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Royal London Private Equity completes first investment with Emprise buy-out
31/10/2003. UK mid-market firm Royal London Private Equity has completed its first investment with the £26m buy-out of property services business Emprise. The deal provides 3i an exit on its 1995 investment in the business. 
3i report foresees increase in global private equity activity this year
30/10/2003. Global private equity investment activity in 2003 is on course to record an annual increase for the first time in two years, according to preliminary figures from 3i and PriceWaterhouseCoopers. A total of $57bn was invested the first half of the year, over half the $102bn invested in 2002 as a whole and the $103bn invested in 2001.
Electra buys Rank Leisure; Sovereign buys UK cemeteries
30/10/2003. Two UK mid-market specialists have announced new acquisitions as part of ongoing roll-up strategies. Electra Partners Europe has bought Rank Leisure Machine Services from the Rank Group Plc for £30m through its existing investment in Danoptra. Sovereign Capital has bought Cemetery Management Ltd through its portfolio company Westerleigh.
Industri Kapital reduces Alfa Laval stake to generate E110m
30/10/2003. Industri Kapital, the Swedish-based pan-European buy-out firm, has generated proceeds of around E110m with the reduction of its stake in portfolio company Alfa Laval.
Nordic Mezzanine reaches a final close at E240m
29/10/2003. Nordic Mezzanine has reached a final close on its second fund at E240m, exceeding its original target of E200m. The fund's investor base consists of Nordic institutions, predominantly pension funds and life insurance companies.
French Ventech hires Philippe Bouissou as partner
29/10/2003. Ventech, the French venture capital firm, which invests in seed and early-stage companies in information technology and life sciences, has recruited Phillipe Bouissou as a partner. Bouissou joins the firm from Allegis Capital where he was a general partner.
US Three Arch Partners to close $400m fund
28/10/2003. US-based Three Arch Partners is approaching the final close of its $400m fund. The firm expects to close its fifth fund later this week just one month after its official launch.
Candover, 3i and JP Morgan agree to acquire Swiss engineering company for nearly $1bn
28/10/2003. Private equity firms Candover, 3i Group and JP Morgan Partners have agreed to acquire the oil, gas and petrochemicals division of Swiss engineering company, ABB, for between $925m and $975m.
Venture investment in US biotechnology companies continues to swell, data says
28/10/2003. Venture capital investment in US biotechnology firms continued to grow robustly in the third quarter of 2003. Biotechnology companies received more investment than any other industry sector for the first time in seven years, according to the PricewaterhouseCoopers/Venture Economics, NVCA MoneyTree Survey.
Four 3i directors leave to set up own firm
27/10/2003. Four directors at 3i Group have left the firm to set up their own business. The private equity firm has denied that the loss of these investment professionals could affect the closing of its E3bn fund by the end of the year.
US venture capital investment holds steady in third quarter of 2003
27/10/2003. US venture capital investment has held steady in the third quarter of 2003, reinforcing hopes that market conditions have at least bottomed out and might indeed be slowly building towards a recovery. A total of $4bn was invested in 443 transactions, according to the Ernst & Young/VentureOne US Venture Capital Survey.
JP Morgan Partners posts $10m net earnings compared to $278m losses this time last year
24/10/2003. JP Morgan Partners has reported net operating earnings of $10m for the third quarter of 2003 compared to losses of $120m in the previous quarter. The quarter's earnings also represent a dramatic improvement on the net operating losses of $278m, which the firm reported for the same period last year.
US Veritas Capital sells Vertex Aerospace for $650m
24/10/2003. US private equity firm, Veritas Capital, has agreed to sell Vertex Aerospace to L-3 Communications for $650m. The transaction is expected to be completed in December 2003.
SGAM and 4D close 4D Global Energy Development Capital Fund at $81m
24/10/2003. Société Générale Asset Management and 4D Global Energy Advisors have announced the closing of the 4D Global Energy Development Capital Fund at $81m. The France-based fund is the first in private equity dedicated to making investments in the oil and gas chain on a global basis.
ABN Amro Capital buys Global Garden Products for E555m
23/10/2003. Dutch ABN Amro Capital is to acquire Global Garden Products for E555m from Swiss UBS Capital. The investment bank has beaten rivals including Permira and French buy-out firm PAI in a protracted auction run by Morgan Stanley.
Israeli venture investment sees slight improvement in third quarter of 2003
23/10/2003. Venture capital investment in Israeli high-tech companies increased by four per cent in Q3 2003 on the previous quarter. The communications sector saw the biggest increase in investment while the life sciences sector experienced a decline, according to the latest figures from the Israel Venture Capital Research Centre (IVC).
