News Archive: May 2008

Danske PEP IV holds first closing on €521m
30/05/2008. Copenhagen-based fund of funds manager Danske Private Equity has held a first closing on its Danske Private Equity Partners IV fund on €521m. The fund anticipates further closings beyond its initial target of €600m, with a final closing by the end of this year. Danske PEP IV has a hard cap of €800m.

Caltius Partners IV closes on $500m
30/05/2008. Los Angeles-headquartered mezzanine firm Caltius Mezzanine has held a first and final closing on its fourth mezzanine fund, Caltius Partners IV, on $500m, the hard cap of the fund. It had an initial target of $400m.

Teachers' Private Capital hires Rakesh Gangwal as senior advisor
29/05/2008. Teachers' Private Capital, the private equity arm of the Ontario Teachers' Pension Plan, has hired Rakesh Gangwal as a senior advisor. In his new role, Gangwal will be primarily responsible for sourcing and evaluating technology and business services transactions. He will provide both strategic counsel and portfolio support.

Hunt Ventures closes inaugural fund on $140m
29/05/2008. Dallas-based early stage technology-focused venture capital firm Hunt Ventures has closed its inaugural fund, Hunt Ventures Fund I, on its target of $140m.

Denham closes $2bn fund
29/05/2008. Energy and commodities-focused private equity firm Denham Capital Management has closed its latest fund, Denham Commodity Partners Fund V, on $2bn, the hard cap of the fund. The original fundraising target was $1.75bn.

Electra Partners team raises fund to invest alongside Electra Private Equity
28/05/2008. Electra Partners has closed a £100m fund to invest alongside its principal client, Electra Private Equity. Electra Partners expects to have €1bn to invest over the next few years.

GGV hires IT expert Jeff Richards, consumer sector specialist Jia Fen Wang
28/05/2008. US and China-focused expansion stage venture capital firm GGV Capital, formerly Granite Global Ventures, has hired two operating executives to its investment team. Jeff Richards, most recently vice president of digital content services at VeriSign, joins the firm as a partner, while Jia Fen Wang, chairperson of Bright Dairy & Food Company in China, will be a venture partner at GGV.

CapMan to acquire Russian private equity house Norum
28/05/2008. CapMan, a European firm with Nordic roots, has agreed to acquire management companies of Norum Russia Fund III from the company's senior management, DnB NOR Bank and Sitra Management.

Edmond de Rothschild Investment Partners closes BioDiscovery 3 on €150m
27/05/2008. Paris-based private investment firm Edmond de Rothschild Investment Partners has closed its third European life sciences-focused venture capital fund, BioDiscovery 3, on its target of €150m. This was a first and final closing. The firm has opened a greenshoe of up to ten per cent for additional investors.

Balderton Capital hires Dharmash Mistry as partner
27/05/2008. London-based venture capital firm Balderton Capital has hired Dharmash Mistry as a partner. In his new role, he will focus on new investment opportunities in the media, retail and consumer goods sectors, and will also work with the firm's existing portfolio companies.

Qiming Venture Partners closes $320m venture capital fund for China
27/05/2008. Shanghai-based venture capital firm Qiming Venture Partners has closed its second fund, Qiming Venture Partners II, on $320m, exceeding its target of $300m. The fund will continue the firm's focus on early stage and select growth and expansion stage investments in the healthcare, technology, media and internet and consumer sectors.

EIF launches investment programme for Portugal
27/05/2008. Following its new investment initiative for Turkey, the European Investment Fund has teamed up with Portuguese financial institutions and the Portuguese state to launch the Portugal Venture Capital Initiative (PVCi), a €111.3m dedicated fund of funds and co-investment programme. PVCi will be advised by EIF.

Smaller, fewer venture capital deals in India cause drop in Q1 investment levels
23/05/2008. Venture capital investment in India fell to $99m across 16 deals in the first quarter of this year, according to the Quarterly India Venture Capital Report released by Dow Jones VentureSource. The amount invested represents a 27 per cent drop from the fourth quarter that saw a record $135m put into 17 deals.

US firm Craton closes debut cleantech fund
23/05/2008. Los Angeles-based Craton Equity Partners has completed a third and final closing its debut fund on $191.5m. The fund held a first closing on $82.5m in December 2006. It had an original target of $200m and hard cap of $250m, the firm told AltAssets.

