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US Pacific Venture Partners hires former Crescendo professional Christopher Chu
31/07/2003. US Pacific Venture Partners, a venture capital firm focusing on microelectronics and IT in Asia and the US, has appointed Christopher Chu as partner. 
US Bear Stearns to launch private equity fund with Rudolph Giuliani
31/07/2003. US Bear Stearns Merchant Banking, the private equity unit of financial giant Bear Stearns, is to join forces with former New-York mayor Rudolph Giuliani. The merchant bank's joint venture with Giuliani Capital Partners will invest $300m of Bear Stearns' recent $1.5bn fund in private equity opportunities in the security and public-safety sectors.
German TVM leads Europe's largest second round life science investment this year
30/07/2003. Ardana Bioscience, the speciality pharmaceutical company focused on reproductive health, has raised £20m second round funding. The deal represents the largest Series B life science funding round in Europe so far in 2003 and appears to signal a creeping upturn in the European life sciences sector.
Industri Kapital acquires CEVA Santé Animale in secondary buy-out from PAI
30/07/2003. European buy-out firm Industri Kapital has acquired CEVA Santé Animale from PAI Partners for E200m. PAI has generated a three-fold return on its initial investment in the French animal products company.
European CVC announces cement exit and betting acquisition in one day
30/07/2003. CVC Capital Partners has announced its intention to exit its investment in the distribution and building products operations of Cementbouw Handel & Industrie Holding for E646m. The exit was made through a trade sale to the international building materials group, CRH.
Rickertsen resigns from US-based Thayer Capital
30/07/2003. Thayer Capital's chief operating officer, Rick Rickertsen, has resigned from his position but will remain senior advisor to the firm. Thayer has also announced the appointment of Scott Rued as a managing partner.
LCF Rothschild holds first close on French mid-market buy-out fund
30/07/2003. LCF Rothschild Capital Partners, a private equity firm sponsored by Edmond de Rothschild Group, has held a first close on its debut fund. The mid-market French buy-out fund has received E87m of commitments.
CalPERS private equity investments post 10.6 per cent loss in last 12 months
30/07/2003. The California Public Employees' Retirement System (CalPERS) has reported a 10.6 per cent loss on its private equity investments in the year to the end of June. The fund did, however, receive $500m cash returns on its private equity and venture capital investments for the period.
Israel experiences 70 per cent leap in volume of venture capital investments
29/07/2003. The number of Israeli firms receiving venture capital investments increased by 70 per cent in the second quarter of 2003, according to the Kesselman & Kesselman PricewaterhouseCoopers' MoneyTree survey.
US Hicks Muse sets out raising European fund without setting a target
29/07/2003. US buy-out firm Hicks, Muse, Tate & Furst has set out raising a European fund without setting a specific target, according to Bloomberg News. The strategy appears to break with an established tradition, albeit one that has become increasingly awkward for funds struggling to attract capital in difficult market conditions.
US venture capital investments rise for the first time in two years
29/07/2003. Venture capital investments in the US have increased for the first time in the post-bubble era, according to the PricewaterhouseCoopers', Thomson Venture Economics' and NVCA MoneyTree survey.
Diamondhead Ventures hires Scott Russell as general partner
29/07/2003. US Diamondhead Ventures has recruited Scott Russell as general partner. Russell will be responsible for identifying opportunities for commercialising infrastructure technologies that originate from research universities and corporations.
Deutsche Bank sells $500m private equity portfolio to CSFB's secondaries business
29/07/2003. Deutsche Bank has sold a $500m private equity portfolio to Credit Suisse First Boston's (CSFB) secondaries business as part of its ongoing strategy to scale back its exposure to the asset class.
BVCA reaches agreement with UK Inland Revenue to avert tax threat
28/07/2003. The British Venture Capital Association has reached agreement with the UK Inland Revenue to avert the threat that a large chunk of general partners' remuneration would become subject to income tax.
Healthcare helps drive modest rise in US Q2 venture investing
28/07/2003. A jump in healthcare financing in the second quarter helped produce the first significant increase in US venture investing for nearly three years, according to new figures from Ernst & Young/VentureOne.
US Hicks Muse sets out raising European fund without setting a target
28/07/2003. US buy-out firm Hicks, Muse, Tate & Furst has set out raising a European fund without setting a specific target, according to Bloomberg News. The strategy appears to break with an established tradition, albeit one that has become increasingly awkward for funds struggling to attract capital in difficult market conditions.
