European Venture Capital Journal articles from April 2005

European Venture Capital Journal archives from April 2005

Stapled finance: an attractive proposition? Vendors have been using stapled finance, where assets and businesses are auctioned with aggressive buyout leverage already in place or pre-approved by the financing banks, for several years now, and its use is set to continue.(NEWS ANALYSIS)
April 1, 2005... "Stapled finance has become an established feature of the market, driven by vendors' realisation that an aggressive stapled debt package can sometimes help in eliciting aggressive bids," says James Davis at Intermediate Capital Group in London....

The joy of blogs: blogs, shorthand for "web log" (i.e. an online diary), are already popular among US venture capitalists and, mirroring what's happening in the real world of venture activity, VC blogging in Europe is at a low-level, but it's here.(NEWS ANALYSIS)
April 1, 2005... At the last count there were seven bloggers from a venture capital background typing away and sharing their interests with the rest of the world. There's Marc Goldberg from Occam Capital (http://mgoldberg.typepad.com); Regis Saleur from Galileo...

JPMorgan to offload private equity arm.(NEWS)(J.P. Morgan Chase and Co., JPMorgan Partners)(Brief Article)
April 1, 2005... JPMorgan will spin off its private equity arm, JPMorgan Partners, within the next 18 months. The business will become independent when it completes the investment of its current $6.5bn Global Fund. The independent unit will retain portfolio...

Tech companies optimistic.(NEWS)(Brief Article)
April 1, 2005... Small high tech businesses in the UK are expecting a return to the boom times of the late 1990s according to a survey, carried out in December 2004 by GrantThornton, Nabarro Nathanson, MTI and Silicon Valley Bank. It found that two-thirds of...

Business confidence climbs.(NEWS)(Brief Article)
April 1, 2005... Europe's business confidence is at its second highest level since 2000, according to the latest European Enterprise Barometer published by 3i. The survey measures private companies' confidence in political, business and economic climates and...

DrKW creates Global Leverage Business.(NEWS)(Dresdner Kleinwort Wasserstein )(Brief Article)
April 1, 2005... Dresdner Kleinwort Wasserstein (DrKW) has created a global leverage business, which combines DrKW's financial sponsors coverage group and the capital markets leveraged finance business. Global Leverage Business will be co-led by Pascal...

Farazmand leaves Catalyst after just two years.(NEWS)(Tim Farazmand to join Lloyds TSB Development Capital Ltd.)(Brief Article)
April 1, 2005... Tim Farazmand is leaving Catalyst after two and half years to join Lloyds TSB Development Capital (LDC.) He will be based in the firm's London office. At Catalyst, Farazmand took over from Alice Todhunter as chief investment officer. Prior...

SVG Capital & Permira formalise relationship.(NEWS)(Brief Article)
April 1, 2005... SVG Capital has capitalised on its historic relationship with European private equity investor Permira and formalised their relationship through Permira's next two fund raising cycles. This will see SVG Capital remain the largest single...

Alta Berkeley opens in Jerusalem.(NEWS)(Alta Berkeley Associates)(Brief Article)
April 1, 2005... Alta Berkeley, the UK early stage technology and life sciences investor, has opened an office in Jerusalem, which will be managed by Pini Lozowick, who has over 20 years' experience in key executive marketing and engineering positions in both...

Siemens changes investment focus.(NEWS)(Siemens Mobile Acceleration name chnges to Siemens Acceleration in Communications)(Brief Article)
April 1, 2005... Siemens Mobile Acceleration has changed its investment focus from wireless technologies to cover the entire communications sector. To reflect this change in strategy, it has adopted a new name, Siemens Acceleration in Communications. ...

BVCA's Mackie steps down.(NEWS)(John Mackie of British Venture Capital Association)(Brief Article)
April 1, 2005... John Mackie is to step down as the chief executive of the British Venture Capital Association. He has been chief executive since April 2000. The BVCA is in the process of appointing a successor. No date for the appointment or handover has...

New valuation guidelines unveiled.(NEWS)(Brief Article)
April 1, 2005... New international valuation guidelines were unveiled at the European Private Equity and Venture Capital Association (EVCA) Investors' Forum in Geneva. The Association Francaise des Investisseurs en Capital (AFIC), the British Venture Capital...

