|
UK IPO market plunges to all-time low in third quarter
30/09/2002. The UK IPO market fell to a record low in the third quarter of 2002 in which five flotations raised just £385m, according to figures released by KPMG. Three of those flotations were of investment trusts. 
Downshift in R&D spending adds to gloom in Silicon Valley
30/09/2002. Even big US technology companies have now begun to slash their research and development spending, providing the most dispiriting signal to date of the severity of the tech market downturn.
Large deals help power third quarter jump in UK buy-out market
30/09/2002. A big pick up in the number of large management buy-outs helped propel a major recovery in the UK market in the third quarter, according to new figures from the Centre for Management Buy-out Research (CMBOR.) The value of deals in the latest period rose nearly 50 per cent on the second quarter to £5.6bn, the highest figure since the second quarter of 2001.
Jump in large buy-outs fuels 39 per cent rise in Q2 European private equity investment
30/09/2002. A jump in the value of large buy-out deals helped push up private equity investment in Europe in the second quarter of 2002, according to figures released by the EVCA. The total amount invested in the second quarter rose 39 per cent to E5bn on the preceding period, mainly due to a 75 per cent increase in the value of buy-outs.
Carlyle Group to buy Rexnord Corporation from Invensys plc for $880m
30/09/2002. Global private equity firm Carlyle Group is to buy Rexnord Corporation, a power-transmission business, from UK engineering company Invensys plc for $880m.
US firm Sofinnova Ventures on track with first close of SVP VI at $100m
27/09/2002. San Francisco-based Sofinnova Ventures has announced the first close of its latest fund, Sofinnova Venture Partners VI, with $100m of committed capital.
Germany's Global Life Science Ventures announces final closing at E143m
27/09/2002. Germany's Global Life Science Ventures, a venture firm dedicated to life sciences, has announced the final closing of its second fund at E143m. The firm has been fundraising since March 2001.
Dutch NIB Capital chooses Grove Street to source US venture fund investments
27/09/2002. NIB Capital Private Equity, one of Europe's largest institutional investors, has agreed to use US firm Grove Street Advisers to help source its US venture fund investments.
German Neuer Markt to close by end of 2003
26/09/2002. The Neuer Markt, Germany's stock market for new technology companies and high growth companies, is to close by the end of 2003 at the latest, after losing nearly all of its value.
US Saints Capital acquires portfolio of 13 direct investments
26/09/2002. San Francisco-based Saints Capital, a merchant venture firm that acquires investment portfolios from corporate venture arms, has announced the acquisition of a portfolio of direct investments in 13 companies.
Atlas Venture announces new member of life sciences investment team
26/09/2002. Atlas Venture, an early-stage UK/US venture capital firm, is to hire Dr Timothy Wilson as principal in the firm's life sciences investment practice. Wilson was previously at Bear Stearns International.
France's Vivendi increases sales target from E10bn to E12bn
26/09/2002. French media giant Vivendi Universal has increased its sales targets for the disposal of non-core assets over the next 18 months from E10bn to E12bn.
Commerzbank Securities strengthens financial sponsors group
25/09/2002. Commerzbank Securities has announced it has hired Michael Johnson to join its recently formed European financial sponsors group.
Bay City Capital LLC and Versant Ventures back new early-stage life sciences fund
25/09/2002. US merchant bank Bay City Capital and healthcare-focused venture capital firm Versant Ventures have teamed up to finance 5AM Ventures, a $25m fund which will focus on investing in seed and early-stage life science companies.
Study shows UK family-owned firms see private equity as last resort
25/09/2002. Family-owned firms in the UK are five times less likely than other private companies to turn to private equity in their need for capital, according to a study conducted by Manchester Business School.
Biotech company LipoScience dashes hopes of end to IPO drought with postponement
25/09/2002. North Carolina-based biotech company LipoScience has postponed its initial public offering, disappointing hopes that there might at last be an end to the US IPO drought.
Report says European venture capital investment activity picking up in September
24/09/2002. There are tentative signs that European venture capital investment may have been gathering pace in the first two weeks of September after a pronounced slowdown in August, according to figures from Dutch financial research firm Windmill Reports.
3i says fundraising for its E3bn European mid-market buy-out fund is going well
24/09/2002. 3i has announced that efforts to raise funds for its E3bn mid-market buy-out fund, which was launched in May 2002, are going well and that it anticipates a first close before March 2003.
UK's Catalyst launches second financial services fund with £70m target
23/09/2002. London-based Catalyst Fund Management has announced the launch of EFSVF II. The firm hopes to raise up to £70m and to invest solely in opportunities in the financial services sector.
