European Venture Capital Journal articles from March 2003

European Venture Capital Journal archives from March 2003

Italy's first mega fund. (Funds).(Fininvest CEO Claudio Sposito steps down to launch a buyout fund)
March 1, 2003... Fininvest chief executive Claudio Sposito is to launch what could be Italy's largest buyout fund to date. Sposito will step down from his position at Italian Prime Minister Silvio Berlusconi's family-owned holding company, taking his team with...

ACT raises [euro]170m tech fund. (Funds).(ACT Venture Capital)
March 1, 2003... ACT Venture Capital, an independent Irish firm, has raised [euro]170 million to invest in the country's technology sector. It is the largest fund raised in 2002 for technology investing. Niall Carroll, managing director of ACT, said: "Ireland...

Siparex exceeds mid-market target. (Funds).(Siparex closes its third mid-market buyout fund)
March 1, 2003... French private equity firm, Siparex, has closed its third mid-market buyout fund at [euro]146 million, well above its [euro]120 million target. The fund, launched in 2000, held a closing at [euro]90 million in April 2002. It started investing...

PolyTechnos venture fund II closes. (Funds).(Brief Article)
March 1, 2003... Munich-based venture capital firm PolyTechnos has closed its second fund at [euro]130 million. The fund will invest in early stage technology orientated companies, predominantly in German-speaking Europe. The last fund, which raised [euro]65...

Regional German fund for equinet. (Funds).(equinet Venture Partners launches an early stage technology fund)(Brief Article)
March 1, 2003... equinet Venture Partners, the Frankfurt-based venture capital investor, has launched an early stage technology fund in conjunction with the central development agency of Mainz, Investitions-und Strukturbank Rheinland-Pfalz (ISB). The fund...

ISIS Equity Partners III nears target. (Funds).(for the second close of the fund)
March 1, 2003... ISIS Equity Partners has announced the second close of its current fund at [pounds sterling]143 million, with a commitment of a further [pounds sterling]7 million expected shortly. ISIS Equity Partners III was launched in September last year...

Has Germany lost its appeal? (News).(for venture capital)
March 1, 2003... L&G Ventures has pulled out of the German market following a disappointing year for deals in the region. The move mirrors other high profile private equity players Duke Street Capital and Alchemy Partners, which have also decided a base in...

FoFs shakeout on the horizon. (News).(a discussion of the fund-of-funds market)(Brief Article)
March 1, 2003... A major shakeout in the fund-of-funds market is set to end the period of rapid growth in this sector, according to research from AltAssets. The report predicts as many as 40 per cent of present managers will struggle to survive the current...

Coller buys into BT's Brightstar. (News).(Coller Capital forms a partnership with BTexact Technologies)
March 1, 2003... Secondaries specialist Coller Capital has created an independent corporate venturing partnership with BT's research and technology business, BTexact Technologies. New Venture Partners, the team formed when Coller backed the spinout of Lucent's...

Library House looks to London. (News).(Library House expands its research coverage to London)
March 1, 2003... Library House, the Cambridge-based research facility targeting the technology and VC community, is expanding its research coverage to London. The business was set up last September by Doug Richard - see EVCJ October 2002 page 15. Library...

Hermes goes for direct investments. (News).(Hermes Investment Management)
March 1, 2003... Hermes Investment Management is to launch its first fund for direct investments in private equity. Hermes Private Equity will have [pounds sterling]200 million for investment from the BT Pension Scheme to invest in mid-market companies mainly...

Gouldens and Jones Day join forces. (News).(Brief Article)
March 1, 2003... UK City law firm Gouldens is to merge with international law firm Jones Day. The merged firm will practice in London under the name Jones Day Gouldens. The merged office in London, with over 200 lawyers will provide a strong base for the future...

Spain's growth market. (News).
March 1, 2003... Don't bother setting up in Spain if you're not interested in growth deals, was the main message at SJ Berwin's European seminar on the Spanish market. The reality in Spain is that buyouts represent less than a third of money put to work in the...

