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KKR strengthens European presence
31/01/2002. Buy-out giant Kohlberg Kravis Roberts and Co has become the latest US private equity firm to reinforce its European presence in anticipation of an upsurge in activity.
St Paul Venture Capital and Tricardia LLC launch new US early stage firm
31/01/2002. US-based St Paul Venture Capital and medical device consultancy TriCardia LLC have teamed up to form a new initiative, TriCardia Ventures, to foster new ideas in the medical device and healthcare sectors.
New appointment for Pantheon's US fund of funds team
30/01/2002. Pantheon Ventures, the global private equity fund of funds specialist has announced the appointment of Susan Long as vice president of its North America primary fund investment team.
Atlas Venture appoints new associate for Paris office
30/01/2002. Atlas Venture has announced the appointment of Stephane Bacquaert as an associate of the firm, leading the firm's telecommunications division from the Paris office.
Ohio state employee's pension fund makes big shift into private equity
30/01/2002. Ohio's Public Employee Retirement System (PERS) has decided in the light of a year-long review to increase its exposure to private equity significantly.
Carlyle mulls launching a $500m distressed assets fund
29/01/2002. US private equity giant Carlyle Group is thinking about launching a $500m fund to buy up distressed assets, according to Reuters. Carlyle turnaround specialist Edward Ewing, based in Dallas, is expected to manage the fund.
Swiss firm Private Equity Holding reports further losses
29/01/2002. Private Equity Holding (PEH), the Swiss listed private equity fund of funds, has reported a ChF88.9m loss for the first nine months of its financial year (Apr-Mar) and warned that there may be more bad news to come.
Conduit Ventures to raise $100m fund to invest in fuel cell technology
29/01/2002. Royal Dutch Shell, Mitsubishi and Johnson Matthey have launched a new venture capital firm, Conduit Ventures, to invest in companies focused on fuel cell technology and related hydrogen technologies.
German VC Polytechnos appoints Lupberger as managing partner
28/01/2002. German firm Polytechnos Venture Partners has strengthened its management team with the appointment of former Siemens Venture Capital president and CEO Dr Dirk Lupberger as managing partner.
Venture Capital investment levels returning to ‘pre-boom' normality
28/01/2002. Venture capital investment levels appear to be levelling off and are likely to stabilise above pre-boom levels, according to the latest figures from VentureOne.
Israeli high-tech companies see surge of foreign investment in fourth quarter
28/01/2002. Israeli high-tech companies saw a significant escalation of venture capital investment in the fourth quarter of 2001, supported entirely by a massive increase in commitments from non-Israeli VCs, according to the latest figures released by Israel Venture Capital (IVC).
Mohr Davidow Ventures cuts committed capital by 20 per cent
25/01/2002. Mohr Davidow Ventures (MDV), an early stage venture capital firm based in Menlo Park, has slashed the size of its seventh fund from $850m to around $650m, announcing it will be taking 20 per cent less in commitments from each of its limited partners.
S J Berwin predicts mixed effect on German private equity from tax changes
25/01/2002. Early signs suggest German buy-out firms will benefit from the major tax changes that came into effect at the start of the year, according to law firm S J Berwin. But there is bad news too – the recent draft proposal for the tax treatment of private equity firms could prove deeply damaging for the industry , the firm says.
Dresdner Kleinwort Capital planning new venture fund for India
25/01/2002. Dresdner Kleinwort Capital, a division of Germany's Dresdner Bank, is planning to launch its debut venture capital fund for India in the second quarter of 2002 according to sources familiar with the firm.
Abingworth makes its first Danish investment in drug discovery firm
24/01/2002. Life sciences specialist Abingworth Management has made its first Danish investment with a share of a E15m second financing for emerging drug discovery company BioImage A/S.
SAM launches private equity sustainability and energy funds totalling E86m
24/01/2002. Switzerland-based Sustainable Asset Management (SAM) has announced the successful closing of two debut private equity funds, focused on sustainability and energy, with combined commitments of E86m.
Baring Vostok Private Equity Fund closes at $205m
24/01/2002. Baring Vostok Private Equity Fund has closed its latest fund at $205m, securing commitments from US and Western European investors.
US fund raising falls for first time in ten years
23/01/2002. New figures show that US private equity fund raising has fallen for the first time in almost a decade, revealing severe signs of strain in the fund raising arena.
Myners takes non-executive position with Bank of New York
23/01/2002. Paul Myners, author of the government-backed review of institutional investment, is reportedly joining the board of the Bank of New York, having relinquished his Gartmore chairmanship at the end of last year.
Hands' Terra Firma marketing revives lack of transparency debate
22/01/2002. Guy Hands' epic fund-raising campaign for his Terra Firma group has once again stirred up the debate about the lack of performance transparency in the private equity industry.