Mitsubishi Corporation becomes sixth firm to join Chrysalix Energy LP
23/09/2002. Mitsubishi Corporation is to join the consortium of firms behind private equity joint venture Chrysalix Energy Limited Partnership.
UK's Standard Life Investments announces first close of new fund of funds at E639m
23/09/2002. Standard Life Investments, one of the UK's largest investment houses, has announced a first close of its latest fund of funds vehicle, European Strategic Partners II.
US Calpers pension fund names Buenrostro CEO
20/09/2002. The California Public Employees' Retirement System, one of the largest pension funds in the world and a major backer of private equity, has announced that its long-time board member Fred Buenrostro is to become its chief executive.
US venture firm Alta Partners planning to raise two new funds
20/09/2002. US venture firm Alta Partners is reportedly planning to raise two new funds with a combined total of $500m. Alta California IV and Alta BioPharma III will be aiming for equal shares of the total and are targeting closes next year.
US companies financed during the boom era more likely to fail than their predecessors
19/09/2002. US companies backed by venture capitalists during the white heat of the dot.com boom have a higher failure rate than their predecessors, according to figures from VentureOne. Some 22 per cent of companies that first received venture financing in 1999 have now gone out of business, compared to 15 per cent of those that received financing from 1992-1998, the figures showed.
Canadian teachers' pension plan to become major sponsor in US-based mezzanine fund
19/09/2002. Ontario's Teachers' Merchant Bank, the private equity arm of the Ontario Teachers' Pension Plan, is to invest $250m in York Street Mezzanine Partners.
EVCA confirms decline in corporate venturing activity during 2001
19/09/2002. Direct investment by corporate venturing teams dropped by almost 50 per cent to E544m from E1bn in 2000, according to figures released by the EVCA.
Nordic HealthCap announces final close of its fourth biotech fund at $322m
19/09/2002. Nordic-focused venture firm HealthCap has announced the final close of its multi-stage venture capital fund, HealthCap IV, with committed capital of SEK3bn or $322m.
Access Capital Partners closes second European fund of funds at E277m
18/09/2002. France's Access Capital Partners has announced the closing of its second fund of funds just below its original target of E300m on E277m. The fund of funds was split into two compartments, with investors being given a choice of investing either in tech venture funds or mid-market buy-out funds.
Switzerland's HBM Bioventures to launch second biotech fund with target of E200m
18/09/2002. HBM Bioventures will begin raising capital ‘seriously' next week for HBM Bioventures II to take advantage of the high level of investor interest in the biotech sector at the moment, according to a spokesman for the firm.
UK's Interregnum to write down the value of its portfolio by 80 per cent
18/09/2002. London-based Interregnum, an early-stage tech investor, has knocked 80 per cent off the value of its portfolio to £3m from £15m. It blamed the massive write-down on an inability to raise follow-on financing for some of its investees and on the enduring weakness of the tech sector.
CDC Ixis reports net profits in H1 2002 down 27 per cent
17/09/2002. CDC Ixis, the investment banking arm of France's Caisse des Depots, reported net profits of E173m in the first half of 2002, down almost 27 per cent on the same period last year. The fall in profits was due to write-downs on the firm's private equity portfolio of around E100m.
HealthCap and TVM lead E20m second round of financing for France's Neuro3d
17/09/2002. Sweden's HealthCap and Germany's TVM have led a second round of financing totalling E20m for biopharmaceutical company Neuro3d. Sofinnova Partners and Apax Partners, who led the first round in 2000, also participated.
Flagship Ventures strengthens life sciences team
17/09/2002. US-based Flagship Ventures has announced the hiring of Muzammil Mansuri as a venture partner and executive-in-residence. Mansuri joins from GPC Biotech where he was executive vice president. He has held senior level positions in various different companies including Bristol Myers Squibb, where he spent ten years.
French early-stage investment activity falls to E254m in H1 2002
17/09/2002. French venture capital firms invested just E254m in early-stage technology companies in the first half of this year, a fall of 17 per cent, according to figures released by French private placement and mergers and acquisitions boutique L'Indicateur Chausson Finance.
Bridgepoint sells Jessops to ABN Amro for £116m
16/09/2002. European mid-market specialist Bridgepoint Capital has sold UK-based camera and photographic accessories business Jessops to ABN Amro for £116m.
More than $180bn still uninvested as private equity investment falls by half in 2001
16/09/2002. The global private equity industry now boasts a capital overhang – uninvested funds – of more than $180bn, according to the latest figures from 3i and PricewaterhouseCoopers.
Pantheon Ventures buys controlling stake in US tech venture firm for $11m
16/09/2002. UK-based Pantheon Ventures has made a significant secondary purchase in the acquisition of Quantum Technology Ventures from US' Quantum Corporation for $11m. QTV focuses on early-stage tech opportunities and the portfolio currently has investments in 18 companies.