UK Inflexion makes first investment out of new fund with cinema purchase
28/07/2003. Inflexion, the UK mid-market buy-out group, has made its first investment out of its second fund with the purchase of cinema firm Ster Century. The group said it hopes to grow the chain of multiplex cinemas before selling out to a trade buyer.
European PAI to acquire French optical giant for E491m
25/07/2003. European private equity firm PAI Partners is to acquire listed French optical giant, Grandvision, for E491m. The transaction represents a rare public-to-private deal in France.
Permira firms £1.5bn bid for UK retailer Debenhams
25/07/2003. Permira, the UK-based pan-European buy-out firm, has made a formal bid for the UK retailer Debenhams valuing the company at around £1.5bn. Its offer was submitted at 425 pence per share, in line with the indicative offer it made back in May.
Nordic Industri Kapital completes partial exit from Fives-Lilles
24/07/2003. Nordic private equity firm, Industri Kapital, has achieved a partial exit from its investment in French engineering firm Fives-Lilles. The firm has completed a E135m refinancing which will allow it to repay convertible bonds and shareholder loans two years after acquiring the company.
Pan-European buy-out fund Permira reaches first close on third fund at over E3bn
24/07/2003. Permira, the UK-based pan-European buy-out firm, has announced a speedy first close on its third European buy-out fund at over E3bn. Just four months after launching, the fund now looks comfortably on track to hit and possibly exceed its E4.5bn target, which would make it the second largest European private equity fund ever raised.
US Edison closes fifth fund at $142m
23/07/2003. US Edison Venture Fund V has reached a final close with commitments totalling $142m. The fund has already completed seven initial investments.
US MPM Capital hires Dr. Bernice Welles as venture partner
23/07/2003. MPM Capital, the US-based life sciences investor, has recruited Dr. Bernice Welles as venture partner in the firm's MPM BioVentures group. Welles will focus on evaluating potential investments with an emphasis on product candidates in discovery and development as well as working closely with MPM portfolio companies to build their pipelines.
US private equity returns continued their slump in the first quarter of 2003
23/07/2003. US private equity returns remain under pressure with little sign of a turnaround in fortunes, according to new figures released by Venture Economics and the NVCA. One-year returns fell by 18.5 per cent in the first quarter, the ninth consecutive quarterly decline, and a significant deterioration on the previous quarter.
Roger succeeded by David-Weill as chairman of French Eurazeo's supervisory board
23/07/2003. Bruno Roger has resigned as chairman of Eurazeo's supervisory board and will be replaced by Michel David-Weill, former chairman of Lazard France.
UK Inflexion announces first close at E50m
23/07/2003. UK private equity firm Inflexion has announced the first close of its second fund, Inflexion Private Equity Fund 2 with commitments of E50m. The fund will invest in buy-outs at the smaller end of the UK mid-market and is targeting in the region of E100m.
Swedish Bure sells interest in Nordic Capital funds
22/07/2003. Bure Equity, the Swedish private equity firm, has agreed to sell all of its holdings in Nordic Capital's buy-out funds II, III and IV to an unnamed secondary buyer.
Japanese Nomura to back acquisition of Scottish & Newcastle pub chain in £2.3bn deal
22/07/2003. Japanese firm Nomura International is to back the Laurel Pub Company in its attempt to acquire the Scottish & Newcastle pub and hotel chain. The transaction is expected to be valued at a minimum of £2.3bn.
US Rustic Partners announces first close at $130m and hires new partner
22/07/2003. US Rustic Canyon Partners has reached a first close of $130m with its venture capital fund licensed by the US Small Business Association. The firm has also announced the recruitment of Jon Staenberg as partner.
European Cinven appoints two new investment executives
22/07/2003. European private equity house Cinven has appointed two new investments executives. Thierry Celestin has joined the firm's Paris office while Bruno Schick will be based in Frankfurt.
Nordic EQT to exit frozen food investment for E700m
22/07/2003. Nordic private equity firm EQT is to sell frozen food business Findus for approximately E700m. The firm is believed to be in advanced discussions with UK buy-out house Doughty Hanson.
Jerusalem Venture Partners names two new partners
21/07/2003. International venture firm Jerusalem Venture Partners has appointed two new venture partners to strengthen its expertise in the software sector. Alex Ott joins from Siebel Systems and Haim Kopans joins from Precise Software Solutions.