EO may live on. (News).(Brief Article)
March 1, 2003... A failed investment in NewMedia SPARK's portfolio may live to see another day. EO, the pan European online share trading platform, which cost over [pounds sterling]3 million to develop and went into voluntary liquidation at the end of last...

Impact of VCTs threatened. (News).(venture capital trusts)
March 1, 2003... Ahead of this year's Budget the BVCA has published a study on The Economic Impact of Venture Capital Trusts that shows how they encourage job creation and company growth. Money raised by VCTs fell from [pounds sterling]450 million in 2001 to...

3i forms Telecom Venture Coalition. (News).
March 1, 2003... 3i and two Silicon Valley-based venture capital firms have formed the Telecom Venture Coalition (TVC) with IBM. The group, which includes Mayfield and Worldview Technology Partners, is designed to build closer relationships between IBM and...

Bridging the equity gap. (News).(new Beer Enterprise Fund)
March 1, 2003... Early stage is the focus of the new Beer Enterprise Fund, set up to help small British businesses that have difficulty in securing expansion capital from traditional sources. The fund has been launched by a consortium comprising Beer &...

NewMedia SPARK saga continues. (News).(Brief Article)
March 1, 2003... AIM-listed technology investor NewMedia SPARK is still debating the possibility of a takeover. Despite the fact the group does have cash reserves, market conditions are difficult and the team has been forced to look at alternative plans. ...

EVCA reiterates Basel concerns. (News).(European Venture Capital Association)
March 1, 2003... In reaction to a quantitative impact study conducted at the end of 2002, EVCA has repeated its concerns about the New Basel Accord on banking supervision, which could have negative impact on the European private equity industry. The EVCA first...

Leonardo Finances opens in Belgium. (News).(Brief Article)
March 1, 2003... French financial services firm, Leonardo Finance has opened a subsidiary, Leonardo Association, in Brussels. Through a network of industry experts the company offers services to entrepreneurs. These include advice on fund raising, help...

Property fund created by BoS. (News).(Bank of Scotland)(Brief Article)
March 1, 2003... Bank of Scotland corporate banking has created an equity fund to acquire and develop up to [pounds sterling]300 million worth of warehouse properties in the UK. Its partners in this fund are West Coast Capital, the private equity fund started...

BVK co-operation with business angels. (News).
March 1, 2003... This month the BVK and the Business Angels Netzwerk Deutschland (BAND) met for the first time to discuss the development of a new co-operation between the two groups. The goal of the partnership is to stabilise early stage investment in...

Healthcare Enterprise is formed. (News).(Brief Article)
March 1, 2003... Healthcare Enterprise, a new healthcare private equity advisory firm, is to list on AIM following Interactivity's reverse takeover of the group. Interactivity is an AIM-listed cash shell, which has agreed to acquire the entire issued share...

Problems at Swiss Life PE. (News).(Brief Article)
March 1, 2003... Swiss Life Private Equity has lost two of its four executive directors. Dominik Meyer and Michael Miller left the group at the beginning of February over differing views on how to run the business. The future of Swiss Life's private equity...

PRICOA bows out of PE. (News).
March 1, 2003... PRICOA has decided to cease private equity Investing to concentrate on its debt financing products. The group has integrated its European operations into the US division, Prudential Capital headed by Matthew Chanin, and Marie Fioramonti is...

Deutsche Bank seals [euro]1.5bn deal. (News).
March 1, 2003... The wait is finally over for the management team of DB Capital Partners (DBCP), which has culminated in a secondary purchase. Deutsche Bank has sold its late stage private equity portfolio in a management buyout worth [euro]1.502 billion. The...

Management, management, management! (News).(Brief Article)
March 1, 2003... By way of marking its 21st year of servicing the UK, and in more recent years the pan European, private equity industry SJ Berwin commissioned a survey called the Human capital Equation to find out what the mantra management, management,...

