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Candover acquires Insinger de Beaufort's trust and fiduciary services business for E182m
30/05/2003. European buy-out house Candover has taken over the trust and fiduciary business of Anglo-Dutch private bank, Insinger de Beaufort. The deal is valued at E182m with a further E15m of deferred consideration payable dependent on the future performance of the business. The new business will be known as Equity Trust. 
Nordic Industri Kapital reportedly struggling to raise buy-out mega-fund
30/05/2003. Nordic private equity firm Industri Kapital has raised just 20 per cent of its target E2.5bn with only a month to go before the fund's first close, according to the Financial Times. Industri Kapital joins a growing number of European mega-funds that have struggled to reach fundraising targets in recent months.
US Ballast Point Ventures closes fund at $56m
30/05/2003. US Ballast Point Ventures has announced the final close of its debut fund with commitments of $56m. Ballast Point Ventures is the only Florida-based fund to have raised new money for investments since 2000 and will focus on providing venture funding to companies in Texas and the South East of the US.
GTCR closes in on American Stock Exchange deal
29/05/2003. US private equity firm GTCR Golder Rauner has moved a step closer to finalising the acquisition of American Stock Exchange. Amex's parent company NASD has given preliminary approval to the deal despite a recent overture from Chicago Board Options Exchange (CBOE).
UK Hg Capital makes E169m bid for German Wet Automotive Systems
29/05/2003. UK-based Hg Capital has made a E169m cash offer for WET Automotive Systems, the car seat heating systems supplier formerly listed on Germany's defunct Neuer Markt.
US Bessemer Venture appoints operating partner
29/05/2003. California-based venture capital firm Bessemer Venture Partners has appointed Devish Garg as an operating partner to assist with the roll out of the firm's semiconductor sector focus.
US Edgewater closes fourth fund on $200m
29/05/2003. Chicago-based private equity firm, The Edgewater Funds, has closed its fourth fund on $200m. The firm launched Edgewater Private Equity Fund IV in the second quarter of 2001.
US Lighthouse Capital closes fifth venture debt fund
28/05/2003. US venture debt firm, Lighthouse Capital Partners, has closed its latest fund at $366m. LCP V is the fifth in the firm's series of funds focusing on the technology and life science sectors.
Macintosh joins Lehman as private equity banker
28/05/2003. Jon Macintosh has joined investment bank Lehman Brothers as a managing director and principal of its private equity division.
Latest Deals: 21 May - 27 May 2003
28/05/2003. The AltAssets weekly round up of deals done across the world. This week there were 99 active investors in 38 deals and no exits across nine sectors, compared to 137 active investors in 46 deals and two exits the previous week…
German Deutsche Beteiligungs and US Harvest Partners buy Dutch paper business
28/05/2003. German private equity firm Deutsche Beteiligungs has joined forces with US private equity firm Harvest Partners to back the management buy-out of Casco Impregnated Papers from Akzo Nobel in a transaction worth E114m.
McKenna returns to Advent International
28/05/2003. David McKenna has rejoined Advent International after three years at rival private equity firm, Bain Capital. McKenna will be responsible for buy-outs and growth equity investments in North America, with an emphasis on industrial technology buy-out transactions.
US Altira closes $64m energy technology fund
28/05/2003. Colorado-based early-stage venture firm, Altira Group, has closed its latest fund at $64m. Altira's fourth fund is its largest to date and will invest in energy-oriented technology companies.
European institutional investors predict increase in private equity exits
27/05/2003. European institutional investors have predicted a significant increase in private equity exit activity over the next six months, according to a report by business advisor RSM Robson Rhodes.
Outlook brightens for UK private equity industry
27/05/2003. UK private equity firms are confident that the worst of the downturn is over. A renewed sense of optimism should drive venture deal activity in the coming months according to Deloitte & Touche's latest private equity confidence survey.
UK Montagu Private Equity makes first independent acquisition
27/05/2003. UK Montagu Private Equity has completed its first acquisition as an independent firm with a £70m investment in Marlow Foods, the food manufacturer owned by AstraZeneca.
Sigefi and Finnat launch Italo-French private equity fund
27/05/2003. French private equity firm Sigefi Private Equity has joined forces with Italian wealth management bank Finnat to launch an Italo-French private equity fund.
