DB eVentures, Deutsche Bank’s strategic technology investing group in the financial services sector, has ceased activity as an independent entity. The business has folded into DB Capital and investments from the portfolio are being run under the DB Capital umbrella.
The move is part of Deutsche Bank’s overall restructuring of its private equity business, DB Capital. Following the decision, most of the 19-strong team involved in DB eVentures left the bank, according to a spokesperson.
DB eVentures investment strategy was focused on up-and-coming companies with a product or service relevant to the financial services industry. The division’s business strategy was defined by its remit to create competitive advantage from the Internet economy for Deutsche Bank by working alongside all its business areas and across all divisions and regions. Many of DB eVentures investment partnerships were derived from referrals from business areas within the bank.
DB Capital recently expanded its portfolio further when Morgan Grenfell Private Equity finally fell under its management see evcj December/January 2002, page 6.