Private equity firms circle publishing business of media titan Time Warner
23/10/2003. A number of private equity firms including Bain Capital and Providence Equity Partners are said to be circling the music publishing operations of media titan Time Warner. The business is expected to raise in the region of $1bn.
US Biocrossroads closes debut fund of funds on $72m
23/10/2003. Biocrossroads, the Indiana-based initiative for life science investing, has closed its debut fund of funds with commitments of $72m. The fund will invest in regional and national venture capital funds in order to encourage direct investment activity in Indiana life sciences start-ups.
US Crescent Capital completes $280m exit from healthcare investment
23/10/2003. US Crescent Capital has completed a $280m exit from its investment in Medifax-EDI. The private equity firm has sold the business to WebMD following a spin-off of Medifax's pharmacy services division.
CVC and Texas Pacific up bid for UK Debenhams and see off rivals
23/10/2003. Baroness Retail, the bidding vehicle of private equity groups CVC Capital Partners and Texas Pacific Group, has increased its offer for UK retail group Debenhams to £1.72bn. Rivals Permira and Blackstone Group, the backers of rival bid vehicle Laragrove, have announced that they will not match Baroness's offer.
Peter Watkins joins US Bessemer Venture Partners as entrepreneur in residence
22/10/2003. US Bessemer Ventures has recruited Peter Watkins as entrepreneur in residence. He will be responsible for helping the firm evaluate new investment opportunities and will also participate in the management and development of existing portfolio firms.
US New Venture Partners announces partnership with Royal Philips Electronics
22/10/2003. US-based New Venture Partners (NVP) has announced that it is to partner with Royal Philips Electronics, the Dutch electronics company. Royal Philips has given NVP the exclusive rights to spin-outs based on the technology developed in Philips Corporate Research Laboratories.
Swedish Ratos join forces with Lehman's real estate arm in E543m take private bid
22/10/2003. Swedish private equity firm Ratos has joined forces with Lehman Brothers Real Estate Partners in a E543m take-private bid for Stockholm listed property company Tornet. The offer has already received 55 per cent shareholder support and requires 90 per cent to go through.
Hanaro saga may finally be drawing to a close as AIG's $500m bid gets approval
21/10/2003. The ongoing saga involving Korea's troubled internet provider Hanaro is finally drawing to a close. The company's shareholders have approved a $500m takeover led by American International Group and private equity firm Newbridge Capital, thwarting a bid led by the company's largest stakeholder LG Group and US private equity firm Carlyle Group.
America Securities Capital Partners in $335m recycled energy deal
21/10/2003. American Securities Capital Partners is to acquire the six operating subsidiaries of energy recycler Primary Energy in a $335m deal.
Barings Private Equity Partners to spin-out from Dutch ING
21/10/2003. Barings Private Equity Partners is to spin-out from Dutch financial services group ING. The management buy-out is scheduled to complete by the end of this year.
Doughty Hanson acquires Saft for E390m in firm's first French deal
20/10/2003. Doughty Hanson has competed its first transaction in France. The European private equity firm has agreed to acquire industrial battery manufacturer Saft from Alcatel for E390m. This is the first investment that has been made from Doughty Hanson fund IV.
US Apollo Management to acquire vitamin company for $750m
20/10/2003. US private equity firm Apollo Management is to acquire the US vitamin store operator General Nutrition Company (GNC) from Dutch baby food manufacturer Numico for $750m. Numico originally bought the company for $2.5bn in 1999.
Nordic Mezzanine holds third interim closing at E236m
20/10/2003. Nordic Mezzanine has held a third interim closing on its mid-market buy-out and expansion capital mezzanine fund at E236m. The firm is confident of reaching its E240m target by the end of the year.
US Hicks, Muse sets E1bn target for European fund and softens terms for investors
17/10/2003. US buy-out firm Hicks, Muse, Tate & Furst is believed to have set an E1bn target for its second European fund. The firm is also understood to have set more favourable terms for its investors
US Crystal Ventures launches $150m fund to invest in Asian and US technology
17/10/2003. US-based venture capital firm Crystal Ventures has launched a $150m fund to invest in Asian and US technology companies, particularly those that can draw on the growing economic ties between the two regions.
US Cargill Ventures recruits two new investment professionals
17/10/2003. US Cargill Ventures, the venture capital group owned by publicly held agricultural, financial and industrial company Cargill, has recruited Michael Muston as a venture partner and Sanjoiv Arora as a principal.