Boris Johnson names CVC's Tim Parker deputy mayor
23/05/2008. Boris Johnson, the mayor of London, has appointed Tim Parker, industrial partner at CVC Capital Partners, as deputy mayor and chief executive of the GLA Group. Johnson will also nominate Parker to be chairman of Transport for London from September. Parker has agreed to take no salary.

Battery hires Gautam Patel to strengthen India team
22/05/2008. Technology venture capital and private equity firm Battery Ventures has hired Gautam Patel as a partner. Patel will focus on investments in India, alongside investment professional Ramneek Gupta and Battery general partner Mark Sherman.

Lion Capital to go for Russian Alcohol
22/05/2008. London-based private equity firm Lion Capital has agreed to acquire a majority stake in Moscow-headquartered Russian Alcohol Group from Russian investment company Industrial Investors. Central European Distribution Corporation, a major vodka producer in Poland and Russia, and Goldman Sachs will also invest in Russian Alcohol alongside Lion Capital.

BCE: would-be record buy-out blocked by Québec court
22/05/2008. The investor group led by Teachers' Private Capital, the private investment arm of the Ontario Teachers' Pension Plan, Providence Equity Partners, Madison Dearborn Partners and Merrill Lynch Global Private Equity, has had its BCE privatisation deal blocked by the Québec Court of Appeal. The court decided in favour of BCE bondholders who claimed that the deal was unfair to them.

Providence to invest $640m in Indian communications company ABTL
22/05/2008. Providence Equity Partners has agreed to invest $640m in Indian wireless communications company Aditya Birla Telecom Limited, a wholly-owned subsidiary of GSM mobile services operator and Providence portfolio company Idea Cellular.

Investor group puts $2.46bn into XOJET
22/05/2008. California-based private jet business XOJET has secured up to $2.46bn of financing. Investors include Tasameem Real Estate Company, TPG, Export Development Canada, financial services firm White Oak Global Advisors and XOJET founder Paul Touw.

Permira hires Riccardo Ruggiero as senior adviser
21/05/2008. Permira has appointed former Telecom Italia CEO Riccardo Ruggiero as a senior adviser. In his new role, Ruggiero will support Permira in identifying investment opportunities across a number of sectors with a specific focus on the technology, media and telecommunications industry (TMT). He will also advise the firm on maximising value creation in its existing portfolio companies.

Gruppo Banca Leonardo acquires stake in BS Private Equity, invests €20m in new fund
21/05/2008. Private investment bank Gruppo Banca Leonardo has acquired 20 per cent of Italian private equity firm BS Private Equity for an undisclosed amount. The deal includes an option to buy the remaining 80 per cent of the firm in the future, according to a statement.

CDC commits $650m to Actis emerging markets funds
21/05/2008. UK government-backed private equity emerging markets fund of funds investor CDC Group has committed $650m to Actis's third series of emerging markets funds, Actis Emerging Markets 3. The series of funds comprises a global fund and four regional investment pools targeted at Africa, South Asia, China and Latin America.

Capricorn closes €100m cleantech fund
21/05/2008. European technology venture capital firm Capricorn Venture Partners has closed its Capricorn Cleantech Fund on €101m. The fund had an initial target of between €50m and €75m, which was extended to between €75m to €100m following the fund's first closing.

TIIC holds €137.5m first closing
21/05/2008. Transport Infrastructure Investment Company, an infrastructure investment vehicle sponsored by Brisa, Millennium Investment Banking and Compagnie Benjamin de Rothschild, has completed a €137.5m first closing. The fund has a target of €500m.

CII consortium is preferred bidder for Pennsylvania Turnpike lease
20/05/2008. Citi Infrastructure Investors, a unit of Citi Alternative Investments, together with European infrastructure manager Abertis Infraestructuras and investment group Criteria CaixaCorp, a major shareholder of Abertis, has been named the preferred bidder for the 75-year lease of the Pennsylvania Turnpike. If completed, the deal will be worth approximately $12.8bn.

Granite Global Ventures renames itself GGV Capital
20/05/2008. Granite Global Ventures, an expansion stage venture capital investor in the US and China, has renamed itself GGV Capital.

Aquiline, New Mountain, TPG establish $1.75bn commercial finance company Tygris
20/05/2008. US private equity firms Aquiline Capital Partners, New Mountain Capital and TPG Capital have established commercial finance company Tygris Commercial Finance Group, with over $1.75bn in equity commitments. Other investors include Diamond Castle Holdings and Hamilton Lane.

