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Clessidra closes Italy's largest buy-out fund on €800m
31/01/2005. Italy's Clessidra Capital Partners has closed its debut private equity fund with commitments of €800m, making it the largest ever dedicated Italian fund ever raised. 
Swiss Unigestion closes fund of funds above €200m
31/01/2005. Swiss asset management firm Unigestion has closed its fourth fund of funds Unicapital Investments IV with commitments of more than €200m, comfortably ahead of its original target of €150m. The fund, launched in 2003, has already made nine commitments in European and US private equity funds and is expected to make ten to 12 further commitments in the next 18 months.
US KKR and Providence reportedly in joint bid for US cable TV company Adelphia
31/01/2005. Kohlberg Kravis Roberts and Providence have teamed up to make a joint bid for troubled US cable firm Adelphia, according to the Financial Times. Adelphia offers analogue and digital video services, high-speed internet access and other services over its broadband networks.
Montagu Newhall Associates closes $156m venture capital fund of funds
28/01/2005. Montagu Newhall Associates, a venture capital fund of funds manager with offices in Maryland and California, has closed its second venture capital fund of funds with commitments totalling $156m.
New York City's first deputy comptroller Blumenthal resigns to form private equity firm
28/01/2005. New York City's first deputy comptroller and chief financial officer Adam M Blumenthal has resigned to form his own private equity firm.
Canadian CPP Investment Board commits another Can$470m to infrastructure
27/01/2005. The Toronto-based CPP Investment Board has committed €200m to the Macquarie European Infrastructure Fund, managed by a member of Australia's Macquarie Group. It also announced a £66m commitment to co-invest alongside the Macquarie European Infrastructure Fund in the Wales and West gas distribution network.
US KKR and Goldman Sachs complete exit Wincor Nixdorf for €333m
27/01/2005. US private equity firms KKR and Goldman Sachs Capital Partners have sold their remaining shares in Wincor Nixdorf for €333.5m. The move follows Wincor Nixdorf's announcement that the company has started its new fiscal year with a strong first quarter.
Henderson Private Capital makes eighth Asian investment with Jubilant deal
27/01/2005. Henderson Private Capital has invested $20.7m in Indian contract research and manufacturing business Jubilant Organosys, marking the firm's eighth transaction from its Asia fund. The firm has now invested $68m from the fund in the past 12 months and the fund is approximately two thirds invested.
Private equity groups fight tax changes in Japan
26/01/2005. US private equity giant The Carlyle Group and JPMorgan Partners are two of ten private equity firms that have teamed up to lobby the tax bureau of the Japanese Ministry of Finance to abolish proposed tax changes, the Financial Times reported.
US Ripplewood buys Alcatel's electrical power system activities
26/01/2005. Ripplewood has completed its first investment in the power electronics industry with the acquisition of French firm Alcatel's electrical power system activities. Bruce Brock, the former chief operating officer of Lucent Power Systems, will manage the business for Ripplewood.
US Zero Stage Capital hires former California state treasurer Matt Fong
25/01/2005. Matt Fong, an international business strategist and former state treasurer of California, has been appointed special general partner of Massachusetts-based venture capital firm Zero Stage Capital.
US Vestar buys Italian cured meats producer and marketer Fiorucci
25/01/2005. US Vestar Capital Partners has signed a definitive agreement to acquire Cesare Fiorucci, an Italian producer and marketer of cured meats and other gastronomic products, from the Fiorucci family in a €360m management buy-out transaction.
Israeli high-tech companies raised $1.5bn in 2004
24/01/2005. Israeli venture capital investment activity recovered strongly in 2004 from the previous year, according to the latest quarterly survey conducted by the IVC Research Center. Some 428 high-tech companies raised $1.46bn from local and foreign venture investors, a 45 per cent increase from the $1.01bn in 2003.
UK Intermediate Capital Group's Tom Bartlam retires
24/01/2005. Tom Bartlam, a founder and managing director of Intermediate Capital Group, will retire in April but he will remain on the board as a non-executive director.
Goldman Sachs to launch private equity fund with a $7bn target
24/01/2005. Goldman Sachs plans to raise a $7bn private equity fund, according to the Financial Times. The fund would join a growing list of very large private equity investment vehicles that have already launched or are expected to launch in the coming months.
