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Value of European buy-out market falls 21 per cent in 2002 but signs of improvement
31/01/2003. The value of the European buy-out market fell by around 21 per cent in 2002 but there were signs towards the end of the year that conditions were improving, according to preliminary figures from Initiative Europe. Deals in 2002 valued E53.5bn, compared with E68.1bn in 2001. 
Carlyle Group appoints new advisor to European venture team
31/01/2003. US private equity giant The Carlyle Group has appointed Ulrich Schumacher, the founder and chief executive of Infineon Technologies, as an adviser to its European venture capital team.
ACT Venture Capital holds final close with E170m for new technology fund
31/01/2003. ACT Venture Capital has bucked the prevailing trend with the successful closing of its third venture capital fund, which will focus on the technology sector in Ireland.
JP Morgan Private Equity Australia to spin out
30/01/2003. The private equity arm of JP Morgan Chase in the Asia Pacific region, based in Sydney, is to spin out to become Georgica Associates through a management buy-out.
AXA's fund of funds sharpens focus on buy-out, reduces venture interest
30/01/2003. AXA Private Equity has signalled its caution about the future of the venture capital markets in Europe by announcing its decision to reduce the weighting of ‘certain venture capital funds that were not well suited to the current environment'.
Dutch SPF plans to increase allocation to private equity by five per cent over ten years
30/01/2003. The Dutch railway pension fund, Spoorwegenpensioenfonds (SPF) is planning to increase its exposure to private equity to around five per cent of total assets over the next ten years.
US firms signal their trust in the buy-out market, plan to launch new mega-funds
30/01/2003. US firms Hicks, Muse Tate & Furst and Texas Pacific Group have indicated their interest in buy-outs with plans to launch two new mega-funds this year, according to media reports.
Spring Hill Bioventures launches venture fund focusing on Malaysia
29/01/2003. Kuala Lumpur-based Spring Hill Bioventures has announced the launch of a $30m venture capital fund focusing on biotechnology companies in Malaysia. The fund will be run by Spring Hill Management, headed up by experienced biotech entrepreneur Dr Kim Tan.
DBG Eastern Europe holds first close of Fund II at E67.2m
29/01/2003. Central and Eastern European-focused private equity firm DBG Eastern Europe has announced the first close of its second fund with E67.2m of commitments. The fund's target is E80m.
US-based Hamilton Lane looking for buyer
29/01/2003. US-based global private equity investment services firm Hamilton Lane Advisors is reportedly seeking a buyer for around $100m. The current front-runner is understood to be Switzerland-based Partners Group.
Latest Deals: 22–28 January 2003
29/01/2003. The AltAssets weekly round up of deals done in Europe and North America. This week there were 132 active investors in 53 deals and three exits across 14 sectors…
Deals update: investment levels relatively static, with three exits
29/01/2003. Private equity deal activity has remained relatively flat week on week, according to the latest figures from AltAssets.
US Riverside Company announces second exit in as many months
29/01/2003. US-based private equity firm The Riverside Company has announced its second exit in two months with the sale of HammerBlow Towing Systems TriMas Corporation.
US venture investment in 2002 declines almost 50 per cent year on year
28/01/2003. There was further evidence of the disastrous year venture capitalists and start-ups in the US endured in 2002 with the publication of the latest PricewaterhouseCoopers/Venture Economics/National Venture Capital Association MoneyTree Survey.
UK's Gala enters exclusive talks with buy-out firms Candover and Cinven
28/01/2003. British bingo and casino operator Gala is reported to have entered exclusive negotiations over the sale of the business at a transaction value of between £1.2bn and £1.3bn.
Deutsche Telekom sells last batch of cable TV networks to Apax, GS Capital Partners and Providence Equity for E1.725bn
28/01/2003. After months of speculation, struggling corporate Deutsche Telekom has announced the sale of its six remaining regional cable TV networks.