Siparex Italia aims to raise between E40m and E50m from Italian, French and international investors.
German Wellington Partners recruits venture partner for life science team
27/05/2003. Germany-based venture firm, Wellington Partners, has recruited Dr.Thomas Widmann as a venture partner for its life science team. Widmann will be responsible for supporting the firm's existing portfolio companies as well as playing an active role in selecting new investments.
US Ripplewood in exclusive talks to buy Japan Telecom but outcome remains uncertain
27/05/2003. US private equity firm Ripplewood has entered into exclusive talks to buy the Japanese fixed line telecom business, Japan Telecom, from Vodafone. If completed this deal would represent the largest ever leveraged buy-out in Japan.
Mark Chiba quits UBS Japan to launch private equity fund
23/05/2003. UBS Japan's chief executive, Mark Chiba, has quit investment banking to set up his own private equity fund. Chiba's new firm is to be called Longreach.
US William Blair recruits former ClearLight GP
23/05/2003. Chicago-based William Blair Capital Partners has recruited Robert Healy as a managing director. Healy joins the firm from ClearLight Partners where he was a general partner for three years.
Arcadia Partners appoints Jane Swift as special general partner
23/05/2003. Boston-based venture capital firm, Arcadia Partners, has appointed Jane Swift, former acting governor of the state of Massachusetts, as a special general partner. Arcadia focuses exclusively on the for-profit education and training industry.
H&Q Asia Pacific exits South Korean financial services investment
22/05/2003. Palo Alto-based Hambrecht & Quist Asia Pacific has made a successful exit from its investment in financial services company Good Morning Securities. The landmark transaction represents the first time foreign investors have acquired and profitably exited a major South Korean company.
Venture investing in Canada falls to seven-year low
22/05/2003. Venture Capital investment in Canada fell to a seven-year low in the first quarter of 2003. Geo-political uncertainty and the SARS outbreak have been blamed for the dramatic slide in venture activity.
US-based Fidelity Ventures appoints Dave Power as partner
22/05/2003. Boston-based Fidelity Ventures, the early-stage information technology and telecommunications venture arm of Fidelity Investments, has recruited former Charles River Ventures professional Dave Power as partner.
Aberdeen Murray Johnstone exits card warehouse
22/05/2003. The UK-based small to mid-market private equity firm, Aberdeen Murray Johnstone Private Equity (AMJPE), has successfully exited its majority stake in the UK-based card manufacturer Card Warehouse. The firm has achieved a return at 2.5x its initial investment.
Schroder's SVIIT issues £40m convertible bond to raise extra investment cash
21/05/2003. Schroder Ventures International Investment Trust (SVIIT) has issued £40m of subordinated convertible bonds and increased its credit facility with the bank in order to free up cash for current investment opportunities.
CVC targets UK spread betting business
21/05/2003. European private equity firm CVC Capital Partners is reportedly backing the management in a proposed public-to-private buy-out of IG Index. The deal values the UK spread-betting business at £150m.
US Darby appoints advisor to oversee Brazilian mezzanine launch
21/05/2003. US-based private equity firm Darby Overseas Investments has recruited Denis Jungerman as senior advisor with responsibility for the firm's expansion in Brazil, including the launch of the first local currency mezzanine fund in an emerging market country.
Carlyle appoints director for Asian operations
21/05/2003. The Carlyle Group has appointed former Goldman Sachs executive John Kwun as director of its Carlyle Asia Partners. Kwun will be based in Seoul.
Latest Deals: 14 May - 20 May 2003
21/05/2003. The AltAssets weekly round up of deals done across the world. This week there were 137 active investors in 46 deals and two exits across 13 sectors, compared to 110 active investors in 43 deals and five exits the previous week…
UK-based Botts & Company closes German office
20/05/2003. Mid-market buy-out firm, Botts & Company, has announced the closure of its German office. Botts joins a growing number of private equity firms that are scaling back their operations in Germany.
Industri Kapital latest firm to strengthen French team
20/05/2003. Pan-European buy-out specialist Industri Kapital has become the latest private equity firm to strengthen its French operations with the appointment of Dan Soudry as associate director.
