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TPG, General Atlantic and Newbridge take minority stake in China's Lenovo
31/03/2005. Texas Pacific Group, General Atlantic and Newbridge Capital are paying $350m for a 12.4 per cent in Chinese computer maker Lenovo to help it finance its acquisition of IBM's personal computer business. 
Hg Capital completes £73m recap of UK healthcare provider Castlebeck
31/03/2005. Hg Capital, the UK-based buy-out firm, has completed a £73m recapitalisation of its Castlebeck healthcare business, enabling it to return most of the original £20m investment to its investors.
ISIS Equity Partners hires two new professionals to UK regional offices
31/03/2005. ISIS Equity Partners, the UK mid-market private equity firm, has appointed two new professionals to its regional offices in the Midlands and the South East.
Change Capital Partners recruits Stephan Lobmeyr from Hicks Muse
31/03/2005. Change Capital Partners, the European retail and consumer-focused buy-out firm, has hired Stephan Lobmeyr from rival firm Hicks Muse. He will join the firm in July.
Partners Group opens London office and launches joint HSBC fund of funds
30/03/2005. Swiss-based alternative assets manager Partners Group has opened a new London office to follow closely on from the launch of the private equity fund of funds product it has created with HSBC bank.
Cinven buys mental health business Partnerships in Care for £552m
30/03/2005. Pan-European buy-out firm Cinven has bought psychiatric care business Partnerships in Care for £552m from General Healthcare Group, a firm which Cinven itself had owned from 1997 to 2000 when it sold it to BC Partners.
EQT and Goldman Sachs makes 3bn offer for Danish firm ISS
30/03/2005. Nordic buy-out group EQT and Goldman Sachs Capital Partners have made an 3bn offer for Danish facilities business ISS. The offer deadline is May 3 and, if successful, would give EQT 55 per cent of the firm and the balance to Goldman Sachs.
Bridgepoint backs management buy-out of UK asset management firm Tilney
30/03/2005. Bridgepoint, the pan-European mid-market buy-out firm, has made its first foray into the asset management business with the backing of wealth management specialist Tilney. Financial details of the investment have not been disclosed.
US venture capitalists have an estimated $53.6bn overhang of capital to invest
29/03/2005. US venture capitalists have yet to invest an estimated $53.6bn overhang of capital, which comes from funds raised since 1999, according to a new survey that analyses the current status of 1,129 funds raised since 1999.
Group of PE firms agree to pay $11.3bn for SunGard Data Systems
29/03/2005. The steroidal growth in the size of private equity transactions continues unabated. A group of seven of US buy-out firms has agreed to pay $11.3bn for software firm SunGard Data Systems, making the deal second only in size to KKR's epic 1989 takeover of RJR Nabisco.
Dresdner sells private equity fund portfolio for 1.1bn to AIG
29/03/2005. German Dresdner Bank has sold a portfolio of European and North American private equity fund investments to AIG Global Investment Group, the fund of funds arm of financial giant AIG, for around 1.1bn. The transaction marks AIG's first major foray into the secondary market and brings to a virtual close Dresdner's interests in private equity.
Carlyle Group raises $7.85bn US buy-out fund and $2.2bn European fund
29/03/2005. The Carlyle Group has reinforced its credentials as one of the giants of the private equity firmament with the closing of $10bn of buy-out funds. Carlyle Partners IV has raised a record $7.85bn of commitments, while Carlyle European Partners II has raised $2.2bn.
ABN Amro announces new deputy chief executive for UK buy-out team
29/03/2005. ABN Amro Capital, the semi-captive private equity arm of the eponymous bank, has announced two senior promotions with its UK business. Paul Southwell has been elevated to Deputy Chief Executive and Paul Moxon has been appointed a director.
UK mid-market buy-out firm Penta Capital expands fund size by £75m
29/03/2005. Penta Capital, the UK mid-market buy-out firm, has expanded its supply of capital to the tune of £75m by admitting three new investors to its existing Penta I fund. The new investors, who have also bought a secondary interest in the fund from one of the present LPs, are AXA Private Equity, Bregal and the Goldman Sachs Vintage Funds.