Pantheon Ventures announces final close of Europe Fund III with E470m
27/01/2003. Global private equity firm Pantheon Ventures has announced the December close of its Pantheon Europe Fund III, a fund of funds focusing on opportunities in Europe, with commitments worth E470m.
UK's Hermes Pensions Management plans to launch private equity fund
27/01/2003. UK pension fund Hermes Pensions Management is planning to launch a direct private equity investment fund and is presently recruiting for the new unit.
US venture investment drops 44 per cent in 2002
27/01/2003. Venture investment value in the US almost halved in 2002 compared with the previous year, according to new figures from VentureOne and Ernst & Young.
Pricoa closes buy-out arm, loses staff from European team
27/01/2003. Pricoa Capital, the European division of US firm Prudential Financial, is to focus solely on debt financing, rather than private equity investments, and members of the European team including managing partner Bruno Wanske, have left the company.
Managing general partner of Bessemer Venture Partners resigns
24/01/2003. Rob Soni has resigned from his role as managing general partner of Bessemer Venture Partners, one of the longest-standing venture capital firms in the US. Soni had been with Bessemer since 1994.
France's Sigefi Private Equity strengthens investment team, opens office in Milan
24/01/2003. Sigefi Private Equity has announced four new appointments in the group, including a second general manager for its venture capital business and the opening of a new Italian office based in Milan.
Asia Pacific venture capital investment declines significantly in 2002
24/01/2003. There was a drastic decline in venture capital financing in Asia Pacific-based companies in 2002, according to new figures from Thomson Venture Economics.
European private equity market value rises in fourth quarter of 2002
24/01/2003. The value of the European private equity market rose for the second quarter in a row in the fourth quarter of 2002, although transaction volume continued its steady decline, according to the latest figures from research firm Initiative Europe.
JP Morgan Partners announces operating losses of $789m for 2002
23/01/2003. The struggling private equity division of JP Morgan Chase & Co has announced its yearly results, with operating losses of $789m. The loss, while significant, represents a marginal improvement on JP Morgan Partners' $1.12bn loss in 2001.
3i Europe director warns of ‘difficult' market ahead for German private equity
23/01/2003. Private equity professionals still hoping to move into the German buy-out arena, long touted as one of the more attractive continental European markets, will face a challenging set of conditions, according to 3i Europe director Andrew Richards.
US's Mohr, Davidow Ventures slashes fund size again, closes Seattle office
23/01/2003. Mohr, Davidow Ventures, a Menlo Park-based venture capital firm, is cutting its seventh fund for the second time.
JAFCO Ventures spins out to become Globespan Capital Partners
22/01/2003. Members of the senior investment team at JAFCO Ventures, the venture capital arm of Tokyo-based JAFCO Company, are spinning out of the company to form Globespan Capital Partners, an independent information technology-focused venture firm.
Asia Pacific Venture Capital Alliance formalises its association
22/01/2003. The informal alliance between venture capitalist associations in the Asia Pacific region, first established in November 2001, is to be formalised.
Doughty Hanson's RHM suspends plans for IPO
22/01/2003. UK-based Rank Hovis McDougall, which was acquired by Doughty Hanson & Co in August 2000, has announced that it is shelving plans to list on the London Stock Exchange.
Latest Deals: 15–21 January 2003
22/01/2003. The AltAssets weekly round up of deals done in Europe and North America. This week there were 123 active investors in 47 deals and two exits across 14 sectors…
Deals update: Private equity activity slips marginally in latest week
22/01/2003. Private equity deals activity in the week ending 21 January has sustained its recovery from the holiday downturn but slipped marginally on the previous week, according to the latest AltAssets figures.
Paris-based Activa Capital holds first close with E90m for mid-market buy-out fund
22/01/2003. Private equity fund Activa Capital has announced a first close on its debut fund, Activa Capital Fund FCPR, with E90m of commitments. The fund's target size is E150m and the firm hopes to hold a final close in the first half of 2003.
