European Venture Capital Journal articles from October 2005

European Venture Capital Journal archives from October 2005

Searching for the new frontier.(EDITOR'S NOTE)(private equity)(Central and Eastern Europe)(Editorial)
October 1, 2005... If the dotcom bubble taught venture capitalists anything, it was the danger of hyping niches way beyond their potential to deliver a return on investment. VCs and their institutional investors (LPs) are wary of being caught by the same mistake...

Merger sparks consolidation debate; mergers or takeovers among private equity firms are extremely rare, despite dramatic growth in the number of houses in recent years. But last month Dunedin Capital Partners announced its acquisition of Sand Aire Private Equity, so could more consolidation be on the cards?(NEWS ANALYSIS)
October 1, 2005... For Ross Marshall, managing director of Edinburgh private equity house Dunedin, the acquisition of Sand Aire will give his firm greater access to deals in London and the Southeast of England. Mid-market firm Dunedin is acquiring Sand Aire for...

VCT mergers: work in progress: since legislative changes in September 2004, merging venture capital trusts (VCTs) has become a more practical option and a way out for too-small and underperforming trusts. But what are the issues VCTs have faced in merging and are we likely to see a growth in such deals?(NEWS ANALYSIS)
October 1, 2005... Last September, new legislation enabled VCTs to merge without losing tax concessions for investors and since then mergers have been done at Chrysalis, Quester and Pennine Aim. The Murray VCTs are also planning to merge, although this appears to...

Multiple buyouts: incentive is key.(NEWS ANALYSIS)
October 1, 2005... Secondary, tertiary and even quaternary buyouts continue to grow in popularity. According to data from SCM Strategic Capital Management, unsurprisingly, the secondary buyout was the most popular exit route in Europe, showing a 41% increase in...

The decline of accountants.(NEWS ANALYSIS)
October 1, 2005... Too much paperwork is a constant gripe of any businessman, and the burden never seems to ease. Over the last few years, the admin piled on by accountancy firms in the corporate finance space has increased dramatically, so much so that some GPs...

Dunedin to acquire Sand Aire.(NEWS)(Sand Aire Private Equity)(Dunedin Capital Partners Ltd.)
October 1, 2005... Dunedin Capital Partners is to acquire Sand Aire Private Equity for an undisclosed amount from Sand Aire Investment Management Limited. Sand Aire is selling its private equity business to concentrate solely on its multi-client family office...

Gilde leaves Rabobank after nine years.(NEWS)(Glide Investment Management )(Brief Article)
October 1, 2005... Rabobank has sold its subsidiary Glide Investment Management to the current management. Glide has been part of the Rabobank Group since 1996. Active funds in the business include the Glide Buy-Out funds I, II and III, Glide Europe Food &...

Blackstone corporate debt sets up in Europe.(Debra Anderson is joining the Blackstone Group )(Brief Article)
October 1, 2005... Debra Anderson is joining the Blackstone Group as a managing director to set up a corporate debt business in Europe. Anderson will join Blackstone's Corporate Debt Group, which was established in 1998 and has grown to nearly US$5bn in...

Murray VCTs' directors saved.(venture capital trusts)(Murray Financial Corp.)(Brief Article)
October 1, 2005... A campaign to remove the directors of the three Murray VCTs, which earlier this year broke away from Murray Johnstone, has failed. Last month, former money manager and executive director of Panmure Gordon Investments, Charles Clark, asked for...

Capstone and Palomar team up.(Capstone Partners and Palomar Capital Advisors have merged)(Brief Article)
October 1, 2005... Placement agents Capstone Partners and Palomar Capital Advisors have merged, forming Capstone Palomar Partners. The new firm has a team of 12 principals and a total of 20 professional staff, spread across the US and Europe. The...

Clarification.(NEWS)(Correction Notice)
October 1, 2005... 'In your article "Heading for a Winter Workout" (ECVJ Issue 125) you mention the collaboration between Standard & Poor's Risk Solutions and five leading European banks to pool default and recovery data on highly leveraged loans in Europe. Risk...