Hicks Muse Europe hires senior consumer industry figures
29/03/2005. Buy-out firm Hicks Muse Europe has announced two senior hirings from the branded consumer industry to reinforce its sector focus. Javier Ferran joins as a director from drinks group Bacardi, while George Sewell joins at the same level from Quaker Oats.
Blackstone, Providence to submit joint bid for Italian Wind, could hit 13bn
24/03/2005. US buy-out group Blackstone has joined forces with Providence Equity Partners to submit a joint bid for Wind, according to the Financial Times. It has been reported that Blackstone and Providence are in talks with a third private equity firm or even several firms to join them in their bid for the Italian telecommunications company.
Apax, Barclays Private Equity and Tchenguiz bid for UK supermarket chain Somerfield
24/03/2005. Apax Partners, Barclays Private Equity and property specialist Robert Tchenguiz have teamed up to bid for UK supermarket chain Somerfield. The consortium is understood to have offered more than 200p per share.
Woolworths, still in talks with Apax, tries to sell MVC business
24/03/2005. UK retailer Woolworths, which seems to be coming closer to be taken over by buy-out group Apax Partners, is trying to sell its loss-making music and video operation MVC.
3i realisation proceeds rise to £1.1bn from £0.8bn in same period last year
24/03/2005. European listed private equity firm 3i has announced that its realisation proceeds in the 11 months to 28 February 2005 increased to £1.15bn from £807m in the same period of time a year before.
Dubai International Capital to buy UK Tussauds for £800m from Charterhouse
23/03/2005. Dubai International Capital is about to acquire The Tussauds Group from Charterhouse Capital Partners for £800m. Charterhouse bought the business in 1998 for around £350m and came close to selling it last year but was not offered what it considered an acceptable price.
Benelux mid-market buy-out fund Egeria II reaches 293m interim close
23/03/2005. Amsterdam-based Egeria Capital Management has reached an interim close on its second fund, Egeria Private Equity Fund II, on 293m. The fund's target is between 375-400m. Egeria launched its international fundraising in December 2004.
Russian Baring Vostok Capital Partners launches Madame Figaro Russia
23/03/2005. Russian private equity firm Baring Vostok Capital Partners and its portfolio company Select Media have launched Madame Figaro Russia, a new monthly glossy magazine aimed at Russia's businesswomen. Madame Figaro Russia follows Madame Figaro editions for France, Greece, Portugal, Japan, China, Taiwan, Korea and Thailand. Baring Vostok bought a controlling interest in Select Media in 2004.
Industri Kapital doubles investment with French Laho Equipement exit
22/03/2005. Industri Kapital has signed an agreement to sell French construction equipment rental group Laho Equipement to Barclays Private Equity for 110m. IK has doubled its original investment with this exit.
CalPERS elects new chair and vice chair of Investment Committee
22/03/2005. The California Public Employees' Retirement System has elected Charles Valdes as new chair of the Investment Committee and George Diehr as vice chair. The investment committee helps determine how the pension system invests its assets.
Private equity firms close in on record-breaking SunGard Data Systems deal
22/03/2005. A group of private equity firms could soon acquire US software and data processing company SunGard Data Systems in a transaction that could be worth $10bn. SunGard has confirmed that it is in discussions concerning a possible purchase of the entire company.
US Quadrangle holds first closing of second media fund on $1bn
22/03/2005. New York-based Quadrangle has raised more than $1bn from investors for its latest fund, Quadrangle Capital Partners II, which will focus on media and telecommunication companies, the Financial Times reported. The fund's target is $1.25bn.
HgCapital is considering UK Castlebeck sale
21/03/2005. HgCapital is considering to sell its portfolio company Castlebeck, a UK regional provider of residential healthcare valued at about £100m, the Financial Times reported. Investment bankers have already been appointed to review the strategic options for Castlebeck.
Apax's £475m buy-out offer for HIT Entertainment to be accepted
21/03/2005. Apax's offer for troubled HIT Entertainment, which values the children's entertainment company at £475m, has reportedly been accepted. The European private equity firm has offered 300p per share.
Anil Ahuja appointed new managing director at 3i to head Indian activity
21/03/2005. Private equity and venture capital firm 3i has appointed Anil Ahuja as managing director, head of 3i's Indian business.