UK mid-market deal flow healthy, says Tenon Livingstone Guarantee
22/01/2002. The newly launched corporate finance house Tenon Livingstone Guarantee claims to have overcome ‘the doom and gloom enveloping much of the city' with an impressive spurt of transactions.
Collinson, Howe & Lennox closes life science fund above target at $160m
21/01/2002. Connecticut-based life science specialist Collinson, Howe and Lennox, has announced the successful closing of its second independent fund at $160m, after a year of fund raising.
ProVen and GMA Capital to merge, creating Beringea
21/01/2002. UK-based ProVen Private Equity Limited and GMA Capital, the investment banking firm based in Michigan, have announced they are to merge, consolidating their existing close working relationship.
ProVen announces final close for second global rights fund
18/01/2002. UK-based ProVen Private Equity has announced the final closing of its second institutional fund, Global Rights Fund II, at $64m, after blazing the fund raising trail for two years.
Nomura signs agreement with Guy Hands to invest in Terra Firma
18/01/2002. Japanese bank Nomura has finally reached a detailed agreement with its one-time employee Guy Hands for him to manage the investments of its principal finance group through his new company Terra Firma Capital Partners.
Preliminary figures show European VC tech investments fall to E11.5bn in 2001
18/01/2002. European venture investments in technology firms fell about 23 per cent to E11.5bn in 2001, according to preliminary figures from Tornado Insider.
Two new appointments for TLCom Capital Partners
18/01/2002. London-based venture capital firm TLCom has announced the appointment of two new partners as part of a drive to expand its activities and advance what the firm claims is ‘a new investment model' in Europe.
HSBC has first closing of European fund at £440m
17/01/2002. HSBC Private Equity has defied any signs of a bleak fund-raising market and made a first closing at £440m for its Private Equity European LP fund – well on its way to its £600m target.
Three new partners for German-US venture fund TVM
17/01/2002. German-US venture capital firm TVM Techno Venture Management has announced the appointment of three new partners, keeping pace with recent expansions in the firm's global operations.
JP Morgan Chase Q4 results suffer further hit from private equity losses
17/01/2002. US investment bank JP Morgan Chase is still feeling no relief from the pain it suffered last year from its huge and ailing private equity portfolio.
Aon securitises private equity limited partnerships investments
17/01/2002. US insurance group Aon Corporation has marked the next step forward in the gradual evolution of the securitisation of private equity limited partnership investments by becoming the first institution to get a stand-alone credit rating from S&P for the transaction.
Three execs leave Thomas Weisel to start new buy-out outfit
17/01/2002. Three senior executives are leaving US investment bank Thomas Weisel Partners to set up a new buy-out operation. The trio includes Alan Menkes, managing partner of one of the firm's four private equity funds Thomas Weisel Capital Partners, who said he wanted to shift back to his buy-out roots from a more growth-oriented arena.
Hicks Muse Tate & Furst reportedly closes fifth fund on $1.6bn
16/01/2002. US buy-out giant Hicks, Muse, Tate and Furst has reportedly finally closed its fifth fund on $1.6bn, well short of its original target of around $4.5bn.
Carlyle Group begins raising second energy fund
16/01/2002. Global private equity firm the Carlyle Group has begun raising its second dedicated energy fund with a target of around $1bn.
UK P2P deal value hits second highest on record
15/01/2002. Another weak year on the stock market helped support the demand for public-to-private (P2P) transactions in the UK, producing the second highest value on record in 2001, according to figures from the Centre for Management Buy-out Research.
US Platinum Equity buys French Alcatel unit, eyes further European acquisitions
15/01/2002. US technology buy-out specialist Platinum Equity has made its most significant European acquisition to date and signalled plans for further forays into the continental market. The firm has signed an agreement to acquire the E1.5 bn European operations of French telecom firm Alcatel's enterprise distribution and services business.
UK entrepreneurs breaking the mould, says survey
14/01/2002. Britain's entrepreneurial culture is maturing, according to a new report from Ernst & Young. More than 50 per cent of today's entrepreneurs have a university degree and their average age is in the mid-40s, the research said.
Swiss MBOs slow in 2001 but size of firm increases
14/01/2002. MBO activity in Switzerland last year matched the trend elsewhere in continental Europe by falling in number but edging upwards in terms of the size of firm involved, according to the latest figures from the Swiss Private Equity and Venture Capital Association (SECA).
New fund Equip Ventures set up to invest in early-stage tech in US and Israel
14/01/2002. Swimming defiantly against the tide, a new firm has been set up to make early-stage technology investments in California and Israel.
European private equity Q4 deal activity slumps to lowest since 1998
11/01/2002. Private equity deal activity in Europe slumped to its lowest level in the fourth quarter of last year since 1998, according to the latest figures from Initiative Europe.
Duke Street appoints former Treasury official as investment manager
11/01/2002. London-based private equity firm Duke Street Capital has appointed a former UK Treasury official as investment manager.
