Fund News

Private equity and venture capital fund launches and closings from around the globe

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• Battery Ventures hits target with $750m 11 Mar 2010. Source: Assets. Tech-focused venture capita firm Battery Ventures has closed its ninth fund, BV IX, on its $750m target. This brings total committed capital in Battery’s nine funds to nearly $4bn.

• Long-term European private equity performance remains robust 11 Mar 2010. Source: AltAssets. Short-term horizons for private equity and venture capital performance have registered a slight improvement, while long-term returns enjoyed by investors remain robust, according to data for 2009 compiled by Thomson Reuters in association with EVCA.

• Another exec leaves Wilshire Private Markets 10 Mar 2010. Source: AltAssets. Wilshire Private Markets’ CIO Jeff Ennis has resigned, with the private equity fund of funds halting fundraising, a report by consultant Hymans Robertson has revealed.

• Israeli venture firm launches six new yuan funds 09 Mar 2010. Source: AltAssets. Israeli venture capital firm Infinity has launched six new yuan-denominated funds through its China-Israel Infinity-I China unit in the latest example of the country's allure.

• Emerging markets private equity slows in line with global slump 09 Mar 2010. Source: AltAssets. Fundraising for emerging markets-dedicated private equity funds slowed in 2009, though investment activity was comparatively strong. Emerging markets captured nine per cent of global private equity fundraising and 26 per cent of global private equity investment, with deal activity by transaction volume down by only 11 per cent, according to new research from the Emerging Markets Private Equity Association.

• UK state regulator slams performance of government’s SME VC initiative 09 Mar 2010. Source: AltAssets. The performance of a flagship scheme by the UK government to make venture investments in small businesses has been slammed by a watchdog. According to the UK Public Accounts Committee, the government’s efforts to stimulate small business development through venture capital investment have performed below expectations, suffering from high management costs and unclear goals.

• Citadel launches $150m East Africa co-investment fund 08 Mar 2010. Source: AltAssets. North African private equity firm Citadel Capital is launching a new $150m co-investment fund for Africa, according to reports. The fund, which will be the firm’s first co-investment vehicle, is to focus on East Africa, where the firm has pledged to invest $200m to $400m over the next two years.

• Israeli venture capital fundraising down 72 per cent in 2009 08 Mar 2010. Source: AltAssets. The downturn hit Israel’s venture capital market hard in 2009, with domestic funds only managing to muster $229m, a sharp drop of 72 per cent from the $803m raised in 2008.

• Open Sky Technologies Fund lands first close 05 Mar 2010. Source: AltAssets. Germany’s Triangle Venture Capital Group and the European Space Agency (ESA), a body that sets out to shape the development of Europe’s space capability and promote investment, have held the first close of their €100m-targeting joint fund.

• KIC plans $100m investment in emerging market IFC fund 04 Mar 2010. Source: AltAssets. South Korea's sovereign wealth fund, Korea Investment Corporation, has announced plans to invest $100m in a private equity fund managed by the International Finance Corporation, the World Bank's private sector lending arm.

• Finnish pan-European FoF in €97m first close 04 Mar 2010. Source: AltAssets. Pohjola Private Equity Funds, a Finland-based fund of funds investing across Europe, has held the first close of its latest vehicle, Selected Private Equity Funds II, on €97m.

• Spring Capital Asia raises $184m, invests in wind tower manufacturer 02 Mar 2010. Source: AltAssets. Spring Capital Asia, a private equity firm investing exclusively in China and Hong Kong, has held a second closing of its debut fund on $184m and tied up an investment in Qingdao Wuxiao Group, a wind and electricity tower manufacturer based in the Shandong Province of mainland China.

• Private equity helps OMERS to bounce back from CAN$8bn loss 02 Mar 2010. Source: AltAssets. The Ontario Municipal Employees Retirement System (OMERS) has bounced back from massive recession losses with a CAN$4.3bn ($4.1bn) gain on investment income for 2009, compared to a CAN$8bn ($7.7bn) loss in 2008. One of Canada’s largest retirement funds, OMERS announced a 10.6 per cent rate of return for the year ended December 31 2009, compared with a 15.3 per cent loss for 2008.

• Bain Capital expects to follow suit with China fund 02 Mar 2010. Source: AltAssets. Boston-based buy-out firm Bain Capital may follow its rivals' lead with a yuan-denominated China fund, as major players gravitate to what some are saying will offer the most lucrative market for private equity, according to Reuters.

• China Everbright launches 3bn yuan fund to invest in clean energy projects 26 Feb 2010. Source: AltAssets. Hong Kong-based financial conglomerate China Everbright has established a 3bn yuan ($439.4m) venture capital fund to invest in new energy projects, resources and affiliated enterprises.

• Intel leads $3.5bn venture capital drive 24 Feb 2010. Source: AltAssets. Intel, the US semiconductor giant, is planning to invest $3.5bn in fledgling US companies over the next two years alongside a group of venture capital firms.

• UKIIF raises £200m for first close of tech fund 22 Feb 2010. Source: AltAssets. The fund of funds is being managed by the European Investment Fund (EIF), which raised £100m (€113.8m) to match the UK’s cornerstone commitment.

• Finnish Industry Investment commits €10m to DFJ Esprit 22 Feb 2010. Source: AltAssets. Government-backed Finnish Industry Investment has made a €10m commitment to DFJ Esprit Capital III, with the cross-stage venture fund expecting the Nordic countries to be a strong area of focus.

• Gulf Capital raises largest Middle Eastern PE fund of the year 22 Feb 2010. Source: AltAssets. Middle Eastern firm Gulf Capital has raised the largest private equity fund for the region in 2009, closing GC Equity Partners II on AED2bn ($544.7m).

• CalSTRS commits $100m to inner city and rural investments 19 Feb 2010. Source: AltAssets. The California State Teachers’ Retirement System has expanded its relationship with Banc of America Merrill Lynch Capital Access Fund into underserved inner city and rural markets.

• ADB set to raise $100m in venture capital for renewable energy investments 19 Feb 2010. Source: AltAssets. The Asian Development Bank (ADB) said it is looking to raise a minimum of $100m more in venture capital to invest in advanced renewable energy firms, according to reports.

• Spain re-introduces “protectionist” measure to European AIFM directive 18 Feb 2010. Source: AltAssets. Spanish regulators have reintroduced a controversial measure to the AIFM directive that could ban EU investors, such as pension funds, from being able to invest in non-EU funds.

• VC firm Chrysalix Energy’s latest cleantech fund exceeds $100m 17 Feb 2010. Source: AltAssets. Canadian venture capital firm Chrysalix Energy said its latest clean technology fund has increased to more than $100m with an investment by Oregon Investment Fund, the investment arm of the Oregon Public Employees Retirement Fund.