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Asian private equity industry suffers as fundraising falls 85 per cent from 2001
31/07/2002. Asia appears to be suffering an even more extreme slowdown in private equity activity than the US and Europe, according to the latest figures from the AVCJ. Funds raised totalled just $544m in the first half of 2002, 85 per cent down from £3.9bn in the same period last year. 
US venture investment in Q2 slumps to pre-1998 levels
30/07/2002. US venture capital investment in the second quarter fell 11 per cent from the previous period to $5.7bn, the lowest level since the third quarter of 1998, according to figures from Venture Economics, the National Venture Capital Association and PricewaterhouseCoopers. The results confirm the ongoing retreat in venture investing back towards pre-bubble levels.
Switzerland-based LGT planning a new global fund of funds
30/07/2002. Swiss-based LGT Capital Partners is reportedly planning to raise a new E200m global fund of funds in the light of its success raising the recent E192m Crown Technology Ventures fund. The news suggests specialist players remain confident there is still demand for funds of funds despite the massive increase in availability over the past two years.
Spanish private equity investment drops sharply in first half of the year
29/07/2002. The value of Spanish private equity investments dropped sharply in the first half of the year to just E200m, according to new figures produced by Professor Marti Pellon of the Universidad Complutense de Madrid. Nearly E600m was invested in the same period last year, helping to make 2001 the second highest year on record for the country's private equity industry.
Duke Street's E1bn Duchess I CDO fund fully invested
29/07/2002. UK-based Duke Street Capital Debt Management (DSCDM) has fully invested its E1bn collateralised debt obligation fund despite the relative scarcity of leveraged buy-out activity in Europe over the past eighteen months.
UK's Abingworth says biotech deal flow is highest quality in history
29/07/2002. One of the leading European biotech venture capital firms has described deal flow in the sector as the ‘highest quality' in its near twenty-year history. UK-based Abingworth said its most recent fund, the $225m Bioventures III, is already more than 50 per cent invested only eight months after its final closing.
CVC closes another big deal with E665m purchase of UK retailer Halfords
26/07/2002. European buy-out giant CVC has closed yet another major deal after a period of intense activity. It has bought UK retailer Halfords for E665m from Boots PLC, which had put it up for sale as part of its strategy to focus on its core health and beauty business.
US buy-out firm KKR completes purchase of seven firms from Siemens for E1.69bn
26/07/2002. US buy-out giant Kohlberg Kravis Roberts & Co. has agreed to pay E1.69bn for seven businesses from German electronics firm Siemens after protracted negotiations. The transaction provides yet another example of the in-roads being made by major US firms into the European market.
UK Abbey National bank considering selling its private equity portfolio
26/07/2002. The UK's Abbey National bank is considering selling its sizeable private equity portfolio as part of its strategy to return to core business areas. The portfolio, reported to be worth as much as £850m, has been ring-fenced at current levels while the bank determines how best to ‘manage down the assets,' a spokesman said.
French venture firm CDC Ixis Innovation builds its life sciences team
25/07/2002. French venture firm CDC Ixis Innovation has hired two specialists to expand its life sciences investment team. Herve de Kergrohen and Gilles des Gachons, both medical doctors, both have extensive experience in the biotech sector, one of the most active areas of the venture industry at the moment.
Global M&A activity picks up slightly in Q2 but still well below year ago levels
25/07/2002. Global merger and acquisition activity recorded a modest improvement in the second quarter compared with the first quarter but remains well below year ago levels, according to Baird's latest monthly merger report.
Unigestion expands private equity team in London and Switzerland
25/07/2002. Swiss asset management firm Unigestion has expanded its private equity team with the appointment of two senior professionals in its London office and one in Geneva.
France Telecom sells TDF to private equity consortium for E1.6bn
25/07/2002. France Telecom has announced the sale of its transmission business TDF to a consortium of private equity firms for E1.6bn. Charterhouse Development Capital, CDC IXIS Equity Capital and Caisses des Depots will take a 64 per cent stake, leaving France Telecom with a 36 per cent stake in the new entity.
Charlemagne Capital targets $50m fund for Argentine distressed opportunities
24/07/2002. Specialist investment manager Charlemagne Capital is planning its first foray into Latin America by raising a $50m fund to invest in distressed opportunities in the Argentine banking and financial services sector.
