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Sayer appointed to head up French listed private equity group Eurazeo
28/03/2002. Patrick Sayer has been appointed chief executive of the French listed private equity group Eurazeo. He joins from banking firm Lazard, part-owned by Eurazeo, where he was a managing director.
Private Equity Holding writes off CHF118m from portfolio
28/03/2002. Listed Swiss group Private Equity Holding has unveiled more bad news for its investors with the announcement of a write-down of CHF118m on its largest fund investment.
Roche biotech spin-out secures E22m first round financing
27/03/2002. BioXell, an Italian biotech spin-out from drug giant Roche, has secured E22m of first round financing from a consortium of leading life science venture capitalists.
Carlyle group completes sale of its stake in French paper Le Figaro
27/03/2002. The giant US private equity firm the Carlyle Group has completed the sale of its 40 per cent stake in French newspaper Le Figaro, marking a first exit from its E1bn European buy-out fund.
Danish pension fund PFA plans to double its private equity exposure
26/03/2002. Danish pension company PFA is reportedly planning to double its exposure to private equity to 2 per cent of its $17.7bn of assets under management, according to Global Money Management.
German firm Capital Stage launches Europe's first dedicated nanotechnology fund
26/03/2002. Munich-based firm Capital Stage is looking to raise E100m for Europe's first dedicated nanotechnology fund. The precise focus of the fund mirrors a long-established pattern in the more mature US venture market and reflects the gradual sophistication of the European community.
Survey says UK buy-out market improving but still fairly weak
25/03/2002. The UK buy-out market has improved since the miserable second half of last year but activity is still weak and it may be months before a solid recovery is underway, according to the latest figures from the Centre for Management Buy-Out Research.
Kleiner Perkins reportedly shrinking its fund, signalling scale of retrenchment
25/03/2002. The news that US venture giant Kleiner Perkins Caufield and Byers is reducing its latest fund by around 25 per cent is one of the clearest signs yet of the seriousness of the situation facing many in the venture community. Coupled with a trickle of reports about downsizing among other VCs, it becomes obvious that the worst is still far from over for the industry.
3i confirms slowdown in activity in 2001
22/03/2002. UK-based private equity firm 3i has confirmed a significant slowdown in its investment activity over the last year but said its performance has been ‘broadly in line with market expectations.' The firm gave a snapshot of its business over the last year in analyst briefings ahead of the annual results announcement in May.
Nordea Private Equity holds second closing of its first fund of funds
22/03/2002. Scandinavian investment group Nordea Private Equity has announced the second closing of its inaugural fund of funds vehicle on E180m, more than half way to its E350m target. The Thematic Fund of Funds I was launched in May last year and is expected to hold its final close on May 4.
Former NASDAQ chief joins US private equity firm Hellman & Friedman
22/03/2002. Former NASDAQ chairman and chief executive Frank Zarb has joined San Francisco-based private equity firm Hellman & Friedman as a managing director. Zarb, who also sits on the committee overseeing the project to rebuild lower Manhattan after September 11, will spend about half his time working for the group.
New figures show US first-time venture fundings in 2001 fell below 1996 levels
22/03/2002. As a sign of just how difficult it was for US private firms to raise venture financing last year, the number of first-time fundings fell below 1996 levels, according to new figures from VentureOne. Only 28 per cent of existing venture-backed companies were able to raise additional capital, further evidence of difficult market conditions.
New fund of funds for UK firm Standard Life
21/03/2002. Standard Life Investments, the UK-based investment house, has launched a new fund of funds vehicle to invest in a mix of private equity funds, and also to make direct investments.
Cinven-led consortium completes £2bn deal to buy Nomura pubs
21/03/2002. A Cinven-led consortium of private equity firms and pub group Enterprise Inns have completed the £2bn purchase of more than 4000 pubs from Japanese bank Nomura. The deal is not only the largest UK buy-out for more than a year but also marks the end of Guy Hands' audacious career at the bank before he heads off to head up his own buy-out group.
‘Funding slowdown' in Australia blamed on lack of foreign investment
21/03/2002. Total investments in Australian companies increased by 169 per cent to a new high of $2.2bn in the year to 30 June 2001, according to the latest industry figures from the Australian Venture Capital Association (AVCAL). Many industry participants are concerned, however, by a ‘slowdown' in the level of fresh capital flowing into Australian funds.
Deutsche Bank Capital Partners ready to raise funds from outside investors
20/03/2002. Deutsche Bank Capital Partners, the captive European private equity firm, is to start raising funds from outside investors to make up for a reduced allocation from its parent bank, according to the Financial Times.
Bob Barrett to join US Financial Technology Ventures as partner
20/03/2002. San Francisco-based Financial Technology Ventures (FTVentures), the San Francisco based venture firm investing in technologies that benefit the financial services industry, has announced that Bob Barrett is to join the firm as a partner.
