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Latest Deals - 29/10/2002
31/10/2002. This week sees over 47 deals completed by 102 firms in 12 sectors.
London regional venture capital fund launched
31/10/2002. A regional development fund focusing on small to medium-sized businesses in Greater London has been launched with £50m of commitments. The fund, named The Capital Fund, will be managed by London Fund Managers, a division of Yorkshire Fund Managers.
Vivendi's Houghton Mifflin to go to Blackstone for E1.7bn
31/10/2002. After months of speculation, debt-burdened multinational Vivendi Universal is nearing an agreement to sell its US publishing business for a reported E1.7bn.
UK Coller Capital closes record secondaries fund on $2.5bn
30/10/2002. Coller Capital has closed its latest secondaries fund - Coller International Partners IV - with a record-breaking $2.5bn of commitments, well ahead of its initial $1bn target.
Nordic Mezzanine launches new E200m fund
30/10/2002. Nordic Mezzanine has launched a new E200m fund to take advantage of growing demand for its specialist financing from European buy-out firms. The fund will focus on the Nordic region, with a small portion available for investment in Germany.
Nordic Capital to sell Nycomed to group led by CSFB Private Equity
30/10/2002. Nordic-focused private equity firm Nordic Capital has agreed the sale of Nycomed, a European pharmaceutical company, for a reported E1bn.
AP7 commits $84m to two fund of funds managers
30/10/2002. The seventh Swedish national pension fund, AP7, has announced that it has committed $84m to two private equity funds of funds, Hamilton Lane Advisors and HarbourVest Partners.
General Electric pulls carpet from under GE Equity
29/10/2002. General Electric is reportedly pulling out of the private equity business and has told its subsidiary GE Equity to cease investing and wind up its existing fund investments.
Bain Capital agrees SigmaKalon paint purchase from TotalFinaElf
29/10/2002. Global private equity firm Bain Capital has agreed to buy a specialty paints business SigmaKalon from French oil group TotalFinaElf. Neither party has confirmed a sale price but it is understood to be in the region of around E1bn
US venture investment declines by 26 per cent in third quarter
29/10/2002. More confirmation of the fragility of the US venture industry: investment activity continued its slide in the third quarter with a fall of 26 per cent on the previous period to its lowest level for four years, according to the PricewaterhouseCoopers/Venture Economics/National Venture Capital Association MoneyTree Survey.
Thomas Weisel fills gap with appointment of Larry Sorrell
29/10/2002. US investment bank Thomas Weisel Partners has filled a major gap left by a string of departures at the start of the year with the appointment of Larry Sorrell as a partner and co-director of private equity.
Advent International strengthens presence in Spain
28/10/2002. Global private equity firm Advent International is to open an office in Madrid, headed by local buy-out specialist Jaime Carvajal Urquijo.
French Chequers Capital closes above target at E300m for debut fund
28/10/2002. French mid-market buy-out firm Chequers Capital, formerly Charterhouse SA, has closed its debut fund on E300m, 50 per cent above its original target of E200m.
US's Tullis-Dickerson announces close of healthcare fund at $122m
28/10/2002. US-based private equity healthcare specialist Tullis-Dickerson & Co has closed its fourth fund, Tullis-Dickerson III, at $122m. It is the firm's largest fund to date.
Venture investments in Israeli high-tech companies fall once again in Q3
28/10/2002. The Israeli venture capital industry failed once again to break free of its downward spiral in the third quarter of 2002, according to figures released by the IVC Research Centre.
US venture investment plummets to lowest level for four years
25/10/2002. US venture investment continued its downward spiral in the third quarter of 2002, according to Ernst & Young and VentureOne.
ProVen appoints ex-LDC director Stuart Veale
25/10/2002. ProVen Private Equity has appointed Stuart Veale as a director of its UK investment team. Veale will be responsible for investing ProVen's existing funds, including the $64m Global Rights Fund II.
US Burrill & Company announces first close of Burrill Life Sciences Capital
25/10/2002. San Francisco-based life sciences merchant bank Burrill & Company has held a first close of its Burrill Life Sciences Capital Fund at $67m. The fund's target is $250m.
VentureWire's MicroVentures
25/10/2002. London-based private equity firm Pantheon Ventures has announced the close of its latest Asian fund of funds, Pantheon Asia Fund III, which will give the firm more than $100m to invest in the region.
Total value of European private equity deals increases by 12 per cent in Q3 2002
24/10/2002. New figures have delivered a rare piece of encouraging news. The value of third quarter European private equity transactions increased for the first time this year to E11.2bn, a 12 per cent increase on the second quarter, according to Initiative Europe.
21 Invest to strengthen Italian private equity team
24/10/2002. Southern European private equity firm 21 Invest has announced the appointment of two new members of the private equity team in Milan. Michele Garulli is to become a director of the Milan office, and Niccolo' Uzielli de Mari is to become an associate.