US buy-out giant KKR close to Legrand purchase, eyeing Siemens assets
24/07/2002. US buy-out giant Kohlberg Kravis Roberts and French group Wendel Investissement have agreed a price with Schneider Electric for its Legrand unit.
Q2 venture investments in Israeli high tech down 23 per cent from Q1
24/07/2002. Venture investments in Israeli high tech companies totalled $291m in the second quarter, down 23 per cent from $376m in the first quarter and 43 per cent lower than in the same period last year, according to Israel Venture Capital (IVC).
More secondary buy-out activity as HgCapital buys Castlebeck Care from 3i
23/07/2002. UK venture firm 3i's sale of Castlebeck Care to HgCapital has provided yet more evidence that secondary buy-outs are almost the only liquidity opportunity available to private equity firms.
European Investment Fund appoints Carpenter as new chief executive
23/07/2002. Francis Carpenter has been appointed chief executive officer of the European Investment Fund, one of the largest investors in European venture capital funds. He will replace Walter Cernoia with effect from 1 August.
Henderson Private Capital appoints Marsden as head of infrastructure, Europe
23/07/2002. Henderson Private Capital has appointed Andrew Marsden as head of infrastructure in Europe. He will focus on transport and energy sector investment opportunities, as well as Private Finance Initiative investments.
CVC buys Spanish Iberdrola's electricity network for E577m
23/07/2002. European buy-out giant CVC Capital Partners has pulled off another major deal with the E577m purchase of the high-tension electricity network from Spanish power company Iberdrola.
US OVP Venture Partners announces final close of sixth fund on $190m
22/07/2002. US venture firm OVP Venture Partners has announced a final closing of its sixth fund on $190m.
Italian buy-out fund IF Investimenti closes on E112.5m
22/07/2002. Italian buy-out firm Industria & Finanza SGR has closed its first fund on E112.5m, ahead of its original target of E100m.
New figures show dismal Q2 activity in Europe's private equity market
22/07/2002. Europe's private equity market was dismally quiet in the second quarter of this year, according to new figures. There were just 57 buy-outs worth a paltry E5.2bn, compared with 64 deals worth E9.6bn in the first quarter.
Advent International closes $265m Latin American fund
19/07/2002. Global private equity firm Advent International has closed its Latin American Private Equity Fund II with $265m of commitments.
Private equity investments hit Natexis Banques Populaires first half results
19/07/2002. A deterioration in private equity returns hit an otherwise steady set of first half results from French investment bank and asset management firm Natexis Banques Populaires.
Asia Pacific venture capital investment plunged 73 per cent in first half
19/07/2002. Venture capital investment in the Asia Pacific region, which excludes Japan, dropped a massive 73 per cent in the first half of this year compared with the same period in 2001.
US biotech firm MedImmune launches $100m venture fund
19/07/2002. US biotech firm MedImmune is launching a $100m corporate venture fund to target biotech start-ups in its local Washington DC-neighbourhood.
US Q2 venture-backed M&A activity up slightly on quarter but well down on year
18/07/2002. Venture-backed merger and acquisition activity in the US increased marginally in the second quarter but was still well down on levels in the same period a year ago, according to new figures from VentureWire.
French PAI buys Elis from UK's BC Partners
18/07/2002. PAI Management, the reincarnation of French buy-out firm Paribas Affaires Industrielles, has announced it is buying European textile rental firm Elis from UK buy-out firm BC Partners.
UK's AMJPE appoints Andrew Glennon to Leeds office
18/07/2002. UK firm Aberdeen Murray Johnstone Private Equity (AMJPE) has appointed Andrew Glennon as a senior portfolio manager in its Leeds office.
Venture returns hurt UK local authority pension fund performances
17/07/2002. UK local authority pension funds suffered a second successive year of negative returns in the year to end March 2002 and have laid some of the blame on their venture capital investments.
US Blackstone Group raises record $6.45bn private equity fund
17/07/2002. US private equity firm The Blackstone Group has announced the final close of its latest fund at a record-breaking $6.45bn. The news provides some optimism that investors are at least still prepared to commit to proven performers.