AdAstra gains independence from HypoVereinsbank.(AdAstra Erste Beteiligungs GmbH)(HypoVereinsbank Luxembourg S.A.)(Brief Article)
April 1, 2005... Ulrich Clemm and Thomas Krueger have purchased HypoVereinsbank's holding in the Munich-based venture capital fund AdAstra Erste Beteiligungs GmbH. The sale by HypoVereinsbank was the result of a decision that saw AdAstra designated non-core...

VCT supermarket launched.(Venture Capital Trust )
April 1, 2005... Online trading facility AngelBourse has launched an online VCT supermarket. The service starts with details on a range of 12 VCTs, which are currently open for new investment. Prospectuses can be downloaded so that applications can be quickly...

VCs optimistic about deal flow.(Venture Capitalists)(Brief Article)
April 1, 2005... Mid-market fund managers are almost in complete unison over their prospects for the coming year, according to the latest survey by Grant Thornton Corporate Finance. Ninety-eight percent of respondents said they expected the volume of mid-market...

Doughty Hanson develops French real estate business.(NEWS)(Lahlou Khelifi appointed)(Brief Article)
April 1, 2005... Doughty Hanson has appointed Lahlou Khelifi to develop its real estate activities in France. Khelifi, 42, will be based in Paris and will work closely with John Howard, chief operating officer of Doughty Hanson & Co Real Estate. The...

Grovefield name change.(NEWS)(Grovefield Finance to General Capital Group)(Brief Article)
April 1, 2005... Grovefield Finance has been renamed General Capital Group. The change is part of the firm's major rebranding exercise, which it hopes will see General become a leading UK finance house. Jonathan Hill, founding director of Grovefield, said:...

Jersey fund campaign.(FUNDS)(Jersey Finance and )(Brief Article)
April 1, 2005... Jersey Finance, the Jersey Funds Association and the island's government have launched an initiative to persuade more fund managers and family office practitioners to open offices on the island. The initiative follows the successful...

Index Ventures III closes.(FUNDS)(Brief Article)
April 1, 2005... Index Ventures, the Geneva and London-based venture firm, has closed its fourth fund, Index Ventures III, on 300m [euro]. New investors in the fund include Adams Street Partners, AlpInvest Partners, BP Pension Fund and Horsley Bridge...

Baring Vostok close.(FUNDS)(Brief Article)
April 1, 2005... Baring Vostok, the Russian private equity firm, has closed its third investment fund, the Baring Vostok Private Equity Fund III, on $400m, surpassing its original target of $350m. Over half of the capital committed comes from shareholders in...

PIF fund launched.(FUNDS)(Partnership Investment Finance)(Brief Article)
April 1, 2005... A new 37m [pounds sterling] fund has been launched by Partnership Investment Finance aimed at supporting small- to medium-sized businesses across Yorkshire and The Humber in the UK. Partnership Investment Finance (PIF) will encourage...

Eden Ventures 1st close.(FUNDS)(Brief Article)
April 1, 2005... Eden Ventures, the UK venture firm, has held a first closing on its maiden fund Eden One on 32m [pounds sterling]. The fund was launched in the autumn of 2004 and has a target of 60m [pounds sterling]. Partner Dori Dana-Haeri said a final...

MPC invests.(FUNDS)(MPC Global Equity VI)(Brief Article)
April 1, 2005... Recently launched MPC Global Equity VI has announced three commitments to funds prior to its final close. The managers of the fund, GLOBAL VISION AG Private Equity Partners decided to do so because they want the investors of MPC Global Equity...

Celtic House fund close.(FUNDS)(Celtic House Venture Partners)(Brief Article)
April 1, 2005... Celtic House Venture Partners has exceeded the target of its third early stage technology fund reaching a final closing of US$225m. Commitments came from European, US and Canadian investors. Celtic House, which has offices in London, Ottawa...