Carlyle acquires majority stake in ITS Technologies
20/05/2008. The Carlyle Group has acquired a majority interest in intermodal facilities operator ITS Technologies & Logistics from Lanigan Holdings, for an undisclosed sum. The Lanigan family will retain a significant minority equity stake in the company.

Macquarie Funds Management hires cleantech expert Kurt Faulhaber
20/05/2008. Macquarie Funds Management has appointed Kurt Faulhaber as vice president, Macquarie Funds Management (USA). In his new role, Faulhaber will assist in the management of Macquarie's cleantech private equity portfolios.

NESTA supports new Web Science Research Initiative
20/05/2008. The National Endowment for Science, Technology and the Arts has teamed up with Sir Tim Berners-Lee, the inventor of the World Wide Web, to support a new Web Science Research Initiative (WSRI), NESTA announced at its largest innovation conference to date.

SSCP, Sirius to acquire Italian company Jeckerson in €140m deal
19/05/2008. European mid-market private equity firm Stirling Square Capital Partners and retail industry-focused investment firm Sirius Equity have agreed to back the MBO of Bologna-based sportswear company Jeckerson from Blue Fashion Group. The transaction values Jeckerson's enterprise and equity at €140m and €125m, respectively.

CIPEF closes $2.25bn emerging markets private equity fund
19/05/2008. Capital International Private Equity Funds, the emerging markets private equity arm of institutional investment manager Capital International, has closed its Capital International Private Equity Fund V fund on $2.25bn, exceeding its original target of $1.5bn.

CapMan to acquire Cederroth
19/05/2008. CapMan has agreed to acquire European company Cederroth International from American listed company Alberto-Culver Company for an undisclosed sum.

Blackstone announces first quarter loss
16/05/2008. The Blackstone Group recorded a net loss of $251m in the first quarter of this year, due to the difficult situation especially larger buy-out houses are finding themselves in as a result of the credit crunch last summer.

Carlyle to acquire Booz Allen's US government consulting business for $2.54bn
16/05/2008. The Carlyle Group has agreed to buy a majority stake in Booz Allen Hamilton's US government consulting business for $2.54bn.

KKR establishes new infrastructure investment initiative
16/05/2008. Kohlberg Kravis Roberts & Co. has established a new initiative to invest in infrastructure assets on a global basis. The initiative will be led by former Lazard managing director George Bilicic, who is joining the firm as a managing director and head of infrastructure, based in the firm's New York office.

Aureos strikes cooperation agreement with Costa Rica's junior stock market
15/05/2008. Aureos Capital's Emerge Central America Growth Fund (EMERGE) has signed a cooperation agreement with Carlos Mora de la Orden, authorised sponsor of Costa Rica's junior stock market MAPA.

Carlyle teams up with Shandong Province in China to increase investment in the region
14/05/2008. The Carlyle Group and the Department of Foreign Trade and Economic Cooperation of Shandong Province (SDFTEC) have entered into a memorandum of understanding to enhance trade co-operation and stimulate investment in the province.

Bain Capital, THL now pay $36 per share to complete Clear Channel buy-out
14/05/2008. The legal dispute over financing the buy-out of Clear Channel Communications appears to be resolved. Bain Capital Partners and Thomas H. Lee Partners, supported by a banking consortium, have now agreed to acquire Clear Channel for $36 per share per share or approximately $17.9bn, down from the original $37.60 per share and the later revised $39.20 per share.

Legatum, Omidyar Network invest $40m in Unitus Equity Fund II
14/05/2008. Socially responsible investment firm Legatum and philanthropic investment firm Omidyar Network have invested $20m each in Unitus Equity Fund II.

Merlin Nexus holds first closing on third life sciences fund
14/05/2008. New York-based life sciences investment firm Merlin Nexus has announced that its Merlin Nexus III fund has completed a first closing. The fund has raised $40m. It has a $125m target.

GSC Group to acquire Complete Energy for $1.3bn
13/05/2008. GSC Acquisition Company, a special purpose acquisition company managed by alternative asset manager GSC Group, has agreed to acquire independent US power producer Complete Energy Holdings in a deal that values the company at $1.3bn.

Fewer but larger venture capital deals in Europe in first quarter
13/05/2008. Venture capitalists in Europe invested €1.14bn across just 180 deals in the first quarter of 2008. This marks the lowest overall deal total on record, according to the quarterly European Venture Capital Report released by Dow Jones VentureSource.