IPES opens in London.(NEWS)(International Private Equity Services )(Brief Article)
October 1, 2005... International Private Equity Services (IPES), the Guernsey-based private equity fund administrator, is in the midst of opening a London office, so that initially it can undertake the fund administration work of its existing clients' UK limited...

KBC Private Equity targets Central Europe.(KBC Group)(Brief Article)
October 1, 2005... The private equity arm of the KBC Group, formerly managed by Ortelius, has changed its name to KBC Private Equity following the merger of KBC Investco and Ortelius earlier this year. The business has also expanded its investment focus to...

BVCA: a new era.(NEWS)(British Venture Capital Association )(Interview)
October 1, 2005... Peter Linthwaite has a tough act to follow in John Maclde, the previous CEO of the British Venture Capital Association (BVCA), but his experience should stand him in good stead. He has been involved in the private equity industry for over 15...

gateway2investment launches.(SEED THROUGH EARLY STAGE)(Brief Article)
October 1, 2005... gateway2investment (g2i) launches in London on September 27 at an evening reception at the Science Museum. g2i is backed by the London Development Agency and a consortium led by Grant Thornton and comprising E-Synergy, Library House, The...

DCX name change.(Development Capital Exchange)(Early-Stage Investment Exchange)
October 1, 2005... The UK Development Capital Exchange (DCX) is to change its name to Early-Stage Investment Exchange (ESIX) as part of a corporate restructure. The name change is intended to refocus the exchange in view of the light touch regulation applied to...

Directorbank keeps growing.(Directorbank )
October 1, 2005... Leeds and London-based Directorbank has achieved its strongest year of growth since it was set up eight years ago, particularly tapping the growing market in appointments of independent, high achieving nonexecutive directors. In September,...

HPE attracts third party money.(Hermes Private Equity)
October 1, 2005... Hermes Private Equity (HPE) has closed its second direct private equity fund, Hermes Private Equity Partners II (HPEP II), raising 250m [pounds sterling] and attracting capital from an external investor for the first time. This new money has...

Pomona raises US$821m.(Pomona Capital IV)(Brief Article)
October 1, 2005... Pomona Capital has raised US$821m for its sixth secondary fund, called Pomona Capital IV. The fund was capped at this amount, having exceeded its original target. Michael Granoff, CEO of Pomona Capital, notes that one of the reasons behind...

Baronsmead to raise 22m [pounds sterling].(Baronsmead VCT plc)(Brief Article)
October 1, 2005... Baronsmead VCT 3, managed by ISIS Equity Partners, is to raise up to 22m [pounds sterling] of additional funding in mid-September by way of a C-share issue. The fund will issue 22m shares at a price of 100 pence per share. The money raised...

Second close for fund IV.(Triangle Venture Capital)(Brief Article)
October 1, 2005... Triangle Venture Capital, a German-based venture firm, has completed a second closing of its fourth fund on 30m [euro]. The fund aims to close by year-end, with between 50m [euro] and 75m [euro] of commitments. The fund raising has not...

Spanish VC reaches 40m [euro].(Adara Venture Partners)(Brief Article)
October 1, 2005... Adara Venture Partners, a Spanish VC firm, has reached a first closing on its maiden fund, Adara Ventures SICAR, on 40m [euro]. The fund will invest in technology-related early stage companies, mainly those based in Spain or those with...

Partners fund on cards.(Partners Group )(Brief Article)
October 1, 2005... After a successful fund raising and a very fast investment pace on its first dedicated secondaries fund, Partners Group is ready to launch its second secondary offering. Its first secondary offering, Partners Group Secondary LP, closed in...