ABN Amro boosts European leveraged finance business with major hires
19/05/2003. ABN Amro has made a number of senior appointments in a bid to bolster its presence as a leading advisor and provider of leveraged finance to the increasingly active European private equity buy-out market.
UK private equity industry not spared the gloom in 2002
19/05/2003. The UK private equity industry proved unable to escape the gloom experienced almost universally in 2002, according to the latest figures released by the British Venture Capital Association.
UK-based Alcuin Capital to launch debut fund
19/05/2003. UK-based Alcuin Capital is to launch its first independent private equity fund in June. The fund is targeting between £30m and £35m and will focus on investments in small to mid-market UK-based companies in a wide range of sectors.
SJ Berwin recruits private equity team to Paris office
19/05/2003. European law firm SJ Berwin has announced the recruitment of four professionals to its Paris office private equity team. Christophe Digoy and Maxence Bloch joined the firm as partners to expand the firm's private equity practice together with two associates, Jerome Jouhanneaud and David Diamant.
US-based KKR to bid for UK life insurer
16/05/2003. US-based Kohlberg Kravis Roberts is planning to make an offer for the UK life insurance firm soon to be spun out of Australian insurer AMP.
US firm to launch first ever exclusively Hispanic private equity fund
16/05/2003. Chicago-based Hispania Capital Partners has launched the first national venture capital fund investing exclusively in Hispanic businesses. The fund is seeking to invest in excess of $70m.
US Charterhouse Group holds first close at over $300m
16/05/2003. US Charterhouse Group International has held a first close on its latest fund, Charterhouse Equity Partners IV. The fund has currently raised $300m, 40 per cent of its $750m target.
New regulations breed cautious optimism for China's private equity market
16/05/2003. The majority of private equity and venture capital investors in Asia Pacific believe China offers the best investment opportunities in the region, according to PricewaterhouseCoopers' ‘Show us the Money' survey. But most will wait to see what impact China's recent regulatory overhaul has before setting up funds in the market.
Merrill Lynch hires six placement professionals to replace defectors
16/05/2003. Merrill Lynch has replaced six of the seven placement professionals that left the firm in February to join financial services boutique Lazard Freres & Co. The firm's business was put on hold following the defections but will now be resumed.
US Wind Point Partners closes fifth fund at $476m
15/05/2003. US-based Wind Point Partners has closed its fifth fund with commitments of $476m. A number of repeat investors including the State of Michigan Retirement Systems, the State of Wisconsin Investment Board, DaimlerChrysler Corporation and Northwestern Mutual Life, have invested in the fund.
German institutional investors to increase private equity allocation
15/05/2003. German institutional investors are planning to almost double their private equity allocations, according to a study carried out at the Fachochscule Wiesbaden in conjunction with Swiss fund of funds Adveq.
European privately owned firms still losing confidence in economic environment
15/05/2003. The business confidence of European privately owned companies has continued to fall in the latest quarter, according to the latest 3i European barometer index. Five out of the six surveyed regions demonstrated increasing economic pessimism with the solitary exception of a marginal upturn in Germany.
European 3i sees light at the end of the tunnel despite negative returns of £935m
15/05/2003. European private equity giant 3i believes that the worst of the economic slump has passed and has raised its dividend by 3.8 per cent despite reporting negative returns of £295m in its year-end results.
UK's GMT and US AIG finalise Vivendi Telecom Hungary deal
15/05/2003. UK GMT Communications Partners and US AIG Emerging Europe Infrastructure Fund have finalised their acquisition of Hungarian fixed line telecommunications operator, Vivendi Telecom Hungary (VTH).
UBS Capital reports slowdown in Q1 writedowns
14/05/2003. UBS Capital, the private equity arm of UBS, has continued to suffer writedowns on its CHF3bn portfolio but the losses slowed in the first quarter of 2003.
US Advent to appeal against Bulgaria BTC ruling
14/05/2003. US private equity firm Advent is to take an appeal to the Bulgarian supreme court after the state privatisation agency's supervisory board blocked its E210m landmark acquisition of Bulgaria's state telecom firm BTC.