IVC estimates $1bn available for investment in Israeli venture
21/03/2005. A total of $1bn in capital is currently available for investment by Israeli VCs, and an additional $1.5bn is expected to be raised during 2005 for investments in the Israeli high-technology sector, according to IVC estimates.
Thompson Dean leaves CSFB to start his own US leveraged buy-out firm Avista
18/03/2005. Thompson Dean, head of global leveraged corporate private equity at Credit Suisse First Boston, will leave the investment bank to launch his own leveraged buy-out firm, according to reports. Dean's new firm, Avista, is expected to raise a $2bn fund.
Riverside's IPO of Polish manufacturer Zetkama raises $4m
18/03/2005. Middle-market specialist The Riverside Company has listed Polish manufacturer Zetkama on the Warsaw Stock Exchange. The IPO raised nearly $4m and was one of relatively few IPOs that have been successfully completed by a private equity firm in Poland to date. The valuation achieved at the IPO represented 7.3x 2004 EBITDA.
CVC enters exclusive negotiations with Post Danmark
18/03/2005. Pan-European buy-out firm CVC Capital Partners has announced that it is in exclusive negotiations with Post Danmark in connection with the sale of up to 25 per cent of the share capital in Post Danmark.
German Allianz will further increase its exposure to private equity
18/03/2005. German insurance giant Allianz will further increase its exposure to private equity in a move to diversify risk and secure solid returns on investment. Over the past few years Allianz has already invested more capital in the asset class, while reducing its exposure to shares.
Biotech investor BML opens new office in Toronto and names senior hirings
18/03/2005. UK-based biotech venture firm BioScience Managers Limited and its Canadian subsidiary BML Canada Limited have opened an office in Toronto and appointed a new senior advisor and a new investment manager. The firm says that these are steps towards its goal of establishing BML as one of Canada's leading life science specialist investors.
Bain, KKR, Vornado Realty close to acquiring Toys R Us for $5.7bn
17/03/2005. A private equity consortium including US firms Bain Capital, Kohlberg Kravis Roberts and Vornado Realty is close to winning the contest to buy troubled retailer Toys R Us in a $5.7bn transaction, the Financial Times reported. Initially, KKR submitted its own bid while Bain and Vornado Realty had already teamed up earlier to submit a joint bid.
KKR, Carlyle, Providence set for three-fold return on PanAmSat investment
17/03/2005. US Kohlberg Kravis Roberts, Carlyle and Providence Equity Partners are expected to gain a three-fold return on their investment in satellite operator PanAmSat, following the company's IPO this week, according to the Financial Times. The IPO raised $900m, part of which will be used to pay down PanAmSat debt.
US Flexpoint Partners formed to invest in healthcare and financial services
17/03/2005. Former GTCR Golder Rauner principals Donald J Edwards, Ethan Budin and Charles Glew have teamed up to form Flexpoint Partners, a new equity investment firm that specialises in healthcare and financial services. The firm is based in Chicago.
AXA Private Equity and Triton sell German Tetra Holding for 415m
16/03/2005. European private equity firms AXA Private Equity and Triton together with the Tetra management team have agreed to sell Germany-based Tetra Holding to US consumer products company Rayovac Corp. for approximately 415m. The transaction is expected to close before 30 June 2005.
Providence Equity Partners to become largest shareholder in Spain's Retos Cartera
16/03/2005. Providence Equity Partners is to become the largest individual shareholder in Retos Cartera with a 25.5 per cent stake. Retos Cartera is the consortium that controls Spanish media group Recoletos.
Long-term European private equity performance dips slightly in 2004
16/03/2005. The long-term performance of European private equity dipped slightly in 2004 on the previous year, while the venture bubble effect further had an even more pronounced downward effect on the five and ten year returns, according to preliminary figures published by EVCA and Thomson Venture Economics.
Siemens to invest $100m in communication start-ups over next five years
15/03/2005. German-based electronics giant Siemens plans to invest $100m over the next five years in start-ups in the communications sector across Europe, in Israel, in North America and in Asia.
Wouter Moerel joins AlpInvest Partners on secondaries team
15/03/2005. Wouter Moerel, a Dutch national, has joined AlpInvest Partners as a principal in the Secondary Investments team. In his new role he will focus on the origination and execution of secondary opportunities across Europe.
