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Swedish pension fund AP2 makes its first investments in private equity
30/08/2002. AP2, the second Swedish national pension fund, has taken the first step in its commitment to private equity, with investments in funds run by EQT and Swedestart. 
US private equity firms make the running in auction for Vivendi publishing arm
30/08/2002. US private equity firms Blackstone and Thomas H Lee are reported to be leading the bidding in the auction of Houghton Mifflin, the US-based publishing arm of Vivendi Universal. The deal is estimated to be worth up to $2bn.
European buy-out firm West PE picks up Southern Cross Healthcare
30/08/2002. European buy-out firm West Private Equity has announced its acquisition of Southern Cross Healthcare for £45m, as well as a refinancing of £35m of debt financing.
City of Zurich Pension Fund increases private equity allocation to five per cent
30/08/2002. The City of Zurich Pension Fund, one of the largest public sector pension schemes in Switzerland, has announced plans to increase its private equity allocation to five per cent from the present level of 2.5 per cent.
US venture fundraising creeps higher in Q2 but valuations drop to 1995 levels
29/08/2002. US venture capital firms reported an increase in fundraising in the second quarter for the first time in more than a year but the total remains down at levels not seen since 1996, according to figures from VentureOne. Valuations for venture-backed companies have also slumped to 1995 levels.
UK's Railpen to strengthen commitment to private equity
29/08/2002. The Railways Pension Scheme, one of the largest pension funds in the UK, is set to increase substantially its allocation to private equity. Its decision, following a handful of other major institutions in recent months, represents a strong endorsement for the asset class after a period of disappointing short-term performance.
UK's Sovereign Capital appoints new assistant director
29/08/2002. UK buy-out firm Sovereign Capital has appointed Dominic Dalli as an assistant director. Dalli joins from Deloitte & Touche Corporate Finance.
Goldman Sachs hires Clive Norton for European fund of funds team
28/08/2002. Goldman Sachs Asset Management has hired placement specialist Clive Norton for its European fund of funds team. Norton joins from Merrill Lynch's private equity group, where he was managing director with responsibility for fundraising from the Middle East and Europe.
Sweden's AP3 to increase commitment to private equity by E135m
28/08/2002. The enthusiasm for private equity among Scandinavian institutions has been further reinforced by the decision of Sweden's third national pension fund to increase its allocation to the asset class. AP3 is reported to be planning to up its allocation by E135m to E210m.
Calpers reports losses of 7.8 per cent on private equity portfolio
28/08/2002. Calpers, the giant California Public Employees' Retirement System, has reported losses of 7.8 per cent for private equity investments in the year ending 30 June. The value of the fund as a whole fell by 5.9 per cent to $143.4bn, the lowest for four years.
New Greenhouse Ventures sister company appoints CEO
27/08/2002. DSG Venture Consulting, a new sister company of Greenhouse Ventures, has appointed Alex Pegley as CEO in the run-up to becoming FSA-regulated.
Nordea replaces chief executive after big fall in profits
27/08/2002. Nordea, the largest bank in the Nordic region and a major private equity investor, has replaced chief executive Thorleif Krarup just days after announcing a big fall in profits.
HSBC reaches MBO agreement of £50m for private equity business
27/08/2002. HSBC has reached a theoretical agreement with the 26 executives of its private equity arm to sell the business to them for over £50m in the next few months.
Venture capitalists optimistic despite economic outlook
27/08/2002. Private equity professionals are confident that deal flow will improve over the next six months despite widespread expectations that the economic outlook is set to deteriorate further, according to a private equity confidence survey by Deloitte & Touche today.
Calpers names Robert Walton as interim chief executive
23/08/2002. The California Public Employees' Retirement System, one of the world's largest investors in private equity, has named Robert Walton as interim chief executive while it looks for a permanent appointee.
Germany's Allianz adds to private equity team
23/08/2002. Allianz Private Equity Partners, the private equity arm of Allianz AG, has appointed Marc Thiery to be managing director. He joins from Morgan Stanley Private Equity.
US HealthCare Ventures to raise new $350m biopharmaceutical fund
23/08/2002. HealthCare Ventures is to raise its seventh fund with a target of $350m. The firm expects an initial close at the end of September, when it hopes to have commitments of around $200m, and will only invest in the biopharmaceuticals sector.