Clayton, Dubilier & Rice appoint ex-Candover partner to European headquarters
24/10/2002. US private equity giant Clayton, Dubilier & Rice is further strengthening its European team. The firm has appointed Christopher Spencer as a partner to work in the European headquarters in London.
KKR/Wendel's investment in Legrand in doubt
23/10/2002. One of Europe's biggest ever leveraged buy-out deals looks to be tottering on the brink of collapse after an embarrassing knock-back for the European Commission's Competition Commission.
Alchemy closes German office in response to disappointing deal flow
23/10/2002. UK-based private equity firm Alchemy Partners, headed by Jon Moulton, has closed its office in Germany and dispensed with the services of its local investment professionals.
US-based IDG launches VC fund in Vietnam
23/10/2002. US technology firm International Data Group is to launch a venture capital fund in Vietnam, focusing on early-stage investment in technology companies.
Vivendi Universal finally agrees sale of publishing business
23/10/2002. A trade buyer has won the bidding for Vivendi Universal's European publishing arm. Following weeks of intense speculation, the company has finally announced the sale of most of the European and Latin American publishing business to another publishing group, Lagardère, dashing the hopes of several private equity consortia.
NIB announces handful of major fund investments
23/10/2002. NIB Capital, one of Europe's biggest institutional investors in private equity, has announced a handful of major fund investments, including a E100m commitment to Guy Hands' Terra Firma Partners.
German/US Techno Venture Management closes TVM V at E128m
22/10/2002. Aversion to high-tech, early-stage venture capital investment still appears to be deeply entrenched. Transatlantic venture firm Techno Venture Management has announced the close of its fifth high-tech focused fund at E128m, just over half the original target size when the fund was launched in June 2001.
Deutsche Beteiligungs AG announces first close of DBAG Fund IV at E121m
22/10/2002. Private equity firm Germany's Deutsche Beteiligungs AG has had a first close of its DBAG Fund IV at E121m. It is the firm's first fund to seek investors outside its traditional shareholder base.
Doughty Hanson hits the fundraising trail with E3bn mega fund target
22/10/2002. London-based Doughty Hanson has at last launched its latest leveraged buy-out fund, targeting E3bn. The fund will operate with the same strategy as its previous leveraged buy-out fund, which looked to acquire leading businesses based in Europe.
Duke Street Capital strengthens German team
21/10/2002. Pan-European buy-out firm Duke Street Capital is to strengthen its commitment to the German market with two new appointments. Michael Fabich joins as chairman of the new German advisory board and Bernd Audrup will be operating partner.
Lawsuit filed to force Calpers to make private equity investment performance public
18/10/2002. The San Jose Mercury News has filed a lawsuit against the California Public Employees' Retirement System demanding that the world's largest pension fund make its private equity investment fund performance available to the public.
Candover and Cinven team up to acquire Kluwer Academic Publishers for E600m
18/10/2002. European buy-out giants Candover and Cinven have agreed ‘in principle' to acquire Kluwer Academic Publishers from Dutch multinational Wolters Kluwer for a total enterprise value of E600m.
Blackstone announces appointment of ex-CSFB chairman
18/10/2002. New York-based The Blackstone Group has appointed Hamilton E James as vice chairman. James, who joins Blackstone from Credit Suisse First Boston, will take up his responsibilities on 1 November 2002.
Calpers to increase allocation to private equity to seven per cent from six per cent
17/10/2002. The California Public Employees' Retirement System, the world's largest investor in private equity, is to reinforce its commitment to alternative investments. The board of administration has announced it will increase its asset allocation to private equity to seven per cent from its present level of six per cent.
JP Morgan Chase announces further losses for private equity division
17/10/2002. JP Morgan Partners, the private equity arm of banking giant JP Morgan Chase, sustained further losses in the third quarter of 2002. JP Morgan Partners had an operating loss of $284m compared to a loss of $169m in the second quarter.
Austrian venture capital investment fell 18 per cent in 2001
17/10/2002. Austrian venture capital investment was the lowest of all the countries in the European Union in 2001, according to figures released by WIFO, the Austrian Institute for Economic Research. The total invested fell by 18 per cent to just E157m in 2001.
UK venture capitalists expect to increase activity despite ‘death' of IPO market
16/10/2002. Venture capitalists are likely to increase their investment activity in the coming year, according to new figures released by BDO Stoy Hayward. Of the 100 venture capitalists that took part in the survey, 73 per cent expect to be more active in the current year, while more than half also anticipate larger deals.
