Kevin Albert, head of investor relations for the Menlo Park, Calif.-based firm, told PE Week that a new fund-raising is “likely sometime next year,” but that reports of a current effort have been incorrectly extrapolated from last month’s hiring of ex-eBay executive Rajiv Dutta (see page 3 for a Q&A with Dutta).
Elevation raised $1.8 billion for its debut fund in 2008, which was about 66% called as of June 30, according to a report from the Washington State Investment Board. —Dan Primack
Cartesian wants to raise second fund in Q2
The firm closed its debut fund, Pangaea One, with $1.05 billion in capital commitments in 2007. Although the first fund did not use a placement agent, no decision has been made on whether or not one will be used for the next fund, Yu said.
Over the past year, Cartesian Capital has made investments in the hard-hit automotive and financial services sectors, including an investment in the creation of Cartesian Iris, a catastrophe reinsurance trust.
Last month, portfolio company ReSearch Pharmaceutical Services Inc., a contract research organization and provider of integrated clinical development outsourcing solutions, completed its global platform by incorporating its subsidiaries in more than 30 countries, including the recently acquired Paramax International (Beijing) Inc., a specialized contract research organization in China. Over the past 12 months, ReSearch Pharmaceutical Services has also made strategic acquisitions in France, Spain and Germany.
Yu, based in New York, and the former senior management team of
Marlin Equity reels in $650M
Marlin Equity Partners
The El Segundo, Calif.-based firm previously raised a $300 million fund in 2007.
Earth Capital holds first close
The firm has reportedly signed a pension fund as cornerstone investor of the new fund.
The total fund target is about $1.1 billion although ECP did not give a figure for the first close.
Glide eyes $70M for European deals