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Funds: March 2003

Robeco closes two funds of funds, Greenpark Capital closes secondaries fund on target, Part'Com launches new technology fund, Onex Corp to establish $1.5bn co-investment fund, Carlyle Group plans distressed debt fund, Landmark holds first close, Natural Gas Partners closes above target…

Europe

Permira preparing for another mega European buy-out fund
UK-based buy-out firm Permira, formerly Schroder Ventures, is gearing up to launch a new multi-billion euro European buy-out fund in the next few weeks. Permira Europe III is expected to trump its E3.5bn predecessor with a target of more than E4bn.
AltAssets 13.3.03

French VC Part'Com launches new technology fund
French venture capital firm Part'Com has launched a new technology fund with an ambitious target of E150m. If successful in meeting its target, Part'Com's fund would be one of the largest to have been raised in Europe since the later stages of the technology boom.
AltAssets 17.3.03

EMBL Venture Capital Partners closes life sciences fund
Germany-based EMBL Venture Capital Partners GmbH closed its latest venture fund last month on E25m, exceeding its original E17m fundraising target. The EMBL Techonolgy Fund will focus on newly established life sciences companies.
AltAssets 13.3.03

Candover Investments sees profits rise, NAV fall
Candover Investments has reported a six per cent increase in pre-tax profits for 2002 to £15.5m, but a 7.7 per cent decrease in net asset value. Candover's NAV fell by 7.7 per cent; the FTSE All-Share Index fell by 25 per cent in the year to 31 December 2002.
AltAssets 10.3.03

Strathdon Ventures to begin raising first institutional fund
London-based Strathdon Ventures is to begin fundraising later this year for its first institutional fund. The fund is seeking to raise up to £50m, aiming for a £15m first close. The fund will invest up to £2m in companies in the IT, energy, finance and healthcare sectors.
Real Deals 13.3.03

Robeco Private Equity holds final close on two funds of funds
Rotterdam-based firm Robeco Private Equity, a member of Rabo Bank, has announced a final close of its two debut funds of funds, Robeco Global Private Equity Fund and Robeco European Private Equity Fund. Total assets under management for the funds of funds are now around E350m.
AltAssets 27.3.03

Schroders' private equity results creep into the black in 2002
UK investment group Schroders had some good news in the shape of a profit posted for its private equity investments in 2002.  The group's private equity results reached £12.9m (pre-tax) for 2002 compared to a loss of £19.6m in 2001.
AltAssets 4.3.03

Secondaries specialist Greenpark Capital closes debut fund on E200m
London-based secondaries specialist Greenpark Capital has successfully navigated an unforgiving fundraising climate to close its debut fund on target with E200m. The firm secured commitments from a wide range of institutions in Europe, the US, and elsewhere.
AltAssets 6.3.03

3i signals more big losses on its technology portfolio
Europe's biggest private equity firm 3i has warned that the losses on its technology portfolio in 2002 are likely to have been larger than expected. It has issued a statement saying writedowns on its tech investments in the year to the end of March will be in the region of £360m, double the level last year but still less than the £400m in fiscal year 2000-2001.
AltAssets 27.3.03

French Siparex announces good year despite challenging economic conditions
Listed French private equity fund Siparex Croissance, which is run by Sigefi Private Equity, announced healthy results for 2002 despite a tough economic environment. The firm unveiled gross capital gains of E15m compared to E12.3m in 2001. The company was able to increase its dividend by 12.7 per cent.
AltAssets 25.3.03

Guy Hands admits debut Terra Firma fund may not reach E3bn target
Guy Hands has admitted that his debut independent buy-out fund, Terra Firma Partners, may have to settle for a final closing significantly below its original E3bn target. Despite his acknowledgement that Terra Firma might have to yield to the global fundraising chill, Hands was eager to emphasise his fundraising success. ‘Any result above E2bn will be an incredible achievement,' he said.
Bloomberg 26.3.03

North America

Final close for US Natural Gas Partners' seventh fund
Texas-based Natural Gas Partners has closed its seventh fund at $600m. The fund was capped at $600m, significantly above the original target of $450m. The firm manages a total of $1.6bn and focuses on oil and natural gas producing companies in North America.
AltAssets 20.3.03

