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US Auda Group beefs up secondaries group with new appointment
28/02/2002. Auda Group, the US-based international investment advisor, has strengthened its US private equity secondaries operations with the appointment of Richard Lichter – a former director of Lexington Partners.
New German managing director for West Private Equity
28/02/2002. West Private Equity, the mid-market firm, has become the latest in a growing list of buy-out firms to strengthen its German operations, announcing the appointment of Dr Matthias Graeper as managing director of its business there. Optimism about a rapid acceleration in German deal flow has triggered a rush of expansion among firms in recent months.
Carlyle raising $750m fund targeting trade union pensions
28/02/2002. The Carlyle Group has become the latest private equity firm to attempt to widen its investor base by targeting trade union pension funds with a vehicle that will invest in labour-friendly investments.
BC Partners comes out top in second largest Italian buy-out on record
28/02/2002. UK-based private equity firm BC Partners has come out top in the second largest Italian buy-out on record, winning a E1bn auction for cheese and salami manufacturer Galbani. The firm saw off a rival bid from Doughty Hanson to wrest the food group from French yoghurt giant Danone.
Guy Hands tells investors to put more pressure on fund managers
27/02/2002. Limited Partners must do more to push for transparency and work with private equity firms to develop the reporting standards they need, a leading venture capitalist urged today.
Players dispute European buy-out market overcrowded, say prospects are improving
27/02/2002. The European buy-out market is in a state of relative equilibrium, with supply of capital and demand for equity just about in balance, leading European buy-out players told an SPS private equity conference this week. Buy-outs, and the mid-market in particular, dominated the event's discussions, with a fragile consensus predicting improving prospects for the sector.
Dresdner Kleinwort Capital sets up club in Hungary to tap into buy-out opportunities
27/02/2002. Dresdner Kleinwort Capital (DrKC), the private equity group, is launching an MBO/MBI club in Hungary as it intensifies its efforts to identify private equity transactions in the central European region.
‘Enronized' state of Connecticut files law suit against Forstmann Little
26/02/2002. Following weeks of speculation, the state of Connecticut has finally filed a law suit against Forstmann Little & co in an attempt to recover more than $100m of the $200m state pension funds it claims were lost as a result of botched telecoms investments by the private equity firm.
Bankruptcy for media company Tornado Insider
26/02/2002. Amsterdam-based media company Tornado Insider Group has been declared bankrupt, failing to secure a large enough injection of follow-on capital to stay afloat, it was confirmed today.
Swiss firm LGT Capital Partners expands team with new appointments
25/02/2002. LGT Capital Partners, the Switzerland-based alternative investment firm, has expanded its executive team just days after closing its Crown Technology Partners fund at E192m.
UK government grants exemption from 20-partner limit for qualifying LPs
25/02/2002. The UK Department of Trade and Industry (DTI) has finally announced that eligible limited partnerships will be exempt from the burdensome restrictions of the 20-partner limit from 22 March 2002 – sooner than previously anticipated.
Struggling UK telecoms tempting private equity firms
25/02/2002. Private equity firms are reportedly eyeing up some of the UK's struggling telecom firms as prospective targets for some of the many millions they have raised over the past 18 months.
London Borough of Newham to invest $15m in HarbourVest funds
22/02/2002. The London Borough of Newham has appointed HarbourVest Partners to manage a $15m (£10.7m) private equity mandate for the council's £350m pension fund, its first foray into private equity via the fund of funds route.
Innova/3 makes first closing at E110m, with previous investors back on board
22/02/2002. Innova Capital, the Polish private equity advisor, has announced the initial closing of Innova/3 at E110m, and is well on its way to an expected final closing of E150m.
New recruit for Gilde IT Fund team
21/02/2002. Gilde IT fund, a pan-European venture capital firm investing in software and communications companies, has announced that Lars Lindell is joining the firm as a director and partner.
Belgium's GIMV announces 20 per cent profit growth for 2001
21/02/2002. GIMV, the Belgian listed investment company, has reported a 20 per cent increase in its net group profits to E96m for 2001, defying the more general trend for losses in the current economic climate.
Israeli venture capitalists optimistic about prospects for next six months
20/02/2002. An increasing number of Israeli venture capitalists are confident that the investment climate will stabilise – or even improve – over the next few months, according to a recent survey.