Baring Private Equity Asia closes fourth fund on $1.5bn
13/05/2008. Baring Private Equity Asia has closed its fourth fund, Baring Asia Private Equity Fund IV, on $1.515bn, exceeding its original target of $1bn.

Pfingsten Partners closes $525m fund
12/05/2008. Chicago-headquartered lower mid-market private equity firm Pfingsten Partners has closed its fourth fund, Pfingsten Partners Fund IV, on $525m, exceeding its original target of $400m.

Sustainability expert Adam Black joins Doughty Hanson as associate
12/05/2008. European private equity firm Doughty Hanson & Co has appointed Adam Black to take on responsibility for addressing sustainability matters within the firm and, in particular, for advising portfolio companies on environmental, social and governance issues to enhance the value of those investments.

GP Investments to acquire R$259m stake in Brazilian company Estácio
12/05/2008. Latin American private equity firm GP Investments has agreed to acquire a 20 per cent stake in listed Brazilian educational company Estácio Participações from the founders of the business. The total value of the transaction is R$259m (US$155m), or R$5.50 per share (equivalent to R$16.50 per unit), according to a statement.

Tenaska, Warburg Pincus to sell US generating facilities
12/05/2008. Tenaska Power Fund and Warburg Pincus have agreed to sell APT Generation, a portfolio of three electric generating plants in Pennsylvania, West Virginia and Ohio. In a separate transaction, TPF has also agreed to sell the Calumet Energy Power Station, a 303-megawatt power plant in Chicago.

GIP closes first fund on $5.6bn
12/05/2008. Global Infrastructure Partners has closed its inaugural fund on $5.64bn. The firm did not disclose the original target of the fund.

Lightspeed closes $800m venture capital fund
12/05/2008. Lightspeed Venture Partners has closed Lightspeed Venture Partners VIII on $800m. The fund had an original target of $675m.

RIM, RBC, Thomson Reuters to anchor $150m mobile applications and services fund
12/05/2008. Research In Motion, Canadian RBC and Thomson Reuters are planning to launch a $150m venture capital fund to invest in mobile applications and services for the BlackBerry and other mobile platforms. The BlackBerry Partners Fund is to be co-managed by JLA Ventures and RBC Venture Partners.

NVCA, NewSchools Venture Fund launch fund to improve US education system
12/05/2008. The US National Venture Capital Association and NewSchools Venture Fund have established a multi-million-dollar philanthropic venture fund focused on improving education in the US.

Carlyle to acquire NH Techno Glass
12/05/2008. The Carlyle Group has agreed to buy a majority stake in NH Techno Glass, a manufacturer of LCD glass substrates that is a 50-50 joint venture of HOYA Corporation and Nippon Sheet Glass Co.

GMT hires Ian McKenzie, Maria Trokoudes
09/05/2008. Communications-focused private equity firm GMT Communications Partners has appointed Ian McKenzie as senior advisor and Maria Trokoudes as a senior associate.

Lime Rock Partners V closes on $1.4bn
09/05/2008. Energy-focused private equity firm Lime Rock Partners has closed its fifth fund, Lime Rock Partners V, on $1.4bn.

3i invests in German DruckChemie
09/05/2008. 3i has agreed to back the €133m secondary buy-out of Ammerbuch, Germany-headquartered DruckChemie, a speciality service provider to the printing industry, from SG Capital Europe and Quartus.

Sterling Stamos hires Robert Goodman to head private equity activities
09/05/2008. Sterling Stamos Capital Management has appointed former vice chairman of Deutsche Asset Management Robert Goodman as global head of private equity and real assets.

Carlyle buys chemicals Greek distribution company Neochimiki
09/05/2008. The Carlyle Group has acquired 73.54 per cent of the shares of Neochimiki L.V. Lavrentiadis S.A. Industrial and Commercial Company for €19 per share. The transaction values the company at €749m.

American Capital Strategies opens second Boston office, expands sponsor finance group
08/05/2008. American Capital Strategies has opened a second office in the Boston area to expand its sponsor finance group's investment activities. The new office will be led by Tim Robinson, who the firm has appointed as a principal. In his new role, he will be joined by David Morris as vice president and Dan Hodges as associate.

LGV appoints Ivan Heywood as chief executive
08/05/2008. UK mid-market buy-out firm LGV Capital has appointed Ivan Heywood as its new chief executive. Heywood will succeed Adrian Johnson, who has been chief executive of the firm since July 2000.