UK private equity industry confidence climbs in third quarter of 2003
17/10/2003. UK private equity industry confidence has climbed in the third quarter of 2003 after a prolonged period of market uncertainty, according to the British Venture Capital Association's (BVCA) latest Confidence and Attitudes Survey. Of those industry participants surveyed, 44 per cent found the business climate favourable for investment over the last three months, compared to 28 per cent in the previous quarter
US Prism Capital holds first close for mezzanine fund
16/10/2003. US-based Prism Capital has held a first close on its mezzanine fund at $40m. The Prism Mezzanine fund is targeting $120m.
SCM report finds tough market conditions having little impact on terms and conditions
16/10/2003. The management fees charged by private equity firms have changed very little over the last year despite a significant deterioration in fundraising conditions, according to a new report carried out by SCM Strategic Capital Management. The findings suggest that hopes a tougher market would result in a big swing in the balance of power in favour of investors have been disappointed.
Apax and Permira to acquire Inmarsat for over $1.5bn
16/10/2003. UK private equity firms Apax Partners and Permira are to acquire UK satellite company, Inmarsat, for over $1.5bn. The company's owners, which include telecom groups from the UK, France, Germany and Norway, have recommended the consortium's take-over based on its $15 per share offer.
US Carlyle to back LG Group in a $630m bid for South Korea's Hanaro
15/10/2003. US Carlyle Group is to back South Korea's LG Group in a $630m bid for the country's troubled internet provider, Hanaro Telecom. The bid has trumped an earlier $450m offer made by AIG and Newbridge Capital.
Lehman Brothers closes $300m venture capital fund
15/10/2003. Lehman Brothers has announced the close of Lehman Brothers Venture Partners 2003 on $300m. The fund will target technology-based investment opportunities in North America.
French Galileo Partners recruits Regis Saleur as partner
15/10/2003. French Galileo Partners has recruited Regis Saleur as a partner. Saleur was the co-founder and former chief executive officer of SEEFT Ventures, a French venture capital firm focused on the software and high-tech markets.
US private equity performance shows faint signs of pick-up in second quarter of 2003
15/10/2003. US private equity returns showed faint signs of a pick-up in the second quarter of 2003 after a prolonged period of deterioration, according to Thomson Venture Economics and the National Venture Capital Association (NVCA). One-year returns for all private equity were –6.9 per cent in the latest period, compared with –15.5 per cent in the year to the end of March.
US Thomas H Lee Partners buys Michael Foods in a $1bn secondary buy-out
14/10/2003. US Thomas H Lee Partners has agreed to acquire Michael Foods for $1.05bn from a private equity consortium that includes Vestar Capital Partners and Goldner Hawn Johnson & Morrison, as well as the Michael family. The consortium acquired the processed foods business two years ago for $800m.
US-based VIMAC launches life science fund
14/10/2003. US-based VIMAC Ventures has announced the launch of VIMAC Milestone Medica (VMM), an early-stage life science focussed fund. VIMAC has secured $40m of commitments so far.
Credit Suisse banker moves to ePlanet Partners
14/10/2003. Credit Suisse First Boston's investment banking head for Singapore and Malaysia, Finian Tan, is to join ePlanet Partners as managing partner. Tan will responsible for overseeing ePlanet's global operations and will also be setting up a Singapore office for the London-based firm.
France-based Euromezzanine closes fourth fund on E427m
14/10/2003. France-based mezzanine provider Euromezzanine has closed its fourth fund on E427m. The firm exceeded its original target of E400m.
French Viventures hires two new managing directors
14/10/2003. French Viventures, a venture capital firm focused on the information technology and telecommunications sectors, has recruited Edgard Taureau and Philippe Charquet as managing directors.
New US private equity firm to invest in health and wellness sector
14/10/2003. A new US private equity firm, to be called Quest Capital, is to invest in early-stage health and wellness companies. The firm will focus on consumer goods such as food, clothing and personal care, as well as other healthy life style products.
European buy-out firms raise more than US in year-to-date
13/10/2003. European buy-out firms had more fundraising success than their US counterparts in the first nine months of the year, further underlining the growing relative appeal of Europe over the more mature US market, according to new figures from AltAssets.
European alternatives manager Unigestion opens US office
10/10/2003. European alternative investment specialist Unigestion has opened its first office in the US to enhance its ability to source and screen new managers. The firm, which manages over $4bn of assets, currently has offices in Geneva, Paris and London.