CapMan bucks the trend and announces profits of E21.7m for 2001
20/02/2002. Finnish venture capital firm CapMan made a net profit of E21.7m in 2001, bucking the trend for losses and write downs in what most firms claim is a difficult market. It was evasive, however, about the prospects for the year ahead.
US private equity performance continued downward trend in Q3
20/02/2002. Private equity investment returns continued their downward trend in the third quarter, battered by ongoing volatility in public markets and falling valuations for technology companies, according to the latest figures from the National Venture Capital Association and Venture Economics.
Research predicts massive growth in private equity secondaries activity
20/02/2002. The private equity secondaries market will undergo a massive boom over the course of the next few years even as the rest of the sector struggles to recover from its steep downturn, according to a new research report by AltAssets.
TFG portfolio write-down highlights ongoing strains in German VC market
19/02/2002. TFG Venture Capital, the listed German venture capital firm, wrote down the value of its investment portfolio by around E105.2m last year, it said in a statement.
Shropshire to commit up to three per cent to private equity
19/02/2002. Shropshire County Council will invest three per cent of its £630m pension fund in private equity, its first foray into the asset class, a spokesman for the fund said.
UK's Microscience completes one of largest biotech fundraisings of year
19/02/2002. UK firm Microscience has completed one of the largest biotech fundraisings of the year to date by securing £25.5m of third round financing.
Apax appoints former Energis chief Grabiner as director
18/02/2002. Private equity firm Apax Partners has imported some top-level business experience with the appointment of Mike Grabiner, the former chief executive of Energis, as a director.
Survey predicts upturn in UK mid-market M&A activity this year
18/02/2002. Merger and acquisition activity in the UK mid-market will improve significantly through 2002 on last year's listless performance, according to a survey of UK managers by private equity firm Gresham Trust.
UBS private equity losses contribute to substantial drop in profits
15/02/2002. Swiss bank UBS saw its net profits fall by a third last year after its private equity arm, UBS Capital, reported a CHF1bn pre-tax loss over 2001 and forecast further losses over the coming months.
DB Capital Partners loses key professional from investment team
15/02/2002. DB Capital Partners is losing one of its key private equity professionals just a few months after its absorption of Morgan Grenfell Private Equity (MGPE).
First close for Henderson Private Capital fund of funds
15/02/2002. Henderson Private Capital has announced a first close for its Henderson Global Fund of Funds I at $200m, in spite of what it admits is a challenging fund-raising environment.
Final closing for LGT Capital Partners at E192m
14/02/2002. Switzerland-based alternative asset manager LGT Capital Partners has closed its fund, Crown Technology Ventures, with E192m of commitments.
Swiss firm Capvent launches UK operations
14/02/2002. Capital Venture Partners AG (Capvent), a private equity fund of funds based in Zurich, has opened a subsidiary office in the UK.
Mercer to take directorship with Candover
14/02/2002. UK-based buy-out firm Candover Investments plc has appointed a new director, Brian Mercer, to focus on originating deals in technology services.
Danske Private Equity raises E349m for fund of funds
13/02/2002. Danske Private Equity has had a first closing at E349m for its second fund of funds, defying what many firms have claimed is a difficult fund-raising market.
Seroba to manage first Irish venture fund dedicated to biotech
13/02/2002. Venture firm Seroba BioVentures has launched Ireland's first ever fund to focus exclusively on the biotech sector, announcing a first close at E15m.
Credit Lyonnais merges its private equity operations
13/02/2002. French bank Credit Lyonnais has combined two of its divisions to form a new entity, Credit Lyonnais Private Equity, with E482m under management.
UK-based Standard Life launches private equity ISA for retail clients
12/02/2002. Standard Life investments is launching a new private equity ISA in response to investor demand in the UK for a tax-efficient investment vehicle that opens up the asset class to a wider range of investors.
UK buy-out market begins to stabilise after a difficult fourth quarter
12/02/2002. The number and value of UK buy-outs has continued to decline, but at a slower rate than the dramatic fall of September and October 2001.
US venture fundraising takes a steep dive in 2001
12/02/2002. Venture capital fund-raising activity in the US fell dramatically last year from 2000 levels, although it was still the third largest year on record with 286 venture funds raising $40.6bn.