Baring Latin America Partners announces three successful exits
17/07/2002. Exit channels may be sticky in the developed economies but there are still signs of life elsewhere in the world. Baring Latin America Partners has announced three successful exits in South America.
UK corporate venturing consultancy Greenhouse Ventures expands team
16/07/2002. Greenhouse Ventures, the UK-based corporate venturing consultancy, has expanded its team with two senior appointments. Alastair Birt and Dean Hyland have joined as associate directors, taking the headcount to ten.
Cambridge Associates reports further falls in venture and private equity returns
16/07/2002. Returns on venture capital and private equity investments continued falling in the first quarter of this year, according to the latest Cambridge Associates indices.
New research predicts biotech will continue increasing its share of venture investment
16/07/2002. Biotechnology will continue increasing its share of venture investment and firmly establish itself as one of the most vibrant sectors in the industry over the next two to three years, according to new research published today by AltAssets.
Scottish Equity Partners expands team by two
15/07/2002. Scottish Equity Partners has announced two appointments to its investment team to expand its capacity in both the technology and life sciences sectors.
Report says nanotechnology is overhyped and a long way from delivering on potential
15/07/2002. Nanotechnology, the science of the truly tiny, has been overhyped and is still a long way from delivering on its potential, according to a new piece of research produced by venture firm 3i in conjunction with the Economist Intelligence Unit and the UK-based Institute of Nanotechnology.
US Vanguard Ventures names two new general partners
15/07/2002. US early stage technology specialist Vanguard Ventures has announced two new general partners. Hugh Y Reinhoff has joined the firm as a GP and Larry Schwerin has been promoted from partner.
German bank Sal Oppenheim announces first close of its fund of funds
12/07/2002. German private bank Sal Oppenheim has made a first closing of its fund of funds Oppenheim Private Equity Holding at E60m. The firm said it was on course for a final closing at around E150m by the end of the year.
US NextGen materials venture fund announces final closing
12/07/2002. NextGen Partners have announced the final closing of their NextGen Enabling Technologies Fund with more than $55m of commitments.
US second quarter fundraising almost matched by cash hand backs
12/07/2002. The volume of US venture capital raised in the second quarter was almost matched by the amount of cash handed back to limited partners. New figures showed 30 funds raising $4.6bn in the second quarter at the same time as $3bn being returned to investors.
New appointment for UK's ProVen
11/07/2002. UK private equity firm ProVen has announced the appointment of Jeff Bocan, a former associate with Saffron Hill Ventures, to its UK investment team.
‘Burst of optimism' from UK mid-market companies
11/07/2002. UK mid-market company managers are experiencing a ‘burst of optimism' about prospects for expanding their businesses and for the UK economy, suggesting there is light at the end of the tunnel for the sector after a challenging period.
3i says private equity market conditions are improving
10/07/2002. Private equity giant 3i says there are signs that market conditions are brightening and it expects investment activity to increase over the course of the next 12 months.
Calstrs joins forces with Altius Associates
10/07/2002. The Californian State Teachers' Retirement System (Calstrs) has appointed Altius Associates, the UK-based private equity and advisory firm, as its international alternative investment advisor.
US firm Flagship Ventures expands life sciences team
10/07/2002. Flagship Ventures, the US venture capital firm, has expanded its life sciences team with the appointment of Edmund ‘Ted' Pitcher, the founding partner and former chair of the patent and intellectual property group of Testa, Hurwitz & Thibeault, LLP, as a venture partner.
New partner for US venture firm Mayfield
10/07/2002. Mayfield, the US venture capital firm, has announced the appointment of Peter Levine as a venture partner, to find and evaluate new investment opportunities in the infrastructure and enterprise software sectors.
Pantheon on track for final closing of European fund of funds
09/07/2002. Pantheon Ventures, the global fund of funds player, is on track for a final closing of its European fund of funds vehicle by the end of the year, having secured E272m of its E300m target.
US firm Harvest Partners defies fundraising doldrums
09/07/2002. Harvest Partners, the New York-based private equity firm, has overcome a difficult fundraising climate and made a successful final closing of its Harvest Partners IV fund at $558m, comfortably exceeding its original $500m target.