US Warburg Pincus sells $560m in Bharti Tele-Ventures stock
15/03/2005. US-based Warburg Pincus has confirmed that it has sold $560m in Indian Bharti Tele-Ventures stock. This is the third time Warburg Pincus has sold shares in Bharti.
HgCapital appoints five professionals to expand European team
15/03/2005. HgCapital, the UK-based pan-European mid-market private equity firm, has appointed Kai Romberg, Derk Bleeker, Jφrg Spanier and Marcus Chandler to support its expanding business in Germany and Benelux. In addition to that, Philipp Schwalber will transfer from the London to the Frankfurt office.
Candover Investments' net assets up 22.7 per cent in 2004
15/03/2005. Candover Investments, the investment trust managed by the eponymous pan-European buy-out firm, has announced that its total net assets increased by 22.7 per cent to £312.6m in 2004, compared to £254.7m in 2003. The firm said the increase was due to the revaluation of a number of Candover's investee companies and a series of successful realisations.
Carlyle's co-head for Asia is leaving to set up new fund
14/03/2005. Michael Kim, the departing co-head of Carlyle Asia, together with five other Asian executives of the US private equity giant's team, is planning to set up a $1-1.5bn buy-out fund focusing on Japan, South Korea and China, according to the Financial Times.
South Korea's National Pension Fund plans to invest KRW350bn in private equity
14/03/2005. South Korea's largest institutional investor, the National Pension Fund, reportedly wants to invest KRW350bn ($350m) in private equity this year and plans to launch two private equity funds.
Consortium including Investitori Associati buys textile activities of La Rinascente for 888m
14/03/2005. A consortium consisting of the Italian buy-out firm Investitori Associati, Italian Pirelli RE, German Deutsche Bank Real Estate Global Opportunities and the Italian Borletti family has won the auction for the textile activities of La Rinascente with a 888m bid. The auction began in September 2004.
Texas Pacific Group has $2.35bn bid for Portland General Electric rejected
11/03/2005. The Oregon Public Utility Commission has rejected an application by Oregon Electric Utility Corporation, a holding company created by Texas Pacific Group and local investors, to buy Portland General Electric from Enron.
Nordic Capital buys majority stake in Nycomed from DLJ and Blackstone
11/03/2005. Nordic Capital has announced another transaction in what is proving to be a busy year for the Nordic private equity firm. It has agreed to re-acquire a controlling interest in the European pharmaceutical company Nycomed from a group of investors led by DLJ Merchant Banking and The Blackstone Group. Nycomed, headquartered in Roskilde, Denmark, is valued at 1.8bn.
Swiss Capvent seeks $250m to increase investment activities in India
11/03/2005. Swiss fund of funds manager Capvent plans to raise $250m for co-investment in India and to invest in funds with a focus on India. Their ambition reflects the extent to which investors now consider the country's private equity market to have matured and the growing levels of institutional interest in the region.
US Graham Partners to close second buy-out fund in April
11/03/2005. US buy-out firm Graham Partners will close its second fund, Graham Partners Investments II, within the next few weeks, according to reports. The fund is expected to close on $465m, above its already upwardly revised target of $350m.
US institutional investors to allocate more capital to private equity
11/03/2005. In 2004 US institutional investors increased their allocations to private equity to 3.4 per cent of total assets, from 3 per cent in 2003, according to research published by Greenwich Associates. Greenwich Associates expects that further growth could be ahead. About 30 per cent of US institutional investors plan sizable additions to private equity in the next three years.
Cinven appoints three new investment executives across Europe
11/03/2005. Pan-European buy-out firm Cinven has appointed Roberto Italia, Tobias Knechtle and Geoffroy Willaume to work in the firm's London, Frankfurt and Paris offices.
US-based Carlyle to build up presence and activities in pan-Asian region
10/03/2005. US-based private equity giant The Carlyle Group plans to expand its pan-Asian investment activities and to open offices in Beijing, China, Mumbai, India and Sydney in addition to the firm's existing offices in Shanghai, Hong Kong, Seoul, Singapore and Tokyo. The firm says that this move demonstrates its commitment to and confidence in the region.