EVU II first close.(Euroventures Ukraine)(Brief Article)
October 1, 2005... Euroventures Ukraine, a private equity firm based in Kiev, has held a first closing of Euroventures Ukraine Fund II (EVU II) on US$35m (29m. [euro]) The fund, which is based in Cyprus, will invest in companies based primarily in Ukraine,...

Paul Capital fund close.(FUNDS)(Paul Capital Partners)(Brief Article)
October 1, 2005... Paul Capital Partners has reached the final closing of its third venture capital fund-of-funds, Paul Capital Top Tier Investments III, LP (Top Tier III.) Top Tier III has closed with $620m in commitments from a diverse group of institutional...

eBay swoops for Skype.(EXITS)
October 1, 2005... Skype, a Luxembourg-based Internet communications company that allows users to make free phone calls over the Internet, has been sold to US online auction company eBay in a deal worth potentially 3.3bn [euro]. The backers of Skype will receive...

Barclays drives away from motor-home business.(EXITS)(Barclays Private Equity)(divestment of stake)(Brief Article)
October 1, 2005... Barclays Private Equity has sold its majority stake in Auto-Sleepers, a UK motor-home maker, to Italian company SEA Group, Europe's third biggest motor-home manufacturer, for 15m [pounds sterling]. Auto-Sleepers was bought by Barclays...

Industri Kapital Sells Intrum Justitia stake.(EXITS)
October 1, 2005... Industri Kapital has sold its entire remaining holding of 9,102,686 shares in credit management services group Intrum Justitia AB to a number of Swedish and international institutional investors. The shares were sold at the price of SEK61.75...

>Mister Minit a good fit for CVC.(EXITS)(CVC Capital Partners)(Brief Article)
October 1, 2005... UBS Capital is to sell Mister Minit, the Belgian shoe repair and key cutting chain, to CVC Capital Partners for an undisclosed sum. The company was put up for sale in November last year, and reports at the time valued it at between 150m...

CapMan sells Junttan.(EXITS)(sells piling equipment to Primaca Partners)(Brief Article)
October 1, 2005... CapMan has realised its investment in Junttan Oy, a Finnish piling equipment specialist, by selling it to a group of Finnish investors led by Primaca Partners. No financial details have been disclosed, but the firm did say that there would...

Doughty Hanson sells ITN building.(EXITS)(Doughty Hanson and Company Ltd.)(Brief Article)
October 1, 2005... Doughty Hanson & Co Real Estate has sold the ITN building at 200 Gray's Inn Road in London for 112m [pounds sterling] to Catalyst Capital. Doughty Hanson acquired the ITN building in April 2001. The firm increased rental income by 18% through...

Bonna Sabla sold in secondary buyout.(EXITS)(Brief Article)
October 1, 2005... Industri Kapital has signed an agreement to acquire Bonna Sabla, a manufacturer of prefabricated concrete products, from AXA Private Equity and other shareholders, for an enterprise value of approximately 235m [euro]. AXA Private Equity...

STAR exits Inexus.(EXITS)(Challenger Infrastructure Fund of Australia)(STAR Capital Partners)(Brief Article)
October 1, 2005... STAR Capital Partners, the UK infrastructure private equity fund, has sold Inexus, a UK gas transportation business, to the Challenger Infrastructure Fund of Australia for 681m [euro]. Earning almost 260m [pounds sterling] from the sale, this...

Saprogal goes to Mercapital.(EXITS)(acquistion)(Brief Article)
October 1, 2005... Spanish private equity house Mercapital has acquired animal feed producer Saprogal from Carlyle Group in a 155m [euro] secondary buyout transaction. A leveraged loan will support the buyout. Carlyle acquired the company from ConAgra Foods...

TM Group in secondary buyout.(EXITS)
October 1, 2005... Bank of Scotland Corporate has provided a 165m [pounds sterling] integrated debt and equity package to support existing management in the secondary buyout of TM Group Limited. The transaction provides an exit for Montagu Private Equity and...