President of French venture capital association calls for international private equity reporting standards
21/01/2003. AFIC President Xavier Moreno has called for international reporting and valuation standards for the private equity community.
UK-based Alchemy Partners to back Irish Riverdeep take-private bid
21/01/2003. UK turnaround firm Alchemy Partners has offered to back the management buy-out of struggling educational software company Riverdeep Group.
GE European Leveraged Finance strengthens London team
21/01/2003. GE European Leveraged Finance has announced the appointment of Kim El-baz as director and Joanna Francis as associate of the London team.
US Mobius Venture Capital reduces size of Fund IV by $250m
21/01/2003. California-based Mobius Venture Capital, a technology-focused firm sponsored by Japanese Softbank Corporation, has joined the growing queue of venture firms hoping to regain investor confidence by handing back money to limited partners.
Matrix Private Equity launches second enterprise fund targeting private investors
20/01/2003. Matrix Private Equity has signalled its commitment to the UK Equity Investment Scheme with the announcement of the launch of its second Matrix Enterprise Fund.
Israeli venture investment falls 43 per cent to $1.14bn in 2002
20/01/2003. The plight of the Israeli venture capital industry remains as bleak as ever: venture investment plummeted a further 43 per cent to just $1.14bn in 2002, from $2bn in 2001.
UK's Englefield Capital holds final close well above target with E660m
17/01/2003. Englefield Capital, a UK-based private equity group co-founded by ex-Warburg Pincus partner Dominic Shorthouse, has joined the queue of firms publicising the success of their funds early in the New Year.
KKR confirms it has approached Safeway and is considering an offer
17/01/2003. US-based private equity giant Kohlberg Kravis Roberts has confirmed that it has joined the bidders encircling Safeway.
Austria's Lead Equities holds first close on Central European venture fund
17/01/2003. Austrian firm Lead Equities has announced a first close for its debut fund on E40m, its original target, adding to the flurry of fund closes this week.
The Carlyle Group strengthens European management
16/01/2003. Global private equity giant The Carlyle Group has strengthened its European leveraged buy-out team with the appointment of two new managing directors.
Leonard Green & Partners closes Green Equity Investors IV above target with $1.85bn
16/01/2003. US private equity firm Leonard Green & Partners has announced the successful close last month of its mid-market buy-out fund, Green Equity Investors IV, with commitments worth $1.85bn.
UK's Charterhouse Development Capital holds second close of CCP VII with E2bn
16/01/2003. UK-based Charterhouse Development Capital has held a second close on its latest fund, Charterhouse Capital Partners VII with over E2bn of commitments.
Nordic Mezzanine holds first close of Fund II with E150m
15/01/2003. Investors continue to demonstrate their interest in mezzanine finance, with the announcement of a successful first close of Nordic Mezzanine's mid market buy-out and expansion capital mezzanine fund.
European venture capital investment falls 35 per cent in 2002
15/01/2003. The decline in venture investment in Europe has been confirmed by new figures released by Windmill Reports. Venture capital investment in European companies fell 35 per cent to E5.9bn in 2002, from E9bn in 2001.
Latest Deals: 8 - 14 January 2003
15/01/2003. The AltAssets weekly round up of deals done in Europe and North America. This week there were 142 active investors in 53 deals and five exits across 15 sectors…
US returns data show continued misery for private equity firms
15/01/2003. The latest batch of US private equity performance data has confirmed the seriousness of the present downturn as one of the worst ever to face the industry.
Nordic venture firm IT Provider holds first close for fourth fund on E130m
15/01/2003. Nordic venture fund IT Provider has held a first close on its fourth fund on E130m, defying the dismal fundraising climate for technology investors.
Clayton, Dubilier leads $460m recapitalisation of Dallas-based Kinko's
14/01/2003. US private equity firm Clayton, Dubilier & Rice has started 2003 with a major $175m follow-on investment in Kinko's, a leading provider of document solutions, business services and outsourcing facility management.