EVCA urges revision to proposed international accounting standards
21/07/2003. The European Private Equity and Venture Capital Association (EVCA) has urged revisions to the detail of proposed International Accounting Standards (IAS) to avoid unintended but damaging consequences for the region's private equity industry.
UK-based biotech VC Abingworth names two new entrepreneurs in residence
21/07/2003. Abingworth, the UK-based biotech venture firm, has recruited two high profile entrepreneurs to help support portfolio companies and to create new ones. Dr Allan Marchington and Dr Raj Parekh will as entrepreneurs in residence based in London.
Darby makes first mezzanine investment in the Philippines and predicts more to come
18/07/2003. US-based mezzanine specialist Darby has made a first investment in the Philippines through its Asian Infrastructure Mezzanine Capital Fund and predicted more in the months ahead. The firm has invested $35m in power and infrastructure development company First Philippine Holdings Corporation (FPHC).
US buy-out firm Lightyear Capital buys brokerage unit from Swiss Julius Baer
18/07/2003. US buy-out firm Lightyear Capital has bought out the loss-making institutional brokerage unit of Swiss private bank Julius Baer. The terms of the deal were not disclosed.
Dutch pension fund PGGM posts small loss on private equity portfolio in Q2
18/07/2003. Dutch public sector pension fund PGGM has announced a return on its investments for the second quarter of eight per cent, with private equity the only asset class to make a negative contribution to the total. Private equity, however, remains the strongest performing component of the fund on a five-year basis.
Global Life Science Ventures leads E30m investment in Austrian biotech firm
17/07/2003. Europe-based Global Life Science Ventures has led the E30m financing of Intercell, an Austrian biotech firm developing therapies and vaccines against infectious diseases.
German venture firm TVM announces promotions
17/07/2003. Techno Venture Management, the German-US venture capital firm, has announced the promotion of two of its principals to partner level. David Poltrack and Dr Axel Polack become general partner and venture partner respectively.
Global Asset Capital, Hamilton Lane finalise takeover of Viventures
17/07/2003. US private equity firms Global Asset Capital and Hamilton Lane have finalised their takeover of French venture firm Viventures, an offshoot of the debt-troubled Vivendi. Terms of the deal were not revealed but it includes all of the firm's 54 portfolio companies and the $400m it has under management.
Permira expected to make formal bid for UK retailer Debenhams
16/07/2003. Permira, the UK-based pan-European buy-out firm, is reported to be planning a formal bid for department store group Debenhams that would value the business at around £1.5bn.
Israeli venture sector shows tentative signs of recovery in second quarter
16/07/2003. Investment in Israeli technology companies increased again in the second quarter, reinforcing tentative signs that the venture sector is undergoing a fragile recovery. The IVC Research Center said 86 companies raised a total of $271m in the second quarter, compared with $211m in the first and $205m in the fourth quarter of 2002.
Montagu Private Equity buys Isle of Man ferry company for £142m
16/07/2003. Montagu Private Equity, the independent progeny of HSBC Private Equity, has bought the Isle of Man Steam Packet Company from Sea Containers in a deal valuing the business at £142m.
CDC Capital Partners appoints Andrew Williams as non-exec director
16/07/2003. CDC Capital Partners, the UK government-backed private equity firm that specialises in investing in developing economies, has appointed Andrew Williams as a non-executive director. Williams is a director of Schroders Ventures International Investment Trust and chief executive of Schroder Ventures Limited.
Liikanen: Lisbon aims ‘still valid' for EU economic development
15/07/2003. The European Union's efforts to boost its entrepreneurial economy, including its Risk Capital Action Plan (RCAP), remain as relevant today as they were when set out at the Lisbon economic summit in 2000, according to the European commissioner responsible for private equity and venture capital Erkki Liikanen.
Asian private equity fundraising stabilising but investment activity picking up
15/07/2003. Asian private equity fundraising appears to be stabilising after a long period of decline and there were encouraging signs about investment activity in the first half of the year, according to figures from the Asian Venture Capital Journal.
First half European venture investment drops 55 per cent on year
15/07/2003. European venture capital investment continued its downward slide in the first half of this year despite signs that technology public markets are staging a gentle recovery. The first six months saw E1.6bn invested in European companies, compared with E3.6bn in the same period of 2002, according to venture research firm Windmill.