White Williams joins forces with Hungarian-American enterprise fund
20/03/2002. US-based White Williams Private Equity Partners has joined forces with the Hungarian-American Enterprise fund, looking to tap into investment opportunities in Hungary for its European Accession Fund.
German conference panel says little sign of upturn in Mittelstand buy-out deal flow
20/03/2002. The Germany private equity market is still opaque and a reluctance by Mittelstand companies to cede interests in their enterprises in return for outside capital represents an enduring obstacle to further growth in Germany. These were the main conclusions of a panel session held at EUROFORUM's annual private equity meeting in Frankfurt last week.
Accenture abandons venture capital operations as write-downs hit
20/03/2002. Accenture, the global management consulting and technology services company, is abandoning its venture capital operations in a move designed to ‘eliminate related earnings volatility,' the firm said in a statement.
Local buy-out funds ‘starved of capital', says Swiss firm Capvent
19/03/2002. Capvent, a Swiss-based private equity fund of funds, has launched its second multi-investor fund of funds vehicle, Capvent Global Private Equity II (CGPE II), to focus on ‘scale down opportunities'.
Swedish firm Industri Kapital completes latest European food buy-out
19/03/2002. Swedish private equity firm Industri Kapital has completed the latest in a growing list of European food company buy-outs with the acquisition of a majority stake in French smoked salmon and foie gras specialist Labeyrie Group.
US firm Millennium Partners sues MeVC for ‘unreasonable' management fees
19/03/2002. San Francisco-based MeVC has become the latest VC firm to find itself under unwelcome limelight for the alleged mishandling of its assets.
Riverside hires banking veteran to drive deal flow
18/03/2002. The Riverside Company, the US-based private equity firm, has hired banking veteran Robert B Landis to ‘reinvent' its deal sourcing activities and tap into opportunities at the smaller end of the mid-market.
Danish 2M Invest postpones results and asks for more cash
18/03/2002. 2M Invest, the Danish venture capital firm, has postponed its financial results while it attempts to strengthen its capital base.
US BioVentures Investors makes first closing
15/03/2002. US-based BioVentures Investors, a life sciences venture capital firm based in Cambridge, Massachusetts, has announced the first closing of its second fund at $35m.
French firm Perfectis makes final closing at E80m, just above target
15/03/2002. Paris-based Perfectis Private Equity has announced the final closing of its debut fund, Perfectis I, at E80m, just above the E75m target. The fund made an initial close at E55m back in October 2000.
US vSpring Capital closes first fund at $120m, focusing on Utah
15/03/2002. Utah-based venture capital firm vSpring Capital has closed its first venture capital fund at $120m, with an impressive list of investors on board including regional banks, national institutional investors and successful entrepreneurs.
2002 will be a ‘great vintage year' for private equity, says EVCA
14/03/2002. This will be a ‘great vintage year' for private equity funds, according to Max Burger-Calderon, chairman of the EVCA's investor relations committee - speaking at the annual EVCA International Investors Conference in Geneva.
First ever Turkish venture fund closes on $41m
14/03/2002. Turkey's first ever venture capital firm, Turk Venture Partners, has announced a closing for its Turkish Private Equity Fund I on $41m. It boasts commitments from a handful of major international institutional investors, including the International Finance Corporation and the European Investment Bank.
Myners urges European private equity firms to broaden their skills base
14/03/2002. Private equity firms must broaden their skills base, according to Paul Myners, author of the UK government-backed review of institutional investment. He told the European Venture Capital Association's International Investors Conference in Geneva that European private equity managers were too reliant on financial engineering and were not doing enough to address succession issues.
Yale University endowment fund to reduce private equity allocation
14/03/2002. Yale University endowment fund, for a long time one of the most enthusiastic private equity investors, may well reduce its target allocation to private equity, according to David Swensen, the fund's chief investment officer. He told the EVCA International Investors Conference that the asset class did not look as attractive now as it had 15 years ago.
French Siparex Ventures launches four new retail funds
13/03/2002. Siparex Ventures, the venture capital arm of the French Siparex Group, has launched four new innovation funds for personal customers of four large French institutions.
AXA Private Equity and Paul Capital Partners form secondaries alliance
13/03/2002. French firm AXA Private Equity and US firm Paul Capital Partners have formalised their alliance in the secondaries market to broaden their deal flow capability at a time when the market is becoming increasingly competitive.
Long-term returns robust for European private equity funds
13/03/2002. Long-term returns for European private equity funds remain robust - even in the midst of the current climate of economic uncertainty - according to the latest figures from Venture Economics, presented today at the Annual European Venture Capital Association (EVCA) International Investors Conference in Geneva. The preliminary results also showed, however, that short-term returns have taken a heavy battering.