European start-ups financed during boom era failing at rate similar to those in US
16/10/2002. European companies financed during the dotcom boom have a failure rate similar to those in the US, according to figures from VentureOne. Some 15 per cent of companies financed by venture capital between 1999 and 2002 have already gone out of business, representing losses of around E4.7bn.
3i to appoint ex-UBS Warburg banker to work between Paris and London
16/10/2002. Pan-European private equity firm 3i has announced the appointment of Olivier Lesca as a director in the European buy-out business.
Duke Street restructuring leaves Taylor on top of private equity business
15/10/2002. Duke Street Capital, the UK-based private equity and debt fund management firm, has gently shaken up the structure of its business with the appointment of Peter Taylor, formerly UK managing director, as the head of its European private equity business.
US private equity returns continue downward slide in Q2 2002
15/10/2002. US private equity returns resumed their deterioration in the second quarter of 2002, after modest improvements in the previous two quarters, according to figures released by Thomson Venture Economics and the National Venture Capital Association.
Clayton, Dubilier & Rice to further strengthen European team
15/10/2002. US buy-out firm Clayton, Dubilier & Rice is to intensify its focus on the European market by hiring Bruno Deschamps, previously president and chief operating officer of Ecolab.
Stirling Square Capital Partners announces launch of debut fund with $250m
14/10/2002. Stirling Square Capital Partners has announced the launch of its debut fund with a cornerstone commitment from Citigroup of $250m. The fund will target mid-market opportunities across Europe.
Asian private equity exits set for big pick-up over next few years, players say
14/10/2002. The Asian private equity industry is set to experience a major increase in exit activity over the next few years, confirming the rapid advances it has made since the financial crisis of 1997, according to some of the region's biggest players.
Goldman Sachs announces close of fund of funds with $1.2bn
14/10/2002. Goldman Sachs has announced the closing of its GS Private Equity Partners 2002 with commitments totalling $1.2bn, comfortably ahead of its original target of $750m despite the difficulty of fundraising conditions over the past year.
Latest figures show US venture capital returns still deteriorating
11/10/2002. There is still no sign of improvement in the plight of the US venture capital sector, according to figures released by Cambridge Associates LLC: the rate at which US venture capital returns are falling is still accelerating.
Burger King buy-out threatened by debt financing difficulties
11/10/2002. The consortium of US private equity firms that won the bid for Diageo's sale of Burger King for $2.26bn has reportedly run into trouble locating debt financing for the deal.
Canada Pension Plan Investment Board commits E100m to NIB Capital Private Equity
11/10/2002. The Canada Pension Plan Investment Board has agreed to commit E100m to NIB Capital Private Equity's Later Stage Co-Investments II CV. The fund will focus on co-investments in both Europe and the US, with selected private equity firms acting as lead investors.
Swedish investors team up to finance high-tech start-up fund
10/10/2002. A group of major Swedish investors is banding together to finance a new, high-tech seed capital fund that will target entrepreneurs looking to spin out of the Swedish Royal Institute of Technology.
US venture firm Outlook Ventures announces final closing of third fund at $140m
10/10/2002. San Francisco-based Outlook Ventures has announced the final close of its third fund, Outlook Ventures III, with $140m of committed capital. Investors include ‘leading institutions' from the US, Europe and Asia.
Low appetite for small quoted companies spells trouble for UK private equity industry
10/10/2002. Institutional investors are deserting small quoted companies, according to a report by the Quoted Companies Alliance. This could have damaging consequences for private investors over the long term.
French private equity investment grew strongly in H1 2002
09/10/2002. The French private equity market is comfortably on course for robust growth despite gloomy forecasts the world over, according to figures released by the Association Française des Investisseurs en Capital.
UK's Baring Private Equity Partners announces final closing of Asia Fund II at $257m
09/10/2002. After over two years on the road, Baring Private Equity Partners has announced a final close of the Baring Asia Private Equity Fund II LP at $257m. The fund began raising in September 2000 with a target of $400m.
Permira strengthens French team
08/10/2002. UK-based Permira has announced the appointment of Philippe Robert as a partner and the head of Permira's Paris office.
Nomura to establish Y10bn venture fund for Japanese start-ups
08/10/2002. Japan's Nomura Holdings has established a venture fund of Y10bn to invest solely in Japanese start-ups.
Candover moves into Iberian private equity market with new appointment
08/10/2002. European buy-out giant Candover is to build its presence in Spain and Portugal with the appointment of Alejandro von der Pahlen. Von der Pahlen will be based in Madrid, but will work alongside Gerard Conway, who will remain in Candover's London office.
UTIMCO figures confirm dire situation for recent private equity fund vintages
08/10/2002. The University of Texas Investment Management Company's grand unveiling of private equity fund performance data has simply confirmed in rare detail what has been apparent for some time; recent vintage venture funds look dismal but some of the older funds have generated stellar returns.