Deloitte appoints Martin Kitcatt to run private equity division
22/08/2002. Global consultancy and accountancy firm Deloitte & Touche has appointed Martin Kitcatt as head of private equity. The appointment follows Deloitte's acquisition of Arthur Andersen UK in April.
Venture investment in Europe drops by almost half in H1 2002
22/08/2002. European venture capital investment in the first half of the year dropped 46 per cent from the second half of 2001 to just E2.4bn, according to a survey by Ernst & Young and VentureOne.
Blackstone Partners teams with Liberty Media to bid for Deutsche's cable TV arm
21/08/2002. US firms Blackstone Partners, Liberty Media and Apollo are to link up to bid for struggling Deutsche Telekom's cable TV business, according to the Financial Times. The consortium is the only one of the six on the shortlist to include a media group.
US private equity fundraising climate set to worsen further with Saudi pull-out
21/08/2002. US private equity firms look set to suffer a further deterioration in an already difficult fundraising climate in the light of massive withdrawals of capital by Saudi investors. Estimates suggest as much as $200bn has been pulled out of the US in recent months by Saudis angered at the way their country has been vilified since September 11.
US Birchmere Ventures raises $50m biotech fund
21/08/2002. The raging fashion for biotech investment has reached Pittsburgh, USA. Birchmere Ventures is to raise a new biotech fund with a target of $50m and has hired a biotech executive, Bernard Cambou, to manage the BioVentures LP fund.
Canada's Ventures West further strengthens biotech team
21/08/2002. Ventures West has announced that Dr Michael Albin is to join the company as entrepreneur-in-residence. The firm joins a growing number of private equity companies hiring biotech executives to strengthen deal flow in an increasingly exciting sector and improve their contacts in the industry.
US GE Capital boosts its European team
20/08/2002. GE Commercial Finance, part of GE Capital, is strengthening its team at GE European Leveraged Finance with the appointment of Miles Alexander as a director and James Inglis as an associate director in the London office.
US consortium agrees $7bn purchase of Qwest directories business
20/08/2002. US buy-out groups The Carlyle Group and Welsh Carson Anderson & Stowe have agreed the purchase of telecoms firm Qwest's directories business, bringing to an end a protracted auction process. At $7.05bn the deal is one of the largest private equity transactions of all time.
US Clayton, Dubilier & Rice adds to European team
19/08/2002. US buy-out firm Clayton, Dubilier & Rice has hired Oliver Cognet to strengthen its European operations team in London. Cognet was formerly the director of strategic business development at Cisco Systems' European office.
US Delta launches $100m fund for Russia
16/08/2002. Delta Capital is to launch its first private equity fund in Russia with an initial target of $100m. The firm hopes to hold an initial closing for its targeted $100m fund at the end of the year. Delta already manages the US government-backed US Russia Investment Fund, but this is its first independent venture into the Russian private equity market.
Sharp decline in funding for European technology venture capital in 2002
15/08/2002. Venture investment in the European technology sector looks set to fall well short of the totals recorded for the past couple of years, according to Tornado-Insider Data Research. Some E3.6bn was invested in technology companies in the first half of 2002, a significant drop from E11.5bn in all of 2001.
Finland's BioFund makes third investment in North America
14/08/2002. BioFund Management Ltd, Finland's largest biotech-focused venture firm, has further established itself as one of the most active European life sciences venture firms in North America with the announcement of its third investment in the region. It has committed CAN$3m to Galileo Genomics, a population genetics company based in Canada.
UBS Capital reports E355m loss for second quarter
14/08/2002. The private equity arm of Swiss bank UBS has reported further bad news this quarter, with pre-tax losses amounting to E355m compared with losses of E316m in the first quarter. UBS Warburg blamed the ‘disappointing' losses on deteriorating valuations and a shortage of viable exit opportunities.
New US life sciences fund to target Mid-Atlantic region
14/08/2002. Quaker BioVentures is hoping to raise up to $300m for its debut fund with an initial closing in mid-September. The firm will focus on life sciences investment opportunities in the Mid-Atlantic region, from New York to North Carolina.
Sweden's Nordea strengthens fund-of-funds team
14/08/2002. Nordea Private Equity, the private equity arm of Sweden's Nordea Investment Management, has announced that Kim Pedersen is to join the firm as a partner of the fund-of funds business. Pedersen joins from Washington State Investment Board.