US Sprout Group announces promotion of Wayne Nemeth
12/03/2002. US-based Sprout Group has announced the internal promotion of Wayne Nemeth to the position of partner, following a successful stint working on the firm's investment side.
‘A good time to be investing' says Schroder Ventures Investment Trust
12/03/2002. Schroder Ventures International Investment Trust believes this is still a good time to be investing despite some disappointing end of year results announced today.
Bridgepoint Capital to close two UK offices as part of ‘re-allocation' strategy
12/03/2002. UK-based mid-market private equity firm Bridgepoint Capital has confirmed it is to close its Leeds and Manchester offices as part of what it calls a ‘resource re-allocation' strategy.
Singapore biomedical sciences investment fund to open London office
11/03/2002. The Singaporean state-financed biomedical sciences investment fund (BMSIF) is opening an office in London to enable it to source investment opportunities across Europe in the rapidly expanding biotech sphere.
UK buy-out firm Candover upbeat about medium term prospects
11/03/2002. UK-based buy-out firm Candover Investments says it is confident about the medium-term outlook and believes the ‘uncertain climate' will create cheaper pickings in the investment arena.
3i European barometer shows private firms' confidence rising for first time in two years
11/03/2002. Private firms in Europe have signalled an increase in confidence for the first time in nearly two years, according to the latest 3i European barometer.
Bill Malloy joins Ignition Partners
08/03/2002. US-based Ignition Partners, the technology-focused venture capital firm, has announced that Bill Malloy is joining the firm as a partner.
European Investment Fund commits to new Italian technology fund
08/03/2002. The European Investment Fund (EIF) has made a cornerstone commitment of E5m to a new technology-focused Italian venture fund, the Golden Mouse Partnership.
Tate ends career with Hicks, Muse, Tate & Furst
07/03/2002. US-based buy-out firm Hicks, Muse, Tate & Furst has announced that Charles W Tate, a partner and one of the four members of its management committee, will retire from the firm at the end of June.
New senior executives for Capital Z in New York and Hong Kong
06/03/2002. Capital Z Investment Partners (CZIP), the global alternative asset management organisation, has announced the appointment of two new senior executives for its New York and Hong Kong offices.
Galapagos Genomics becomes latest European biotech to raise major financing
06/03/2002. Dutch/Belgian firm Galapagos Genomics has become the latest biotech firm to raise a substantial round of financing from mainly European venture capitalists, highlighting the undimmed appetite among investors for the sector.
BVCA chairman calls for ‘mutual trust' between private and public sectors
06/03/2002. Edmund Truell, chairman of the British Venture Capital Association (BVCA) has called on the government to play its part in restoring confidence between the public and private sectors in the aftermath of the Railtrack fiasco.
Canadian Pension Plan Investment Board commits $220m to Europe/US funds
05/03/2002. The Canadian Pension Plan Investment Board has added another $220m of commitments to its private equity allocation, taking the total up to $2.3bn to be drawn down over the next four to six years.
US VC Copan appoints Amazon man as new UK director
05/03/2002. US venture capital firm Copan has appointed former Amazon executive Spencer Hyman as director of its London office.
Food giant Nestle announces formal launch of its new venture capital fund
05/03/2002. Swiss food giant Nestle has announced the formal launch of its new venture capital fund.
Close Brothers Private Equity closes UK mid-market fund at £202m
05/03/2002. UK-based private equity firm Close Brothers Private Equity (CBPE) has overcome what many firms are claiming is a difficult fund-raising climate and closed its sixth UK fund just above target at £202m, with around £90m committed by first-time investors.
Survey finds big rise in UK VCs' optimism for first time in three years
04/03/2002. UK venture capitalists have reported a significant increase in confidence about the outlook for their business for the first time in nearly three years, according to the latest Deloitte & Touche Private Equity Confidence Survey.
Israeli venture capital funds raised and exits slowed dramatically in 2001
04/03/2002. Official figures have finally confirmed what has been long suspected: the Israeli venture capital market had a miserable year in 2001.
GE Equity names John Flannery president to succeed Joe Parsons
01/03/2002. John Flannery is to succeed Joe Parsons as the president of GE Equity, the private equity arm of the giant General Electric Company. Flannery was part of the leadership team that formed the private equity group in 1994 and has been there ever since.
New managing director for Carlyle's European venture capital fund
01/03/2002. The Carlyle Group, the global private equity firm, has appointed a new managing director for its European venture capital fund, Carlyle Europe Venture Partners (CEVP), to increase the firm's visibility in Germany and other European countries.
Biotech M&A hit record $27bn in 2001, supporting rest of pharma sector
01/03/2002. Biotech firms underwent a record-breaking amount of merger and acquisition activity in 2001, helping to support less dynamic business in the broader pharmaceutical sector, according to figures from PricewaterhouseCoopers.
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