AMJPE makes profit on TSC. (Exits).(Aberdeen Murray Johnstone Private Equity, Telecom Service Centres)(Brief Article)
March 1, 2003... Aberdeen Murray Johnstone Private Equity (AMJPE) has realised its investment in call centre operator Telecom Service Centres (TSC) via a secondary buyout transaction. LDC, the private equity arm of Lloyds Bank, Funded the [pounds sterling]23...

HSBC PE sells Amparfrance. (Exits).(HSBC Private Equity reaches deal with Dorel Industries )(Brief Article)
March 1, 2003... HSBC Private Equity has realised its 2001 investment in Ampafrance, a manufacturer of baby products. Details of the original transaction were undisclosed. Canada-based Dorel Industries has acquired the group in a $240 million transaction. ...

Ariba buys Goodex. (Exits).(Brief Article)
March 1, 2003... Four German venture capital firms have realised their investment in Goodex, a Hamburg-based company that provides online sourcing technology, support and auction services for reverse auctions in the business-to-business sector. Nasdaq-listed...

Tertiary buyout for Gala. (Exits).(Candover, Cinven acquire Gala)
March 1, 2003... Candover and Cinven have beaten competition from Permira, BC Partners and KKR to buy bingo and gambling group, Gala, for [pounds sterling]1.24 billion. The sellers are private equity backers, CSFB Private Equity and PPM Ventures. Last summer it...

Talde makes run of exits. (Exits).(Talde sells holdings in 3 companies)(Brief Article)
March 1, 2003... Spanish private equity firm Talde has achieved a hattrick of realisations in the last month, realising its holdings in Construcciones y Promociones Balzola, Industrial Salva SA, and the Auvol group. Talde has sold its 15 per cent holding it...

Buyouts: what's hot in 2003? (Buyouts).(deal completions, sector preferences)
March 1, 2003... It's a slow start and a mixed bag in terms of deal completions and sector preference so far this year. In January there were only nine buyouts announced with a deal value over [euro] million and all these are in different sectors. GPs are under...

Private equity-backed takeovers subject to EU competition law. (Buyouts).(Illustration)
March 1, 2003... Compass Group The European Commission has approved Permira's acquisition of hotel and restaurant chain Travelodge and Little Chef from Compass Group. Permira has acquired the businesses for a total consideration of [pounds sterling] 712...

Carlyle appts. (People).(Carlyle Group)(Brief Article)
March 1, 2003... Dr Ulrich Schumacher has joined Carlyle group's European venture advisory board. Dr Schumacher is president and CEO of German semiconductor company Infineon Technologies. In April 1999 he established Infineon Technologies as an independent...

Patterson to SYIF board. (People).(South Yorkshire Investment Fund )(Brief Article)
March 1, 2003... South Yorkshire Investment Fund has appointed Mike Patterson to its board of directors. Patterson works as a regeneration director with Sheffield-based Manor & Castle Development Trust, which is responsible for the financial management of...

Winn to Mills & Reeve. (People).(Brief Article)
March 1, 2003... Mills & Reeve is expanding its corporate finance practice with the recruitment of Tim Winn to its Birmingham office. Winn was a partner with Garrets in Birmingham and previously spent 11 years at Edge & Ellison (now Hammonds). He has recently...

Brien to Mezz Management. (People).(Mezzanine Management )(Brief Article)
March 1, 2003... Rolf Brien has joined independent mezzanine and private equity investor Mezzanine Management as a director. Brien was previously a director at PRICOA, the European mezzanine investment arm of Prudential Insurance Company of America. He had been...

Ivey joins Almeida. (People).(Almeida Associates)(Brief Article)
March 1, 2003... Chris Ivey has joined private equity placement advisory firm Almeida Associates. Ivey was formerly with Merrill Lynch International, where he was responsible for high yield and European corporate bond sales to institutional clients throughout...

3 to Debevoise & Plimpton. (People).(Brief Article)
March 1, 2003... Debevoise & Plimpton has announced three appointments to strengthen its London private equity team following the recent appointment of partner Marwan Al-Turki, a private equity fund formation and financial services regulatory lawyer. ...

