News analysis
Banks gain ground in book debt battle
Corporate governance: liability concerns
Operating partners: a growing breed
News
BNP Paribas reduces stakes in private equity houses
ABN AMRO Capital quits German market
Strathdon merges with Invesco
UK takeover rule changes: minimal impact
VCs feature in Sunday Times rich list
Daems of GIMV new EVCA chair
AMJPE brokering own MBO?
Maples buys Gartmore Jersey Fund business
Capiton reveals mezzanine intentions
Credit Agricole to sell to AXA PE
Euronext to launch junior market
Italy launches Mercato Expandi
State Street acquires Fondamenta
Opera and Bear Stearns strategic agreement
Electra faces Scholz & Friends minority shareholder revolt
Lagardère gets all clear over Editis
D&T Trans Svcs to KPMG
SYIF & YABA join forces
Fund news
Gamma Capital closes on second fund
SES Iberian Fund I launches
Early-stage tech fund handed £3m boost
First close for German PE fund
UniCredit Banca d’Impresa to work with 21 Partners
Enterprise Investors closes largest Central European fund
Adveq closes fund-of-funds
Centurion closes maiden fund
Close launches mega VCT
Baronsmead VCT 2 seeks more funds
NGN Capital targets biotech
Exit news
Hard to get out of chemicals
Alchemy sells high street jewellers
Bridgepoint sells USC in secondary buyout
AXA Private Equity sells stake in Macif Group
ECI exits MM Group
Close Brothers sells Capital Incentives to strategic buyer
Jamba! provides return for Summit
Gresham exits Standard Newspapers
Nordic Capital to sell Wilson Logistics to TPG
CapMan sells Sweco interest
Vectura IPOs
Northern Venture Managers exits TJ Brent
3i floats e2v
Azimut to IPO
Fillfactory makes gain for investors
Jefferson Smurfit sell down mooted
OpenPSL exit for Apax
Zentiva IPOs
Quester divests OD2
DMT disappoints with market debut
HgCapital makes big gain on Xyratex IPO
LDC sells Ethel Austin to ABN AMRO
IP2IPO to buy TTV?
Terra Firma exits Wizard Inns
Alchemy floats mining company
People
Ellens to LSP New recruit at Fondamenta
O’Melveny & Myers appts
ECI boosts team
Van Toor to GLSV
D&T losses to KPMG
Lehman Brothers recruits
Erste Bank moves
Thiery joins Englefield
New face at Nova
Gemini expands
Cesari joins Vestar
Mercapital appoints
New MD at Palomar
New Duke Street partner
Ward becomes chair
Apax Nordic launch
Baker Tilly appts
BPEP CEO retires
New AIFI chairman
CIBC departures
New appts at Lehman Bros
ICG non exec
New Brunswick MD
Osborne Clarke appts DrKW appts
Duke Street Capital promotes
Sagitta moves
Salans expands
CIBC recruits
Features
Know Your Customer!
The need to prevent money laundering and inhibit the passage of funds intended for terrorist purposes has led to the financial services community, and those as diverse as estate agents, casinos and auctioneers, handling large volumes or sums of money being exhorted to ‘Know Your Customer.’ The penalties, in the UK for one, for not being able to prove that you at least tried to know who your customer is are severe: fines proportionate to the size of the corporate entity rather than the severity of the offence and loss of liberty for individuals. But how relevant is the issue of money laundering to Europe’s venture capitalists? Judging by the inclusion of money laundering as an issue of ongoing regulatory concern for the European Venture Capital Association, and other major associations, such as the British Venture Capital Association, it would seem that the issue of money laundering is a concern to venture capitalists. Lisa Bushrod reports.
Irish venture: are VCs’ eyes a’smilin’a’
The Irish Venture Capital Association reported 2003 was a good year for investment, and GPs in the market think things can only get better. Tom Allchorne finds out whether this optimism is well-founded?
Venture finance: enhancing growth
Towards the end of the 1990s, the European venture capital industry had substantial capital in place to support a cycle of dramatic growth in the early stage sector. Funds were plentiful and investors, investment banks, stock markets, corporate advisers and other professionals had formed a solid infrastructure for early stage companies. But the economic downturn saw this ecosystem contract as many investors became disillusioned following the burst of the Internet bubble. And so the main issue for venture today is one of resources. The deals are there and the tech industry in Europe continues to deliver innovative products and technologies, but securing funds is the problem. This is where venture finance can step in. Up to 75% of venture-backed companies in the US have used some form of venture debt to drive growth, but the concept is still relatively new in Europe. Angela Sormani looks at why this is the case and whether the facility will appeal to European entrepreneurs and investors.
LP Corner:
Welcome Break and the drive towards greater transparency
When Welcome Break’s owners, Investcorp, offered to pay bondholders back at par, it marked the end of one of the most tortuous sagas in securitisation of the last few years. Tom Allchorne examines what happened and why it could have important implications for private equity.
Legal & Regulatory
Poland’s new PE vehicle gets mixed reception
On July 1 the new Polish Investment Funds Act comes into force. Replacing its 1997 predecessor the new Act reflects provisions of two EU Directives and while it is primarily concerned with funds that raise money on the capital markets, there is one addition which will be of interest to the Polish private equity community: a new investment vehicle called the non-public assets fund. Tom Allchorne reports.
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