News analysis
Editor’s Note
As we trundled through the December rush of parties and present buying, newspapers were full of reminiscences of what befell in 2005 and the start to a New Year is always an editorial mix of what went before and what’s coming. We’ve largely stuck to what’s been happening so far this year and what’s coming in this issue and relegated the year gone by to the review supplement enclosed with this issue. Many of you will have seen this already, as it includes the awards EVCJ conferred on practitioners in the European private equity industry for outstanding work undertaken in 2005, and so was handed out to attendees at the awards ceremony in London on January 31.
Low cost venture deals?
Standard documentation to be published shortly by the British Venture Capital Association (BVCA) could reduce the transaction costs on early stage venture deals. But how effective will this initiative prove and, in the longer term, could it lead to similar standardisation in Continental Europe?
Corporate venturing: a new approach
Corporate venturing is making a comeback and with it comes a new approach that draws on the experience of traditional venture capitalists either in a formal or informal capacity. Syndication of corporate venturing deals with traditional venture capitalists is increasing and technology giant IBM last year hit the news when it launched a venture capital advisory council made up of VCs from some of the world’s leading firms. Angela Sormani reports.
News highlights
AXA and Caisse embark on €1.5bn partnership
Baring Corilius acquired by SGAM
2005: UK buyouts boom
Founding partners leave Compass
Changes ahead for AIM
Frontiers Capital acquires Vesta portfolio
New Finnish VC fund launched
Panmure Capital launches
Murray VCTs complete merger
Food industry warned over CEE risks
Guidelines website launched
Dutch pension fund to invest €100m in PE
Corporate venturing down
3i’s energy boost
GE Commercial opens in Germany
Loan investors warned over default risks
VCTs left waiting
Non-exec recruitment practice launched
AlpInvest Partners gets record mandate
FRR eyeing private equity
UK manufacturing going strong
Nova adds BPEP to growing portfolio
GED and Warburg to develop SE European property
ING sells Steadfast stake
Retail sees £2bn fall in deal value
PE a threat to corporates
Conference growth attracts private equity
Fruit and veg ripe for consolidation
Seed through early stage
PPE welcomes private investors
Braveheart launches new fund
Help is at hand!
Seed success in Oxford
Sigma joins Scottish Enterprise
Fund news
Lead story
New Finnish venture fund launched
Conor Venture Partners has launched a €50m tech fund. Tom Allchorne reports.
Quick view
FUNDS
Vestar closes on $3.7bn
HitecVision energy fund close
London Asia launches Chinese fund
Danske III raises €311m
SES Iberian fund close
Investcorp raises US$300m
Perfectis II closes on €122m
LGV 5 raises £200m
SE Europe fund lists on AIM
Pond Ventures closes above target
Blackstone’s US$12bn record
AiM VCT seeks £40m more
ACP Capital raises £50m
EQT Opportunity fund close
CAM smashes fund target
NeoMed Innovation IV fund close
Baronsmead VCT 3 closes oversubscribedc.dutreil@wendel-investissement.com
New Finnish VC fund launched
€650m raised for CE
Duke Street on fund six
Exit news
Lead story
Carapelli falls into Spanish hands
Italian olive oil brand Carapelli Firenze SpA has been sold to Spanish food group SOS Cuétara for €132.5m, which also includes debt of €36m. The Florentine brand will join SOS Cuétara’s oil and olives stable of products, which include the Carbonell and Koipe brands. Angela Sormani reports.