Germany's T-Venture to restructure activities in line with parent
13/08/2002. Deutsche Telekom is to restructure its venture arm to focus on creating opportunities for technological development in Deutsche's four strategic divisions, T-Mobile, T-Online, T-Com and T-Systems. It has also announced the appointment of Klaus Radermacher, former CEO of T-System's Multimedia Solutions as Chief Technology Officer to lead the strategy.
Canadian venture capital industry suffers 69 per cent slide
13/08/2002. Signs of the first major contraction in the Canadian venture industry since the market slowdown began in 2000 are now unmistakeable, according to a report produced by the Canadian Venture Capital Association and Macdonald & Associates. Venture firms invested $426m in Q2, a 69 per cent fall from the $1.3bn invested in the same period last year.
Belgian technology fund closes operations in US
12/08/2002. Belgian venture firm FLV has announced that its US arm is to stop all activity and to begin liquidation procedures as part of a cost-cutting exercise. The struggling company posted a loss of E11.5 for the second quarter of 2002 and its market value has fallen by 17 per cent.
Jerusalem Venture Partners strengthens software and communications team
12/08/2002. Israeli venture firm Jerusalem Venture Partners announced the appointment of two new general partners who will focus on deal sourcing in European and US software opportunities. Laurel Bowden is to be promoted from principal to general partner and Michael Carus is currently the firm's COO.
Ford to sell ‘non-core asset' Kwik-Fit to CVC Capital Partners for £330m
12/08/2002. Ford Motor Company has announced that European buy-out giant CVC Capital Partners is to pay £330m for its maintenance and light repair business Kwik-Fit. Ford bought Kwik-Fit in 1999 for around £1bn. It will retain a 19 per cent equity interest in the business and will take on an after-tax charge of £325m related to the charge.
BA Venture Partners expands its biotech team
09/08/2002. BA Venture Partners, the venture arm of Bank of America, has announced three new team members, two of whom will focus solely on biotech opportunities. Nicola Campbell joins as a biotech principal and Grant Dollens will be a biotech associate. John Cherniavsky joins as a software associate.
Germany's private equity investment in H1 2002 down 29 per cent on last year
09/08/2002. German private equity investment in the first half of 2002 fell by 29 per cent to E1.2bn, compared to E1.7bn in the same period last year, according to figures released by the German Private Equity Association BVK. The figures will disappoint those expecting an acceleration in German private equity activity following tax reforms that came into effect on 1 January 2002.
UK's Barclays Private Equity backs £35m buy-out of healthcare company
09/08/2002. Barclays Private Equity has backed a £35m management buy-out of UK residential healthcare business CareTech Community Services. It will acquire a 40 per cent stake in the business, replacing some of the existing shareholders including 3i.
Warburg Pincus appoints new managing director
08/08/2002. US buy-out giant Warburg Pincus & Co has appointed Mimi Wolfe Strouse to serve as a partner in the business technology and services group. Strouse was previously a principal at General Atlantic Partners.
Calpers investment officer predicts a major venture firm shakeout
08/08/2002. Senior investment officer Rick Hayes, who oversees the California Public Employees' Retirement System's giant $20bn alternative investment portfolio, has forecast a major shakeout in the US venture capital industry as firms adjust the new realities of supply and demand for capital.
US venture returns continue to disappoint in Q1 2002
08/08/2002. Short-term returns of US private equity investments are still deeply in the red, according to figures released by the NVCA and Venture Economics today. One-year private equity returns measured minus 14.6 per cent in the first quarter of this year, a modest improvement on minus 19 per cent recorded in Q4 2001.
Canadian pension fund invests E150m in Terra Firma, Guy Hands' private equity firm
07/08/2002. Terra Firma is currently raising its first fund, after investment supremo Guy Hands set up the company at the end of 2001. Terra Firma Capital Partners, a buy-out fund, has a target of E3bn. Canada's national pension fund, CPP, has announced that it will commit E150m to Terra Firma.
US VC capital returns to LPs outstrip fundraising in second quarter
07/08/2002. US venture capital firms set an unwelcome record in Q2 by handing back more capital than they raised, according to new figures released by the NVCA and Venture Economics.
Finland's CapMan profits for first half of 2002 fall by more than 90 per cent
07/08/2002. Finnish private equity group CapMan Plc Group announced this week that profits totalled E2.3m from 1 January to 30 June 2002, a major drop from the E28.5m profit made in the same period last year.
