closed at $241.5m. The fund, Wilton Private Equity Fund, LLC, had an original target of $300m and will focus on one-off deals between $5m and $10m. (PrivateEquityCentral 7.12.01).

Heartland debut fund closes
Heartland Industrial Partners, the Greenwich, Conn and Detroit-based buy-out firm, closed its first fund at $1.4bn, according to AltAssets 12.12.01.

$1bn close for WR Huff
W.R. Huff Asset Management closed a $1bn fund in October, according to PrivateEquityCentral 20.12.01. The fund will acquire subordinated debt in both private and public companies over a wide array of industries.

Ignition closes at $285m
The Washington-based venture capital firm Ignition Partners has closed its second fund at $285m. The firm, founded by former Microsoft and AT&T Wireless employees, invests in wireless, computing, and telecommunication start-ups based on the West Coast (PrivateEquityCentral 20.12.01).