US secondaries specialist Lexington Partners closes fund on $2bn
14/07/2003. US-based secondaries specialist Lexington Partners has finally closed its fifth fund with $2bn in commitments. The firm started marketing the fund in 2001 and has fallen short of its original target but has still succeeded in raising the second largest secondaries fund on record.
Mezzanine Management holds final close for Central European fund on E115m
14/07/2003. Mezzanine Management has held a final close for its pioneering Central European fund on E115m. Accession Mezzanine Management secured commitments from 13 institutional investors, with just over a third of the capital sourced from Austria.
UK Dawnay Day builds private equity interests with Morgan Grenfell hire
11/07/2003. UK corporate finance boutique, Dawnay Day, is to boost its exposure to private equity with the launch of a new principal investments unit. The firm has recruited Luke Bridgeman from Morgan Grenfell Private to assist with the launch.
Thomas Middleton to join The Blackstone Group
10/07/2003. The Blackstone Group has recruited Thomas Middleton as senior managing director in the firm's mergers and acquisitions advisory group.
UK Duke Street acquires European budget hotel chain for E200m
10/07/2003. UK private equity firm, Duke Street Capital, has acquired French-based hotel operator Galaxie. The deal has been valued at E200m.
C&A owners to create E650m US buy-out fund
10/07/2003. The Brenninkmeijer family, the owners of European clothing retailer C&A group, is to create an E650m US buy-out fund. The launch of the new fund represents an affirmation of the family's already considerable commitment to the private equity asset class.
US-based ITU Ventures closes third fund on $36m
10/07/2003. US-based ITU Ventures has closed its third fund on $36m. The new fund will continue the firm's strategy of partnering with universities to develop early-stage technology.
Long-awaited Yell IPO enjoys early success
10/07/2003. Shares in UK directory business Yell have surged on their market debut this morning. The £2bn flotation is the UK's largest in two years and will generate a total return in the region of £1bn for its private equity owners.
US JLL Partners hires Michael Doyle as senior vice president
09/07/2003. US JLL Partners has recruited Michael Doyle as senior vice president. He will be responsible for leading the firm's efforts in the distressed market.
Spanish private equity investment falls in H1 2003 but growth expected by year-end
09/07/2003. Spanish private equity investment in the first half of this year fell significantly from the second half of 2002 but was still 25 per cent above the levels recorded in the first half of 2002, according to the Spanish Venture Capital Association.
Candover, Phoenix and Advent seek trade sale in Heath Lambert exit
09/07/2003. A private equity consortium consisting of Candover, Phoenix Equity Partners and Advent are set to exit their investment in UK insurance company Heath Lambert. The firms have been approached by US insurance broker Marsh, which is expected to offer in the region of £350m for the business.
US Pacific Corporate Group hires new president
08/07/2003. Pacific Corporate Group (PCG), the US asset management firm, has recruited F Scott Tuck as president. Tuck will report to the firm's founder and chairman Christopher Bower, and will be responsible for new business initiatives, business development and management of the firm.
Global private equity activity continues to accelerate in first half of 2003
08/07/2003. More data suggestive of an increase in private equity activity: the mid-year update from Robert W Baird says buy-out firms are continuing to increase their share of global mergers and acquisitions activity, particularly in the mid-market.
US SigmaBleyzer to launch $100m fund for South East Europe accession states
08/07/2003. The Ukraine-based US fund manager SigmaBleyzer is to launch a $100m private equity fund to invest in South East European accession states ahead of their entry to the European Union in 2007. The fund will be launched next year.
US Newbury Ventures hires Trevor Kienzle as general partner
08/07/2003. Newbury Ventures, a US-based venture firm with a European outpost, has recruited Trevor Kienzle as general partner. Kienzle joins the firm from GE Equity, the venture capital arm of the General Electric Company, where he was industry leader and co-head of the firm's software team.
UK Terra Firma delays final close
07/07/2003. Guy Hands' Terra Firma is to delay the final close of its buy-out mega-fund by seven months. The decision comes after Hands admitted that his debut independent fund might have to settle for a close significantly below its original E3bn target earlier in the year.
BVCA issues new industry reporting and valuation guidelines
07/07/2003. The British Venture Capital Association (BVCA) has announced tough new revisions to its Reporting and Valuation Guidelines.