Long River Capital and Worcester Capital merge to create healthcare-focused firm
Massachusetts-based Long River Capital Management has taken over Worcester Capital Management, a fellow member of the Village Ventures network of regional venture capital funds. The new firm will adopt the Long River name and focus on the healthcare and life science sector. The two firms now have combined investment capital of $30m to be put to work in central and western Massachusetts, with the remaining one third for other areas of New England.
VentureWire 6.3.03

Valhalla Partners plans first closing on by end of month
Virginia-based venture firm Valhalla Partners plans to hold a $125m first closing on its debut fund by the end of March. The firm was formed last year by New Enterprise Associates and FBR Technology Venture Partners and plans to invest in early-stage technology companies in the Mid-Atlantic region.
The Private Equity Analyst March 2003

Longworth Venture Partners exceeds target for second technology fund
Boston-based Longworth Venture Partners has closed its second fund with $115m, exceeding the $100m target. The fund will focus on early and expansion-stage technology opportunities, with a particular focus on enterprise application software, systems management solutions, IT infrastructure and related services.
AltAssets 19.3.03

Landmark Partners holds first closing on $400m
Landmark Partners has held a first close on Landmark Equity Partners XI at $400m. Fund XI is targeting $750m and plans to purchase secondary interests in a mix of US and European private equity funds. The firm typically invests $20m to $100m per deal. Reports suggest Landmark is close to selling a stake in itself to a minority or majority investor.
The Private Equity Analyst March 2003

Entrepia Ventures closes two funds with $50m
New York-based Entrepia Ventures has closed two funds, Entrepia Fund II and Le Fonds Entrepia Nord, with $50m. The funds will invest in privately owned, tech-based, expansion-stage companies wishing to enter the Japanese market. The firm will invest between $3m and $5m per company.
AltAssets 5.3.03

OrbiMed Advisors holds a first close for Caduceus Private Investments II
New York-based OrbiMed Advisors has held a first close for Caduceus Private Investments II, a venture fund targeting biotech and medical device companies. The fund has a $300m target and intends to invest about 80 per cent of the fund in private biotech companies that have drug candidates in clinical trials.
The Private Equity Analyst March 2003

Hicks, Muse, Tate & Furst plans to raise new $1bn buy-out fund
Texas-based Hicks, Muse, Tate & Furst is planning to raise a new $1bn buy-out fund for investment in Europe. The firm is currently talking to potential institutional investors and is expected to hit the fundraising trail in the second quarter of this year. Hicks, Muse focuses on the media, food and consumer industries.
Venturedome 27.3.03

Onex Corp to establish $1.5bn co-investment fund
Toronto-based Onex Corp is to launch a $1.5bn fund. Onex has pledged $300m to the fund, which may be increased on an annual basis. The fund will provide capital for new acquisitions not related to Onex's existing operating companies. Should the fund reach its target it will be more than ten times larger than its closest Canadian rivals.
AltAssets 14.3.03

Antares Capital Corp closes debut distressed debt fund on target
Chicago-based Antares Capital Corp has raised $100m for its debut distressed debt fund, Antares Special Opportunities Fund. Antares plans to purchase $5m to $25m tranches of debt issued by companies that have defaulted on loans or are in bad shape. The firm also plans to purchase stakes from other lenders and does not intend to take control of companies in which it invests.
The Private Equity Analyst March 2003

Lake Capital raises $500m for debut fund
Lake Capital, a private equity firm with offices in Chicago and London, has raised its first fund with commitments of $500m. The fund will focus on mid-market opportunities in the business services sector. The firm was founded in 1998 and has previously raised money on a deal by deal basis. The fund has attracted investors including pension funds and university endowments, primarily from the US. The fundraising process took just six months.
AltAssets 20.3.03

Carlyle Group plans debut distressed debt fund
Washington-based Carlyle Group is planning its debut distressed debt fund. The firm plans to raise $500m for the fund which will be managed by its high-yield debt investment team. The firm is expected to dip into its pool of 550 limited partners who have backed the previous 20 funds raised by the firm since 1987.
The Private Equity Analyst March 2003

