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Advent International appoints partner to head investor relations in North America
29/08/2003. Advent International has announced the appointment of Beverly Berman as a partner. Berman will be responsible for investor relations and fund marketing activities in North America. 
US Lone Star acquires majority stake in Korean Exchange Bank for $1.2bn
29/08/2003. US private equity firm Lone Star has acquired a 51 per cent stake in the Korean Exchange Bank (KEB) for $1.2bn. The transaction represents the firm's second Korean investment this year.
Private equity to play a greater role in German M&A
29/08/2003. Private equity is set to play a greater role in the M&A activities of German DAX 100 companies according to 75 per cent of M&A heads surveyed in a new study by 3i, Deloitte & Touche and Linklaters.
DBG Eastern Europe completes first transaction from new fund
29/08/2003. DBG Eastern Europe has completed its first investment from its newly established E67m Central and Eastern Europe-focused private equity fund. DBG Eastern Europe II has backed the management buy-out of Ergis, one of Poland's leading plastics producers, from several national investment funds.
University of California ejected from Sequoia funds over disclosure row
29/08/2003. The University of California, which manages $34bn of investments, has been ejected from private equity funds run by Sequoia Capital.
Nordic Accent Equity Partners raises E100m
29/08/2003. Accent Equity Partners, the Nordic private equity firm formed by the merger of Nordico and Euroventures earlier this year, has raised E100m. Accent Equity 2003 is targeting between E200m and E300m and will invest between E5m and E45m of equity in Nordic companies.
US Carlyle to launch Russian private equity fund
28/08/2003. US Carlyle Group is to launch a $500m private equity fund for Russia along side Russian business conglomerate Alfa. The two sides are believed to be close to signing a deal.
US Draper Fisher Jurvetson launches Canadian fund
28/08/2003. US early-stage technology venture capital firm, Draper Fisher Jurvetson (DFJ), is to launch a Canadian fund in partnership with Dr Ilse Treurnicht of Primaxis Technology Ventures. DFJ plans to enter the Canadian market with a fund targeted at US$100m.
US Riverside completes seventh buy-out of the year
28/08/2003. US private equity firm Riverside has acquired automotive accessories company American Products (APC) in what represents the firm's seventh leveraged buy-out of the year.
BS Private Equity announces final closing of Italian Private Equity Fund IV at E550m
27/08/2003. BS Private equity has announced the final closing of its Italian Private Equity Fund IV (IPEF IV) at E550m. The fund held a first close in February this year at E400m and has now exceeded its stated target size.
Advent completes Central Europe's first take-private transaction by a private equity firm
27/08/2003. Advent International has acquired almost 91 per cent of listed Romanian pharmaceuticals business Terapia. The transaction represents Central Europe's first leveraged public-to-private investment carried out by a private equity firm.
NIB Capital invests E210m in buy-out funds
27/08/2003. NIB Capital Private Equity, one of the largest private equity investors in the world, has unveiled some of its recent European buy-out fund investments. New commitments totalling E210m have been made to Permira, CapVis and Altor.
Private equity consortium in bid to rescue troubled Korean telecom company
26/08/2003. A private equity consortium led by AIG is preparing to rescue troubled Korean internet provider, Hanaro Telecom. The company's major shareholders, which include Samsung Group, LG Group and SK Telecom, are currently in discussions as to whether to accept AIG's $450m proposed investment offer or a rival funding offer by LG.
US Burrill announces second close for Life Sciences Capital Fund
26/08/2003. US life sciences merchant bank, Burrill & Company, has held a second close at $150m for its Life Sciences Capital Fund. The firm expects the fund to close at its target of $250m in mid-October.
EVCA launches new attack on Basel rules
26/08/2003. The European Private Equity and Venture Capital Association (EVCA) has launched a new attack on the proposed Basel rules on banking regulation. EVCA claims that European companies could lose between E5bn and E10bn in equity finance if the new rules on bank capital adequacy are implemented in their present form.
3i aims to expand healthcare agency portfolio
22/08/2003. 3i Group is reportedly in talks with Nestor Healthcare in the hope of teaming up with the management to take over the UK's biggest supplier of agency nurses, doctors and home helps. The private equity firm already owns rival provider Westminster Health Care.
Nordic Capital hires Christian Dyvig as partner
22/08/2003. Nordic Capital has announced the recruitment of Morgan Stanley professional Christian Dyvig as partner. Dyvid will be responsible for the firm's Danish operations.