GI Ventures moves. (People).(Brief Article)
March 1, 2003... GI Ventures has moved its German office to Gundelindenstrasse 2, 80805, Munich. Tel: +49 89 383 8920; Fax: +49 89 383 89299

Noble & Co expands. (People).(Brief Article)
March 1, 2003... Noble & Co, the independent UK investment house, has continued its expansion with a new addition to its corporate finance team. David Mathewson, who spent 14 years with sector rivals Noble Grossart, brings extensive experience in corporate...

SJ Berwin Madrid moves. (People).(Brief Article)
March 1, 2003... SJ Berwin has a new Spanish office. The firm has moved to e/Claudio Coello, 37 [1.sup.a] Planta, 28001, Madrid. Tel: +34 91 426 0050; Fax: +34 91 426 0066

Vertex appts partner. (People).(Brief Article)
March 1, 2003... Israeli venture capital fund Vertex has appointed Yair Sakov as venture partner. Sakov will be responsible for identifying and evaluating new investment opportunities and actively helping Vertex portfolio companies. Sakov has worked in the...

Callahan's name change. (People).(Callahan Associates International changes name to Cable Partners)(Brief Article)
March 1, 2003... Callahan Associates International (CAL), the privately held cable communications operator, has changed its name to Cable Partners. The company will be registered as Cable Partners (Europe) LLC. The change reflects the broadband cable focus of...

Sovereign Capital recruits. (People).(Brief Article)
March 1, 2003... Sovereign Capital, has appointed Mike Foley and Jim Kottler as investment managers. Foley has spent the last four years with Ernst & Young M&A in London, first in its industrial products team and latterly focused on healthcare transactions....

WestLB new hires. (People).(Brief Article)
March 1, 2003... West LB has made three new additions to its leverage finance origination and execution teams in London and Dusseldorf. James Burns joins the London office as an associate director. He comes from CIBC World Markets, where he has been since July...

21 Invest now Investindustrial. (People).(Brief Article)
March 1, 2003... Southern European private equity specialist 21 Invest has changed its name to Investindustrial. The firm is independently managed by a dedicated team of around 20 professionals headed by Andrea Bonomi with offices in London, Jersey, Madrid and...

European buyouts fight back. (Data Room).
March 1, 2003... Buyout activity in continental Europe has shown surprising resilience in the face of turbulent economic conditions that stunted UK private equity activity in 2002, according to preliminary figures from the Centre for Management Buy-Out Research...

Germany: no sign of improvement. (Data Room).
March 1, 2003... New investments by members of the German Venture Capital Association (BVK) dropped 40 per cent in 2002 compared to 2001's figures, falling to 1999 levels. Venture capital and private equity investment activities in Germany amounted to...

US fund raising: VC drops by $100bn. (Data Room).
March 1, 2003... American venture capital funds raised just $6.9 billion in 2002, $100 billion less than was raised for the sector in the bubble year of 2000. The number of funds in the market has also nose-dived from 653 in 2000 to 108 last year. Twenty-six...

Finland enjoys growth. (Data Room).(Brief Article)
March 1, 2003... Finnish companies are attracting more funding, according to the Finnish Venture Capital Association's preliminary statistics for 2002. Total amount invested was up 12 per cent to [euro]380 million in 2002 and the number of investments grew from...

2002 league tables. (Data Room).(statistical list)
March 1, 2003... 2002 league tables Bank No of deals Value [euro]m 2002 buyouts: debt UK Royal Bank at Scotland 11 3,054.3 Goldman Sachs 1 1035...

The changing profile of Europe's LPs. (LP Corner).
March 1, 2003... 2002's European fund raising figures are expected to show another overall decline but which types of institutional investors will have stuck with the private equity industry through this difficult patch? EVCJ looks at the types of investors...

UK Venture Capital Journal: 1983.
March 1, 2003... UK VENTURE CAPITAL JOURNAL LAUNCHED The venture capital industry in the United Kingdom has developed rapidly over the past three years. The UK VENTURE CAPITAL JOURNAL will track its continuing growth and provide a mix of news, views and...