European buy-out firm PAI appoints Mackenzie to build UK presence
10/10/2003. PAI Partners, the Paris-based pan-European buy-out firm, have recruited Hamish Mackenzie to build up its activities in the UK. The appointment signals the importance for buy-out firms of being represented in London, where a large proportion of major European deals are originated.
Deutsche Bank sells stake in Axel Springer to US firm Hellman & Friedman
09/10/2003. Deutsche Bank has sold some of its stake in German publisher Axel Springer to a US buy-out firm. Hellman & Friedman, a media specialist based in San Francisco, has paid E350m for the 19.4 per cent, which reduces Deutsche's holding in the company to 29.4 per cent.
SVIIT announces first close at E110m
08/10/2003. Schroder Ventures International Investment Trust (SVIIT), the UK-listed private equity firm, has announced a first close for its second fund of funds at E110m. The fund will remain open for another six months.
UK Bridgepoint completes second exit this month
08/10/2003. UK Bridgepoint Capital has defied barren exit conditions with the completion of its second disposal this month. The firm has sold Artform International to IMI in a transaction valued at £48m.
Montagu Newhall announces second close ahead of schedule
08/10/2003. Montagu Newhall Associates has announced a second close on $31m for Montagu Newhall Global Partners II. The venture-focused fund of funds was launched just three months ago and is targeting $50m.
Martin Halusa replaces Apax founder as CEO
08/10/2003. Sir Ronald Cohen is stepping down from his position as chief executive officer of Apax Partners. He will be replaced by Martin Halusa who is currently head of Apax's German office. The appointment is effective as of January 2004.
Permira Europe III closes at over E5bn after just six months
07/10/2003. Pan-European buy-out firm Permira has announced a final close on its third fund with commitments of more than E5bn. The total makes it the biggest fund ever raised for investment in the region and the largest global final close of the year. The fundraising was over-subscribed and comfortably exceeded its E4.5bn target in just six months.
Pan-European buy-out firm Industri Kapital holds first close on E500m
07/10/2003. Industri Kapital, a pan-European buy-out firm based in Sweden, has reached a first close on its latest fund with E500m in commitments. The firm has been marketing its fund for more than a year and has a target of E2.5bn.
University of California bows to court and discloses private equity returns
07/10/2003. The University of California has released limited financial performance data for around 25 private equity firms after losing a court battle to keep this information confidential. The disclosure came after the university lost an appeal to keep returns data, on more than $800m of private equity investments, out of the public eye.
Cogent Partners launches New York office with two new hires
07/10/2003. Secondaries specialist Cogent Partners has hired two managing directors. William Murphy and Patrick Shattenkirk will establish a new Cogent office in New York.
Italy's private equity industry suffers poor first half of 2003, but future looking brighter
07/10/2003. The value of private equity investments in Italy dropped sharply in the first half of 2003 but the outlook looks brighter for the second half of the year, according to figures released by the Italian Private Equity and Venture Capital Association (AIFI) and PricewaterhouseCoopers.
Healthy mid-market activity helps support UK third quarter MBOs
06/10/2003. Healthy activity in the mid-market has helped underpin the number and the value of third quarter management buy-outs in the UK, according to the latest figures from KPMG. The large end of the market remains anaemic but the value of deals worth between £25m and £100m was comparable to last year's levels.
Private-equity backed Spirit consortium wins UK S&N pub auction
06/10/2003. The private equity-backed Spirit Amber consortium has won the auction to buy nearly 1,500 pubs and restaurants from brewer Scottish & Newcastle for £2.5bn. The consortium is led by US firms Texas Pacific Group and The Blackstone Group and also features CVC Capital Partners and Merrill Lynch Global Private Equity.
European technology to get boost from E1bn EIB allocation to venture funds
06/10/2003. The wheezing European venture sector will receive a major boost later this week when the European Investment Bank announces that it is to allocate an additional E1bn to early-stage funds in the region. The capital will be managed by the European Investment Fund, the region's largest investor in venture capital.
Henderson private capital expands Southern European operations with new hire
03/10/2003. Henderson Private Capital is expanding its European operations with the appointment of Roberto Italia as a new partner, based in Italy. He will be joining the firm's existing European private equity team of nine investment professionals.
CSFB's McCarthy joins Swiss Strategic Capital Management as investment controller
03/10/2003. Swiss Strategic Capital Management (SCM) has recruited former Credit Suisse First Boston (CSFB) investment professional Marc McCarthy as an investment controller. SCM expects to make further increases to staffing levels during the year.
