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UK firm Botts hits fundraising trail for new mid-market fund
30/04/2002. Botts & Company, the UK-based private equity firm, has hit the fundraising trail for a new E325m fund, with commitments already secured from a number of investors, including Hermes and Bank of Scotland, for a cornerstone closing of E100m.
US venture firm Morgenthaler expands biotech interest with new Boulder office
30/04/2002. US venture firm Morgenthaler Ventures is expanding its biotechnology interest with the opening of a new office in Boulder, Colorado. It will be headed by Ralph Christoffersen, a former chief executive officer at Ribozyme Pharmaceuticals.
Cathay Ventures launching new fund for China
30/04/2002. Cathay Ventures, the China-focused venture capital firm, is establishing a new venture capital fund to operate as a joint venture in Beijing, providing more evidence of market expansion in China.
Warburg Pincus $5.3bn fund closing signals brighter market for mega-funds
30/04/2002. US buy-out giant Warburg Pincus has closed its WP VIII fund on $5.3bn, with 80 per cent of commitments coming from existing investors. The successful closing, alongside Cinven's recent E4.3bn fund closing, signals an improvement in market conditions for firms with ambitions to raise mega-funds.
US venture investments take another dive in the first quarter
30/04/2002. The US venture industry resumed its steep plunge in the first quarter, blowing away hopes planted in the previous quarter that investments were bottoming out. The total value of investments in the first three months of the year was $5.1bn, down from $6.9bn in the fourth quarter and $10.9bn in the first quarter of 2001, according to VentureOne.
Barings launches second Iberian mid-market fund
30/04/2002. Baring Private Equity Partners España (BPEP), the Spanish division of the UK-based private equity firm, is raising its second fund to invest in Spanish mid-market companies, the firm confirmed today.
Christopher Bland to become adviser to buy-out firm Warburg Pincus
29/04/2002. Sir Christopher Bland, former chairman of the BBC and current chairman of British Telecom, is to become an adviser to buy-out firm Warburg Pincus. He already has links with the firm, which backed him when he had the top job at London Weekend Television in the early 1990s.
US firm AMR Investments closes fund of funds
29/04/2002. AMR Investments, the Texas-based subsidiary of American Airlines, has announced the final closing of its fund of funds at $64m, short of its $100m target.
UK's Sigma Technology Venture Fund secures £17m first closing
26/04/2002. UK-based Sigma Technology Group plc, which advises and invests in companies at various stages of development, has defied the gloom in the tech fund-raising arena by securing £17m for a first closing of its Sigma Technology Venture Fund.
US fund returns show marginal improvement in Q4 but still weak
26/04/2002. The net pooled returns for US venture capital and private equity funds were not quite as grisly in the fourth quarter of 2001 as they were for the previous quarter, according to figures just released by Cambridge Associates, the research, consulting and advisory firm.
Dutch firm NIB Capital loses chief executive officer for ‘personal reasons'
26/04/2002. NIB Capital, the Dutch investment banking, asset management and private equity firm, has confirmed the departure of its chief executive officer, Marc Gedopt, who has left the firm for ‘personal reasons'.
US venture firm Encompass Ventures appoints new partner
25/04/2002. Encompass Ventures, the US venture capital firm, has announced that Paul Budak, a former senior associate, has been promoted to the position of partner.
Baring Private Equity Partners secures Spanish mandate
25/04/2002. The Spanish division of Barings Private Equity Partners (BPEP), the global private equity firm, has consolidated its position in the local market by securing a new mandate from Caixa d'Estalvis de Catalunya, Spain's third largest savings bank.
Buy-out firm Cinven completes final closing of third fund on E4.3bn
24/04/2002. European buy-out firm Cinven has announced the final closing of its third fund with commitments of E4.3bn from more than 100 international institutional investors. The group said the closing was ahead of schedule and well above the original target of E3.5bn.
T Rowe Price rolls out venture distribution service in Europe
24/04/2002. T. Rowe Price Associates, the US-based global asset management firm, has announced that it is expanding its venture distribution service into Europe, after more than 14 years of managing distributions on behalf of clients in the US.
UK firm Quester makes first closing of institutional fund
24/04/2002. Quester, the UK-based venture capital firm, has announced a first closing of its latest fund, Quester Venture Partnership (QVP), at E115m, well on its way to an expected final closing by the end of June.