Tech expert and former banker set up specialist European secondary buy-out fund
09/07/2002. A technology specialist and former investment banker have set up one of Europe's first dedicated secondary buy-out funds to take advantage of post-TMT bubble opportunities.
LGT Capital Partners wins mandate from Fortis Bank
08/07/2002. LGT Capital Partners, the Switzerland-based alternative investment manager, has been appointed to manage a portfolio of private equity funds on behalf of Fortis Bank.
Sluggish UK MBO activity set to increase, says CMBOR
08/07/2002. The UK mid-market buy-out market remains sluggish but activity looks set to increase in the second half of the year, according to a new report from the Centre for Management Buy-out Research (CMBOR).
First closing for Norwegian venture firm Teknoinvest
08/07/2002. Teknoinvest, the Norwegian venture firm, has announced the first closing of its eighth fund at E60m, well on its way to a final closing of around E100m by the end of the year.
Carlyle Group cuts size of European venture fund
05/07/2002. Carlyle Group, the global private equity firm, has ended months of speculation and reduced the size of its European Venture fund by around ten per cent, from E730m to E650m, following an extensive review of the market.
IDG Ventures Europe boosts team with former Bear Stearns principal
05/07/2002. IDG Ventures Europe (IDGVE), the European venture capital firm, has expanded its team with the appointment of Anil Hansjee, a former vice president of technology investment banking at Bear Stearns, as a principal.
3i backs new vehicle to invest in outsourced financial services
04/07/2002. UK venture capital firm 3i has announced £35m funding for a new vehicle that will specialise in investing in outsourced services to the financial services sector.
Carlyle hires Greiner and Martin to reinforce European venture team
04/07/2002. Private equity giant The Carlyle Group has announced two appointments to reinforce its European venture capital team.
Partech International hires German GP to strengthen European presence
04/07/2002. Venture firm Partech International has hired a German general partner, Helmut Schon, to strengthen its European presence.
Israeli VC BRM Capital to return $100m to LPs
04/07/2002. BRM Capital, an Israeli-focused venture firm, has joined the growing list of groups returning capital to limited partners in the face of a deteriorating investment climate.
JP Morgan Partners expands global investment team
03/07/2002. JP Morgan Partners, the private equity arm of JP Morgan Chase & Co, has expanded its global investment team with the appointment of two new partners and a managing director.
Investcorp hires Kessel to build presence in German private equity market
03/07/2002. Investcorp, the global investment group, has hired German industry specialist Stephen Kessel to build its presence in the local private equity market and to manage some of the group's European portfolio investments.
Rise in UK secondary buy-outs highlights scarcity of exit routes
03/07/2002. A marked increase in the number of UK secondary buy-outs in the first six months of the year has highlighted the scarcity of exit routes for private equity firms.
Danish venture firm 2M lays off all employees as talks collapse
02/07/2002. 2M Invest, the distressed Danish venture capital firm, is to lay off all its employees as negotiations for additional finance break down, and has severed ties with a potential strategic partner.
New partner for Henderson Private Capital's Munich team
02/07/2002. Henderson Private Capital, the private equity arm of Henderson Global Investors, has appointed Walter Moldan as a partner in its European private equity team.
UK's KPMG launches new private equity group
02/07/2002. UK-based KPMG, the global professional services firm, has launched a new private equity group, combining its full range of professional services into one team.
Yell adds to exit gloom by pulling IPO plans
01/07/2002. UK-based directories business Yell has added to the encircling gloom about exits for private equity firms by dropping its plans for an initial public offering.
US VC-backed liquidity enjoys minor recovery in Q2
01/07/2002. US private equity and venture capital firms enjoyed a minor improvement in liquidity in the second quarter, albeit hardly anything worthy of celebration.
Private equity involvement in European M&A market set to increase
01/07/2002. Private equity firms are poised to beef up their contribution to European M&A deals over the next six months, especially in the mid-market, according to a new survey.
US venture capital funding falls further in Q2
01/07/2002. The amount invested in US private companies fell to $5.1bn in the second quarter of 2002, a decline of 18 per cent on $6.2bn invested in the first quarter, according to new figures. The findings provide yet more bad news for the beleaguered venture capital industry.
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