SigmaBleyzer on Fund IV.(FUNDS)(SigmaBleyzer Southeast European Fund IV)(Brief Article)
April 1, 2005... US-based SigmaBleyzer is out fund raising for its fourth fund, SigmaBleyzer Southeast European Fund IV, a 200,000,000 [euro] private equity fund targeting mid-market buyouts in Romania, Bulgaria and the Ukraine. Romania and Bulgaria are in the...

1st close for BlueRun.(FUNDS)(BlueRun Ventures)(Brief Article)
April 1, 2005... BlueRun Ventures, formerly Nokia Venture Partners, has held a first close on its third fund, which will invest in early stage companies in the IT, mobile and consumer electronics markets. The fund, while headquartered in Menlo Park, California,...

Eqvitec raises 50m [pounds sterling].(FUNDS)(Eqvitec Partners Oy)(Brief Article)
April 1, 2005... Eqvitec has held a first closing at 50m [euro] on its second mezzanine fund, called Eqvitec Technology Mezzanine Fund II. It follows on from the firm's first mezzanine fund, which raised 57m [euro] and the eventual target for fund II, which is...

NeSBIC spin-off launch.(FUNDS)(Solid Capital Partners launches Solid Capital ICT Fund III)(Brief Article)
April 1, 2005... Solid Capital Partners has launched its first fund, Solid Capital ICT Fund III, a 75m [euro] vehicle focused on private ICT companies in the Benelux. The team managing the fund recently spun-out of NeSBIC and was previously responsible for...

3i sells share in Travelex.(EXITS)(3i Group PLC to Apax Partners Ltd.)(Brief Article)
April 1, 2005... 3i has sold the majority of its stake in Travelex, the foreign exchange specialist, to Apax in a deal valuing the company at 1,055m [pounds sterling]. Lloyd Dorfman, who will continue to be chairman and chief executive of the group, will retain...

Kleinwort Capital exits Vivista.(EXITS)(Vivista Holdings Limited to SunGard Data Systems Inc.)(Brief Article)
April 1, 2005... Kleinwort Capital has sold Vivista Holdings Limited, to SunGard Data Systems Inc. The transaction, initially worth 104.5m [pounds sterling], generates cash proceeds of 8.1 times the initial investment and an IRR of 254% per annum. The final...

IK sells Laho to Barclays.(EXITS)(Industri Kapital, Laho Equipement, Barclays Private Equity)(Brief Article)
April 1, 2005... Industri Kapital has agreed to sell Laho Equipement, a French construction equipment rental groups, to Barclays Private Equity (BPE) for 110m [euro], generating a 2x return on initial investment according to sources close to the deal. ...

Aspreva celebrates IPO.(EXITS)(Aspreva Pharmaceuticals initial public offerings)(Brief Article)
April 1, 2005... Biotechnology company Aspreva Pharmaceuticals has started trading on NASDAQ, the US technology stock exchange. At $11 per share, the IPO price was just under three times what HBM paid a year ago in a private financing round. The company will...

Industri Kapital sells Multicom.(EXITS)(Multicom Security to GMT)(Brief Article)
April 1, 2005... Industri Kapital has sold Multicom Security, a Swedish fixed and mobile services company, to GMT in a 60m [euro] deal. No return details were disclosed. The deal was funded by the 365m [euro] GMT Communications Partners II fund. Industri...

Kleinwort sells Sona.(EXITS)(Kleinwort Capital Ltd., Sona Group Limited to Nuffield Hospitals )(Brief Article)
April 1, 2005... Kleinwort Capital has completed the sale of Sona Group Limited to Nuffield Hospitals for an undisclosed sum. Since Kleinwort Capital's investment the company's turnover has increased by over 75%. Kleinwort Capital led the 6.6m [pounds...

Deutsche Beteiligungs exits schlott.(EXITS)(schlott gruppe)(Brief Article)
April 1, 2005... German mid-market firm Deutsche Beteiligungs sold its 14% stake in schlott gruppe, a German printer of mail-order catalogues, when the business floated on Xetra of Deutsche Borse. Around 850,000 shares were sold at a price of 27.76 [euro],...

IK sells Alfa Laval share.(EXITS)(Industri Kapital 2000 Fund)(Brief Article)
April 1, 2005... The Industri Kapital 2000 Fund has sold its entire holding of 9,515,628 shares in Alfa Laval AB to a range of Swedish and international institutional investors. The sale corresponds to 8.5% of the total number of shares and votes in Alfa Laval....