US buy-out firm The Riverside Company strengthens team
16/09/2002. US-based buy-out firm The Riverside Company has announced that it is to add six new members to its team, an indication that the buy-out environment remains relatively buoyant compared to other sectors.
French private equity firm PAI continues its food business consolidation strategy
13/09/2002. French private equity giant PAI has pushed further ahead with its interest in food sector consolidation with the acquisition by its portfolio company Panzani, a pasta sauce specialist, of its rival Lustucru.
US' Thomas H Lee and JP Morgan Partners buy Vivendi's waterworks division
13/09/2002. Thomas H Lee is once again involved in distressed corporate Vivendi's massive divestment programme, this time pairing up with JP Morgan Partners to acquire the waterworks distribution business of USFilter, a Vivendi Environnement company.
Siparex Croissance reports ‘satisfactory' H1 2002 results
13/09/2002. France's Siparex Croissance, part of the French private equity group Sigefi, has announced an eight per cent fall in the value of its assets per share in the first half of this year compared with the second half of last year. The firm described the results as ‘satisfactory'.
Spanish Grupo Rodania to raise wireless venture fund
13/09/2002. Grupo Rodania has announced that it is an advanced stage in raising a E45m venture fund which will focus solely on the wireless sector. Grupo Rodania has already received a commitment from the European Investment Fund in Luxembourg to invest E15m, and hopes to hold a final closing before the end of 2002.
Natexis Banques Populaires' private equity results for H1 02 fall 76 per cent on year
12/09/2002. Natexis Banques Populaires has announced disappointing results for its private equity investments, which are down 76 per cent on the same period last year and down 34 per cent on the second half of 2001.
Korean steel-maker launches biotechnology venture fund
12/09/2002. South-Korean-based Posco has announced its launch of Posco Bio Ventures LP, which will be based in the US. The company is the world's second largest steel maker but is keen to emphasise its commitment to the biotech field.
3i announces changes to European management team
12/09/2002. Pan-European venture firm 3i has announced changes to its management team following the retirement of executive directors Richard Summers and Peter Williams.
Report predicts European private equity investing in biotech to hold firm in 2002
11/09/2002. Private equity investment in the European biotech sector this year is on course to match the levels recorded in the previous two years, reinforcing its strong appeal in an otherwise sombre venture capital climate, according to a new report from Deloitte & Touche.
Mitsubishi launches North American buy-out firm
11/09/2002. Mitsubishi Corporation has announced that it is to launch a new $150m buy-out firm, Red Diamond Capital. The firm will be run by Bret E Russell, former managing director of Saratoga Partners.
Intel exec warns of long-term problems if start-up companies are not funded now
11/09/2002. Intel Capital executive vice-president Les Vadasz has warned of the threat to innovation caused by venture capital firms' reluctance to funds start-ups in the present economic climate. Intel is the world's largest venture capital investor.
US Kohlberg Kravis Roberts & Co negotiates for Canadian directories business
11/09/2002. Private equity giant Kohlberg Kravis Roberts & Co is reported to be in exclusive talks with Canadian telecoms company BCE to acquire its telephone directories business. The deal may be valued at as much as $3bn.
French venture firm Siparex acquires majority share of rival Sud Partners
10/09/2002. Siparex Ventures, the early-stage venture division of French private equity group Sigefi, has announced six new investments, including the acquisition of rival Sud Partners.
Survey shows Japanese private equity performance deteriorating with age
10/09/2002. Returns on Japanese private equity performance over the past ten years have deteriorated with age, marking a complete contrast with the pattern of private equity performance in the US and Europe, according to new figures from Thomson Venture Economics.
US venture firms remain upbeat despite gloomy predictions for the economy
10/09/2002. US venture capitalists may be gloomy about the prospects for the general economy but they have nonetheless grown more confident about the exit environment.
Canadian Ventures West strengthens telecoms team
10/09/2002. Ottawa-based venture firm Ventures West has announced that it is to strengthen its telecommunications team with the appointment of Rod Anderson as entrepreneur in residence.
UK's Enfield council to invest up to six per cent of assets in private equity
09/09/2002. Enfield council pension fund is reportedly to invest up to £20m of its assets in a private equity fund of funds. The fund is worth £300m altogether.
Candover Investments announces five per cent decrease in net assets for H1 2002
09/09/2002. European buy-out specialist Candover Investments has announced that despite a ‘successful' six months, the firm's net assets per share have dropped by almost five per cent.
Merlin Biosciences announces first close of third fund at E93m
09/09/2002. London-based Merlin Biosciences has announced a successful first close at E93m of their third biotech fund, Biosciences Fund III, and has additional firm commitments to take the total to more than E125m.