US 2004 venture capital investment rose eight per cent on the year
21/01/2005. The value of US venture capital investment recorded its first annual increase last year since 2001, providing further evidence of a strong recovery in the sector. Venture-backed companies received $20.4bn of venture capital compared with $18.9bn in 2003, according to Ernst and Young and VentureOne.
Final close of German Ventizz Capital Fund II on €60m
21/01/2005. German private equity firm Ventizz Capital Partners has announced the final closing of its second fund, Ventizz Capital Fund II, with commitments of €60m. The firm said fundraising took only six months.
UK/US PE firm Beringea appoints new investment director and financial controller
21/01/2005. Beringea, the manager of the ProVen Venture Capital Trusts and Global Rights Private Equity Funds, has appointed Jamie Kennell as investment director and Chris Eyre as financial controller in their London office. At the same time Steven Tuckley has been promoted to finance director.
Hicks Muse Europe formalises becoming an independent buy-out firm
21/01/2005. Hicks Muse Europe has confirmed its formal separation from its US parent Hicks, Muse, Tate and Furst Incorporated. The only remaining affiliation between the two groups will be US boss John Muse's non-executive chairmanship of the European unit, now wholly managed by Lyndon Lea. The European unit will also be changing its name in due course.
3i appoints Stephan Krümmer to lead German business as managing director
20/01/2005. 3i Group has appointed Stephan Krümmer as managing director of its German business. He will also be responsible Switzerland and Austria. Based in Frankfurt, Krümmer will succeed Jane Crawford who will return to 3i in London after a period of handover.
Ralf Schnell new president and CEO of Siemens Venture Capital
20/01/2005. Ralf Schnell, the former managing director of Infineon Ventures, has been named as the new president and CEO of Siemens Venture Capital, the venture capital arm of German engineering colossus Siemens.
Joy joins US venture group Kleiner Perkins Caufield and Byers
20/01/2005. Bill Joy, the co-founder of Sun Microsystems, has joined as a partner at US venture group Kleiner Perkins Caufield and Byers. Joy said in a statement that he has worked with the KPCB network since co-founding Sun in 1982 and that now 'the pace of innovation is accelerating - making this the best of times for entrepreneurs, and for me to become a KPCB partner.'
US venture capital performance continued improvement in Q3 04
20/01/2005. Venture capital returns showed continued improvement in the third quarter of 2004 on the back of the ongoing recovery in exit markets, according to Thomson Venture Economics and the National Venture Capital Association.
US Cerberus buys MeadWestvaco's papers assets for $2.3bn
19/01/2005. Stamford-headquartered MeadWestvaco Corporation has sold its papers business and associated assets for $2.3bn to a company controlled by New York-based private equity firm Cerberus Capital Management.
AGF Private Equity announces final €180m closing of its third European fund of funds
19/01/2005. French fund of funds manager AGF Private Equity has announced the final closing of its third fund of funds, AGF Private Equity Holding, at €180m. The investor base includes French institutional investors, including insurance companies, retirement funds and other financial institutions.
ANGLE Technology Group launches U.S. Ventures with appointment of MD
19/01/2005. UK-based international technology commercialisation firm ANGLE Technology Group has launched its ventures business in the United States with the appointment of industry veteran Robert Kornblum as managing director, U.S. Ventures.
Four private equity firms make shortlist in £1bn Travelex auction
19/01/2005. Four private equity firms have made it on to the shortlist for the £1bn foreign exchange group Travelex, according to the Financial Times. European groups Apax Partners, BC Partners, Permira and US private equity giant KKR have been taken to the next round and the auction is expected to close at the end of February.
US firms Fortress and Cerberus buy Boxclever from German bank WestLB
18/01/2005. WestLB has confirmed that it has agreed to sell its interests in UK television rental company Boxclever Group to US private equity firms Fortress Investment Group and Cerberus Capital. Financial details have not been disclosed but reports say that the value of the deal is approximately €200m.