PA Early Stage Partners holds first close on third fund with $68m
Wayne-based PA Early Stage Partners has closed its third fund with commitments of $68m, over half way towards the target of $100m, defying the tough fundraising climate for venture capital firms. The firm will focus on investments in early-stage IT and life sciences companies throughout the Mid-Atlantic region, with a particular emphasis on Pennsylvannia.
AltAssets 7.3.03

Lumina Ventures holds interim close on debut biotech fund
Lumina Ventures has held a $190m close on its debut fund. The firm was formed by former healthcare professionals from Warburg Pincus and Coral Ventures and is aiming for a final close at the end of March with $250m in commitments. Limited partners so far include New Mexico State Investment Council, University of Michigan, Minnesota State Board of Investments and New York City Retirement Systems.
The Private Equity Analyst March 2003

Vortex Partners launches early-stage venture fund
Dallas-based venture firm Vortex Partners has launched VCDF II, a $75m fund to focus on communications, telecoms, broadband, wireless, IT and software opportunities in Texas and the South, as well as those originating from universities and national research laboratories.
AltAssets 21.3.03

JP Morgan Investment Management Co expects to hold final close on fund of funds
New York-based JP Morgan Investment Management Co is expecting a final close for JP Morgan Corporate Finance Investors II. The fund has a target of $1.5bn and was launched in early 2002. Investors in the fund include AT&T Corp, Ford Motor Co, Pennsylvania State Employees' Retirement System and University of Wisconsin System. The firm plans to commit $900m to US-based groups and around $300m to European groups.
The Private Equity Analyst March 2003

Fort Washington Capital Partners raises $40m for local venture fund of funds
Cincinnati-based Fort Washington Capital Partners has announced the final close of Tri-State Growth Capital Fund I, with $40m of commitments from both local and national investors. The fund is designed to fuel economic growth in the tri-state region around greater Cincinnati, and will focus on investments in life sciences, IT and advance manufacturing.
AltAssets 28.3.03

Tredegar Investments sells of venture portfolio
Virginia-based Tredegar Investments, the venture capital arm of the plastic films and aluminium extrusions manufacturer has agreed to sell its venture capital interests for approximately $75m. The firm sold its stakes in venture funds to GS Vintage Funds II, managed by Goldman Sachs Asset Management's private equity arm. As of December 2001, Tredegar had invested $191m directly and indirectly through venture funds.
VentureWire 12.3.03

Mayo Clinic winds up venture capital program
Minneapolis-based Mayo Clinic is winding up its venture capital operations and has cancelled plans to raise a new $100m fund. In the future Mayo Medical Ventures plans to seed its own projects and may still consider providing follow-on capital to its portfolio companies.
The Private Equity Analyst March 2003

Medical Alley launches early stage-venture fund
Minneapolis-based Medical Alley, a non-profit Minnesota trade association is to launch an early-stage venture fund, Alley Ventures, to target medical device, bioscience and other healthcare related opportunities. The fund is expected to raise between $25m and $50m over the next 18 months. The fund will source investment opportunities from the firm's 300 strong pool of member organisations in the healthcare industry.
VentureWire 31.3.03

Brooks, Houghton & Company hold first close
New York-based Brooks Houghton & Company has held a fist close for BHC Interim Funding II at $30m. The fund was launched in August last year targeting $150m and will invest between $10m to $15m in short-term mezzanine and term B financing. The fund will look at all sectors excluding oil and gas, mining, real estate and restaurants.
AltAssets 31.3.03

Australasia

Australian media tycoon sets up Australia-focused private equity fund
Australian Cameron O'Reilly has set up a new private equity fund entitled Bayard Capital with A$100m to invest in private Australian companies. O'Reilly has gained commitments from his media mogul father, Irish media baron Sir Anthony O'Reilly and other high-profile investors including other Australian high net worth individuals Kerry Stokes and John B Fairfax, according to media reports.
AltAssets 24.3.03