Quick view
EXITS
UK IPOs up by 64% since 2003
Punch buys Spirit
BC reduces C&C stake
Door sells Vest-Wood
Sagard acquires Souriau
Mappin & Webb goes to Baugur
3i sells Carix to Pemco
Carlyle and Providence buy Com Hem
Vestar in Nybron secondary
Partial exit for Kleinwort
Mid Europa Partners acquires Aster City Cable
Nordic sells Anticimex to Ratos
Safilo returns to the market
Dufry floats
IK doubles money on VSM sale
Funcom floats
Apax and Goldman out of Kabel Deutschland
Bridgepoint sells Nocibé
ABN AMRO Capital makes gain on Puzzler
Ipsen IPO
3i sells AC Hotels stake
3i triples return on Warren sale
Deutsche Beteiligungs exits SAF
Doncasters sold for £700m
Lehman Brothers and Ratos sells Tornet
CBPE makes gain on Laybond
BioAlliance IPO
ABN sells Italian hospital group.
PPM Capital sells Upperpoint
U-POL in secondary buyout
Inode sold to Liberty Global
Advent sells Star Foods
Wendel moves in on Materis
SLS sells Carmel to 3i
Doughty Real Estate sells Havnestad Syd
Partial PPP exit for BPE
Quester exits Footfall
ECI Partners exits HCTC
Systinet sold to Mercury Interactive
Beringea and Barclays Ventures sell TMI
LDC exits Steelite
Icon Genetics acquired by Bayer
EI doubles money on Teta
Inmarsat shares sold
Lactalis buys Galbani
Bargain Booze goes to ECI
AMC first exit
ECI makes 8x return on ClarityBlue
Dataroom
SCM research: +ve on Euro venture
EVCA study reveals PE impact on employment
Generalist VCTs top bill
German deals soar
Israeli tech investing drops
Media boom fuelled by PE
Fund raising: another boom predicted
People
Quick view
Berwin promotes Blake
Noble hires
Kleinwort adds
Accentus appts
NVM hires
Celtic Pharma recruits
Quartilium hire
Pond appts
Investec recruits
Huntley leaves NT
Marsh appts
Brooks funds research project
NBGI builds
SJ Berwin Italian offices
Close Bros recruits
Palamon appts
3i expands
Barclays appts
Latham opens in Munich
GE in Germany
GMT appts
Quester recruits
Advent appts
Mezz Mgmt hires
IPES changes
Mithras recruits
UBS changes
BoS appts
Sofinnova hires
DLA Spain expands
CVC hires
Rutland promotes
Paul Hastings hires
AAMPE appts
3i recruits
Quester adds
Unigestion builds
Marsh expands
Birt joins Hands
Schwartz chairs Shelter
EI promotes
Rockpoint hires
PEP office move
Dummett leaves
Duke Street hires
Activa promotes
Adveq promotes
Apax promotes
Charlemagne recruits
STAR appts
Aberdeen Asset recruits
Phoenix hires
A&O appts
CCC recruits
Acanthus adds
Interregnum restructuring
FEATURES
LP Talking Head
Altius Associates
LP Corner
Private equity goes clubbing
Lisa Bushrod looks at the phenomenon of mega buyouts being conducted through syndicates of large buyout firms and asks, is it a good thing for the buyout firms’ investors?
SEC rules to lock-in hedge funds
If US hedge funds want to remain free from SEC scrutiny, they now have to impose a two-year lock-in on investors. Higher returns are the only way they will be able to encourage investors to commit, meaning private equity funds could soon find themselves competing with hedge funds on a much more regular basis. Tom Allchorne reports.
Swiss fund-of-funds continue to lead
Switzerland has been known for its banking and investment services for centuries, so it was no surprise that the country was a European pioneer in the provision of private equity fund-of-funds in the 1990s. But how are those fund-of-funds adapting to the changing demands of investors today? Patrick McCurry reports
Asset-based lending in Europe
The European asset based finance market is less than half the size of the US, the original home of asset based finance, but this is changing, not as fast as European players would like, but those in the space acknowledge they are in pole position to reap the rewards. Anthony O’Connor reports
These stories and more can be accessed by subscription with a username and password to www.evcj.com or by subscribing to the magazine version of European Venture Capital (& Private Equity) Journal.
If you do not receive this within five minutes, please try and sign in again. If the problem persists, please
email: