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UK's Sovereign Capital appoints service sector specialist
28/06/2002. Sovereign Capital, the mid-market private equity firm, has announced the appointment of Simon Hitchcock as an assistant director.
Swiss firm Adveq closes US fund of funds below target
28/06/2002. Swiss fund of funds player Adveq has closed its third US fund of funds, PETP III, at $300m, slightly below the original $350m target size.
First closing for US firm Ballast Point Ventures
28/06/2002. Ballast Point Ventures, the Florida-based venture capital fund backed by Raymond James Financial, has defied a difficult fundraising environment and made an initial closing of the Ballast Point Ventures Fund at $40m.
European private equity to mature by 2005, says report
28/06/2002. The European venture capital market will function as a mature industry and will be ‘radically different' within three years, according to a new report by investment bank Brask & Company.
DrKC names new regional director for its Emerging European Group
28/06/2002. Dresdner Kleinwort Capital has announced that Nicholas Kabcenell, formerly head of strategy and M&A at telecoms operator Carrier 1, has joined the firm as regional director of its Emerging European Group.
Euroventures targets Hungarian institutional investors
27/06/2002. Euroventures, the European private equity group, has hit the fundraising trail for its latest fund, Euroventures Hungary III, more evidence of activity in Central Europe.
New appointment for Nordic firm CapMan
27/06/2002. CapMan, the Nordic private equity firm, has announced the appointment of Vesa Walldén, an industry professional with around 20 years experience of the high technology sector, as an investment director.
Nordic Euroventures raising E150m buy-out fund
27/06/2002. Sweden-based Euroventures is targeting E150m from Nordic investors and European funds of funds to invest in mid-market buy-outs and later stage expansion capital deals.
Viventures cuts second fund by 20 per cent
27/06/2002. Viventures Partners, the early-stage global venture capital firm, has become the latest venture fund to slash the size of its fund.
Venture capital is key to US economic growth, says study
27/06/2002. Venture capital is one of the most important drivers of economic growth in the US, a study commissioned by the National Venture Capital Association claims.
UK's Ariadne Capital appoints Lionel T Anthony to board
26/06/2002. Ariadne Capital, the European venture capital group, has announced the appointment of Lionel T Anthony, the founder of buy-out giant Cinven, to its board of directors.
New general partner for Walden International
26/06/2002. Walden International, the global private equity firm, has announced the appointment of Mary Coleman as a general partner.
Germany's GI Ventures hits fundraising trail
25/06/2002. GI Ventures, the German private equity firm, has hit the fundraising trail for its second fund, German Capital Fund, with a cornerstone commitment secured from HypoVereinsbank, the German bank.
Europe's Mezzanine Management has first closing of Central European fund
25/06/2002. Mezzanine Management, the European mezzanine and private equity firm, has announced a first closing of Accession Mezzanine Capital (AMC), the first mezzanine fund to focus exclusively on the Central European region, at E76m.
New venture capital association for China
24/06/2002. The Chinese Venture Capital Association has been launched in Beijing with 50 Chinese and foreign foundations and investment companies on board - more evidence of industry expansion in China.
Koenig to head RBS leveraged finance team in Germany
24/06/2002. Royal Bank of Scotland (RBS) has announced the appointment of Jochen Koenig to head up its leveraged finance team in Germany, replacing Michael Föcking who recently left the firm to join EQT Partners, the Nordic private equity firm.
AP-Fonden 6 and Danske Bank join forces in the Nordic life sciences arena
21/06/2002. AP-Fonden 6, the Swedish pension fund, and Danske Bank are joining forces to create one of the largest life sciences vehicles in the Nordic region, with around SKr2bn under management.
UK's Schroders closes fund of funds at E242m
21/06/2002. UK-based Schroders plc has announced the final closing of Schroder Private Equity Fund of Funds, a listed investment vehicle, at E242m, suggesting there is a significant demand among institutions and high net worth individuals for investment vehicles of this type.
European quarterly figures show low level of activity
20/06/2002. The first quarter of 2002 was a quiet period for European venture capital and private equity, according to new figures published by the European Private Equity and Venture Capital Association (EVCA).
US firm WR Berkeley develops private equity portfolio
20/06/2002. WR Berkeley, the US insurance holding company, is beefing-up its private equity operations with the launch of a new investment management subsidiary.