Advent International raises E2bn buy-out fund
10/01/2002. Advent International has closed its Global Private Equity IV (GPE IV) fund at E2bn. It plans to invest about 70 per cent in Europe and the rest in North America and Asia.
FTVentures closes second fund on $423m
10/01/2002. US venture firm Financial Technology Ventures has announced the final close of its second fund on $423m.
Royal Bank of Scotland builds up Spanish presence
10/01/2002. Royal Bank of Scotland has become the latest firm to build up its Spanish presence in anticipation of an upsurge in opportunities in the domestic market. The firm has appointed two new directors to its Madrid office to set up a leveraged finance team.
Charterhouse Development Capital plans to launch new E3bn buy-out fund
09/01/2002. European buy-out specialist Charterhouse Development Capital (CDC) has announced plans to launch a new E3bn fund to invest in the UK and continental Europe.
Schroders holds first close for fund of funds at E172m
09/01/2002. Asset management group Schroders has held a first closing for its private equity fund of funds at E172m, putting it comfortably on course to hit its E300m target in the second quarter of this year.
US venture-backed IPOs stage recovery in fourth quarter
09/01/2002. Venture-backed IPOs staged a modest recovery in the fourth quarter to make it the busiest quarter of an admittedly miserable year, according to figures from Venture Economics.
CPP Investment Board commits to new Paul Capital fund of funds
09/01/2002. US private equity firm Paul Capital Partners is to raise a new $500m venture capital fund of funds with a head start in the form of a $100m commitment from the Canadian Pension Plan Investment Board.
Celera Genomics founder joins Atlas Venture
08/01/2002. Dr Peter Barrett, one of the founders of ground-breaking firm Celera Genomics, is to join Atlas Venture to help run its investments in US life sciences.
Index Ventures expands into London with appointment of Danny Rimer
08/01/2002. European venture capital firm Index Ventures has expanded its presence into London with the appointment of Danny Rimer from the Barksdale Group as a partner.
US Barksdale Group reported to be disbanding
08/01/2002. The Barksdale Group, the US venture capital firm set up by former Netscape chief executive Jim Barksdale, has reportedly decided against trying to raise a second fund and opted to disband itself instead.
Carlyle Group completes first major buy-out in Japan
08/01/2002. Private equity giant The Carlyle Group has completed its first major Japanese MBO with the purchase of a security services firm from Japanese supermarket operator Daiei Inc. for around Y10bn ($77m).
UK large MBOs fall sharply in Q4 but 2002 looks better, says KPMG
07/01/2002. Activity at the larger end of the management buy-out market slowed dramatically in the fourth quarter of 2001 but the prospects for the year ahead look more promising, according to the latest figures from KPMG Corporate Finance.
2001 US venture-backed IPO market worst in years
07/01/2002. The US venture-backed IPO market in 2001 was among the worst in years, both in terms of the number of firms that made it to market and the amount they raised, according to the latest figures from VentureOne.
MPM Capital closes biotech fund at $450m
07/01/2002. Further evidence of the booming popularity of the biotech sector has been provided by the successful closing of MPM Capital's BioEquities Fund at over $450m.
HSBC amalgamates venture unit with private equity group
04/01/2002. Banking giant HSBC has sharpened its focus on the increasingly competitive UK mid-market by subsuming its venture capital unit into its larger, Europe-wide private equity group.
Spanish private equity fundraising slowed first half 2001 but investments held up
04/01/2002. Private equity fund-raising for investment in Spain slowed sharply in the first half of 2001 but investment activity held up well, according to a new report.
Norfolk County Council pension fund considers move into private equity
03/01/2002. The Norfolk County Council Superannuation Fund looks set to join the growing list of public authorities investing in private equity.
Report says 200 new funds were launched in 2001,raising $55bn
03/01/2002. Despite a distinct souring of the investment climate in 2001, there were 200 new funds launched raising around $55 bn, according to a new industry report.
German investors to increase private equity allocation
03/01/2002. German institutional investors are planning to up their exposure to private equity significantly over the next few years, according to a study by Golding Capital Partners.
BVCA says figures show virtues of VCT
03/01/2002. The cash returns delivered to private investors from venture capital trusts over the past five years have comfortably outperformed equivalent yields from the FTSE All-Share Index, according to the British Venture Capital Association.
Walden Israel closes third venture fund, $30m short of target
03/01/2002. Walden Israel, an early-stage venture capital fund, has finally closed its third fund but has had to settle $30m short of its original $120m target.
Coller Capital buys Lucent Technologies corporate venturing portfolio
03/01/2002. London-based Coller Capital has bought an 80 per cent stake in Lucent Technologies corporate venturing portfolio, thereby pulling off one of the largest secondaries transactions of the last 12 months.
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