UK Venture Capital Journal: 1984.
March 1, 2003... VENTURE SPEAK EVCJ's editorial team would be interested to hear from anyone who remembers using these terms and what they mean! The venture capital industry, as befits a new and developing corner of the business finance area, is fast...

UK Venture Capital Journal: 1985.
March 1, 2003... UK VENTURE CAPITAL JOURNAL GOES BI-MONTHLY As from January 1985 the UK VENTURE CAPITAL JOURNAL will therefore bc published every two months instead of quarterly, as previously. January UKVCJ was a bi-monthly magazine until 1999 when it...

UK Venture Capital Journal: 1986.
March 1, 2003... More Syndication is Needed The British Venture Capital Association (BVCA) held a workshop on Syndication on 23rd September which was attended by more than 70 full and associate BVCA members. The principal objective of the workshop was to...

UK Venture Capital Journal: 1987.
March 1, 2003... Fund Raising Reaches Record Levels New capital commitments to venture capital funds have reached an all-time high this year. At 25 September the total amount raised for both new and existing funds during 1987 was already [pounds...

UK Venture Capital Journal: 1988.
March 1, 2003... New Names and Addresses GE CAPITAL, the financial services arm of General Electric Company, USA, has opened the European headquarters of its acquisition and buy-out finance operation in London. RODNEY HALL, an ex-director of 3i, beads up a...

UK Venture Capital Journal: 1989.
March 1, 2003... Pension fund investment in UK venture capital funds increased from [pounds sterling]4 million in 1982 to [pounds sterling]274 million in 1988. Pension funds are the largest investor group in UK private equity today, although a substantial share...

European Venture Capital Journal: 1989.
March 1, 2003... Sofinnova Raises New Early Stage Fund Sofinnova SA recently closed a new fund called Sofinnova Capital on FF 207 million (ecu 29.6 million). It is structured as a Fonds Commun de Placement a Risques-FCPR-one of the vehicles used for French...

UK Venture Capital Journal: 1990.
March 1, 2003... Electra Closes [pounds sterling]486 Million Fund and Launches Electra Leisure Electra and its management company, Electra Kingsway, closed their new fund, Electra Private Equity Partners, in early February, with a total of [pounds...

European Venture Capital Journal: 1990.
March 1, 2003... A Favourable Environment: the Impact of Government Initiatives The development of the venture capital industry in the Netherlands has been largely driven by the state, which setup a series of financing vehicles in order to stimulate...

UK Venture Capital Journal: 1991.
March 1, 2003... The BVCA's success in establishing consensus on valuation methods represents a major advance for the UK venture capital industry at a time when its investing customers are pressing for closer evaluation of portfolio performance. In contrast to...

European Venture Capital Journal: 1991.
March 1, 2003... Venture economics purchased by securities data co. Securities Data Co., Newark, NJ, has acquired 100% of the assets of Venture Economics Inc including its subsidiaries in Toronto, London and Paris. Venture Economics publishes the Venture...

UK Venture Capital Journal: 1992.
March 1, 2003... Pantheon Ventures acquired thc seven venture capital interests from the liquidators of Bishopsgate Investment Management, the late Robert Maxwell's pension fund management vehicle, for just under [pounds sterling]12.2 million. The partnership...

European Venture Capital Journal: 1992.
March 1, 2003... Time To Stop Calling It "Venture Capital" There has probably never been any term in the financial markets which has created so much confusion as "venture capital" Feb/March A decade on and Europe's venture capital associations are...

UK Venture Capital Journal: 1993.
March 1, 2003... 3i Considers New Ways Of Raising Cash 3i has confirmed that it is seeking additional capital to augment its investment programme in Continental Europe although the group has categorically denied speculation that it is trying to raise an...

European Venture Capital Journal: 1993.
March 1, 2003... Prudential Doubles Buy-Out Funding A New Optimism In UK Venture Capital Britain's largest institutional investor, the Prudential, is doubling the amount ot capital it makes available for venture capital to [pounds sterling]500 million and...