Global private equity fundraising struggles in second quarter of 2003
07/07/2003. Private equity fundraising has continued to struggle in the second quarter of 2003, with only the most fragile signs that conditions are improving, according to the latest figures released by AltAssets.
UK Hermes recruits Shane Feeney as direct investment director
07/07/2003. UK Hermes, the principal investment manger of the pension schemes of British Telecom and the British Post Office, has recruited Shane Feeney as investment director for the firm's private equity direct investment team. Further hires are expected to follow in the near future.
Reid Perper leaves CSFB private equity team
07/07/2003. Reid Perper has left Credit Suisse First Boston (CSFB) where he was managing director in the bank's European private equity group.
UK Cabot Square Capital closes second fund at E284m
04/07/2003. UK-based Cabot Square Capital has announced the final closing of CS Capital Partners II at E284m. The fund has exceeded its original target of E250m.
UK secondaries firm Coller Capital hires Susan Flynn as investment director
04/07/2003. UK secondaries specialist Coller Capital has recruited former CEO of UK General Motors Asset Management Susan Flynn as investment director. Flynn will be responsible for transaction origination and structuring.
Five private equity firms bid for MTU aero engines unit
04/07/2003. Five private equity firms have been short-listed to bid for DaimlerChrysler's MTU aero engines unit. US Carlyle Group, Kohlberg Kravis Roberts, Blackstone Group, and JF Lehman, will take on UK rival Doughty Hanson to compete for the company.
Private equity firms account for 60 per cent of UK middle-market deal flow
03/07/2003. Private equity firms currently account for 60 per cent of UK middle-market transactions, according to the Gresham monitor, a survey of UK middle-market companies. A shortage of trade buyers and the continuing vulnerability of the economic environment have created an ideal deal flow for private equity players, the report said.
UK private equity industry holds up well in 2002
03/07/2003. UK private equity investments held up well in 2002, despite the difficult overall market and trading conditions and lack of exit routes, according to the British Venture Capital Association's (BVCA) annual Report on Investment Activity.
Better times ahead for European IPO market, report says
03/07/2003. The European market for initial public offerings may finally be turning a corner, according to the latest quarterly PricewaterhouseCoopers IPO watch Europe survey. But the market remains significantly below the levels experienced last year.
Survey says nearly half Europe's institutional investors currently invest in private equity
03/07/2003. Nearly half of all European institutional investors are currently investing in private equity, according to the JPMorgan Fleming European Alternative Investment Strategies Survey 2003.
Carlyle Group seals Fiat Avio acquisition for E1.5bn
02/07/2003. US private equity firm Carlyle Group has acquired Fiat Avio, the aircraft engine-manufacturing unit of troubled Italian industrial giant Fiat, for E1.5bn. The deal will be financed through a combination of debt and equity.
Latest Deals: 25 June - 1 July 2003
02/07/2003. Apax backs MBO of Optique Carrefour, Atlas Venture co-leads investment in UK-based Orthogon Systems, Norwest commits to wireless service provider mBlox, Walden International invests in Bermai and MPM leads PIPE in Rigel Pharamceuticals...
US venture capital investment continues to fall in second quarter
02/07/2003. US venture capital investment continued to fall in the second quarter of 2003, according to new figures released by VentureWire. A total of 355 private companies based in the US raised $3.3bn in venture capital over the past three months, compared with 447 financings at a total value of $5.9bn in the first quarter of the year.
No sign of Q2 recovery in US venture-backed IPO market
02/07/2003. The market for venture capital-backed initial public offerings remained dismally weak in the second quarter of 2003. Just two venture-financed start-ups completed flotations in the past three months, according to a report from the National Venture Capital Association (NVCA) and Thomson Venture Economics.
US Capital Valley Ventures hires former CalPERS chairman Dale Hanson
01/07/2003. US Capital Valley Ventures has hired former California Public Employees' Retirement System (CalPERS) chairman, Dale Hanson, to assist the firm in raising its debut fund. The California-based firm was established last October and plans to invest in information technology, life sciences and emerging technology sectors.
Biotech overtakes IT for Cambridge cluster
01/07/2003. Biotechnology has overtaken information technology as the key to growth for the research and development community that has grown up around Cambridge University in the UK. The Cambridge Cluster Report 2003 reveals that in terms of company formation, employment and investment, biotech rather than IT is set to lead the growth of the region into the future.
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