Latest Deals: 7 May - 13 May 2003
14/05/2003. The AltAssets weekly round up of deals done across the world. This week there were 110 active investors in 43 deals and five exits across 14 sectors, compared to 110 active investors in 41 deals and two exits the previous week…
European venture investment plummets in established regions but resilient in emergent markets
14/05/2003. Venture capital investment plummeted in all major European markets in the first quarter of 2003 but emergent markets proved more resilient to depressive global conditions, according to new figures released by Ernst & Young and VentureOne.
CVC Capital makes partial exit from Kwik-Fit
14/05/2003. CVC Capital Partners has made a partial exit from its Kwik-Fit investment less than a year after it acquired the UK auto repair outfit at a knock-down price.
UK Standard Life Private Equity recruits Dan Cahill for US push
13/05/2003. Standard Life Investments (Private Equity) has recruited Dan Cahill as managing director for North America, as part of a drive to increase the global reach of the firm.
US Silver Lake Partners recruits Ed Zander as managing director
13/05/2003. New-York based buy-out specialist Silver Lake Partners has recruited Ed Zander as managing director. Zander will join the firm later this summer.
Permira makes E1.5bn move on UK retailer Debenhams
13/05/2003. UK retail chain Debenhams is following in the footsteps of Selfridges, which was officially offered to Canadian billionaire Galen Weston earlier today, by becoming the latest retail operation to attract the attention of private equity firms. UK-based pan-European Permira has confirmed a bid of E1.54bn for the UK outfit.
Candover and Cinven to acquire BertelsmannSpringer for E1.05bn
13/05/2003. Candover and Cinven are to acquire the scientific publishing arm of German Bertelsmann for in excess of E1bn. The two private equity firms outbid rival groups including Blackstone and CVC, as well as Apax Partners and Taylor Francis, the UK academic publisher.
US Kodiak Ventures continues hiring spree
13/05/2003. US Kodiak Venture Partners, a seed and early-stage communications, semiconductor and software venture firm has recruited Chris Greendale as a venture partner. Greendale's appointment is Kodiak's fourth hire within a month.
Finnish MB Funds holds final close at E117m
13/05/2003. The Finnish private equity firm MB Funds has held a final close on its third fund at E117m. MB Equity Fund III was launched in early 2002.
Englefield Capital tops up debut fund with high net worth capital
13/05/2003. Englefield Capital, the European mid-market private equity firm set up by former Warburg Pincus professional Dominic Shorthouse and Switzerland-based Cofra, has announced the close of its debut fund with commitments totalling E700m.
BC partner leaves to set up Benelux buy-out firm
12/05/2003. Hans Vanoorbeek has parted from London-based BC Partners to set up his own firm focusing on buy-out opportunities in Benelux. Vanoorbeek's departure was amicable and BC stands to gain from his deal generating activity.
Mega-funds starting to struggle as UK's Doughty Hanson finds life difficult
12/05/2003. UK-based pan-European buy-out firm Doughty Hanson is struggling to leave the starting blocks in its bid to raise E3bn for its latest fund. With just three weeks to go before the fund's first close the firm has yet to receive more than E500m in equity commitments.
Deutsche Bank in talks with Italian entrepreneur over Piaggio deal
12/05/2003. Italian investment group Immsi, headed by entrepreneur Roberto Colaninno, has entered into exclusive negotiations with Deutsche Bank's private equity unit over the possibility of acquiring a controlling stake in the moped manufacturer. Deutsche European Partners IV currently holds more than 50 per cent of the company.
US-based KKR appoints Jaques Garaialde as managing director for France
12/05/2003. US private equity giant Kohlberg Kravis Roberts (KKR) has appointed Carlyle's Jaques Garaialde as a managing director. Garaialde will be primarily responsible for KKR's business in France.
UK BML and Imperial College London to raise £50m life sciences venture fund
12/05/2003. UK-based BioScience Managers Limited (BML), and Imperial College London have launched a joint initiative to raise a venture capital fund. The BML Venture Imperial Fund, with a target of £50m, will make investments in 12-15 start-up and early-stage companies in the healthcare sector.
Vestar founder to join Blackstone Group as partner
09/05/2003. US Blackstone Group has appointed Prakash Melwani, a founder of Vestar Capital Partners, as a senior partner in New York.
US-German TVM achieves partial exit on pharmaceutical investment
09/05/2003. US-German Techno Venture Management (TVM) has achieved a partial exit from its investment in Idenix Pharmaceuticals following the successful formation of a strategic alliance with Novartis Pharma.
