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Private equity and venture capital news from the United States

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• Netscape founder’s VC firm seeks $650m for start-ups 26 Aug 2010. Source: AltAssets. The venture capital firm run by the founder of internet computing company Netscape Communications is seeking to raise $650m to invest in start-ups, according to Bloomberg.

• Court Square picks up Fibertech for $500m 26 Aug 2010. Source: AltAssets. US private equity firm Court Square Capital Partners has acquired fiber-optic network leasing company Fibertech Networks from Nautic Partners and Ridgemont Equity Partners for $500m, according to the Wall Street Journal.

• Nautic Partners and Norwest sell medical manufacturer company Gaymar Industries for $150m 25 Aug 2010. Source: AltAssets. US private equity firms Nautic Partners and Norwest have sold Gaymar Industries, a manufacturer of therapeutic mattresses and temperature management products, for $150m.

• Riverside makes 68 per cent IRR on CLC exit 25 Aug 2010. Source: AltAssets. US mid-market investor the Riverside Company has achieved a strong payday on the sale of CLC, a Virginia-based manufacturer of window films.

• Mill Road Capital tucks in to Rubio’s restaurant chain 25 Aug 2010. Source: AltAssets. US private equity firm is to take Mexican food chain Rubio’s Restaurants private. The firm is to pay $8.70 per share, for a reported deal value of $91m.

• Amazon exec-founded cloud computing specialist Nimbula raises $15m funding 25 Aug 2010. Source: AltAssets. A cloud operating system company founded by former executives of online retail giant Amazon has secured $15m in series B funding. Accel Partners led the round with participation from Sequoia Capital, who led the company’s first round.

• Thoma Bravo picks up LANDesk Software from Emerson 23 Aug 2010. Source: AltAssets. US private equity firm Thoma Bravo has acquired systems management company LANDesk from industrial conglomerate Emerson Electric.

• PE firms allegedly bankrolled luxury trips for CalPERS officials 20 Aug 2010. Source: AltAssets. Joncarlo Mark, a senior portfolio manager for CalPERS, has admitted that private equity firms bankrolled luxury trips for high ranking staff at the pension system, in the latest development in the ongoing CalPERS corruption saga.

• Arsenal backs new mortgage-backed securities broker 19 Aug 2010. Source: AltAssets. New York’s Arsenal Capital Partners has backed the formation of a new institutional fixed-income broker-dealer, KGS-Alpha Capital Markets, set up by two former Citigroup trading executives with $100m in capital.

• Avista, OTPP in $600m INC Research acquisition 19 Aug 2010. Source: AltAssets. Avista Capital Partners and Ontario Teachers’ Pension Plan have agreed to acquire INC Research Inc, a drug developer for pharmaceutical companies, for around $600m, according to Bloomberg.

• Citi agrees to mediation over EMI 19 Aug 2010. Source: AltAssets. Terra Firma and Citigroup, the bank that invested debt for the UK private equity firm's buy-out of EMI, will go to mediation in New York next month to break the stalemate over the £4.2bn (€5.12bn) 2007 deal, according to the Financial Times.

• CalSTRS creates new dual role 18 Aug 2010. Source: AltAssets. CalSTRS, California’s $134bn public pension fund for teachers, has created a new role that encompasses the duties of a CIO and the more focused duties of a director of an asset class.

• Schwarzman issues apology over Hitler slip-up 18 Aug 2010. Source: AltAssets. Stephen Schwarzman has issued an apology in response to the backlash over his calamitous analogy that compared Obama’s private equity taxation proposal to Hitler’s invasion of Poland.

• Thin-film battery manufacturer Infinite Power Solutions in $20m Series C 18 Aug 2010. Source: AltAssets. US cleantech company Infinite Power Solutions (IPS) has raised $20m in a Series C round of financing that it will use to expand its manufacturing capacity to keep pace with growing demand.

• Google buys VC-backed virtual currency start-up 17 Aug 2010. Source: AltAssets. Jambool, a venture-backed start-up that has created a platform which allows online games developers to monetise virtual currencies, has been picked up by search engine leader Google.

• Energy Capital Partners hits $4.34bn hard cap 17 Aug 2010. Source: AltAssets. Energy Capital Partners has raised $4.34bn for its second private equity fund, beating its $3.5bn target and reaching the hard cap set by the firm on the vehicle's launch.

• Schwarzman likens PE tax hike to Hitler’s invasion of Poland 17 Aug 2010. Source: AltAssets. Stephen Schwarzman, the head of buy-out major The Blackstone Group, has likened the Obama administration’s anticipated tax hike on private equity to the catalyst for World War 2 – Adolf Hitler’s invasion of Poland.

• Blackstone powers up for $4.7bn Dynegy take-private 13 Aug 2010. Source: AltAssets. Blackstone’s latest foray into the energy sector sees the world’s biggest private equity firm buy New York Stock Exchange-listed Dynegy Inc for $543m in cash, in a deal valued at $4.7bn including debt.

• WTI closes latest venture debt fund on $294m 13 Aug 2010. Source: AltAssets. Western Technology Investment, a venture capital debt investor, has collected $294m for its latest debt fund in an oversubscribed fundraise, proferring the latest evidence of targets being lowered in a tepid market.

• Carlyle sees Conway return to head global buy-outs 13 Aug 2010. Source: AltAssets. Carlyle’s buy-out division is set for a reshuffle as Daniel Akerson leaves to take up a post as CEO of stricken automobile company General Motors, according to reports.

• Fortress takes 80 per cent of AIG’s retail credit arm 12 Aug 2010. Source: AltAssets. US private equity and hedge fund firm Fortress Investment Group has taken an 80 per cent share of American General Finance, the consumer credit arm of bailed out insurance giant AIG, for a steep discount, as its parent continues to undergo a major restructure.

• Bank of America has no plans to wind down buy-out arm 11 Aug 2010. Source: AltAssets. Bank of America is not planning to spin out, sell or unwind its direct private equity arm, BAML Capital Partners, and will continue to fund it from its own balance sheet, according to LBO Wire.

• KKR plans to raise next buy-out fund in next few quarters 11 Aug 2010. Source: AltAssets. KKR plans to start raising its next flagship buy-out fund in the next few quarters, according to Reuters.