HgCapital sells FTE to PAI Partners.(EXITS)(FTE Automotive )(Brief Article)
April 1, 2005... HgCapital is to sell FTE Automotive to PAI Partners for 370m [euro]. The two and a half-year investment generates an equity multiple of 3.7x, capital profit of 145m [euro] and IRR of 90% for the firm. The transaction, which is conditional...

Industri Kapital sells MacGREGOR.(EXITS)(to Kone Corp.)(Brief Article)
April 1, 2005... Industri Kapital and Gambro have finalised the divestment of the co-owned marine cargo company MacGREGOR to Kone Corporation for an enterprise value of approximately SEK1,650m (186m. [euro]) MacGREGOR will be integrated into the Kone Cargotec...

Glud & Marstrand in secondary buyout.(EXITS)(ABN AMRO Capital France S.A.)(Brief Article)
April 1, 2005... ABN AMRO Capital has acquired Danish retail, food and consumer products group Glud & Marstrand Invest in a secondary buyout transaction. Investors in the original buyout included Kirkbi A/S, Axcel II A/S and Nordea Pension Danmark....

Entific provides exit for investors.(EXITS)(Brief Article)
April 1, 2005... CapMan, Investor Growth Capital and Nobel Biocare are selling the Swedish MedTech company Entific to the Australian listed company Cochlear for 16.1m [euro]. Entific was created in 1999 as a spin-off from the Swedish dental implant company...

Sarantel floats on AIM.(Sarantel Group Plc.)(Alternative Investment Market )(Brief Article)
April 1, 2005... Hotbed, the private investor network, is celebrating its first flotation of a portfolio company on the Alternative Investment Market (AIM) with the IPO of Sarantel Group, which designs and manufactures advanced miniature antennae for mobile...

Exit run for MTI.(MTI UK)(Brief Article)
April 1, 2005... Hot on the heels of the flotation of Sarantel in early March, UK-based early stage technology investor MTI Partners has achieved an exit route for its investment in Chevin, a network management software company. Chevin, in a deal sourced...

Native sold to Alcatel.(EXITS)(Native Networks, Compagnie Financiere Alcatel)(Brief Article)
April 1, 2005... Native Networks, the provider of carrier-class optical Ethernet transport solutions, has been sold to Alcatel for $55m. This provides Native Networks' venture investors with a full exit on their investment. Those venture investors include: Alta...

IK reduces Intrum Justitia shareholding.(EXITS)(Industri Kapital)(Brief Article)
April 1, 2005... Industri Kapital has reduced its shareholding in Intrum Justitia to 18.4%. The Industri Kapital 1997 Fund has sold 5,567,000 shares in Intrum Justitia AB, corresponding to 6.6% the total number of shares and votes in Intrum Justitia. The shares...

Intercell IPOs in Vienna.(EXITS)(initial public offering on Vienna Stock Exchange )(Brief Article)
April 1, 2005... Intercell, a biotechnology company with a clear strategy and focus on the design and development of novel vaccines for prophylactic and therapeutic treatment of diseases with substantial unmet needs, listed on the Vienna Stock Exchange on...

Ardana IPOs on LSE.(EXITS)(Ardana Bioscience, initial public offering on London Stock Exchange)(Brief Article)
April 1, 2005... Ardana Bioscience, the Edinburgh-based company focused on the discovery, development and marketing of innovative products to improve reproductive health, successfully IPO'd on the London Stock Exchange's techMARK on March 9. The listing...

Inflexion floats ANT.(EXITS)(Inflexion Private Equity)(Brief Article)
April 1, 2005... Inflexion, the UK-listed mid market private equity investor, has sold 2.5 million shares in ANT plc, a specialist provider of browser software for the IPTV market, when the company floated on the London Stock Exchange's Alternative Investment...