KLM and Asian Investors form $50m Global Synertech fund
09/05/2003. KLM Capital has joined forces with several Asian investors to form a $50m venture fund to invest in companies with a focus on China. The Global Synertech Fund will invest both in foreign companies with plans to move into China and Chinese enterprises looking to expand into a global market.
US army launches venture fund to develop power sources for troops
09/05/2003. The US army is setting up a $25m non-profit venture fund to spur private sector development of lighter, more efficient, power sources for troops in the field.
Crescendo Ventures recruits new venture partner
09/05/2003. Early-stage venture capital firm Crescendo Ventures has appointed Wayne Cantwell as venture partner. Cantwell will support the firm's semiconductor activities and is already working with several of Crescendo's portfolio companies.
Bank of Scotland's Sturrock leaves fund investment role to head up project finance
09/05/2003. Graham Sturrock is leaving his present role as Head of Investments and Mezzanine at Bank of Scotland at the end of this month to head up the bank's project finance division. A replacement has yet to be announced.
Credit Lyonnais veteran seals first deal with new firm IPE
08/05/2003. Philippe Nguyen, who unexpectedly quit as chief executive of Credit Lyonnais Private Equity in late 2001, has sealed his first deal through new firm Investors in Private Equity (IPE).
VC investment in European biotechs remains robust but belies a less rosy reality
08/05/2003. The European biotech market attracted the third-highest amount of venture capital investment ever in 2002 despite the sector contracting for the first time in a decade, according to Ernst & Young's annual European biotech report, ‘Endurance'.
French private equity firms compete for E500m stake in European cinema chain
08/05/2003. LBO France and CDC Ixis Equity Capital have both confirmed their interest in acquiring an E500m stake in UGC, the European cinema chain.
Quick exit for Nordea as RBS acquires Nordisk Renting
08/05/2003. Nordic private equity firm Nordea has made a successful exit from its Skr1.4bn investment in rental property developer Nordisk Renting just four months after acquiring total ownership from 3i.
Frederick Frank to advise German Global Life Science Ventures
08/05/2003. Frederick Frank, a veteran biotech banker from Lehman Brothers, has been appointed adviser to Munich-based Global Life Science Ventures. Frank will be responsible for developing portfolio companies from the firm's new E143m fund.
Thomas McNerney closes inaugural healthcare fund
07/05/2003. New-York based healthcare specialist Thomas, McNerney & Partners has closed its debut fund on $216m for investment in medical device, biotechnology and pharmaceutical sectors.
Fund targets $100m for investment in Iraq
07/05/2003. A Bahrain-based financial services company is launching a $100m private equity fund for investment in post-Saddam Iraq, rebuilding the nation's tourism trade, real estate, telecom services and oil and gas infrastructure.
US Q1 venture fundraising slumps to lowest level since first quarter of 1994
07/05/2003. US venture capital fundraising continued its downward spiral in the first quarter this year to record its lowest net total since 1994. Some 22 funds raised $996m but the net total was just $604m once fund reductions were taken into account, according to the National Venture Capital Association.
Latest Deals: 30 April - 6 May 2003
07/05/2003. The AltAssets weekly round up of deals done across the world. This week there were 110 active investors in 41 deals and two exits across 11 sectors, compared to 71 active investors in 31 deals and three exits the previous week…
UK Charterhouse lowers E3bn buy-out fund target
07/05/2003. UK Charterhouse Development Capital has reportedly cut the E3bn target for its new buy-out fund to reflect the deterioration in fundraising conditions. This is the first fund the private equity firm has raised since gaining its independence from HSBC in 2001.
Finnish MB Funds recruits Eero Niiva as partner
06/05/2003. Finnish private equity firm MB Funds has recruited Eero Niiva as partner. Niiva joins the firm from the corporate banking operations of leading Finnish investment bank Carnegie. The appointment is effective as of September 2003.
UK Charterhouse may float Tussauds Group in £1bn IPO
06/05/2003. UK Charterhouse Development Capital may float the Tussauds Group, including the waxwork museum, Alton Towers and the London Eye, with a valuation of between £800m and £1bn.