Sameer Gandhi joins Accel Partners
08/05/2008. Silicon Valley venture capital firm Accel Partners has appointed former Sequoia Capital partner Sameer Gandhi as a partner in its Palo Alto office.

Oxford Capital launches fifth venture capital fund
07/05/2008. Oxford-based venture capital firm Oxford Capital has launched its fifth Oxford Gateway Enterprise Investment Scheme Fund. The firm expects that it will be open to new investors for about a year. It aims to raise between £15m and £20m for the new vehicle.

First Reserve, Schlumberger to acquire Saxon Energy Services
07/05/2008. Sword Canada Acquisition Corporation, an acquisition vehicle jointly owned by oilfield service company Schlumberger and energy-focused private equity firm First Reserve Corporation, has agreed to acquire drilling and well servicing business Saxon Energy Services for CAN$7 per share. The deal values the company at CAN$592m.

Activa invests in Sport 2000
07/05/2008. Paris-based private equity firm Activa Capital has agreed to take a 37 per cent stake in French sports retailer Sport 2000. Financial terms of the deal were not disclosed.

DIC appoints Mark Lunn as managing director, corporate communications
07/05/2008. Dubai International Capital, the international investment arm of Dubai Holding, has appointed Mark Lunn as managing director, corporate communications.

Silver Lake Sumeru closes on $1.1bn
07/05/2008. Silver Lake has closed Silver Lake Sumeru, the firm's inaugural mid-market investment fund, on $1.1bn.

Actis adds three to infrastructure team
07/05/2008. Emerging markets private equity firm Actis has appointed three new directors to its global infrastructure business. Robert McGregor will be based in the firm's Singapore office to head the South East Asia region, where he will be joined by Vivek Dixit. Sanjiv Aggarwal will join the firm's Delhi office to lead Actis's infrastructure business in South Asia.

KPCB closes two funds
07/05/2008. Silicon Valley venture capital firm Kleiner Perkins Caufield & Byers has closed its latest early stage fund, KPCB XIII Fund, on $700m. The firm has also announced the closing of its growth-stage investment fund, Green Growth Fund, on $500m, which will invest in companies developing solutions related to climate change.

PAI partners closes fifth fund on €5.4bn
06/05/2008. Paris-based private equity firm PAI partners has closed its PAI Europe V fund on €5.4bn. It is the largest private equity fund raised to date in Continental Europe.

Bowmark hires Paraag Davé, promotes Mark Salter
06/05/2008. UK mid-market private equity firm Bowmark Capital has appointed Paraag Davé as an investment manager. The firm has also announced the promotion of healthcare and leisure sector expert Mark Salter to senior partner.

EQT to acquire Strauss Innovation
06/05/2008. The EQT Opportunity Fund has agreed to acquire a majority stake in German private label retail chain Strauss Innovation via a capital increase. Following completion of the transaction, the current majority owner, the Geringhoff family, will continue to hold a significant stake in the company.

Private equity consortium acquires telecom company GTS Central Europe
06/05/2008. A private equity consortium led by Columbia Capital, M/C Venture Partners and Innova Capital and including HarbourVest Partners, Oak Investment Partners and Bessemer Venture Partners has acquired 100 per cent of telecom service operator GTS Central Europe from Group Menatep Limited. Financial details of the transaction were not disclosed.

PPM Capital renames itself Silverfleet Capital
06/05/2008. European private equity house PPM Capital has changed its name to Silverfleet Capital, following a buy-out in November 2007 from its previous owner, Prudential.

Tony Florence, Paul Walker join NEA's venture growth equity investing practice
02/05/2008. Venture capital firm New Enterprise Associates has appointed Tony Florence and Paul Walker as partners. Florence will focus on growth stage IT investing activities, while Walker will concentrate on later stage biotechnology and life sciences investments.

Headway Capital closes second secondaries fund on €150m
01/05/2008. UK secondaries firm Headway Capital Partners has closed its second fund, Headway Investment Partners II, on its hard cap of €150m. The fund had an original target of €100-120m. It held interim closings in October 2007 and February of this year.

Palamon appoints new CFO
01/05/2008. European mid-market private equity firm Palamon Capital Partners has appointed Gary Pritchard as CFO. Pritchard joins from specialty insurance and reinsurance group Catlin Group.

Catterton closes $300m consumer sector-focused fund
01/05/2008. US consumer sector-focused private equity firm Catterton Partners has closed its Catterton Growth Partners fund on its hard cap of $300m. The fund will target control oriented investments in companies requiring between $10m and $30m of equity capital.