French PAI reaches Scottish & Newcastle shortlist
22/08/2003. French private equity firm PAI Management is among the firms that have made it through to the next round of the £2.5bn Scottish & Newcastle sale. But, despite today's deadline for tabled offers, there is still a possibility that new bidders could step in.
German Ergo Equity Partner takes over management of IMH Funds
21/08/2003. Ergo Equity Partner, the private equity arm of the Ergo Insurance Group, has taken over the management of the private equity funds of the IMH Group. Ergo is assuming responsibility for managing the funds after IMH failed to secure sufficient funding from its investors.
MidOcean Partners sells Center Parcs Europe for E270m
21/08/2003. MidOcean Partners has sold its 46 per cent stake in Center Parcs Europe to French holiday group Pierre & Vacances for E270m. Together with E350m of debt, the transaction gives Center Parcs Europe an enterprise value of over E950m.
US Ripplewood Holdings to buy Vodafone's Japanese fixed-line business
21/08/2003. US private equity firm Ripplewood Holdings has confirmed that it is to buy Vodafone's Japanese fixed-line operations for Y260bn. The transaction represents Japan's largest ever leveraged buy-out.
Merlin Biosciences to expand into Finland with Helsinki office
21/08/2003. UK life sciences venture firm, Merlin Biosciences, is expanding its European practice into Finland by establishing an office in Helsinki. A dedicated team, headed by Niilo Santasalo, will be responsible for identifying and evaluating Finnish investment opportunities.
UK Bridgepoint to buy storage company for £40m
21/08/2003. UK private equity firm Bridgepoint is to back the management buy-out of listed self-storage business Safestore for £40m.
Private equity interest in 3i's forensic sciences group
20/08/2003. Legal & General Ventures, Barclays Private Equity and HgCapital are among a number of private equity firms to have tabled offers for 3i's forensic sciences group LCG. The firms have each made bids of up to E114m for the company.
Punjab National Bank to launch private equity fund
20/08/2003. The Punjab National Bank and Infrastructure Leasing and Financial Services (IL&FS) are to launch a private equity fund that will invest in domestic companies. The Leverage India Fund will target the country's telecom, oil and gas, ports, water supply and surface transport sectors.
Standard Life Investments continues push into North America
20/08/2003. Standard Life Investments is continuing its expansion into the US private equity market with the recruitment of John Guinee as investment director for North America. Guinee will be responsible for building a $200m portfolio of US private equity interests.
US Spinel Capital appoints executive advisors
20/08/2003. US-based Spinel Capital has appointed Dee Osborne and George Williams as executive advisors to the firm.
West Private Equity continues to target UK healthcare services
20/08/2003. West Private Equity has continued to target the healthcare services sector with its acquisition of Clinovia, the UK leader in the provision of hi-tech homecare services, from French LVL Medical Groupe. The transaction has been valued at £33.4m.
Cisco Systems named most active buyer of venture-backed companies
19/08/2003. Cisco Systems has been identified as the most prolific buyer of venture-backed companies over the past two years, according to the newly released Venture Capital Analyst of Corporate Acquirers released by Alternative Investor.
European venture investment slightly weaker in Q2 03 but rate of decline slows
19/08/2003. European venture capital investment suffered a further decline in the second quarter of this year but there were faint signs that the long-running downtrend is flattening. Both the number of transactions and the amount invested dipped slightly but the average financing size edged upwards, according to figures published by Ernst & Young and VentureOne.
Slump in US entrepreneurial activity continues
19/08/2003. US entrepreneurial activity continued to fall in 2002 although the fall was not as pronounced as it had been in the previous year, according to the Global Entrepreneurship Monitor (GEM).
Harrison Miller returns to US Summit Partners as general partner
18/08/2003. Harrison Miller is to return to US-based Summit Partners as general partner of the Summit Accelerator Fund, the firm's venture capital arm. Miller was previously an associate of the firm from 1988 to 1990.
Electra Partners Europe to float Premium Credit
18/08/2003. Electra Partners Europe is preparing to float specialist finance group Premium Credit in what is likely to be one of the largest new listings in the London market this year.
Private equity firms circle UK global satellite communications company
18/08/2003. A number of private equity firms including George Soros's Private Equity Partners, Apollo Management, Apax Partners and Permira are circling the global satellite communications company Inmarsat. The deal is expected to be valued at around £900m.