Growing private equity interest in MTU Aero
06/05/2003. US Carlyle Group and Texas Pacific Group are amongst a number of private equity firms that have expressed interest in acquiring DaimlerChrysler's MTU Aero Engines subsidiary. Bids are expected to be in the region of $2bn.
Swiss Private Equity Holding sells fund investment to cut outstanding commitments
06/05/2003. Private Equity Holding, the troubled Swiss listed fund of funds, has sold one of its US venture fund investments in a secondary market transaction as part of its ongoing efforts to scale back its outstanding commitments.
London-based Schroders launches second fund of funds
06/05/2003. London-based Schroders has launched its second private equity fund of funds. The asset management group is targeting E250m to soak up excess demand for its first fund that closed at E242m a year ago.
UK Kleinwort Benson to ease access to venture investments for private clients
06/05/2003. Kleinwort Benson Private Bank is to meet its increasing client demands for access to direct investment opportunities in private companies by working with the private equity network, Hotbed.
Israeli venture investment enjoys slight upturn but long-term trend still plummeting
05/05/2003. Israeli venture activity displayed some signs of improvement in the first quarter of 2003 but investment levels are still well below those recorded in the same period last year, according to new figures released by the Israel Venture Capital Research Centre.
UK Quester raises £22m for fifth private investor fund
05/05/2003. Quester, the UK venture capital firm, has raised its fifth fund, closing Quester VCT 5 at £22m, despite a tough fundraising environment.
Advent International makes first Turkish investment
02/05/2003. Advent International and Turkish affiliate Turkven Private Equity are backing the buy-out of Unmas. This is the first time the global private equity firm has invested in Turkey.
US Enterprise Partners recruits Carl Eibl
02/05/2003. US venture firm, Enterprise Partners, has recruited Carl Eibl as managing director and chief operating officer. Eibl joins the firm from Maxwell Technologies, a publicly held manufacturer of electronic components and systems.
Private equity firms continue to target automotive industry
02/05/2003. The Carlyle Group has beaten a rival bid from Cypress Group to acquire the US automotive assets of UIS for approximately $800m. Once the transaction is completed, the new company will be called United Components.
CalPERS publishes performance data on its Grove Street venture investments
02/05/2003. Giant US pension fund CalPERS has finally published performance data from its Grove Street Advisors venture fund of funds investments. Grove Street had originally resisted the release, which reflects CalPERS' desire to maximise transparency.
Brad Bernstein joins US FTVentures as partner
02/05/2003. US FTVentures has recruited Brad Bernstein as partner. Bernstein joins the firm from Oak Hill Capital Management, where he specialised in outsourcing, marketing, technology-enabled and insurance services.
Warburg Pincus pro appointed chairman of NVCA
02/05/2003. The US National Venture Capital Association (NVCA) has appointed Jeffrey Harris, Warburg Pincus managing director, as its chairman for the coming year. The NVCA board has also announced seven new directors who will each serve four-year terms.
Blackstone and Cypress Group back $2bn buy-out of General Electric insurance unit
01/05/2003. Blackstone and Cypress Group have joined a consortium led by mortgage insurer PMI to buy General Electric's financial guarantee business for around $2bn. Bank of America has also backed the deal.
US Advent could lose out on Bulgarian telecom sale
01/05/2003. The fate of Bulgarian state telecom firm, BTC, is hanging in the balance after the state privatisation agency's supervisory board failed to rule on a planned sale to US private equity firm Advent.
UK Lion Capital launches life sciences $100m fund
01/05/2003. UK Lion Capital Advisers has announced the launch of a $100m fund. The fund will focus on early to mid-stage life sciences and technology companies, located principally in the UK.
UK Baring targets $500m for first global buy-out fund
01/05/2003. UK Baring Private Equity Partners is targeting $500m for its first global buy-out fund. The move is based on expectations that increasing international trade will fuel the growth of companies in relatively untapped emerging markets.
Swiss Life Private Equity Partners ‘severs ties' with CEO and COO
01/05/2003. Swiss Life Private Equity Partners has abruptly ‘severed its ties' with its chief executive David Salam and chief operating officer Thomas Grotzer because of ‘insurmountable differences of opinion.' Their departure is the latest stage in a long-running saga at the firm.
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