US-based turnaround firm Sun Capital Partners closes buy-out fund with $500m
14/01/2003. Florida's Sun Capital Partners has closed its leveraged buy-out fund Sun Capital Partners III, with commitments totalling $500m. The fund's original target was $400m.
SVIIT expands US advisory team with appointment of Marc Bonavitacola
14/01/2003. Schroder Ventures International Investment Trust has appointed ex-Hamilton Lane managing director and principal Marc Bonavitacola to its Boston division.
Technology exit for pan-European firm 3i
14/01/2003. There may be hope yet for the technology sector: European venture capital firm 3i, which has been particularly active in recent weeks, has exited its investment in technology firm Adaytum.
Lexington Partners announces new Boston office to be opened by Tesconi and Grant
14/01/2003. Global private equity secondaries specialist Lexington Partners has hired Lee Tesconi and Charlie Grant from BancBoston Capital to open the firm's new office in Boston.
Doughty Hanson appoints Yann Duchesne to open new French office
13/01/2003. Doughty Hanson, the UK-based pan-European buy-out firm, has signalled its determination to crack the increasingly popular French private equity market with the appointment of Yann Duchesne as managing director to open its first office in the country.
UK & Irish venture investment in technology companies drops 60 per cent in 2002
13/01/2003. The technology sector in the UK & Ireland is suffering from significantly decreased investment by venture capitalists, new figures from Cobalt Corporate Finance have confirmed today.
Asia private equity investment holds fairly steady despite 70 per cent fall in fundraising
13/01/2003. Private equity investment activity in Asia appeared to hold relatively steady in 2002 despite a massive fall in fundraising, according to new figures from the Asian Venture Capital Journal.
Short-term US venture capital returns show gentle improvement
13/01/2003. Short-term returns from US venture capital funds posted a microscopic improvement in the quarter to the end of September 2002 but remained deeply mired in negative territory, according to the latest figures from Cambridge Associates.
US venture firms raise $15bn in 2002 - a 50 per cent drop on 2001
13/01/2003. US venture capital fundraising continued its downward spiral in 2002, as investors remain wary of the sector in an increasingly uncertain economic environment.
Bridgepoint Capital to enter exclusive talks with UK's Holmes Place
10/01/2003. Bridgepoint Capital is expected to enter exclusive talks with upmarket health club operator Holmes Place, with the aim of taking the company private through a management buy-out.
Michael Joseph leaves UK's Lloyds Development Capital to join Lloyds TSB's Acquisition Capital
10/01/2003. Michael Joseph is moving from his position as managing director of Lloyds Development Capital to head up the parent bank's Acquisition Capital unit. The division will include the bank's private equity operations.
3i completes second exit of 2003
10/01/2003. Pan-European private equity firm 3i has announced the successful exit from its investment in Groupe Transalliance, France's fourth largest haulage company. 3i sold its stake for E20.6m.
Indigo Capital announces final close of fourth European mezzanine fund above target
10/01/2003. The gentle growth in the popularity of mezzanine has received another boost: the UK's Indigo Capital has closed its fourth European mezzanine fund on E475m, well in excess of its E400m target.
UK's GMT and US's AIG team up to buy Vivendi Telecom's Hungarian telecoms arm
09/01/2003. UK-based GMT Communications Partners and AIG Emerging Europe Infrastructure Fund are to buy Vivendi Telecom Hungary. The transaction is expected to close by the end of February 2003.
Exit for 3i as Nordea takes on Nordisk Renting
09/01/2003. Pan-European private equity giant 3i Group has sold its share of Nordisk Renting, a property developer, to Nordea for around E118m.
European private equity fundraising plummets 28 per cent in 2002
08/01/2003. The value of funds raised in 2002 by European private equity firms fell 28 per cent on the year, according to new research by AltAssets. Some 57 funds held final closes in 2002, totalling E27.4bn. In 2001 the total value of funds raised was E38.2bn.
