2003 Time Line –


? Yale University cuts its private equity allocation by 30 percent.

? J.P. Morgan Chase & Co. announced intention to reduce private equity exposure.

? Stephen Friedman, a senior principal with MMC Capital, is selected to replace Lawrence Lindsey as White House economic advisor.

?Law firm Brobeck, Phleger & Harrison announces plans to dissolve.


? CSFB places Frank Quattrone on administrative leave due to legal issues.

? Max Capital co-founders Russ Greenberg and Shail Sheth part ways, form new firms.

? Deutsche Bank sells late-stage private equity business.

? Evercore Capital Partners and Thomas H. Lee Partners recap supermarket tabloid publisher American Media Inc.


?University of Michigan discloses private equity fund performance data.

?CalSTRS releases performance data on 110 private equity funds.

?15th Annual Buyouts Symposium takes place at Waldorf Astoria in New York. Madison Dearborn Partners? acquisition of Jefferson Smurfit named Deal of the Year.

?UTIMCO asks for new private equity disclosure ruling from Texas Attorney General.

?Teachers? Merchant Bank and Citigroup Venture Capital buy Worldspan for $1 billion.

?Blackstone Group completes $4.73 billion buyout of TRW Inc. from Northrup Grumman.

?HSBC private equity team buys itself out to form Montagu Private Equity.


?Texas Attorney General rules that UTIMCO must release updated private equity performance data.

?San Jose Mercury News sues University of California for not disclosing private equity performance data.

?Nine Merrill Lynch pros leave to form new fund placement group at Lazard Freres. Merrill responds with a lawsuit.

? Six Hamilton Lane pros leave to form advisory firm, Franklin Park Associates. No one is sued.

? Mass. Governor and former Bain Capital chief Mitt Romney speaks out against plan for state-run VC fund.

? Thomas Davis, former vice chairman for private equity at Merrill Lynch, accused by SEC of helping Enron Corp. artificially inflate profits via fraudulent transactions.


? SFERS selects Portfolio Advisors as alternative investment advisor, severing a 14-year relationship with Cambridge Advisors.

? NASD nears deal to sell AMEX to GTCR Golder Rauner

SARS crisis slows down investment activity in Asia.

? CoPERA announces plan to reduce private equity allocation from $2.7 billion to $1.9 billion.

? Golden Gate Capital and Saratoga Partners pick up various pieces of bankrupt Divine Inc.

? Carlyle Group unveils expanded Web site in part to pacify critics.


? Battery Ventures acquires and privatizes Made2Manage Systems Inc., sparking a spate of VC firm-led buyouts.

? MassPRIM fights Massachusetts attorney general request that it release private equity performance data.

? Warburg Pincus wins $1.2 billion auction for aircraft components maker Transdigm Inc.

? Washington State Investment Board publishes private equity performance data on its Web site.


? State of Connecticut hires private equity investment chief, filling a spot that had sat vacant for three years.

? CalSTRS announces plans to nearly double its private equity portfolio over next four years. Time frame later expanded to five years.

? Judge sides with San Jose Mercury News in lawsuit against University of California.

? John W. Childs, president of J.W. Childs & Associates, and Robert Maginn, former partner at Bain & Co., admit to having violated campaign finance rules during 2002 Mass.gubernatorial race. Both men are fined $500.

? Yell Group PLC raises $2.26 billion via an IPO on the London Stock Exchange.


? Sequoia Capital evicts University of Michigan from Sequoia Capital XI, due to the school?s decision to disclose VC performance data.

? University of California cites Sequoia?s action against University of Michigan in its motion for reconsideration of pro-disclosure ruling. UC never gets order reversed, and ultimately is evicted from Sequoia Capital XI.

? Hicks, Muse, Tate & Furst launches second European fund without a set target.

? James Hearty is fired as executive director of MassPRIM, in part because of continued reluctance to disclose VC performance data.

? Bear Stearns Merchant Banking teams with Giuliani Partners to make private equity investments in the security sector.

? Thayer Capital Partners collects one-third of anticipated target for fifth fund, and Rick Rickertson transitions from managing partner and COO roles to a senior advisory position.

? Deutsche Bank sells $400 million to $500 million portfolio of buyout fund stakes to Credit Suisse First Boston.


? J.P. Morgan Chase slashes commitment to JPMorgan Partners by $1.4 billion.

? Deloitte & Touche enters private equity fund placement business, an unprecedented mover for an accounting firm.

? Goldman Sachs closes largest-ever mezzanine fund at $2.7 billion.

? Blackstone Group leads $4.2 billion buyout of Ondeo Nalco from Suez S.A.


? New York City Retirement Systems announces plan to invest up to $175 million into emerging private equity funds.

? Lehman Brothers agrees to acquire fund-of-funds manager The Crossroads Group.

? Todd Berman, a co-founder of Chartwell Investments, resigns after acknowledging that he took more than $2 million of firm funds for his personal use.

? Castle Harlan closes fourth fund with more than $1.16 billion.

? Private equity investment pros Franz Pool and Jon Vanderloeg both resign from the State of Wisconsin Investment Board.

? Permira closes fifth fund with $5.86 billion.

? Martin Halusa is named to replace the retiring Ronald Cohen as CEO of Apax Partners.

? Baring Private Equity Partners agrees to buy itself out from parent company ING Group.

? University of California publishes private equity performance data on its Web site.

? JPMorgan Partners reports a quarterly gain, after 13 straight losing quarters.

? GTCR Golder Rauner backs off efforts to acquire AMEX.


? Hicks, Muse, Tate & Furst revises PPM for second European fund, sets $1.2 billion target.

? Russell Epker, co-founder of Berkshire Partners, passes away.

? HarbourVest Partners acquires private equity fund portfolio of UBS Capital.

? GTCR Golder Rauner closes eighth fund with $1.85 billion.

? NASD transfers control of AMEX to a group representing AMEX members.


? Buyout consortium wins auction for Warner Music Group with a $2.6 billion bid, beating EMI Group.

? KKR agrees to buy MTU Aero Engines from DaimlerChrysler AG, despite German government concerns.

? Former Connecticut Treasurer Paul Silvester is sentenced to four years in prison for accepting kickbacks related to state investments in private equity funds.

? Credit Suisse First Boston raises over $1.62 billion for second secondaries fund.

? Private Equity Investment Guidelines Group releases proposal to reduce inconsistencies in valuation reporting.