HBM sells TransForm Pharmaceuticals.(EXITS)(HBM BioVentures to Johnson & Johnson)(Brief Article)
April 1, 2005... Johnson & Johnson is to acquire HBM BioVentures portfolio company TransForm Pharmaceuticals $230m in cash. The Transform deal marks the seventh successful sale of an HBM portfolio company in the last two years. HBM BioVentures acquired...

Premiere floats on Frankfurt stock exchange.(EXITS)(Brief Article)
April 1, 2005... Pay TV provider Premiere has floated on the Frankfurt stock exchange with a market capitalisation of 2.3bn [euro]. The company and its owners, which include Permira, have raised up to 1.18bn [euro] in the IPO. Premiere has also mandated...

Cool deal for Gresham.(EXITS)(Gresham Trust sold its stake in Cooltrader to Baugur)(Brief Article)
April 1, 2005... Gresham, the UK mid market private equity firm, has sold its investment in Cooltrader, the frozen food retailer, for an IRR of 117% earned in less than a year. Gresham invested in Cooltrader in June 2004 as part of a rollout funding deal that...

Nycomed secondary buyout for Nordic Capital.(Nycomed Amersham)(Brief Article)
April 1, 2005... Nordic Capital Fund V is acquiring a controlling interest in pharmaceutical company Nycomed from a group of investors led by DLJ Merchant Banking, part of CSFB's Alternative Capital Division, and The Blackstone Group. Nycomed is valued at 1.8bn...

PAI sells Panzani.(Ebro Puleva acquires, PAI Partners)(Brief Article)
April 1, 2005... PAI Partners has sold its interest in Panzani, the French producer of dry pasta and pasta sauces, to Ebro Puleva, the Spain's food producer. The consideration is 650m [euro]. PAI Partners has been invested in the business since September 2002...

Tetra sold to Rayovac.(Tetra Tech Inc.)
April 1, 2005... Triton and AXA Private Equity have sold tetra, a manufacturer, distributor and marketer of foods, equipment and care products for fish and reptiles along with accessories for home aquariums and ponds, for approximately 415m [euro]. Triton...

Entific exit.(Brief Article)
April 1, 2005... Entific, the 1999 spin off from Swedish dental implant company Nobel Biocare, was sold to Cochlear, the leading Australian company in the development and marketing of cochlear impacts for the treatment of profound deafness, in March. The sale...

Public-to-privates: has the bubble burst?(BUYOUTS)
April 1, 2005... Public-to-private buyouts have plummeted over the past year. Improved public equities performance has reduced the number of stock market bargains for private equity firms, while problems such as pension deficits have also hindered activity. Yet...

ABS rising up private equity agenda.(BUYOUTS)
April 1, 2005... Growing demand for flexible post-LBO refinancing structures is fuelling take-up of trade receivables securitisation across Europe, according to new research from Demica. Private equity houses are increasingly turning to asset-backed finance as...

Change in transfer pricing regime to affect LBOs?(BUYOUTS)(Leveraged Buy-Out )
April 1, 2005... The UK Inland Revenue has announced a change in the transfer pricing and loan relationship rules, which will override the British Venture Capital Association's (BVCA) interpretation of the existing regime, as set out in the BVCA bulletin of...

Debt could unsettle buyout market.(BUYOUTS)
April 1, 2005... The buyout market is set to blossom this spring, according to preliminary figures released by the Centre for Management Buyout Research (CMBOR) and sponsored by Barclays Private Equity and Deloitte. According to the figures, buyout values reach...

LBO syndications arranged: March 2005.(Leveraged Buyouts)
April 1, 2005... ALcontrol TARGET NATION: THE NETHERLANDS DATE ANNOUNCED: 16/11/04 DEAL TYPE: SECONDARY BUYOUT ACQUIRER: CANDOVER TOTAL VALUE: 350M [pounds sterling] MANDATED ARRANGERS: DRESDNER KW, BANK OF SCOTLAND FINANCING:...

Refinancings.(BUYOUTS)
April 1, 2005... Demag Demag Investment's 940m [euro] recapitalisation has closed fully subscribed on the bank tranches and heavily oversubscribed on the institutional and mezzanine pieces. Mandated lead arrangers Commerzbank and HVB Group are below their...