UK Mersey Docks and Harbour Company continuing talks with CVC
18/01/2005. The board of the Mersey Docks and Harbour Company has confirmed 'that discussions are taking place with a private equity house which may or may not lead to an offer at 925p in cash per Mersey Docks ordinary share.' European buy-out firm CVC is believed to be the interested party.
US Greylock Partners' latest appointments strengthen Israeli focus
18/01/2005. US early-stage venture capital firm Greylock Partners has appointed two new venture partners to support its global initiatives and in particular its activities in Israel.
ECI Partners sells UK Café Rouge/Bella Italia owner Tragus to LGV
18/01/2005. UK mid-market buy-out specialist ECI Partners has sold restaurant chain operator Tragus Holdings to buy-out firm Legal and General Ventures. ECI backed a £25m MBI of Tragus in May 2002 and the cash proceeds that ECI will receive represent a return of 5.3x its original investment and 94 per cent IRR.
Permira-backed German pay-TV Premiere expected to float on the stock exchange
18/01/2005. German pay-TV Premiere, 55 per cent owned by European private equity giant Permira, has confirmed that it plans to float on the German stock exchange in March of this year.
IPOs of European venture-backed companies raised €712m in 2004
18/01/2005. The European venture sector saw a marked improvement in liquidity in 2004 to record its highest number of flotations since 2000, according to the VentureOne European Liquidity Report. There were 34 IPOs worth a combined €712m, compared with just nine raising €129m in 2003.
3i-backed directory business YBR considers IPO or sale
17/01/2005. YBR Group, majority owned by private equity firms 3i and Veronis Suhler Stevenson, has announced that it will be conducting a review of its strategic options which may result in an IPO or the sale of the company.
Swiss fund of funds Adveq promotes Ender and Eriksson to executive director
17/01/2005. Swiss fund of funds Adveq Management has promoted Rainer Ender and Tom Eriksson to executive director. Eriksson joined the firm in June 2004 and Ender has been with Adveq since 2001.
Siemens Venture Capital hires new investment partner Dr Michael Hochholzer
17/01/2005. Siemens Venture Capital, the venture capital arm of Siemens, has appointed Dr Michael Hochholzer as new investment partner. Based in Munich, he will focus on investments in mobile infrastructure and devices, enterprise infrastructure and semiconductors, within the Communications Fund.
Nordic mid-market buy-out firm Segulah sells CCS to C.B. Fleet
17/01/2005. Segulah II has sold Clean Chemical Sweden to US pharmaceutical company C.B. Fleet, marking the firm's third exit in the past 12 months. Financial terms of the deal have not been disclosed but Segulah says that this transaction has been one of the biggest and most successful deals in Segulah's ten-year history.
Buy-out groups join forces to submit new €3-4bn bid for manufacturer Basell
14/01/2005. Two groups of private equity bidders have joined forces to submit a joint bid of between €3bn and €4bn for the European plastics maker being sold by BASF and Shell, according to Reuters.
AXA Private Equity buys French ready-to-wear clothing retailer Camaïeu
14/01/2005. French-based AXA Private Equity has bought a controlling interest in Camaïeu, a ready-to-wear clothing chain with 442 stores in eight countries, from the Torck and Giraud-Verspieren families. The families, together with members of Camaïeu's management, have irrevocably undertaken to sell their direct and indirect interests in Camaïeu to Financière Addax, a company owned by AXA Private Equity. Financial details have not been disclosed.
European Cipio Partners buys Infineon's corporate venture capital portfolio
14/01/2005. Investment management firm Cipio Partners has acquired the corporate venture capital portfolio of Infineon Technologies, comprising approximately 30 direct investments and several fund investments. Cipio Partners has led the transaction jointly with European private equity manager LGT Capital Partners.
QUARTILIUM holds first close of specialised mezzanine fund of funds
14/01/2005. QUARTILIUM, the France-based fund of funds team of FINAMA Private Equity, has launched its first specialised mezzanine fund of funds and held a first close on €50m in December 2004.
European Investment Fund hires Dr Harjeet Sandhu as senior investment manager
14/01/2005. The European Investment Fund has strengthened its ERP-EIF Dachfonds team with the appointment of Dr Harjeet Sandhu as senior investment manager life sciences.
