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Venture capital funds

The value of venture capital investment in European companies fell by 20 per cent in the third quarter of 2003 compared to the previous quarter, according to the Ernst & Young/Venture One global venture capital survey. The volume of investments fell by 25 per cent in the same period.

Just 16 trading companies were listed on the UK’s Initial Public Offering (IPO) market in 2003, the lowest figure for a decade. But the volume of IPOs is set to increase in the next year, according to KPMG Corporate Finance.

Venture capital investments in healthcare companies exceeded $5.5bn in 2003, according to the Jenks Healthcare Business Report. The fourth quarter saw a significant increase in the value of transactions, recording nearly $1.8bn in investments. This represents a 26 per cent increase on the previous quarter.

The scarcity of mega deals resulted in a massive 64 per cent drop in French buy-out activity in 2003, according to figures released by the Association Francaise des Investisseurs en Capital (AFIC). A total of E2.1bn was invested in buy-outs last year compared with E5.9bn the previous year.

Private equity fund managers reported a 15 per cent increase in exits last year compared to 2002, according to a survey conducted by SCM Strategic Capital Management. The European funds in the sample demonstrated a particularly strong improvement with a 39 per cent increase in realisations. The total value of reported exits across all geographies increased by 41 per cent.

San Francisco-based buy-out firm Genstar Capital has closed its fourth fund with commitments totalling $475m. The firm, founded in 1988, focuses on mid-market investments in the life sciences, IT, industrial technology and business services sectors.

European buy-out firm adds five new staff to its operations, including Valerio Massimo, who leaves TDR Capital.

The US direct investment team of Dresdner Bank and a portfolio of 22 of their deals has been reconstituted into a new firm called Annex Capital with the financial backing of secondaries specialist Coller Capital. The announcement of the firm's new identity marks the completion of the $90m sale of Dresdner's assets back in the summer.