US VC funds join with medical devices firm to form accelerator named Vesalius Ventures
06/08/2002. US groups Vanguard Ventures Inc. and Fremont Ventures have teamed up with Guidant Corporation, one of the world's most prominent makers of cardiovascular devices, to form a new venture entity called Vesalius Ventures.
Global IPO volume and deal count falls in 2002
06/08/2002. Private equity firms will not be surprised to learn that exit opportunities remain limited in the current uncertain climate. Global IPO volume fell to $32.2bn in the first half of 2002, 36 per cent down on 2001, and global IPO deal count is also down 13 per cent, a report by Dealogic has shown.
Canada's CIBC picks up Accenture's venture portfolio
06/08/2002. The Canadian Imperial Bank of Commerce's investment and merchant banking arm, CIBC World Markets, has announced today its acquisition of Accenture's venture and investment portfolio for an undisclosed sum. Accenture will retain a five per cent stake in the portfolio.
Scotland's Pentech VC fund predicts final closing well above target
06/08/2002. Penta Capital's early-stage venture capital fund, Pentech VC, plans to have a final closing at the end of September. The firm already has commitments of £17m, expects to raise at least £20m and hopes to reach £25m. It is great news for the Aberdeen-based software fund, whose original target was £15m when it started raising at the end of 2000. Its first closing was in July 2001.
France's PAI Europe Fund III closes above target with E1.8bn
06/08/2002. PAI Management, the spin-off of the private equity arm of French giant BNP Paribas, has closed its new private equity fund with E1.8bn of total commitments. The original target for PAI Europe III was E1.25bn, despite the difficult environment. The fund will be focusing on medium and large-sized leveraged buy-outs in Europe.
Saatchi brothers launch SAATCHiNVEST to acquire under-utilised brands
05/08/2002. Advertising supremos Maurice and Charles Saatchi have launched a new enterprise this week to acquire under-exploited brands. SAATCHiNVEST's first investment project is a joint venture with Heinz to acquire the Complan and Casilan brands in Europe and the Americas, and the company is actively researching similar opportunities.
Bridgepoint Capital agrees E120m buy-out of Italian firm Caffaro
05/08/2002. Pan-European private equity firm Bridgepoint Capital has acquired Italian packaging company Caffaro Flexible Packaging for E120m. It is Bridgepoint's fourth investment from its Second European Private Equity Fund, which closed in May 2002 at just over E2bn.
Charterhouse raises E1.4bn at first closing
05/08/2002. Charterhouse Development Capital, the well-established UK buy-out house, has raised E1.4bn for its seventh fund at first closing. The news provides further evidence that large, brand-name buy-out firms are having a better time of fundraising than most private equity firms.
US's Questor leads buy-out of Fiat's aluminium components arm for E460m
05/08/2002. A consortium of European and US private equity firms have agreed to pay debt-burdened Italian industrial conglomerate Fiat E460m in cash and assumed debt for its metallurgical components unit Teksid.
ABN Amro Capital leads £150m MBO of ferry operator Commodore Group
02/08/2002. ABN Amro Capital, the private equity arm of Dutch bank ABN Amro, has backed the management buy-out of a ferry company worth around £150m, it announced today.
Weakness of biotech public markets in sharp contrast to venture activity
02/08/2002. Sentiment in biotech public markets remains starkly decoupled from the mood among venture capital firms in the sector and there is little prospect of a short-term turnaround, according to Steven Burrill, CEO of US life sciences merchant bank Burrill and Company. The fundamentals of the industry, however, are growing stronger by the day and the upside potential for investors is excellent, he says.
UK Matrix Private Equity's Enterprise Fund closes at a disappointing £1.5m
01/08/2002. The attractiveness of UK Equity Investment Scheme funds is still unproven on the evidence of the announcement that Matrix Private Equity's Enterprise Fund has closed at just £1.5m, well short of its original target of £5m.
Private equity firms line up for Deutsche Telekom cable arm
01/08/2002. A string of big name private equity firms are lining up to bid for Deutsche Telekom's television cable network. The debt-burdened telecoms firm is reported to have received indicative bids of between E2bn and E3bn, well down on Liberty Media's E5.5bn bid earlier this year.
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