JP Morgan Partners leads private equity consortium to acquire ABB for over $1bn
18/08/2003. A private equity consortium led by JP Morgan Partners is close to acquiring Swiss engineering company ABB's oil, gas and petroleum group for over $1bn.
Caixa Capital acquires Spanish supermarket stake for E200m
15/08/2003. Caixa Capital Dessarrollo, the private equity arm of Spanish bank La Caixa, has acquired a 20 per cent stake in supermarket chain Caprabo, for E200m. The transaction represents Spain's largest private equity deal this year.
Belgian FLV Fund negotiates secondary market transaction for entire portfolio
15/08/2003. Troubled Belgian venture firm, FLV Management, is in negotiations to sell its entire FLV Fund portfolio in a secondary transaction. The fund decided to wind up its operations after a $30m embezzlement scandal hit its fund in 2001.
US Grotech Capital hires Joel Radtke as vice president for life sciences
14/08/2003. US-based Grotech Capital Group has announced the appointment of Joel Radtke as Vice President, focused on investments in the healthcare services and medical devices industries.
CPP Investment Board unveils $550m commitments to private equity funds
14/08/2003. The Canadian CPP Investment Board has announced new commitments of $550m to a handful of new and existing private equity fund partners and funds of funds. The investments take the pension fund's private equity commitments to CAN$5.6bn, with CAN$1.6bn of the commitments already invested.
Private equity firms back E1bn acquisition of German television network
13/08/2003. A private equity consortium consisting of Bain Capital, Hellmann & Friedman, Providence Equity Partners, Quadrangle Group and Thomas Lee Partners has joined Saban Capital Group in the acquisition of German television network conglomerate ProSiebenSat. The transaction has been valued at over E1bn.
West LB's Saunders reportedly in talks with Coller Capital
13/08/2003. Robin Saunders, the glamour-banking boss of West LB's troubled principal finance unit, is reportedly in ‘advanced talks' with UK-based secondaries specialist Coller Capital about backing for a buy-out bid.
UK Dunedin Capital Partners acquires Hickson & Welch in £21m deal
13/08/2003. UK Dunedin Capital Partners has led the acquisition of chemicals manufacturer Hickson & Welch from a subsidiary of US Arch Chemicals for £21m. The private equity firm provided £9m of equity and the balance was funded through debt facilities.
US Prometheus Partners recruits Eichenlaub as managing director
13/08/2003. US middle-market private equity firm Prometheus Partners has recruited Tim Eichenlaub as managing director. Eichenlaub previously served as managing director for GE Commercial Finance.
Canadian venture capital activity slows in Q2 2003
12/08/2003. Canadian venture capital investment levels have fallen in the second quarter of 2003, according to the latest industry statistics released by Macdonald & Associates and the Canadian Venture Capital Association (CVCA).
Wilshire Associates to launch fund of funds for Australia
12/08/2003. Wilshire Associates is to launch a fund of funds for the Australian market, in the latest move by an international firm to take advantage of legislation intended to entice foreign capital into the country's private equity industry.
Nordic CapMan strengthens life sciences team
12/08/2003. Nordic private equity firm, CapMan, has strengthened its life sciences investment team with the appointment of Yrjo Wichmann as investment director. Wichmann has over ten years experience in the Finnish life sciences sector.
US venture-backed M&A market enjoys slight upturn in Q2 2003
12/08/2003. US venture-backed M&A market enjoyed a slight upturn in the second quarter of 2003, according to Thomson Venture Economics and the National Venture Capital Association. This modest increase in activity follows two consecutive quarters of decline.
US Hicks, Muse, Tate & Furst sells Pinnacle to JP Morgan for $485m
11/08/2003. US private equity firm Hicks, Muse, Tate & Furst has sold its majority holding in Pinnacle Foods to the investment arm of JP Morgan Chase. The transaction has been valued at $485m.
Tchenguiz and Lanphere to launch £500m debut private equity fund
11/08/2003. Iranian property magnate Robert Tchenguiz and former director of Morgan Grenfell Private Equity Scott Lanphere are to launch a property-based private equity fund. The fund will be managed by Tchenguiz's new investment firm, Aletheia Partners, and will target between £300m and £500m.
US Silver Lake Partners aims to raise $4bn fund
11/08/2003. Silver Lake Partners, the US technology buy-out firm, is aiming to raise a $4bn mega-fund next month. The fund will have an official target of at least $3bn and will be officially launched on 1 September.