UK Scottish Equity Partners hires Gary Le Sueur as director of investment operations
13/01/2005. UK venture capital fund management group Scottish Equity Partners has appointed Gary Le Sueur to the newly established role of director of investment operations. Le Sueur moves from SEP's London office to the head office in Glasgow.
Spain's Amadeus agrees to Cinven/BC Partners €4.3bn buy-out bid
13/01/2005. Amadeus has confirmed that Cinven and BC Partners' joint €4.3bn bid for the Spanish technology provider has been successful. The deal is the largest ever private equity transaction in Spain and one of the largest in Europe.
ARGUS sells 21 per cent stake in Polish firm Aster City Cable to Hicks Muse
13/01/2005. Central & Eastern European private equity fund ARGUS Capital Partners has sold its 21 per cent stake in Polish firm Aster City Cable to US buy-out firm Hicks, Muse, Tate & Furst. The financial terms of the deal have not been disclosed but the fund announced that this sale represented a money multiple of approximately three times for ARGUS and generated an IRR of almost 90 per cent.
UK media heavyweight Hollick joins KKR as managing director
13/01/2005. Clive Hollick, chief executive of United Business Media and a former advisor to the UK government, is to join the European team of US buy-out giant KKR in the spring. He will focus on investments in the media and financial services sectors.
Newbridge makes three-fold return with sale of Korea First Bank
12/01/2005. Newbridge Capital, an affiliate of Texas Pacific Group, has reportedly sold Korea First Bank to Standard Chartered for $3.3bn. Newbridge paid the Korean government $480m for its share of the bank in 1999.
The Carlyle Group promotes 15 professionals to senior positions
12/01/2005. US-based private equity giant The Carlyle Group has promoted five professionals to managing director and ten to principal/director to prepare itself for a busy year ahead.
Israeli investments by the top ten funds showed 33 per cent increase in 2004
11/01/2005. Israeli-VC Pitango has retained its position as the country's most active investor for the third consecutive year, according to new figures from the IVC Research Center. Its 36 investments contributed to a 33 per cent increase in the number of investments by the country's ten largest funds, signalling an ongoing recovery in the Israeli venture sector.
Ex-banker and consultant Andrew Golding joins 3i's European buy-out business
11/01/2005. Private equity firm 3i has appointed Andrew Golding as banking director within its European Buyout Business.
Cinven and BC Partners close in on Spanish technology provider Amadeus
11/01/2005. UK-based private equity firms Cinven and BC Partners are reportedly closing in with their joint bid for Amadeus, a European-based global distribution system and technology provider for the international travel and tourism industry, according to the Financial Times.
David Atterbury joins HarbourVest in the UK on non-US secondary investments
11/01/2005. HarbourVest Partners has hired David Atterbury as a vice president based in the firm's London office to focus on non-US secondary partnership investments.
CVC considers sale of Partners in Lighting International
11/01/2005. European buy-out firm CVC Capital Partners has announced that its portfolio company Partners in Lighting International has appointed Merrill Lynch to assist in a strategic review of its business and operations that may well consider the sale of the entire business.
US buy-out group Francisco Partners hires German Schumacher in London
11/01/2005. Dr Ulrich Schumacher, former president and CEO of Infineon Technologies who - under criticism - had to resign from his post last year, has joined US technology-focused buy-out firm Francisco Partners as an operating partner in the firm's London office.
Burrill launches Life Sciences Capital Fund III
10/01/2005. San Francisco-based life sciences merchant bank Burrill & Company has announced its new fund, Burrill Life Sciences Capital Fund III. The anticipated size of the fund is between $300m and $500m.
Sagitta Private Equity changes name to Bowmark Capital
10/01/2005. UK mid-market private equity firm Sagitta Private Equity has changed its name to Bowmark Capital. This move marks the firm's final step in establishing itself as an independent firm, following the management buy-out from the Sagitta Group.
First close of US buy-out fund Littlejohn Fund III on $380m
10/01/2005. US mid-market buy-out specialist Littlejohn & Co. has completed a first closing of Littlejohn Fund III with capital commitments of $380m. The target size of the fund is $600m.