ISIS exits ASSA.(EXITS)(Isis Equity Partners acquired by Carter and Carter)(Brief Article)
October 1, 2005... ISIS Equity Partners has exited Assa Training & Learning Limited (Assa) yielding a multiple of 2.5 times its original investment and an IRR of 61%. The company has been acquired by Carter & Carter. ISIS Equity Partners backed the management...

Beringea realises CPLG investment.(EXITS)(Copyright Promotions Licensing Group Ltd.)(Brief Article)
October 1, 2005... Beringea has sold Copyright Promotions Licensing Group (CPLG), a British licensing agency, back to the management team for an undisclosed sum. The sale has generated a return of almost 3x the original investment and an IRR of 40%. Three...

3i and Bridgepoint exit Templecare.(EXITS)(Minster Care Management)(Brief Article)
October 1, 2005... 3i and Bridgepoint have sold Templecare, a nursing homes operator, to Minster Care Management, a privately held care homes company for 14.6m [pounds sterling]. The firms are reported to have doubled their money on the investment. ...

3i sells local press.(EXITS)(Local Press Ltd. acquired by Johnston Press PLC)(Brief Article)
October 1, 2005... 3i is to sell Local Press Ltd, owner of the Belfast News Letter and Derry Journal, to Johnston Press plc in a 65m [pounds sterling] deal. 3i will receive proceeds of 40m [pounds sterling], which represents a money multiple of 1.7x and an IRR of...

IRRfc sells Seafood Company.(EXITS)(FPI)(Brief Article)
October 1, 2005... IRRfc, the Phildrew Ventures spinout from UBS Capital, has sold the Seafood Company, a UK importer, processor and distributor of chilled and frozen shellfish, to FPI, a Canadian seafood company for 18.3m [pounds sterling], making a 3x return....

Shazam sells IP to BMI.(EXITS)(Shazam Entertainment Ltd.)(Broadcast Monitoring Inc.)(intellectual property)(Brief Article)
October 1, 2005... Shazam Entertainment, the UK audio technology company, has sold the intellectual property of its audio recognition technology to Broadcast Monitoring Inc (BMI), the US performing rights business. The sale provides a partial exit for...

Casa Reha in secondary buyout.(EXITS)(Advent International Corp.)(Brief Article)
October 1, 2005... Advent International has acquired a majority interest in Casa Reha Betriebs und Beteiligungsgesellschaft, a German private nursing home group, from JP Morgan Partners, Covenant Care International, German Equity Partners and also the management,...

El exits fashion retailer.(EXITS)
October 1, 2005... Polish Enterprise Fund IV (PEF IV), a private equity fund managed by Enterprise Investors (EI), has realised its investment in LPP, a leading fashion retailer in Central and Eastern Europe (CEE). PEF IV sold its entire stake to Polish and...

Industri Kapital sells Dyno Nobel.(Brief Article)
October 1, 2005... Industri Kapital and co-owner Ensign-Bickford Industries are selling Dyno Nobel, a commercial explosives company, to a consortium of institutional investors lead by Macquarie Bank for US$1.7bn. Industri Kapital is reported to have made a return...

SPI Lasers to float.(SPI Lasers)(Southampton Photonics)(Brief Article)
October 1, 2005... SPI Lasers, formerly known as Southampton Photonics, a UK optical fibre-based laser sources specialist, is to float on the AIM market of the London Stock Exchange. It was founded in 2000 as a spinout from the Optoelectronics Research Centre...

BPE out of CareTech.(CareTech Holdings)(Brief Article)
October 1, 2005... Barclays Private Equity (BPE) has sold its 40% stake in CareTech Holdings back to the management team, making an IRR of 34.8% on its three-year investment. BPE bought its share in August 2002 from 3i and other shareholders for 8m [pounds...

BPE exits Morson.(Barclays Private Equity)(Morson Holdings )(Brief Article)
October 1, 2005... Barclays Private Equity has sold its equity stake in Morson Holdings in a secondary buyout to Barclays Leveraged Finance. Financial details of the transaction were not disclosed. Barclays Private Equity invested in Morson in December 1999,...

LBO syndications arranged September: companies in this section header here.(BUYOUTS)(leveraged buyouts)
October 1, 2005... Barracuda TARGET NATION: UK DATE ANNOUNCED: 26/08/05 DEAL TYPE: SECONDARY BUYOUT ACQUIRER: CHARTERHOUSE TOTAL VALUE: 262M [pounds sterling] MANDATED ARRANGER: RBS FINANCING: 103.8M [pounds sterling] Pub...

Refinancing.(BUYOUTS)(Ferretti and Permira)(Vivarte and PAI Corp.)
October 1, 2005... Ferretti TARGET NATION: ITALY DATE ANNOUNCED: 09/09/05 ACQUIRER: PERMIRA MANDATED ARRANGERS: MEDIOBANCA AND RBS FINANCING: 665M [euro] Speedboat manufacturer Ferretti has launched its 665m [euro] refinancing via...

Private equity-backed takeovers subject to EU competition law.
October 1, 2005... Aviapartner PRIVATE EQUITY BACKER: 3i BUSINESS DESCRIPTION: INDEPENDENT GROUND HANDLER DEAL VALUE UNDISCLOSED NOTIFIED: 02/08/05 PROVISIONAL DEADLINE: N/A CLEARED: 02/09/05 The European Commission has cleared 3i's...

Wellington recruits.(Wellington Partners appoints Melvin K. Spigelman)(Brief Article)
October 1, 2005... Wellington Partners, the German private equity house, has appointed Dr Melvin K Spigelman, 55, as a venture partner. He will advise the firm's life science portfolio companies and support Wellington in selecting new investments, as well as...

Cipio appts.(Cipio Partners)(Brief Article)
October 1, 2005... Cipio Partners, the secondary direct investment firm, has hired Maximilian Schroeck as managing partner to head its newly opened US office in San California. He joins from where he was managing director of Agilent Ventures, overseeing the US...

E&Y promotes Small.(PEOPLE)(Ernst and Young appoints Francis Small)(Brief Article)
October 1, 2005... Ernst & Young has appointed Francis Small as managing partner for its transaction advisory services (TAS) practice in the UK, after he spent three years as TAS global leader. Small has over 20 years' transaction experience, with a...

Bastianini to CIR.(PEOPLE)(Cesare Bastianini at CIR Group)(Brief Article)
October 1, 2005... Cesare Bastianini has joined Italian listed financial holding company CIR Group as director from the Italian office of BA Capital Partners, where he was investment manager. CIR's activity includes analysis and management of direct PE...

Robert Dyas CEO.(PEOPLE)
October 1, 2005... Robert Dyas, the UK home and garden retail chain owned by Change Capital Partners, has appointed a new chief executive in the shape of Rob Cissell. Following a timely handover Alan Smith, current CEO and chairman, will move to concentrate...

Saffery appts.(Saffery Champness recruits Gareth Partridge and Neil O'Brien)(Brief Article)
October 1, 2005... Saffery Champness, the accountancy and business advisory firm, has recruited Gareth Partridge and Neil O'Brien to its corporate finance group. Partridge joins as assistant director following a previous spell in cross-border corporate...

B&K promotes.(PEOPLE)(Ilkka Aalto-Setala at Borenius and Kemppinen)(Brief Article)
October 1, 2005... Ilkka Aalto-Setala has been promoted to partner and head of the antitrust and marketing law practice group of Borenius & Kemppinen, the Fenno-Baltic legal service. Aalto-Setala has served as a competition lawyer at the Finnish Competition...

Inflexion office move.(PEOPLE)
October 1, 2005... Inflexion Private Equity has moved to a new office. The new address is 43 Welbeck Street, London, W1G 8DX. Tel: +44(0)20 7487 9888. Fax: +44(0)20 7487 2774.

HgCapital expands.(PEOPLE)(Brief Article)
October 1, 2005... HgCapital has appointed Alex King to its technology investment team as it expands its business in Germany and Benelux. He was previously a director at Kennet Venture Partners for five years, and before this was a consultant with Spectrum...

Strathdon move.(PEOPLE)
October 1, 2005... Strathdon Investments, the tech venture house, has moved offices. It is now located at Jewry House on Jewry Street in Winchester, Hampshire, S023 8RZ. Tel: +44 (0)1962 870492. Fax: +44 (0)1962 844064.

Schneider appts.(Schneider Electric Ventures appoints Ignace de Prest)(Brief Article)
October 1, 2005... Ignace de Prest has joined Schneider Electric Ventures as an investment partner. Previously he worked with TechFund Capital Europe, a firm he co-founded in 2000. Before this, he participated in the creation and development of 6WIND, with...

Impetus appts.(Impetus Trust appoints Amelia Sussman)(Brief Article)
October 1, 2005... Impetus Trust, the UK venture philanthropy fund, has appointed its first venture philanthropy manager. Amelia Sussman will focus on assessing and managing the relationship with charities at all stages of the Impetus process, from initial...

A&M recruits MD.(Alvarez and Marsal hires Maurice Moses)(Brief Article)
October 1, 2005... Alvarez & Marsal, the turnaround advisory firm, has appointed Maurice Moses as a new managing director based in London, the firm's European headquarters. Moses joins from Numerica, where he headed the business recovery team. He had been at...

CVC adviser.(CVC Capital has hired Simon Laffin)(Brief Article)
October 1, 2005... CVC Capital has hired Simon Laffin as European retail adviser. He has been working in an informal advisory capacity to CVC for some time on projects across Europe, and this appointment formalises his role and he will now work as a full-time...

Lehman Bros appts.(appoints Richard Atterbury)(Brief Article)
October 1, 2005... Lehman Brothers has appointed Richard Atterbury as co-head of the global financial sponsors group and chairman of European leveraged finance. Based in London, he will be responsible for enhancing coverage of financial sponsor clients and...

Entrepreneur awards.(PEOPLE)(Brief Article)
October 1, 2005... Oxford Innovation, the UK advisory service for entrepreneurs, has launched the Martin and Audrey Wood Enterprise Awards, which will focus on innovative and technology-based companies and promising entrepreneurs. The awards are in honour of Sir...

Helix appts.(Helix Associates appoints Philip Kemp)(Brief Article)
October 1, 2005... Helix Associates has hired Philip Kemp as a managing director. He was formerly director of investor relations based in New York for Doughty Hanson, and most recently was responsible for investor relations at the New York-based private equity...

VC award.(PEOPLE)
October 1, 2005... Gita Patel, a director of Stargate Capital Management and head of Trapezia, a UK investment product that is the first to be dedicated to the venture capital requirements of women entrepreneurs, has been included in the first Asian Power 100...

CBCM recruit.(PEOPLE)(Commerzbank Corporates and Markets)(Brief Article)
October 1, 2005... Commerzbank Corporates & Markets (CBCM) has hired Sean Costello as a director to its European leveraged distribution team. He joins from HBoS where he was a director in the loan distribution group. He will be based in London and brings more...

3i in Germany.(Brief Article)
October 1, 2005... 3i has appointed Frederik Roth to the European buyout team as senior director, beginning January 1, 2006. He will be based in Frankfurt and will report directly to Dr Stephan Krummer, managing director of 3i Germany. He joins from Permira...

Blackstone debt office.(PEOPLE)(Brief Article)
October 1, 2005... Blackstone's corporate debt group has set up an office in London to be led by Debra Anderson as a managing director in order to establish the firm's presence as a manager of non-investment grade assets issued by companies throughout Europe. ...

Amadeus appts COO.(Amadeus Capital Partners appoints Alastair Breward)(Brief Article)
October 1, 2005... Amadeus Capital Partners has named Alastair Breward as COO. Breward will assume responsibility for finance, human resources, information technology and information services. He began his career working in IT with Arthur Andersen's...

AXA adds.(PEOPLE)
October 1, 2005... AXA Private Equity has strengthened its presence in Germany with the addition of Werner Quillmann to its direct investment team. Quillmann is a former managing partner at Equita Management GmbH.

Inflexion appts.(Inflexion Private Equity appoints Catherine Richards)(Brief Article)
October 1, 2005... Inflexion Private Equity, the UK mid-market firm, has appointed Catherine Richards as assistant director in its Manchester office. She joins from Barclays Bank, where she was an associate director in the leveraged finance team, and has worked...

Quester hires.(Penny Attridge)(Brief Article)
October 1, 2005... Quester, the UK venture capital investor, has named Dr Penny Attridge as director of intellectual property. She will work closely with the Sulis and Lachesis University Challenge Funds and will focus on generating commercial value from the...

Permira loses Noble.(Barnaby Noble resigns)(Brief Article)
October 1, 2005... Barnaby Noble, a principal in the Paris office of Permira, has left the firm to become a vice-president and head of M&A at Alstom, the French power and transport group. Noble began his career in 1988 with the First Boston Corporation of...

BoS Corporate appts.(Bank of Scotland Corporate appoints Arthur Sherry)(Brief Article)
October 1, 2005... Bank of Scotland Corporate has appointed Arthur Sherry as director of integrated and acquisition finance for the Midlands, based in Birmingham, UK. He previously led the bank's Southern Counties deal finance team based in Bristol. In his new...

SVG appts.(SVG Advisers appoints Natalie Bangay and Rebecca Hartley)(Brief Article)
October 1, 2005... SVG Advisers has appointed Natalie Bangay as an investment executive and Rebecca Hartley as investor relations manager. Bangay will be joining the eight strong private equity team, which, in addition to advising the SVG Capital Board on its...

Dutch investors favour PE.(DATA ROOM)(private equity )
October 1, 2005... A study of 100 major institutional investors in The Netherlands has revealed private equity is an important asset class for Dutch investors, with 29% of institutions currently investing in the sector. The survey also indicated the number of...

Italy: IPOs generate returns.(initial public offerings)(Brief Article)
October 1, 2005... IPOs in Italy have returned more cash to investors than trade sales or secondary buyouts, according to research from KPMG and AIFI, the Italian venture capital association. The research dates back to 1999 and reveals that IPOs of private...

Dip in short term US VC performance.(DATA ROOM)
October 1, 2005... Short term US venture capital performance fluctuated at the end of Q1 2005 with a decline in one- and five-year investment horizons and an improvement in the three-year horizon, see Venture Economics table. Despite the short-term swing, the...

New barbarians at the gates.(LP CORNER)
October 1, 2005... When Bryan Burrough and John Helyar wrote their classic tale of 1980s corporate excess, eyes were on the private equity investors. While they still ostensibly drive the buyout market, their activities have been heavily shaped by the sheer...

Taking a view: Partners Group: Erik Kaas of Partners Group talks to EVCJ about the firm's investment strategy.(LP CORNER)(European Venture Capital Journal)(Interview)
October 1, 2005... What is Partners Group strategy for investment in private equity funds? Other than in cases of focused funds or mandates, the firm usually invests globally, based on a relative value investment strategy. Whereas many private equity asset...

Tax opinion insurance: tax opinion insurance can provide a useful safety net for both buyers and sellers, so how does it work and what does it cost?(LEGAL AND REGULATORY)
October 1, 2005... Tax opinion insurance (TOI) is a specialist insurance product designed to cover the liabilities incurred if a specific piece of tax planning ultimately falls foul of governments' revenue services. With TOI, the insured is protected against the...