Private equity-backed takeovers subject to EU competition law.(BUYOUTS)
April 1, 2005... Attendo PRIVATE EQUITY BACKER: BRIDGEPOINT BUSINESS DESCRIPTION: CARE SERVICES DEAL VALUE: SEK2.2BN NOTIFIED: 07/02/05 PROVISIONAL DEADLINE: N/A CLEARED: 08/03/05 The Commission has cleared Bridgepoint's...

Duke Street appoints.(PEOPLE)(Duke Street Capital)(Brief Article)
April 1, 2005... Duke Street Capital has appointed Xavier Clarke as an analyst and Lili Hoff as a legal advisor and promoted Beatrice Vivier, Corinne Margerit and Oliver Mayer as associate directors. Xavier Clarke, 26, joins the French deal team in Paris....

Investec grows.(PEOPLE)(James Stirling appoints James Stirling )(Brief Article)
April 1, 2005... Investec Private Bank has recruited James Stirling to its growth finance division. Prior to Investec he worked at Livingstone Guarantee, a mid-market advisory boutique, where he was responsible for advising management teams on buyouts and...

IK promotes.(PEOPLE)(appointments and promotions at Industri Kapital)(Brief Article)
April 1, 2005... Industri Kapital has strengthened its senior management group by adding Christopher Masek, partner responsible for Industri Kapital's French activities, and Detlef Dinsel, partner responsible for the firm's German activities. They join Bjorn...

First Capital name change.(PEOPLE)(First Stage Capital Ltd. name changes to First Capital Corporation Ltd.)(Brief Article)
April 1, 2005... Technology corporate finance specialist First Stage Capital Ltd has changed its name to First Capital Corporation Ltd. The trading name has been changed to FirstCapital.

Crescent Capital changes name.(PEOPLE)
April 1, 2005... Crescent Capital Investments (Europe) Limited, the European private equity arm and subsidiary of Bahrain-based First Islamic Investment Bank, and First Islamic have changed their names to Arcapita. Crescent Europe is now known as Arcapita...

Kuhr resigns from T-Venture.(PEOPLE)(Thomas W. Kuhr, T-Venture Holding Gmbh )(Brief Article)
April 1, 2005... Thomas W Kuhr has resigned as chairman of the managing board of T-Venture Holding Gmbh and resigned from all other offices in the Deutsche Telekom Group with immediate effect. Kuhr had been chairman since the company was established in 1997....

EIF adds to ERP-EIF Dachfonds.(PEOPLE)(European Investment Fund appoints Marcel Muller-Marbach)(Brief Article)
April 1, 2005... The European Investment Fund has strengthened its ERP-EIF Dachfonds team with the appointment of Marcel Muller-Marbach as the team's legal counsel. Muller-Marbach, 33, joined the fund from the Frankfurt office of Clifford Chance. The...

LGV appoints.(PEOPLE)(Jo Parfrey, Michael Mowlem, Bill Priestley and Mike O'Donnell at Legal and General Ventures Ltd.)(Brief Article)
April 1, 2005... Legal & General Ventures (LGV) has appointed Michael Mowlem, Bill Priestley and Mike O'Donnell as managing directors and Jo Parfrey as director. Michael Mowlem, 37, joined LGV in 2000 and has played a leading role in the buyouts of...

Almeida promotes.(PEOPLE)(Delaney Brown and Stephen Hunt at Almeida Capital )(Brief Article)
April 1, 2005... Almeida Capital has promoted Delaney Brown and Stephen Hunt to the position of associate director. Brown has been with Almeida Capital for four years and he will be responsible for project-managing placement engagements, leading due diligence...

New VP for TA Associates.(PEOPLE)(Christian Gruenwald appointed)(Brief Article)
April 1, 2005... TA Associates has appointed Christian Gruenwald as a vice president. He was most recently with General Atlantic Partners in Dusseldorf. Prior to that, he was an associate at McKinsey & Co in Zurich and a senior consultant at Roland Berger...

Bowmark appts.(PEOPLE)(Bowmark Capital appoints Mike Simmonds)(Brief Article)
April 1, 2005... Bowmark Capital (formerly Sagitta Private Equity Limited) has hired Mike Simmonds as a director. He has six years of private equity investment experience in the mid-market with LDC, in London and Reading. While at LDC he worked on a number of...

