SAN FRANCISCO – With the majority of previous investors returning, 21st Century Internet Venture Partners expected an early September wrap on its second fund, 21st Century VP II, which is projected to exceed its $90 million target. All existing pension funds and endowments except for Telecom Italia returned for the second vehicle, and they were […]
BOSTON – Michael Balmuth, a principal at Summit Partners, recently moved over as general partner to the Summit Accelerator Fund, as the early-stage vehicle reached its first close. Balmuth had spent three years at the late-stage focused Summit Partners and will now work full time generating deals for the new fund. He will continue to […]
DuSSELDORF, Germany/LONDON – West Private Equity, the new private equity arm of WestLB, has crystallized plans for the launch of its pan-European fund and hired Michael Paetsch as its third principal to head the group’s German advisory company, West Private Capital. Paetsch has a strong telecommunications background, having spent eight years at German electric giant […]
LITTLE ROCK, Ark. – Hoping to fill a void of in-state venture capital, the Arkansas Capital Corp. in early September expected a second close on Diamond State Ventures, a vehicle launched earlier this year. Arkansas Capital, a 42-year-old Small Business Administration-secured lender with assets of more than $100 million, established the fund as an answer […]
SAN FRANCISCO – Nexus Capital Partners expected a final close on $130 million for Nexus Capital Partners II. Since the fund’s first close in June, Fund II has invested $6 million in eCircles and Acme Software. Nexus II will make larger investments than the firm’s first fund, the $30 million Nexus Capital Partners I, investing […]
MENLO PARK, Calif. – Sequoia Capital was anticipating a mid-September first and final close on Sequoia IX, which, along with a side fund, would not exceed $450 million, said General Partner Douglas Leone. The firm expected $335 million to $350 million from new and existing limited partners, some $60 million from general partners and about […]
GREENWICH, Conn.- After initiating fund-raising in April, Catterton Partners L.P. recently made a first close on its fourth fund, Catterton Partners IV LP. Catterton IV, which was targeted at $350 million, will have a final close “substantially north” of that target later this year, said General Partner J. Michael Chu. The fund has raised more […]
BLUE BELL, Pa. – A year and a half after closing its first private equity fund, Progress Bank at press time was preparing a $15 million first close on a new small business investment company (SBIC) that will invest in early- to late-stage venture deals. New Spring Ventures will complement the Ben Franklin/Progress Capital Fund, […]
MINNEAPOLIS – Piper Jaffray Ventures Inc., which recently held a $70 million close, expects to reach a $100 million target in October for Piper Jaffray Healthcare Fund III. The vehicle made an initial close on $50 million in January, with investments from existing limited partners including the Minnesota State Board of Investment, U.S. BankCorp, PNC […]
ISTANBUL – While investors in the Middle East have long supported private equity funds in the United States and Europe, to date they have been met with few opportunities to invest capital in their own region through professionally managed unquoted funds. As a result, newly-formed private equity management company Delta Capital Management (DCM) has attracted […]