US venture capital investment in healthcare rose 23 per cent in 2004
07/01/2005. Health care venture capital investment in the US increased by 23 per cent in 2004 compared with the previous year, according to preliminary figures published by health care financial publisher Irving Levin Associates. More than $6.9bn was channelled into a total of 390 venture capital transactions.
Ferd Private Equity acquires Noratel in first transaction since closing fund
07/01/2005. Norwegian buy-out firm Ferd Private Equity has acquired 85 per cent of Norway-based Noratel, a manufacturer and distributor of transformers. This is FPE's third acquisition and the first since the final closing of its fund.
Exponent Private Equity strengthens investment team
06/01/2005. UK-based buy-out firm Exponent Private Equity, which was founded only a year ago and raised its £400m debut fund in record time, has strengthened its investment team through the recruitment of six experienced professionals.
Granville Baird Capital Partners sells German commercial cleaning business Nobis
06/01/2005. European mid-market specialist Granville Baird Capital Partners has sold its majority shareholding in commercial cleaning business Nobis Beteiligungen to ISS Global A/S. No financial details were provided but the vendor said the transaction had produced 'an excellent return to investors.'
Wellington Partners III Technology Fund announces first closing on €85m
06/01/2005. Munich-based venture capital firm Wellington Partners has held a first closing on its latest fund with commitments of €85m. Wellington Partners III Technology Fund has a target of €120m.
Carlyle holds first close on US buy-out fund on $5bn
06/01/2005. US private equity giant the Carlyle Group is understood to have held a first close on its latest buy-out fund, Carlyle Partners IV, with commitments of around $5bn after just three months in the market. The fund is expected to close with commitments in the region of $6bn towards the end of the quarter.
Burrill predicts 2005 will be another record year for biotech venture investing
06/01/2005. Steven Burrill, CEO of the US-based life sciences merchant bank Burrill & Company and a highly regarded commentator on the industry, has predicted that 2005 will see even more venture capital investment than the record highs reached in 2004.
India-focused private equity firm WestBridge Capital Partners promotes three
05/01/2005. WestBridge Capital Partners, a growth capital specialist based in Mauritius and with a focus on India, has promoted Rishi Navani and Sandeep Singhal to managing director and SK Jain to venture director. Navani, Singhal and Jain have been with WestBridge since 2001.
European Duke Street Capital buys hospital operator Affinity Healthcare
05/01/2005. European mid-market buy-out firm Duke Street Capital has acquired hospital manager Affinity Healthcare for around £75m.
First closing of life sciences venture capital fund NeoMed Innovation IV
05/01/2005. Norway-based venture capital management firm NeoMed Management has completed a first closing of its new life sciences venture capital fund, NeoMed Innovation IV, with commitments of €38m. The fund has a target of €100m.
UK buy-out market records busiest year in 2004 for four years
05/01/2005. The UK buy-out market in 2004 recorded both the highest value and the highest number of deals for four years, according to research carried out by KPMG's Private Equity Group, which tracks UK buy-outs with value over £10m. The research counted 145 larger buy-outs with a total value of £19.35bn.
Value of UK mid-market buy-out activity rises 21 per cent in 2004 on previous year
04/01/2005. Activity in the UK mid-market buy-out segment jumped 21 per cent in value and 16 per cent in volume in 2004 on the previous year, according to new figures. There were 59 deals in the £25-100m range with a total value of £2.85bn, according to the Initiative Europe Mid-Market Indicator 2005.
US venture-backed IPO activity in 2004 exceeded prior three years combined
04/01/2005. A total of $11bn was raised by 93 venture-backed IPOs in 2004, more than tripling the IPO activity in 2003 and comfortably confirming the scale of the turnaround in exit fortunes, according to the latest data from the NVCA and Venture Economics.
Japanese private equity firm Unison Capital closes second fund on ¥75bn
04/01/2005. Japanese buy-out group Unison Capital Group has closed its latest fund, Unison Capital Partners II, comfortably ahead of target on ¥75bn (€540m). Its success indicates the strength of institutional demand for experienced local groups in the region.
Perricone succeeds Sala at BS Private Equity
01/01/2005. Italian BS Private Equity appoints Antonio Perricone as the firm's chairman.
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