Quester hires.(PEOPLE)(Henry Sallitt)(Brief Article)
April 1, 2005... Quester, the UK venture capital company, has announced the appointment of Henry Sallitt to the company's investment team. Sallitt will focus on investments in the information, communications and technology sectors and will become a director of...

Alta Berkeley opens in Israel.(PEOPLE)(Pini Lozowick to manage)(Brief Article)
April 1, 2005... Alta Berkeley, the London-based VC firm, has opened a new office in Jerusalem and will be managed by Pini Lozowick, who has over 20 years' experience in executive marketing and engineering positions in both the US and Israel. He was on the...

HgCapital appts.(PEOPLE)(appointments)(Brief Article)
April 1, 2005... HgCapital has made five appointments to support its expanding business in Germany and the Benelux. Kai Romberg, Derk Bleeker, Jorg Spanier and Marcus Chandler have recently joined the company and Philipp Schwalber will transfer to the Frankfurt...

CapMan reshuffle.(PEOPLE)(executives)
April 1, 2005... Heikki Westerlund has been appointed CEO of CapMan, succeeding current CEO Ari Tolppanen. Westerlund, 38, is a senior partner of CapMan and has been deputy CEO and head of CapMan Buyout for the last three years. Westerlund, who has a total of...

CBPE appoints.(PEOPLE)(Andrew Nelson at Close Brothers Private Equity)(Brief Article)
April 1, 2005... Close Brothers Private Equity has appointed a new investment manager in the shape of Andrew Nelson. He will join CBPE's 12-man investment team, which raised its seventh investment fund in March last year. Around 20% of the fund has already been...

Cinven hires.(PEOPLE)(Roberto Italia, Tobias Knechtle and Geoffroy Willaume)(Brief Article)
April 1, 2005... Cinven has recruited three new investment executives to its London, Frankfurt and Paris teams. Roberto Italia has been appointed as a partner in the London office. Italia joined Cinven in March from Henderson Private Capital where he was the...

ATP recruits.(PEOPLE)(ATP Private Equity Partners appoints Susanne Forsingdal and Klaus Ruhne)(Brief Article)
April 1, 2005... ATP Private Equity Partners has appointed Susanne Forsingdal and Klaus Ruhne as partners. Forsingdal joined ATP PEP in 2003. Previously, She was senior vice president heading the investor relations department at Danske Bank. She has seven...

AlpInvest adds to team.(PEOPLE)(AlpInvest Partners appoints Wouter Moerel)(Brief Article)
April 1, 2005... Wouter Moerel has joined the Amsterdam office of AlpInvest Partners as a principal in the secondary investments team. He will focus on the origination and execution of secondary opportunities in Europe. Moerel most recently worked as a...

Astorg appts.(PEOPLE)(Astorg Partners appoints Frederic Sebbag )(Brief Article)
April 1, 2005... Frederic Sebbag has joined Astorg Partners as an associate. He began his career in 1998 at Banque Paribas, where he worked in the private equity division (PAI) and subsequently in the internal strategy and corporate development team as an...

ANGLE appts 3i man.(PEOPLE)(John Holden appointed)(Brief Article)
April 1, 2005... ANGLE, a UK based international venture management and consulting company, has appointed John Holden as associate director of UK ventures with immediate effect. He will operate out of ANGLE's Guildford headquarters and will work alongside...

Lippell steps down.(PEOPLE)(Sean Lippell of Addleshaw Goddard )(Brief Article)
April 1, 2005... Sean Lippell is standing down as corporate division managing partner at Addleshaw Goddard and is to be replaced by Paul Devitt. The two will work together for the next two months before Devitt goes it alone on May 1.

Doughty Hanson hires.(PEOPLE)(Lahlou Khelifi appointed at Doughty Hanson and Company Ltd.)(Brief Article)
April 1, 2005... Doughty Hanson has appointed Lahlou Khelifi to develop its real estate activities in France. Khelifi, 42, will be based in Paris and will work closely with John Howard, COO of Doughty Hanson & Co Real Estate. This latest appointment comes...