UK-based Gresham to spin out of Zurich Financial Services Group
09/09/2002. Mid-market-focused Gresham has announced that it is to spin out of Zurich Financial Services Group and become an independent private equity firm. Zurich will commit £265m to the new firm.
Schroder Ventures announces first closing of E55m for Japanese buy-out fund
06/09/2002. UK-based Schroder Ventures has gained E55m of commitments for its Japanese buy-out fund, and is to launch another Japanese fund aimed at international investors.
Richard Bowley leaves Pantheon Ventures after 16 years
06/09/2002. Richard Bowley has left international fund of funds manager Pantheon Ventures after 16 years with the firm. He was chief executive officer and first joined Pantheon in 1986.
Duke Street Capital acquires Invicta Leisure from RIT Capital Partners for £140m
06/09/2002. European buy-out specialist Duke Street Capital has announced that it is to acquire Invicta Leisure from RIT Capital Partners, Electra Investment Trust plc and management in a deal worth £140m.
Carlyle to launch new mega-fund targeting European buy-outs
06/09/2002. Carlyle Group is reportedly planning to strengthen its commitment to the European buy-out market with the launch of a new E3bn European fund.
Finama Private Equity set to reach target of E100m on first direct investment fund
05/09/2002. Finama Private Equity, the buy-out arm of French insurer Groupama, is reportedly confident that it will soon reach its target of E100m for its first direct investment fund.
SVIIT records net asset gains of 1.5 per cent for year ending 30 June 2002
05/09/2002. Schroder Ventures International Investment Trust plc has posted healthy results for the latest year against a private equity backdrop of write-downs and plummeting returns.
US Blue Point Capital Partners holds final close of $415m for its first buy-out fund
05/09/2002. Blue Point Capital Partners, which spun out from KeyCorp in 2000, is reported to have closed its first buy-out fund after two years of fundraising. Commitments include $55m from KeyCorp itself, as well as Citigroup and Credit Suisse First Boston.
Deutsche Bank to sell up to 60 per cent of its E5.6bn private equity portfolio
05/09/2002. Deutsche Bank is reportedly looking for buyers for its private equity portfolio and has held talks with the division's management team about a possible buy-out. The sale in its entirety, or even in smaller chunks, would be one of the largest ever secondary opportunities.
MPM sets cap for biotech fund at $900m
04/09/2002. MPM Capital has reportedly set a cap for Bioventures III of $900m, meaning the firm is on course to raise one of the largest ever biotech-focused funds.
Benchmark Capital hires new general partner for Europe
04/09/2002. Benchmark Capital, a US-based early-stage technology venture firm, has appointed Mark Evans as a general partner in the London office.
EVCA's new chairman stresses ‘testing times' for European private equity market
04/09/2002. EVCA's newly elected chairman Max Burger-Calderon has warned that the weak economic environment and low consumer confidence are making life difficult for private equity practitioners.
General Atlantic Partners invests $100m in Indian IT company
03/09/2002. US-based private equity firm General Atlantic Partners is to make a significant investment in Patni Computer Systems, an IT company based in Bombay.
3i survey says European business confidence has plummeted in the last three months
03/09/2002. Confidence among venture-backed companies fell at the sharpest rate for five years in the latest quarter, according to the latest 3i European barometer.
Switzerland-based SAM Private Equity boosts investment management team
03/09/2002. Sustainable Asset Management has announced that Bruno Derungs, previously managing director of A&A Venture, is to join the investment management team.
US' EuclidSR leads £29.5m investment in UK-based KuDOS Pharmaceuticals
03/09/2002. EuclidSR Partners, the corporate venturing arm of GlaxoSmithKline, has led an international syndicate of private equity firms including Johnson & Johnson Development Corporation, Advent Venture Partners and 3i investing £29.5m in Cambridge-based biotech company KuDOS Pharmaceuticals.
Granville Baird Capital Partners expands investment team
02/09/2002. Granville Baird Capital Partners has announced the appointment of two new members of its team.
Geneva-based Leman Capital holds first closing of BVP Europe II at E150m
02/09/2002. Leman Capital has held a first closing of its second buy-out fund, BVP Europe II at E150m, putting it well on its way to hitting a target of around E500m.
Nordic firms Finvest and Sampo combine private equity interests to become Amanda Capital
02/09/2002. Finvest and Sampo have announced that they are to combine their private equity fund management activities to establish one of the largest private equity fund of funds entities in the Nordic region.
UK's Catalyst strengthens senior team in run-up to launch of second fund
02/09/2002. UK venture firm Catalyst Fund Management & Research has appointed Tim Farazmand as chief investment officer and has announced it will launch its second fund on September 16.
|