Venture capital ‘essential' to creation and growth of early-stage business, says survey
20/06/2002. The overwhelming majority of venture-backed early-stage businesses in Europe believe that they would not exist or would have developed more slowly without private equity funding, according to a report published today by the European Private Equity and Venture Capital Association (EVCA).
US firm Eastman Ventures announces new appointment
19/06/2002. Eastman Chemical Company, the US-based global chemicals manufacturer, has appointed Joel Serface, a former director of Sierra Ventures, to its venture capital group, Eastman Ventures.
Disastrous results for UK's LMS
19/06/2002. London Merchant Securities (LMS), the property development and venture capital firm, has seen its profits fall dramatically over the last year, mainly as a result of heavy write-downs on its venture capital investments.
UK's Pond Venture Partners hires new venture partner
19/06/2002. Pond Venture Partners, the UK venture capital firm, has appointed Peter van Cuylenberg as a venture partner and a member of its advisory board.
French firm Viventures considers returning cash to investors.
18/06/2002. Viventures, the French venture capital firm, could be joining the ranks of global venture capital players cutting the size of their funds.
Europe's NewMedia Spark considers ‘radical action' in light of disappointing results
18/06/2002. NewMedia Spark, the listed European venture capital firm, has suffered further write-downs and losses and is considering taking ‘radical action' to get itself back on track.
Proposed German tax changes loom closer
17/06/2002. A controversial government tax regulation threatening the development of the German private equity industry could be in force by the end of the month, a leading German law firm has warned.
Chinese venture firm launches operations in San Francisco
17/06/2002. Canton Venture Capital Company (CVCC), a $75m venture capital firm based in Guangzhou, China, has set up an office in San Francisco, positioning itself as a ‘gateway to China' for US firms looking to explore investment opportunities in the region.
New partner for Poland's Enterprise Investors
14/06/2002. Enterprise Investors, the Polish private equity firm, has announced that Tod Kersten will join the firm as a company partner from the beginning of July.
UK's Royal London expands mid-market team with new executives
14/06/2002. Royal London Private Equity (RLPE), the mid-market private equity firm formed last October by former Murray Johnstone managing director David MacLellan, has expanded its mid-market team with the appointment of three former Royal Bank Private Equity (RBPE) professionals.
Indian Venture Capital Association sets up operations in Silicon Valley
14/06/2002. The Indian Venture Capital Association (IVCA) is expanding its international presence and setting up regional operations in Silicon Valley, its first venture outside of India.
Global player Carlyle closes Asia fund at $170m
13/06/2002. The Carlyle Group, the global private equity firm, has made a final closing of its Asia fund, Carlyle Asia Venture Partners II, (CAVP II) at $170, with mostly new investors on board.
Candover closes buy-out fund at E2.7bn, exceeding target
13/06/2002. Candover, the European buy-out specialist, has made a final closing of its buy-out fund at E2.7bn, exceeding its original target size of E2.5bn.
Private equity industry poised for rapid growth, says new report
13/06/2002. The past couple of years have been difficult for the global private equity market but the industry is poised to rebound over the next few years as entrepreneurial activity booms and investors commit more to the asset class, according to a new report.
Europe's largest mezzanine fund raised by GSC Partners
12/06/2002. GSC Partners, the global private investment firm, has made a final closing of its debut European mezzanine vehicle, GSC European Mezzanine Fund, securing just over E1bn for the largest mezzanine fund yet to be raised in Europe.
Walden prepares for ‘new phase' of investing in China
12/06/2002. Walden International, the global venture capital firm, has announced the appointment of Dr Jack Gao as a general partner and managing director of its Chinese operations, in preparation for a new phase of investing in the expanding Chinese market.
Merrill Lynch drops plans for third-party healthcare fund
12/06/2002. US investment bank Merrill Lynch has abandoned the fund-raising of its $1bn private equity healthcare fund a year after its launch, despite securing capital commitments from a number of key institutions.
European biotech industry hungry for private equity, report says
11/06/2002. The European biotech industry raised a record amount of capital from private equity firms in 2001 and will remain ravenous for finance in the years ahead, according to the latest Ernst & Young biotech report.
Nordic firm Nordea falls short of target at final close
11/06/2002. Nordea Private Equity has announced the third and final closing of Nordea Thematic Fund of Funds I K/S at E208m, its debut fund of funds vehicle, with 14 Nordic institutions on board.