Latest Deals: 18 December 2002 - 7 January 2003
08/01/2003. The AltAssets round up of deals done in Europe and North America. In the period 18 December 2002 - 7 January 2003 there were 130 active investors in 49 deals across 11 sectors…
Israeli venture capital investment plunges 40 per cent in 2002
08/01/2003. It isn't just foreign venture firms that are pulling out of the usually active Israeli venture capital market – domestic firms are also wary of committing to new high-tech enterprises, according to new research from IVC research centre.
Deals update: holiday season slowdown
08/01/2003. Private equity investment activity over the festive period was predictably slow, with some 130 active investors involved in 49 deals over the period 18 December 2002 to 7 January.
UK's Phoenix Equity Partners backs secondary buy-out of toy maker Vivid Imaginations
07/01/2003. UK firm Phoenix Equity Partners is backing the £62m buy-out of Vivid Imaginations, a manufacturer of toy characters with licences for Spider-Man and Lord of the Rings, from US firm The Jordan Company.
Germany/US TVM strengthens life sciences team
07/01/2003. German-US early-stage venture capital firm Techno Venture Management has announced the appointment of Stephen J Hoffman as a principal and investment manager in its Boston life sciences team.
Value of US venture investment fell 46 per cent in 2002
07/01/2003. The value of US venture capital investment fell nearly 50 per cent in 2002, according to new figures from VentureWire.
US M&A market value at its lowest since 1995, IPO outlook grim
07/01/2003. The US M&A market spent the whole of 2002 in the doldrums, according to figures released by VentureOne/The Private Equity Analyst.
UK management buy-outs fall for second year running to lowest level since 1996
06/01/2003. The total number of UK management buy-outs with values over £10m fell in 2002 for the second year running, according to new figures from KPMG's private equity group.
Yale University to cut private equity allocation
06/01/2003. Yale University Endowment has slashed its allocation to private equity from 25 per cent to 17.5 per cent in the expectation that risk-adjusted returns from the asset class will deteriorate over the next few years.
UK's Paul Myners predicts good year for private equity fundraising
06/01/2003. Paul Myners, the author of the UK government's review of institutional investment, has predicted a good year for private equity fundraising despite expecting further tough conditions for financial markets.
European IPOs conspicuous by their absence in fourth quarter 2002
06/01/2003. The European IPO market remained becalmed in the final quarter of 2002, with little sign of any imminent upturn, according to the latest figures from PricewaterhouseCoopers.
Advent International strengthens French and German teams
03/01/2003. US-based private equity firm Advent International has strengthened its teams in France and Germany by promoting two of its investment professionals.
Scandinavian Northzone Ventures holds first close on E48m for early-stage IT fund
03/01/2003. Scandinavian firm Northzone Ventures has held a first close for its Northzone IV fund on E48m, with an eye on a target of E80m to E100m.
Small recovery in US Q4 venture-backed IPOs but 2002 still well below '97 levels
03/01/2003. US venture-backed IPOs staged an unremarkable recovery in the fourth quarter but were nowhere near enough to rescue 2002 as a whole from being the slowest year since at least 1997, according to Venture Economics.
Nordic private equity firm Capman closes new fund on E253m
02/01/2003. Nordic private equity firm Capman has announced the close of its latest fund on E253m. The fund will invest in buy-outs and technology businesses, mainly in the Nordic region.
Carlyle and Providence team up to buy Dutch cable TV firm Casema for E665m
02/01/2003. US private equity firms the Carlyle Group and Providence Equity Partners have teamed up with European firm GMT Communications to buy Dutch cable TV business Casema from France Telecom for E665m. The agreement signals an end to a lumpy disposal process that dates back more than a year.
French firm Eurazeo moves to buy Fiat truck rental business
02/01/2003. A group of French investors led by Eurazeo has entered exclusive negotiations with Italian car giant Fiat about the purchase of its truck rental business Fraikin.
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