UK Venture Capital Journal: 1994.
March 1, 2003... Wall Street MBO King Comes To Europe The Wall Street leveraged buyout specialist, Kohlberg Kravis Roberts, is setting up an operation in Europe to make large acquisitions of [pounds sterling]300 million and upwards. KKR has appointed...

European Venture Capital Journal: 1994.
March 1, 2003... Mercapital Links Up With First Britannia For Spanish Deals The major Spanish buy-outs and development capital investor Mercapital SA has signed a marketing co-operation agreement with First Britannia Mezzanine NV. one of Europe's leading...

UK Venture Capital Journal: 1995.
March 1, 2003... Venture Capitalists Study VCT Proposals--Industry Doubts Government's [pounds sterling]2.5bn Target The prospective importance of the government's new Venture Capital Trusts ("VCTs") to the UK venture capital industry was still being hotly...

European Venture Capital Journal: 1995.
March 1, 2003... Paris And London Markets Challenge For "EASDAQ" Three months after the European Venture Capital Association announced plans for the pan-European "EASDAO" securities exchange it is being met with a vigorous competitive response from the...

UK Venture Capital Journal: 1996.
March 1, 2003... Fund-Raising In '96--Whither Europe? A glance down thc investor lists of any of thc funds raised in 1995 sends a clear message to those intending to fund raise in '96 go West! Right across the Atlantic in fact. Names of stare pension funds...

European Venture Capital Journal: 1996.(meshed briefs)
March 1, 2003... Montagu Private Equity Changes Name As part of the reorganisation of HSBC Group to place more emphasis on the HSBC name in its investment banking activities, Montagn Private Equity has changed it name to HSBC Private Equity Europe....

UK Venture Capital Journal: 1997.(meshed briefs)
March 1, 2003... Alchemy's Structure Takes Pressure Out of Fund Raising Alchemy is raising a 12 month rolling fund, for which investors will he asked how much they wish to commit over the next 12-month period; Alchemy will undertake to invest up to that...

European Venture Capital Journal: 1997.(meshed briefs)
March 1, 2003... BPEP Acquires Lazard Portfolio; Prepares for Global Expansion Baring Private Equity Partners (BPEP) has acquired the institutional fund management activities of Lazard Ventures, Comprising five portfolios with a combined value of around...

UK Venture Capital Journal: 1998.(meshed briefs)
March 1, 2003... Alchemy Closes [pounds sterling]100 Million, Now Looks to Germany By the end of 1997 Alchany Partners, the private equity group established by Jon Moulton, had closed annual comtaitments of [pounds sterling]101 million from 14 insti tutions for...

European Venture Capital Journal: 1998.(meshed briefs)
March 1, 2003... Sofinnova Partners Joins the Independents Sofinnova, one of France's pioneering venture groups, which led the way in start-up funding for IT and life sciences ventures and was the first French venture capital group to set up a US operation,...

UK Venture Capital Journal: 1999.(meshed briefs)
March 1, 2003... Doughty Hanson To Make Its Move Into US Market Following Sir Isaac Newton's theory that for every action there is an equal and opposite reaction, Doughty Hanson & Co. in the coming year will open New York offices and begin targeting the US...

European Venture Capital Journal: 1999.(meshed briefs)
March 1, 2003... Tension sparks mass defection at RBDC To lose one executive may be regarded as a misfortune; to lose five looks like carelessness. That Wildean echo is unlikely to raise many smiles at Royal Bank Development Capital (RBDC), which has...

European Venture Capital Journal: 2000.(meshed briefs)
March 1, 2003... Neuer Markt could go it alone Much of the success of the Euro.NM alliance of growth company markets is attributable to its German member, the Neuer Markt. At the end of last year, more than 200 companies with a combined capitalisation of...

European Venture Capital Journal: 2001.(meshed briefs)
March 1, 2003... Strained times at Morgan Grenfell PE Prospects for its usual rate of investment r eturn look shaky for Morgan Grenfell Private Equity's (MGPE) [euro]1.5 billion fund known as Deutsche European Partners IV (DEP IV) less than a year after...