Fund News

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

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• TPG launches $740m Shanghai fund 23 Aug 2010. Source: AltAssets. US buy-out house TPG is to partner up with the government of Shanghai’s financial hub, the Pudong district, to launch its first yuan-denominated fund.

• Electronics multinational Philips anchors Gilde healthcare fund 18 Aug 2010. Source: AltAssets. Multinational electronics corporation and DVD innovator Philips has made a cornerstone investment to Gilde Healthcare Partners’ third fund, a venture capital vehicle that will invest in early and growth stage technology companies.

• 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.

• 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.

• PE performance comparable to public equity investing 13 Aug 2010. Source: AltAssets. Proponents of the asset class argue that private equity offers attractive returns when compared to investment in its counterpart of publicly traded equity, but a new report claims that, on average, buy-out funds have performed to the same standard.

• Navis $100m away from $1.2bn fund close 11 Aug 2010. Source: AltAssets. Malaysian private equity firm Navis Capital Partners is on the verge of closing its sixth fund, Navis Asia Fund VI, on $1.2bn and is already sitting on $1.1bn in commitments, according to a Dow Jones report.

• 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.

• Gobi to manage China-Singapore VC fund 09 Aug 2010. Source: AltAssets. Gobi Partners is helping to strengthen China and Singapore’s ties with a new venture capital fund that will invest in start-ups in the digital media and technology sectors in both countries.

• Global PE dealmaking plummeted by half in 2009 09 Aug 2010. Source: AltAssets. Global private equity investments plummeted by a half to $91bn last year, according to research released today by new body TheCityUK, as buy-out firms struggled to tap banks for debt to finance deals and battened down the hatches, concentrating on keeping their portfolio businesses afloat.

• Providence talks to LPs about upcoming $8bn fund 05 Aug 2010. Source: AltAssets. Providence Equity Partners, a buy-out firm that focuses specifically on investments in the media and communications space, has held initial talks with investors over raising a new fund that could target $8bn, according to Bloomberg.

• European PE funds show negative performance in Q1 03 Aug 2010. Source: AltAssets. European private equity fund performance lagged behind for the first quarter of the year, generating a negative return of -1.9 per cent on average, whilst the asset class as a whole gave a 2.22 per cent return, according to the latest data from State Street.

• Carlyle raises half of 5bn yuan fund 30 Jul 2010. Source: AltAssets. Global buy-out house Carlyle has reached the first close of its maiden yuan-denominated fund, having raised 2.4bn yuan ($354.2m) of its 5bn yuan ($738m) target, and will now start putting the capital to work.

• Blackstone sees $200m commitment from Oregon pension fund 29 Jul 2010. Source: AltAssets. Blackstone, the US buy-out house that boasts more that $100bn under management, has secured a $200m commitment from the $65bn Oregon Public Employees Retirement Fund for its sixth flagship buy-out vehicle after compromising on fees, according to Bloomberg.

• NSSF primed to make foreign PE investments 29 Jul 2010. Source: AltAssets. National Social Security Fund, China’s 700bn yuan ($103.3bn) national pension fund, will soon begin making investments in private equity overseas, according to Reuters.

• CDC commits to ex-ICICI Venture chief’s debut fund 28 Jul 2010. Source: AltAssets. CDC, the UK’s development finance fund of funds, has made a $30m commitment to Multiples Private Equity Fund I, an Indian vehicle set up by the former managing director and CEO of ICICI Venture, Renuka Ramnath.

• Emerging Capital Partners closes Africa fund on $613m 26 Jul 2010. Source: AltAssets. Emerging Capital Partners, a private equity firm which invests in Africa, has held the final close of its latest fund on $613m, having hoped to raise $1bn.

• IRR as performance measure comes under fire 26 Jul 2010. Source: AltAssets. Private equity is often accused of asset stripping businesses, shedding jobs and lacking in transparency, but the asset class has now come under fire for the method it uses to value its performance, in a research report released today.

• Orchid targets $600m with new fund 23 Jul 2010. Source: AltAssets. China-focused private equity firm Orchid Asia Group Management has launched its fifth fund, Orchid Asia V, with a target of $600m.

• BanyanTree wraps up maiden fund with $100m 23 Jul 2010. Source: AltAssets. BanyanTree Capital Advisors, a private equity fund manager based in Mumbai, has reached the final closing of its maiden fund, BanyanTree Growth Capital, having raised “approximately” $100m.

• Blackstone raises $13.5bn for latest flagship buy-out fund 23 Jul 2010. Source: AltAssets. Blackstone, the New York Stock Exchange-listed private equity outfit with more than $100bn under management, has raised $13.5bn for its sixth flagship fund, Blackstone Capital Partners VI.

• Silicon Valley VC firm DCM in double fund close 22 Jul 2010. Source: AltAssets. Silicon Valley’s DCM has raised $400m for the sixth fund in its series, DCM Fund VI, just as two other US venture capital firms have announced final closings.

• Veritas raises $1.2bn, beats $950m target 22 Jul 2010. Source: AltAssets. Veritas Capital Partners, a New York-based private equity firm focusing on the defence, government services and aerospace sectors, has closed off its latest fund, having corralled $1.225bn in commitments.

• UK firm MMC closes first VC fund for younger investors 22 Jul 2010. Source: AltAssets. London-based venture capital firm MMC Ventures has closed the first EIS fund specifically created for younger investors, raising an undisclosed sum in a fundraising that it has said was oversubscribed.