Ottawa-based Celtic House closes Can$280m tech fund to invest in Canada and UK
10/03/2005. Canadian and UK early-stage technology venture capital firm Celtic House Venture Partners has closed its technology venture capital fund on Can$280m. The firm said it began fundraising for its third fund in July 2004 and all the institutional investors in the second fund returned in Fund III.
Positive signals from the venture capital market on exits and investments
10/03/2005. Positive signals are becoming ever more detectable in the European venture sector after a protracted period of profound discomfort. Investment activity appears to be turning upwards, the exit environment is improving, and fundraising by venture firms themselves has been gathering pace.
Study says Nordic investors expect to increase fund of funds allocation
09/03/2005. Nordic institutional investors plan to increase significantly their allocation to funds of funds over the next two to five years even though their overall allocation to private equity is expected to remain little changed, according to a new study sponsored by Swiss fund of funds manager Adveq.
IPO of Permira's German pay-TV Premiere raises 1bn
09/03/2005. The IPO of Permira-backed German pay-TV Premiere has attracted heavy demand, allowing a top-end share price of 28, which will raise 1bn. This IPO is the first major flotation in Germany since Postbank in the summer of 2004 and it could - if regarded as successful - encourage further flotations in 2005. Premiere's IPO is also an important exit for Permira.
HgCapital to sell German FTE Automotive for 370m
09/03/2005. European private equity firm HgCapital has agreed to sell German car parts company FTE Automotive to Paris-based PAI Partners for 370m. The sale will generate a total capital profit of 145m, 3.7x original cost, and an IRR of 90 per cent, the firm said.
Abraaj Capital targets $500m with new buy-out fund
09/03/2005. Middle East private equity firm Abraaj Capital is about to launch a new buy-out fund called Abraaj Buyout Fund II with a target of $500m. The fund will focus on the countries of the Gulf Cooperation Council and the Levant region but will also invest in other countries if the right opportunities come up.
Nordic Capital and CVC Capital Partners acquire European confectionery business Leaf
08/03/2005. Nordic Capital has joined forces with CVC Capital Partners to buy Amsterdam-based Leaf, the Sugar Confectionery division of the international food ingredients and confectionery company CSM, for approximately 850m. The two private equity firms will have joint control of the company, and they have announced that they will invite the company's management to co-invest alongside them.
French AXA Private Equity leads LMBO of French roof product distributor Lariviθre
08/03/2005. France-based AXA Private Equity, a subsidiary of the AXA insurance group, and the management team of Imerys group have signed a purchase agreement to acquire 98.77 per cent of the shares of the group's French subsidiary, Lariviθre, through an LMBO. The private equity firm, via the AXA LBO Fund III, will buy 94 per cent of the holding entity in the takeover, with the remaining shares going to the management team. The transaction remains subject to final approval from European authorities.
DM Private Equity buys UK off-licence chain Unwins for £32m
08/03/2005. DM Private Equity, a group of private investors, has bought the UK off-licence chain Unwins from the Wetz family. Michael Wetz bought the company in 1921 and it has been run by his descendants throughout the past 84 years.
David Hutchings leaves Cambridge Associate to join AXA Private Equity
08/03/2005. Cambridge Associates, the US-based gatekeeper, has lost David Hutchings, one of their top investments consultants on Europe, to French AXA Private Equity after five years of service.
UK private equity industry fears new tax laws will bring competitive disadvantage
07/03/2005. The UK's private equity industry has reacted with alarm to Inland Revenue changes that will dramatically affect the tax treatment of leveraged buy-out transactions. The British Venture Capital Association says UK firms will now face a competitive disadvantage over their counterparts around the globe.
Bain Capital sells Canadian yellow pages to Yellow Pages Group for Can$2.55bn
07/03/2005. Bain Capital has agreed to sell Advertising Directory Solutions Holdings, the Canadian yellow pages, to its competitor Yellow Pages Group through Yellow Pages Income Fund for Can$2.55bn. Bain Capital bought the business for $1.5bn at the end of last year.
Montagu Private Equity acquires Danish Leo Animal Health
04/03/2005. European mid-market firm Montagu Private Equity has acquired LEO Animal Health in partnership with the company's incumbent management team. Financial details of the transaction have not been disclosed and the transaction is still subject to regulatory approvals.