US Angelo, Gordon closes second private equity fund on $150m
03/10/2003. US-based alternative asset manager Angelo, Gordon & Co. has closed its second private equity fund on $150m. The fund will focus on small buy-outs, distressed situations and buying divisions of companies.
US Summit Partners appoints two new vice presidents
02/10/2003. US private equity firm Summit Partners has recruited Todd MacLean and J.J. Kardwell as vice presidents.
Australian pension funds to increase allocation to alternative investments, survey says
02/10/2003. Australian pension funds plan to increase their allocations to alternative investments and equities, having shifted towards liquid assets and domestic bonds last year, according to a new study by Greenwich Associates.
Canadian CAI Capital announces final close of third fund
02/10/2003. Canadian CAI Capital Management has announced the final close of its third fund at $375m. The fund will target private equity investment opportunities in the US and Canada.
Corporate venturing continues to decline in Europe
02/10/2003. Direct corporate venturing investment continued to decline in 2002, according to the European Venture Capital Association. The value of corporate venturing activity fell by 38 per cent to E337m from E544m in 2001, reflecting ongoing economic uncertainty.
European mezzanine financing more than doubles in first half of 2003
02/10/2003. European mezzanine investment more than doubled to E3bn in the first half of 2003 compared with E1.3bn in the same period last year, according to new research from Initiative Europe and sponsored by Mezzanine Management.
European private equity activity continues to slow in Q2 2003
02/10/2003. European private equity investment activity continued to fall sharply in the second quarter of 2003, according to new research released by the European Venture Capital Association, Thomson Venture Economics and PricewaterhouseCoopers. But conversely fundraising actually increased during this period.
ICG announces E295m first close on mezz fund and 23 per cent rise in pre-tax profit
02/10/2003. Intermediate Capital Group, one of Europe's largest dedicated providers of mezzanine, has announced a healthy rise in profits for the first half of the year on the back of strong demand for subordinated debt financing in buy-out transactions. The group also revealed it had reached a first close on its mezzanine fund at E295m and was on course to reach E1bn.
Danish Fonden Realdania backs new construction-based private equity firm
02/10/2003. Fonden Realdania, a Danish charitable investment association, has backed the launch of a new private equity firm that will focus on investment opportunities in Denmark's construction industry. Fonden Realdania is to provide E80m to Dania Capital Fond I. The fund will look to raise an additional E80m over the next 12 months.
3i acquires European drinks company for E240m
01/10/2003. 3i Group is to acquire Holland-based pan-European drinks manufacturer Refresco Holding in a secondary buy-out valued at E240m. 3i is to buy the company from an investor group comprising Hay Hill Capital, NeSBIC, ISIS Equity Partners, CBG Commerzbank and Capiton.
Guy Hands holds second closing for Terra firma fund on E1.7bn
01/10/2003. Terra Firma, the private equity firm set up by former Nomura financier Guy Hands, has announced the second closing of its debut fund on E1.7bn. Hands was originally targeting E3bn but admitted earlier in the year that E2bn was a more realistic figure in today's fundraising environment.
Stirling Square takes control of Dutch packaging company
01/10/2003. European private equity firm Stirling Square Capital is to take control of Dutch Schoeller Wavin Systems (SWS) in an E145m leveraged recapitalisation.
Danske Private Equity announces final closing for its fund of funds
01/10/2003. Danske Private Equity has announced the final closing of its second fund of funds vehicle at E527m. The fund, which held a first close 18 months ago, was originally targeting E600m.
UK Bridgepoint Capital exits Walters Hexagon in £24.7m deal
01/10/2003. UK Bridgepoint Capital has exited its investment in fastener supply business Walters Hexagon. The private equity firm sold the company to trade buyer Anixter International for £24.7m.
US venture-backed IPO market shows signs of life in third quarter
01/10/2003. The US venture-backed Initial Public Offerings (IPOs) market showed some signs of life in the third quarter of 2003, according to Thomson Venture Economics and the National Venture Capital Association (NVCA). Nine venture-backed companies worth $732.8m were floated during the quarter. This represents a significant increase from the four previous quarters when only eight venture companies completed IPOs in total.
EIF and German government to launch E500m facility to invest in German venture funds
01/10/2003. The European Investment Fund (EIF) and the German Federal Ministry of Economics (BMWA) is to launch a E500m facility to invest in venture capital funds focussing on German high-tech companies. The EIF will match funding provided by the BMWA.
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