Private equity firms eyeing up UK healthcare units
11/08/2003. ABN Amro, 3i, Electra Partners, Hg Capital and Bain Capital are among a number of bidders currently seeking to acquire two units put up for sale by UK healthcare group SSL International.
Lattanzio to lead new Bear Stearns middle-market private equity group
08/08/2003. Bear Stearns Merchant Banking has announced the formation of a new group, which will focus on identifying middle-market private equity investment opportunities. The group will be led by industry veteran Paul Lattanzio.
European BC Partners sells stake in Trader Media for £600m
07/08/2003. European private equity firm BC Partners has announced the sale of its interest in Trader Media Group (TMG) to Guardian Media Group (GMG). The transaction values the company at an enterprise value of £1.14bn.
Dutch NIB Capital to acquire Belgian speciality chemicals firm for E115m
07/08/2003. NIB Capital, the private equity arm of Dutch pension funds ABP and PGGM, has acquired a speciality chemicals business from Belgian UCB. The transaction has been valued at E115m.
Ukrainian Aventures launches $50m high-tech fund
07/08/2003. Ukrainian venture capital firm Aventures has launched a $50m technology fund, with commitments already secured from a number of local investors and one US investor. Aventures is co-sponsoring the fund with the National Space Agency of Ukraine and several other Ukrainian government agencies.
US-based NJTC Venture closes first fund with $80m
06/08/2003. US-based New Jersey Technology Fund (NJTC) has closed its first fund with $80m. The fund has already completed eight investments.
University of California appeals against order to disclose private equity results
06/08/2003. The University of California Regents has announced that it is to challenge a recent court ruling forcing it to disclose the financial performance results of its private equity portfolio. It said it was worried the disclosure would lead to it being shut out of future fundraisings by the leading private equity firms.
Change of fortune for Private Equity Holding with first profit for two years
05/08/2003. Private Equity Holding (PEH), the troubled Swiss listed fund of funds, has reported its first quarterly profit for more than two years after a series of damaging write-downs and management problems.
US Darby Overseas acquired by Franklin Templeton Investments for $76m
05/08/2003. US emerging markets private equity firm Darby Overseas Investments has been acquired by Franklin Resources, a division of Franklin Templeton Investments, for $75.88m. Franklin Resources already owned 12.66 per cent of the firm.
PPM Ventures acquires UK gaming chain for £40m
05/08/2003. PPM Ventures has acquired RAL Holdings, the UK gaming chain operating under the trade name Quicksilver, for £40m. The existing management will retain a 15 per cent interest in the business.
AIG and Interros to launch private equity fund for Russia
04/08/2003. US insurance group AIG and Russian investment group Interros are to launch a $300m private equity fund dedicated to the former counties of the Soviet Union. The joint venture will also include an additional $250m real estate fund.
UK Charterhouse reaches final close at E2.7bn
04/08/2003. UK Charterhouse Development Capital has reached a final close on its latest buy-out fund at just over E2.7bn. CCP VII initially targeted E3bn when it was launched in early 2002 but scaled back its fundraising efforts to E2.5bn in May this year.
JP Morgan Chase dramatically cuts commitment to its own private equity fund
04/08/2003. JP Morgan Chase has slashed its commitment to JP Morgan Partners' $8bn private equity fund by $1.4bn. The cut is in line with the firm's declared intent to reduce its exposure to the asset class and leaves the fund only narrowly ahead of Blackstone Group in its bid to retain the title of largest ever private equity fund.
LBO France leads race to acquire Materis for over E1bn
04/08/2003. LBO France has entered into exclusive negotiations to acquire French building materials group Materis. The company is currently owned by a private equity consortium consisting of Advent International, Carlyle Group and CVC Capital Partners.
Abingworth's sixth biotech fund oversubscribed at $350m
01/08/2003. Abingworth Management, the UK-based life sciences venture capital group, has closed its sixth biotech fund at $350m, comfortably ahead of its original target of $275m.
Private equity groups circling E1.8bn DaimlerChrysler's aero engines unit
01/08/2003. DaimlerChrysler has attracted five fully financed bids from private equity groups for its E1.8bn MTU Aero Engines unit, according to the Financial Times.
Bridgepoint backs £45m buy-in of UK Chrysalis TV
01/08/2003. UK-based buy-out firm Bridgepoint Capital has backed the £45m management buy-in of Chrysalis TV. The team is being led by Steve Morrison, Jules Burns and David Liddament.
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