Gartmore abandons VCT and hands cash back to investors
11/02/2002. Gartmore Investment Management, one of the largest investment managers in the UK, has abandoned its latest venture capital trust, Gartmore Premier VCT, and will be returning money to its investors in a few days' time.
Montagu Newhall Associates closes fund of funds at $52m
11/02/2002. Montagu Newhall Associates, an international venture capital fund of funds, has closed its latest fund, Montagu Newhall Global Partners LP, with just over $52m in commitments.
Survey shows US investment managers expect public market rebound in 2002
08/02/2002. US investment managers expect their public markets to rebound in 2002 on the back of a sustainable economic recovery and predict a corresponding drift away from alternatives back into the mainstream asset classes, according to a new survey by investment consultancy William Mercer.
European Investment Fund investing more in venture sector
08/02/2002. European Investment Fund (EIF) invested just over E800m into venture capital funds in 2001, well over double the amount invested the previous year, according to new figures.
New fund of funds product for US firm Progress Investment Management
07/02/2002. San Francisco-based Progress Investment Management has introduced a new $200m private equity fund of funds product, Discovery Fund II, with a focus on venture capital, buy-outs and special situation funds.
Duke Street increases size of CDO fund to E1bn from original E750m target
07/02/2002. UK-based private equity house Duke Street Capital has increased the size of its debt fund Duchess I to E1bn from its close in the summer at E750m because of its strong early performance.
California-based Fremont Partners closes fund at $920m, exceeding target
06/02/2002. US mid-market private equity firm Fremont Partners has secured $920m of commitments for its Fremont Partners II fund, exceeding its original target size of $850m.
2001 not a bad year for Asian private equity, according to AVCJ figures
06/02/2002. 2001 wasn't a great year for the Asian private equity market, but it could have been worse, according to figures released by the Asian Venture Capital Journal.
French private equity firm PAI Management strengthens Italian operation
06/02/2002. The French private equity firm PAI Management, part of BNP Paribas, has reinforced its commitment to the expanding Italian market with the appointment of Raffaele R Vitale as chief executive in its Milan offshoot.
Allianz shifts back to venture with launch of new subsidiary
06/02/2002. German insurance company Allianz AG is signalling a move back into the early-stage arena with the launch of a new corporate venture capital company, Allianz Venture Partners.
US venture investment figures suggests recovery is in place
05/02/2002. The US venture capital industry seems to be experiencing some solid signs of a recovery, according to new figures.
Finnish Biofund sets up Danish operations and gains foothold in Europe
05/02/2002. Finnish BioFund Management, a leading Scandinavian venture capital firm, is setting up a new office in Denmark as part of a move to expand its operations beyond Finland.
Walden International expands software team with new venture partner
05/02/2002. Global venture firm Walden International has appointed Dinesh Vaswani to the position of venture partner, responsible for investments in early-stage technology companies particularly in the enterprise software and IT sectors.
Finnish private equity firm CapMan acquires Swedestart for E17m
04/02/2002. Finnish venture firm CapMan Plc has announced it is acquiring Swedish early stage player Swedestart Management AB for E17m, just days after holding a first closing of its seventh fund.
Corporate venturing investment collapsed in 2001
04/02/2002. Corporate venturing investment collapsed in 2001 as deteriorating business conditions and widespread disillusionment combined to force a massive retreat from some of the one-time big spenders, according to new figures.
New appointment for Royal Bank Development Capital in Birmingham
04/02/2002. Royal Bank of Scotland has announced that Daniel Smith, former associate director of leveraged finance in Birmingham, will be joining the Royal Bank Development Capital (RBDC) team, also in Birmingham.
Former Morgan Grenfell chief Hutton planning new buy-out fund
01/02/2002. Graham Hutton, chief executive of Morgan Grenfell Private Equity until ejected during a bitter political scrap within parent Deutsche Bank, is planning to make a comeback to private equity by raising a new $500m buy-out fund, according to the Financial Times.
CapMan raises E166m in first closing of latest Nordic fund
01/02/2002. Nordic private equity firm CapMan Plc has secured E166m in a first closing of its seventh fund, CapMan Equity VII, with a number of domestic and foreign institutional investors on board.
US venture fundraising holds steady in fourth quarter
01/02/2002. Venture capital fund-raising in the US slipped just five per cent in the fourth quarter on the previous quarter, representing a significant stabilisation in the market on previous quarters, according to the latest figures from VentureOne.
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