KPMG says hopes of a recovery in the UK buy-out sector have stalled
07/10/2002. Hopes of a recovery in the UK buy-out sector have stalled and any meaningful upturn looks unlikely until the start of next year at the earliest, according to new research from KPMG's Private Equity Group.
European IPO market remains in the doldrums and may not recover until Q2 2003
07/10/2002. The European IPO market slowdown has worsened markedly over the last few months and may not manage much of a comeback before the second quarter of next year, according to figures released by PricewaterhouseCoopers.
European venture firms remain upbeat despite difficult conditions
07/10/2002. European venture capital firms are putting a brave face on the enduring difficulties afflicting their sector, according to a new AltAssets research report. Despite the dismal exit environment and more generalised economic downturn, firms expect to generate net returns of around 17 per cent per annum over the next five years, says After the Goldrush: A Survey of European Venture Capital Firms.
Spain's MCH Private Equity to launch E200m buy-out fund focusing on Iberian peninsula
04/10/2002. Madrid-based MCH Private Equity plans to launch a buy-out fund focusing on the Iberian peninsula, with a target of E200m.
Washington State Pension Fund and Oregon Investment Council may invest directly in KKR
04/10/2002. Washington State Pension Fund and the Oregon Investment Council are reportedly in talks with buy-out giant KKR about the possibility of investing up to $1bn for a minority stake in the firm.
UK's Royal Bank Development Capital backs £22m secondary healthcare MBO
04/10/2002. Royal Bank Development Capital, part of the Royal Bank of Scotland's equity finance unit, has backed a £22m secondary management buy-out of Robinson Healthcare Ltd from 3i and the Robinson family.
Swiss firm Brilleon Capital sets out to raise E150m biotech venture fund
04/10/2002. Swiss-based venture firm Brilleon Capital has launched its debut venture fund, focusing on early and late-stage biotech opportunities in Europe and the US.
UK's mezzanine provider ICG says prospects for lending ‘very good'
03/10/2002. Intermediate Capital Group, the UK mezzanine specialist, has announced a healthy set of results for the first half of the year and predicted even brighter prospects for the second half. Pre-tax profits rose four per cent to £26m in the six months to the end of July, while core income was up 12 per cent to £22m.
Uncertainty over future of Deutsche Bank's private equity arm
03/10/2002. A decision will be made about the future of Deutsche Bank's private equity division during the next few weeks, following a strategic decision by Deutsche to reduce its allocation of assets to the high-risk world of private equity.
US firm ArcLight Capital closes debut energy fund on $950m
02/10/2002. US energy specialist ArcLight Capital has announced the final closing of its debut fund on $950m. ArcLight Energy Partners Fund I will focus on mushrooming opportunities in the troubled power, utility and energy industry.
Deutsche Telekom receives four bids for cable business of up to $2.3bn
02/10/2002. Deutsche Telekom is reported to have received four bids from financial buyers for its cable TV business ranging from $2bn to $2.3bn – well down on the $5.5bn proposed by US cable group Liberty Media last year.
US venture capital and LBO partners suffer as compensation falls
02/10/2002. US venture capital and LBO partners are being materially affected by the tough conditions, according to the Private Equity Analyst-Holt Compensation Study released by Alternative Investor. Total median compensation has fallen to $604,000 in 2002 from $750,000 in 2001.
Rains named head of alternative investments at UK's Morley Fund Management
02/10/2002. Morley Fund Management has extended the responsibilities of Peter Rains, its head of fixed income, to incorporate the role of head of alternative investments.
Yamanouchi Venture Capital to invest in Avlar Bioventures Fund II
01/10/2002. European biotech opportunities have attracted the interest of Japanese biotech experts Yamanouchi Venture Capital. The firm is to invest an undisclosed sum in Avlar BioVentures' second fund, its first investment in a venture fund, having previously made direct investments into companies.
US Q3 venture investment falls 38 per cent on quarter to $3.7bn
01/10/2002. US venture capital investment still shows little sign of arresting its giddying descent. Private firms raised $3.7bn in the third quarter, 38 per cent down on the second quarter and 51 per cent down on the same period last year, according to VentureWire. The number of financings fell to 413 in the third quarter from 595 in the second.
Langholm Capital Partners has first close at E225m with E100m from Unilever
01/10/2002. Langholm Capital Partners has announced a first close of E225m for its first fund and is on course for a final close of around E300m. Multinational corporate Unilever has taken the position of sponsor and lead investor, committing $100m.
UK's Pentech Ventures holds final tech fund close at £22.5m after £5m commitment from EIF
01/10/2002. Glasgow-based Pentech Ventures has announced a final close of its first fund at £22.5m, after landing a commitment of £5m from the European Investment Fund. The closing is well above the firm's original target of £15m.
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