US venture returns show little sign of improvement
11/06/2002. Returns on US venture capital investments show little sign of a quick turnaround, according to the latest figures from the National Venture Capital Association and Venture Economics. One-year venture returns at the end of the fourth quarter of 2001 were a dismal minus 28 per cent, compared with total private equity returns for the same period of minus 19 per cent.
Global VC Atlas Ventures slashes size of fund by 12 per cent
11/06/2002. Atlas Ventures, the global venture capital player, has become the latest in a line of venture players to slash the size of its fund, more evidence of strain in the venture capital arena.
US firm Audax closes mezzanine fund above target
10/06/2002. New York-based private equity firm Audax Group has defied a difficult fundraising climate and closed its mezzanine fund, Audax Mezzanine Fund LP, at $440m.
US firm Technology Partners adjusts focus in favour of life science
10/06/2002. Technology Partners, the US early-stage venture firm, has expanded its life science team with the appointment of James Glasheen, the former managing director of CIT Venture Capital, as a partner.
New vice president for UK's GMT Communications Partners
10/06/2002. GMT Communications Partners, the European private equity firm specialising in communications investments, has announced the appointment of Jonathan Gillbanks to the position of vice president.
US venture firm Murphree closing fifth fund well below target
07/06/2002. Murphree Venture Partners, the Houston-based venture capital firm, is shortly expecting to close its fifth fund well below target at around $28m, reinforcing the mood of gloom hanging over the fund-raising arena.
3i bioscience fund struggles in choppy waters
07/06/2002. 3i's Bioscience Investment Trust has reported disappointing results for the last six months, reflecting the broader collapse in confidence in biotech public markets since the fourth quarter of last year.
US firm Lucent cashes out its pension fund private equity holdings
06/06/2002. Lucent Technologies, the US communications firm, has cashed out its pension fund holdings in 81 limited partnerships, selling out to Lexington Partners, the secondaries player.
UK's Pantheon expands operations in Europe
06/06/2002. Pantheon Ventures Limited, the global fund of funds player, is expanding its European operations with a new addition to its Brussels team and a joint venture agreement with Credit Agricole Asset Management (CAAM).
EU edges away from worrisome ‘prudent man plus' pensions plan
06/06/2002. EU finance ministers are edging away from adopting the ‘prudent man plus' pension fund rules that had so worried the private equity industry.
Canada Pension Plan broadens its European focus
06/06/2002. The Canada Pension Plan Investment Board (CPP) has made a number of additional commitments to private equity funds, including the French LBO fund managed by PAI Management.
US firm Hicks Muse names Henry Kissinger as a European adviser
05/06/2002. Henry Kissinger, a former US secretary of state, has been appointed to the European strategy board of US private equity firm Hicks, Muse, Tate & Furst. His appointment is another example of the competition among US private equity firms for big-name advisers from the ranks of the political elite.
Two new recruits for DB Capital Partners
05/06/2002. DB Capital Partners, the captive European private equity firm, has confirmed the appointment of two new partners, beefing-up the team as the firm makes its debut move into third party fund-raising.
UK venture capitalists have ‘turned the corner' after period of gloom
05/06/2002. UK venture capital players have become more optimistic about prospects for recovery and are expecting improved performance from their investments, a pick-up in deal flow and a generally more favourable economic climate, according to the latest private equity confidence survey from Deloitte & Touche.
New partner for US firm New Enterprise Associates
05/06/2002. New Enterprise Associates (NEA), the US venture capital firm, has announced that Michael G Raab has been appointed as a company partner in a move designed to expand its medical and healthcare team on the west coast.
Finland sees fundraising slump for second year running
04/06/2002. The amount raised by Finnish private equity investors took another nosedive last year, falling by 28 per cent to E412m from E570m in 2000, according to preliminary figures from the Finnish Venture Capital Association.
Chamberlain brothers quit UK tech bank Durlacher
03/06/2002. The Chamberlain brothers, who briefly turned UK brokerage Durlacher into one of the stars of the internet boom, have marked the end of one of the more striking episodes of the period with the announcement of their retirement.
Research shows a third of all European fund-raisers are first-timers
03/06/2002. More than a third of all European private equity players raising capital are first-time funds, with new players continuing to hit the fund-raising trail despite challenging conditions, according to new research from AltAssets.
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