US buy-out firm Bain Capital reportedly in $3.5bn takeover bid for US NHL
04/03/2005. Boston-based Bain Capital and sports business specialist Game Plan have reportedly made a $3.5bn offer for the troubled National Hockey League, which had to cancel this season due to a labour dispute. This transaction could become the largest private equity acquisition in sports ever.
Pan-European buy-out firm CVC launches 5bn fund
04/03/2005. Pan-European buy-out firm CVC Capital Partners has confirmed that it has started fundraising for a new 5bn buy-out fund. It is very early stages but Nick Archer, partner in charge of fund administration, said, 'We have already had an extremely warm response from our existing LP base.'
Korea Development Bank to launch one of the country's biggest private equity funds
04/03/2005. The Korea Development Bank has confirmed that it is planning to launch a new private equity fund later this month. The bank aims at a target size larger than KRW300bn (about $298m).
Goldman Sachs grows private equity assets
03/03/2005. At a time when many of its competitors withdraw partially or fully from the private equity funds market, Goldman Sachs Asset Management's private equity division has been increasing its capital base. It has increased its funds under management to more than $13bn after raising $3bn in commitments to three new funds, including a new fund of funds.
GMT Communications Partners acquires Swedish Multicom Security
03/03/2005. UK-based private equity firm GMT Communications Partners has acquired 100 per cent of the Swedish fixed and mobile services company Multicom Security for 60m from former joint owners Industri Kapital 2000 Fund and TeliaSonera.
Canadian LP OMERS announces good returns on private equity investments
03/03/2005. The Canadian pension fund OMERS, a big investor in private equity, has announced that its annual fund returns outperformed its expectations, largely due to the good returns from the fund's private equity investments. OMERS' total fund return was 12.1 per cent in 2004, exceeding its benchmark return of 9.9 per cent.
El Dorado Ventures closes seventh early-stage fund
03/03/2005. Menlo Park-based El Dorado Ventures has closed its seventh venture capital fund, El Dorado Ventures VII, on $200m. The fund will focus on seed and early-stage investments in the semiconductors and systems, communications, software and services sectors.
Evergreen Pacific Partners closes $275m buy-out fund
03/03/2005. Seattle-based Evergreen Pacific Partners has closed its $275m buy-out fund, which will invest in traditional buy-outs, management-led buy-outs, and growth equity investments involving private, traditional, middle-market companies in the Western United States and Canada.
JPMorgan's buy-out unit to become an independent firm
02/03/2005. JPMorgan Partners, the private equity unit of JPMorgan Chase & Co., will become an independent firm once it has completed investing its current $6.5bn Global Fund. The new firm, which will be renamed, will retain responsibility for managing the Global Fund portfolio and other legacy investments, as well as receiving a commitment of up to 24.9 per cent of its first independent fund from the bank.
Morgan Stanley Alternative Investment Partners raises $500m fund of funds
02/03/2005. Morgan Stanley Alternative Investment Partners has raised $500m in commitments for its latest fund of funds, Private Markets Fund II.
US Roark Capital Group closes first institutional private equity fund on $413m
01/03/2005. Atlanta-based Roark Capital Group has announced the final closing of its first institutional private equity fund, Roark Capital Partners. The firm said it capped commitments at $413m - well above its original $300m target - which makes Roark Capital Partners one of the largest private equity funds in the South East of the United States.
US recorded largest number of IPOs in 2004 since internet bubble
01/03/2005. Last year saw the largest number of IPOs in the US since the internet bubble. In 2004, 260 IPOs were completed, nearly a threefold increase over the 88 deals completed in 2003, according to U.S. IPO Watch, a quarterly report issued by PricewaterhouseCoopers' Global Capital Markets Group.
UK Eden Ventures announces first close of early-stage technology fund
01/03/2005. Eden Ventures has announced the first closing of its private equity fund on £32m. The fund, with a target of £60m, will primarily focus on early-stage technology companies.
Asian private equity activity increased 50 per cent in 2004
12/01/2005. Asian private equity attracted $6.5bn in 2004, an increase of around 50 per cent on the previous year, according to the Centre for Asia Private Equity Research. Buy-out funds took up the biggest share with 56 per cent. Funds for growth equity situations accounted for 28 per cent and those for technology opportunities for 16 per cent.
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