New appointment for US firm Battery Ventures
24/04/2002. Battery Ventures, the US venture capital firm, has announced that Roger Lee is joining the firm as a senior associate to focus on investments in the enterprise software and internet infrastructure markets.
Israel venture market suffers further decline in Q1
23/04/2002. The Israeli venture market suffered yet another decline in the first quarter of this year with little sign of an improvement while the region's political climate remains so unstable.
Danske Private Equity Partners II holds second closing at E427m
23/04/2002. Danske Private Equity Partners has announced a second closing for its second fund of funds vehicle at E427m, broadly on track to hit its original E600m target by the end of the year.
Henderson targets German institutional investors for new fund of funds
22/04/2002. Henderson Private Capital, the private equity arm of Henderson Global Investors, has announced plans to launch two new fund of funds products targeted at German institutional investors.
Swiss firm LGT Capital expanding secondaries team
22/04/2002. LGT Capital Partners, the Swiss alternative investment firm, is beefing-up its secondaries investment team with the appointment of Marco Bizzozero as vice president.
European private equity investment down sharply in Q1
19/04/2002. European private equity investment continued its dispiriting decline in the first quarter and provided little grounds for hope of an imminent recovery. The value of investments slid by about a third to E11bn from E16.95bn in the fourth quarter of 2001, while the number of deals dropped to 197 from 381, according to new figures.
Duke Street Capital appoints another industry expert to advisory board
19/04/2002. UK-based private equity firm Duke Street Capital has appointed John Napier, a business services expert, to its advisory board as part of its strategy of building strong relationships within the industry. Napier is currently executive of utility firm Kelda Group but has a long pedigree in business services and media.
New managing director for US firm Winston Partners
19/04/2002. Winston Partners, the US-based private investment firm, has announced that Douglas H. Gilbert will join the firm as a managing director.
Germany's Allianz Group combines private equity activities
19/04/2002. Allianz Group, the German insurance firm, has announced that it will be combining its private equity activities and those of its recent takeover Dresdner Bank into a newly established holding company, Allianz Private Equity Holding, with Thomas Putter at the helm.
Barings to manage Latin American growth fund
18/04/2002. Baring Latin America Partners, the regional division of the international private equity firm, has been chosen by the Overseas Private Investment Corporation (OPIC) to manage the $180m South America Private Equity Growth Fund (SAPEG).
European expansion and a new partner for Dutch firm LSP
18/04/2002. Life Science Partners (LSP), the Dutch venture capital firm, has opened a new office in Munich in a move designed to tap into the German life science market.
New partner for US venture firm Kodiak Partners
17/04/2002. Kodiak Partners, the Massachusetts-based venture capital firm, has announced that Elliot Katzman is to join the firm as a partner.
US bank FleetBoston reducing size of private equity portfolio
17/04/2002. FleetBoston Financial Corp, the US bank, has announced it is to slash the size of its private equity portfolio, part of a new restructuring strategy to return to a more consistent, lower-risk business model.
EVCA concerned at proposed EU pension fund reforms
17/04/2002. The European Venture Capital Association (EVCA) has expressed concern that the EU proposals for pension fund reform could jeopardise the development of the European private equity and venture capital industry.
Phildrew team secures independence from UBS and launches new venture
17/04/2002. The five former partners of Phildrew Ventures, the private equity division of UBS Capital, have secured their independence from the firm and are forming a new venture.
BVCA welcomes UK budget initiatives
17/04/2002. The British Venture Capital Association (BVCA) has welcomed the new initiatives proposed in today's budget, encouraged by initiatives designed to support small businesses and promote entrepreneurial spirit.
Former UK Rothschild private equity specialist to launch a new fund
16/04/2002. Jeremy Curnock Cook, formerly a biotech specialist at UK firm Rothschild Asset Management, is planning to raise a ‘substantial' new fund in the second half of the year.
‘Management repositioning' strategy for US firm Hamilton Lane
16/04/2002. Hamilton Lane, the US-based global private equity investment services firm, has announced a number of senior promotions as part of what it claims is a ‘management repositioning' strategy designed to maintain levels of client service.
UK's Doughty Hanson to launch new mega buy-out fund
16/04/2002. Doughty Hanson, the London-based private equity firm, is expected to launch its fourth buy-out fund later in the year, signalling that the fund-raising chill is perhaps beginning to thaw.
First setback for Italian private equity market as investment levels fall
16/04/2002. The Italian private equity market has suffered its first setback after a decade of stable growth, with the amount of funds invested falling 26 per cent - to E2.185bn - in 2001.
French firm Alcatel sets up telecom fund for China
15/04/2002. Alcatel, the French communications networks provider, has established a new $18m fund, Telecom Technology Fund (T Tech Fund), to target telecom technology opportunities in China.
Kernel Capital announces new government-backed fund for Ireland
15/04/2002. Kernel Capital Partners has become the latest Irish venture capital player to launch a fund focused on early-stage opportunities in Ireland, part of an initiative by Enterprise Ireland to boost venture capital investments in the region.
Canadian Pension Plan commits to Candover and Coller Capital
12/04/2002. The Canadian Pension Plan (CPP) Investment Board has committed $175m to two London-based private equity funds, Candover Investments and Coller Capital, as part of a strategy unveiled last June to invest up to ten per cent of total assets in private equity.
UK Lloyds Development Capital hires two new directors
12/04/2002. Lloyds Development Capital has hired two new directors to strengthen its IT and telecoms team. Stewart Lucindi joins from 3i, where has was a member of the software and internet team, and Anthony Bull joins from BT Wireless.
Allied Irish Bank launches second technology fund
12/04/2002. Ireland-based Allied Irish Bank (AIB) has launched a new E25m early-stage technology fund, AIB Equity Fund 2002, responding to the ‘growing needs of the emerging indigenous IT sector.'
Second private equity retail offering for Australia's Macquarie Bank
12/04/2002. Macquarie Bank, the Australia-based financial services firm, is launching its second private equity trust, Macquarie Private Equity Trust II, offering individual investors the chance to invest up to A$150m in conjunction with a larger wholesale component to be announced later in the month.
European venture capital investment halved in 2001 but biotech still bucking trend
11/04/2002. The value of European venture investment fell by half in 2001 to E9.6bn from E19.5bn in 2000, while the number of deals dropped by a more modest 36 per cent, according to the latest figures from VentureOne and Ernst & Young.
US Park Street Capital spins out of Tucker Anthony
11/04/2002. The management team of US group Tucker Anthony private equity has formed a new firm, Park Street Capital, to manage over $800m in existing investments.
Tough market for UK venture capital trusts
11/04/2002. The Venture Capital Trust (VCT) sector seems to have been having a hard time of it lately. This week Quester announced it had fallen short of its £25m target, securing just over £16m by the April closing date.
US MMC Capital appoints former private equity head of CSFB
10/04/2002. MMC Capital, the private equity investment subsidiary of Marsh & McLennan companies, has announced that Garrett Moran is to join the firm as a senior advisor.
French VC Sofinnova invests in two biotech firms
10/04/2002. French venture capital firm Sofinnova has led two first-round investments in biopharmaceutical businesses, highlighting the present enthusiasm for the sector and reconfirming France as one of the most active private equity markets so far this year.
EVCA says European fundraising slipped to E31.5bn in 2001
10/04/2002. Funds raised for investment in European private equity fell by around 35 per cent to E31.5bn in 2001 from a record level of E48bn in 2000, according to preliminary figures from the European Venture Capital Association.
Pall Mall Partners exceeds target for first close of technology fund
10/04/2002. Pall Mall Partners, the UK-based private equity firm, has made an initial closing of its PALLMALL Technology Ventures fund at E15m, on its way to a final closing of E50m in a year's time.
Danish VC 2M Invest closes London and Boston offices to cut costs
10/04/2002. Danish venture capital firm 2M Invest has reportedly announced plans to close its London and Boston offices as part of an aggressive cost-cutting exercise. The firm, which has spent recent weeks trying to strengthen its capital base, announced it had lost Dkr 440m last year.
GE Capital expands in European leveraged finance market
09/04/2002. US financial services group GE Capital has expanded its leveraged finance operations in Europe to focus on providing support to the private equity market.
US venture firm OVP goes against the flow by retreating from biotech
09/04/2002. Seattle-based venture firm OVP Venture Partners is swimming defiantly against the tide by deciding to pull out of biotech investing and focus on software. The group, which has a successful track record in biotech, said it was confident it could get better returns with less effort in other sectors.
IBM profit warning deals blow to tech recovery optimism
09/04/2002. Computer giant IBM's first profit warning for more than ten years has dealt a severe blow to creeping optimism that technology spending was beginning to turn upwards and soured hopes among venture capitalists that the broader economic recovery would brighten prospects for their ailing tech investments.
Israel ranks ahead of European countries for high-tech investments
09/04/2002. High-tech companies in Israel received more venture investment in 2001 than in any European country, although capital raised by Israeli funds showed a sharp decline and exit opportunities fell drastically over the same period.
Pennsylvania launches $100m life sciences fund financed by tobacco settlement
09/04/2002. The US state of Pennsylvania has formally launched its $100m life sciences fund that is being financed out of its tobacco-settlement funds. The state's biggest ever technology-focused development investment is designed to make the region a hotbed of jobs-rich biotech activity.
US firm Lone Star closes funds with $4.2bn committed
08/04/2002. Lone Star funds, the Dallas-based group of private equity funds, has held a final closing of its two funds, Lone Star Fund IV (US), LP, and Lone Star Fund IV (Bermuda), LP, with more than $4.2bn committed.
UK large buy-out market ‘bumping along the bottom'
08/04/2002. The large buy-out market in the UK is still looking grisly, with fewer deals completed in the first quarter of 2002 than in the last quarter of 2001, according to the latest figures from KPMG Corporate Finance.
US venture capital fundraising sluggish in first quarter
08/04/2002. Venture capital fund-raising has been sluggish so far this year, with firms raising only a fraction of the total raised in the same period last year, according to new figures. They reinforce the mood of gloom hanging over the fund-raising arena.
US Polaris Ventures appoints biotech specialist as partner
05/04/2002. US venture firm Polaris Ventures has strengthened its life sciences capability with the appointment of biotech specialist Alan Crane as a partner.
US secondaries specialist VCFA raising a new $250m buy-out fund
05/04/2002. The Venture Capital Fund of America, one of the oldest specialist secondaries players in the market, is planning to raise a new $250m fund focusing solely on secondary buy-out investments.
US firm Thomas Weisel Partners appoints secondaries specialist
05/04/2002. US investment bank Thomas Weisel Partners has appointed a secondaries specialist to strengthen the management of its private equity business. Cliff Meijer joins from BancBoston Capital, where he was responsible for secondary investments.
US firm Newbridge Capital to expand its Asian operations
04/04/2002. Newbridge Capital, the US-based private equity firm, is expanding its global operations with the establishment of a new office in Mumbai, India.
UK's Hermes appoint Rod Selkirk as head of private equity
04/04/2002. Hermes Pensions Management has announced the appointment of Rod Selkirk, a former managing director of Bridgepoint Capital, to head up its private equity operations.
Exit opportunities still sluggish for US venture-backed companies
03/04/2002. Exit opportunities in the US are still negligible, with only four US companies completing a public offering in the first quarter of 2002, according to the latest figures from VentureOne.
US firms Digital Partners and Encompass Ventures to merge operations
03/04/2002. Two Pacific Northwest-based firms, Digital Partners and Encompass Ventures, are to merge their operations, creating a new management company to raise and manage future venture capital funds.
UK's Abbey National considers scaling back private equity activity
02/04/2002. UK bank Abbey National is seriously thinking about scaling back its private equity activity as part of its ongoing effort to turn around the fortunes of its wholesale division, according to the Financial Times.
US venture investments still falling sharply in first quarter; biotech stands out
02/04/2002. US venture capital investment continued its steep decline in the first quarter, with both the number and the value of financing down on the year and on the previous quarter, according to new figures.
Golub named new chairman at US venture firm TH Lee Putnam
02/04/2002. TH Lee Putnam Ventures, the US-based venture capital firm, has appointed Harvey Golub – the former chairman and chief executive officer of American Express – as its chairman.
US firm Accel Partners to slash size of its $1.4bn fund
02/04/2002. US-based Accel Partners has become the latest venture capital firm to slash the size of its fund, providing more evidence of caution in the venture investment arena.
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