September issue 2004

News highlights

News analysis

Recruitment drive set to continue

VCs play dominant role as London Stock Exchange’s IPO markets pick up

Polish government to launch venture fund

UK spin-outs feel pinch of tax ruling?


Former placement agent sets up fund raising support service

University spin-outs: could do better?

ISIS and F&C merge

LGV closes fund and separates French and UK businesses

ABN AMRO makes partial exit from French venture business

VCT consolidation underway?

CAD III throws banks PE lifeline

Healy opens Hellman & Friedman’s London office

AXA PE moves step closer in Credit Agricole deal

UK private equity gets boost from private investors

Fund news

Exponent reaches final close

Carlyle fund raises

Baronsmead VCT offers innovative incentive

SVG Diamond Private Equity launches

CapMan reaches first close on Mezzanine IV

Second close on Iris Capital’s second fund

Final close for Cape Natexis fund

LGV closes fund and separates French and UK businesses

Poteza holds final close on Adriatic Fund

Italian Investitori Associati closes 4th fund

Pantheon closes $900m secondaries fund

NVM reopens its 3rd VCT to new funds

Accent Equity Partners closes on €250m

Duke Street launches 3rd CDO

Final close for EQT IV

Auda closes secondary fund

Apax starts fund raising on Apax Europe VI

Exit news

Phoenix sells HPI

Imagesound lists on AIM

GIMV sells Scottish food group to Young’s Bluecrest

LDC sells Prologic

Fives-Lille in secondary buyout

Premier Foods IPO signals PE exit

ABN AMRO Capital makes first Spanish exit

RBS funds Nightfreight secondary buyout

MB Funds sell stake in Engel Group

Doughty Hanson sells Dunlop Standard Aerospace

Alchemy exits Four Seasons

GIMV exits Belgian metallurgical company

Bridgepoint exits office supplies group OyezStraker

Bridgepoint makes gain on Navimo sale

Israeli tech company bought by Cisco

CVC sells German sausage covering company to Montagu

Inflexion exits Ster Century

Gresham out of uniform

3i sells Palletways to Phoenix Equity Partners

Argos Soditic sells Italmatch to Investindustrial

Cozart IPOs on AIM

Spirit Group sells Premier Lodge to Whitbread

Cyclacel shelves IPO plans

3i bids goodbye to Morning Noon & Night

ARGUS sells FiberNet

NewMedia SPARK sells Pricerunner

AMJPE exits Webfell Group

Italian PE funds exit domestic fridge manufacturer

Segulah acquires Swedish IT company

Alchemy sells ASSE division

3i sells Malmberg to Sanoma

Graphite sells Paperchase to Borders

Alchemy sells Paramount Hotels

BA Capital Partners sells Alfatherm in Italian secondary buyout

AMRO Capital partial exit from De Dietrich PtP

Electra Partners sells Safety-Kleen in secondary buyout


Rutland name change

Pomona appointment

Finatem hires new MD

Fund manager climbs mountain

AMJPE appoints investment manager

Philip Rattle joins Kleinwort Capital

Dewey Ballantine adds to German private equity team

Lehman Brothers creates private equity advisory group

AGF appoints

Baring Vostok hires two partners

Interregnum get two but lose one

Ex-Israeli PM becomes PE partner

Hess joins Cinven

Jeffries expands into Europe

BoS reshuffle

PIP gets new chairman

Pomona chief awarded Mother Teresa medal

Lazard adds PE partner

Osborne Clarke promotion and departure

Close Investments appoints new fund manager

Italians launch private equity award

Ratos appoints senior investment manager

New manager for business angel network

Deutsche Bank appoints new sales director


Fund-of-funds: are the smart guys selling up?

Pantheon sold to Russell Group; Hamilton Lane bought by Bill Gates’ Cascade Investment among others; Dallas-based Crossroads Group acquired by Lehman Brothers. A gradual consolidation appears to be on the cards in the fund-of-funds market. Tom Allchorne reports.

Nordic LPs go international

The Nordic region has one of the largest pools of capital in Europe available for private equity investment. Until recently, most of that capital went to local funds. But times are changing and LPs are looking further afield. So where are they investing? And what does this mean for local firms, asks Vicky Meek?

Retail therapy

Retail is back in fashion. The activity of specialists in the sector such as Icelandic group Baugur, which has been on a retail spending spree over the last few years with its acquisitions of Coast, Karen Millen, Oasis and most recently Goldsmiths, is proof of this. But competition for deals in the UK market has become fierce and there is a risk of over-paying for businesses in competitive auction processes. What makes a good retail investment in private equity and what should investors be wary of in the sector? Angela Sormani takes a look at the ups and downs in retail.

Lead Buyouts:

UK Pensions Bill amendments spell bad news for private equity firms

The private equity industry is locking horns with the UK Government over proposed amendments to the new Pensions Bill. Buyout experts claim the changes will remove their limited liability to companies with defined benefit pension schemes and make buyouts far more expensive and that, if the offending amendments are not revised, investment in the UK could plummet. Joanna Hickey reports.

LP Corner:

Is it possible to benchmark private equity performance?

Given the fall in public and private asset investment returns expected to materialise over the coming decade, the asset allocation debate is raging right across the fund management industry. This is leading to a closer look at the returns the private equity asset class can be expected to offer and what role it can play within a portfolio. And applying benchmarks is seen as one way to try to measure the effectiveness of private equity allocations in terms of the degree in which they are expected to enhance returns. The trouble is benchmarking can, on closer inspection, sway between the meaningless to the downright illogical. So how should fund managers make them logical and meaningful and in so doing avoid the charge of irresponsible corporate governance? Lisa Bushrod reports.

Legal & Regulatory

BDCs and the bumps in the IPO road

A crush of leading US buyout firms set out to tap the US public equity markets with business development companies (BDCs) earlier this year. Lately, however, the wheels seem to have fallen off these fee-fuelled funding vehicles. Joanna Gant reports.

Private equity news

Recruitment drive set to continue

Venture Capital News

VCs play dominant role as London Stock Exchange’s IPO markets pick up

Polish government to launch venture fund (also under country reports)

UK spin-outs feel pinch of tax ruling?

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