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Just Linking Around… The National Venture Capital Association and Thomson Financial have released their latest set of private equity fund performance data (both VC and LBO). The big news is that 1-year, 3-year and 5-year cumulative performance all rose between Q4 2005 and Q1 2006, while 10-year and 20-year figures remained fairly steady. The press release can be found here, while Matt Marshall has an interesting analysis over at SiliconBeat.com. Matt is correct that the overall sample size is quite large, but it’s also worth noting that newer funds are severely underrepresented. For example, NVCA/Thomson tracked 110 domestic VC funds formed in 1999, but just 40 for vintage years 2003-2005. Thomson Financial publishes the PE Week Wire. *** This space has talked a bunch about the HCA buyout from a private equity perspective, but not in terms of how it will impact the larger healthcare market. Stan Feld (father of venture capitalist Brad Feld) takes a dim view. *** Edward Keon, chief investment strategist for Prudential Equity Group, seems to think my $80 billion buyout ceiling is a bit too low. Check here and here.
Altra Inc., a Los Angeles-based developer of renewable fuel projects, has raised more than $120 million in second-round equity funding. DAG Ventures and Advanced Equities Investment Corp. were joined by return backers Kleiner Perkins Caufield & Byers, Khosla Ventures, Omninet Private Equity, Sage Capital Partners and Angeleno Group. www.altrabiofuels.com Esprit Pharma Inc., a KKR and Silver Lake Partners reportedly are nearing a deal to acquire the semiconductor unit of Philips Electronics (NYSE: PHG) for more than $10.2 billion. Losing bidders would include Bain Capital-led group and a Blackstone/TPG pairing. www.philips.com
ESBATech AG, a Acceleron Pharma Inc., a Cambridge, Mass.-based drug company focused on regenerative therapeutics, has raised $30 million in Series B funding. OrbiMed Advisors led the deal, and was joined by return backers Advanced Technology Ventures, Flagship Ventures, Polaris Ventures, Sutter Hill Ventures and Venrock Associates. www.acceleronpharma.com Biodel Inc., a Danbury, Conn.-based developer of drug delivery solutions, has raised $21 million in Series B funding. Backers include Great Point Partners, OrbiMed Advisors and Vivo Ventures. www.biodel.com BharatMatrimony Group, an India-based provider of online matrimonial services, has raised $8.6 million in Series A funding. Backers include Canaan Partners and Yahoo Inc. www.bharatmatrimony.com
Habeas Inc., a Mountain View, Calif.-based provider of email accreditation and reputation solutions, has raised $6 million in Series B funding, according to a regulatory filing. Return backers include Canaan Partners, Diamondhead Ventures and Skymoon Ventures. www.habeas.com
Applisonix, an Israel-based medical aesthetics device company focused on hair removal, has raised $4.5 million in first-round funding at a pre-money valuation of just over $6.5 million. Infinity Venture Capital led the deal, and was joined by Maayan Ventures, Magari Ltd., Cyventure Capital and Athena Cyprus. www.applisonix.com SQATech Inc., an Austin, Texas-based provider of automated test environment management solutions, has raised $2.36 million in Series A funding, according to a regulatory filing. Backers include Bain Capital Ventures and Trilogy Development Group. www.sqatech.com
Celiro Inc., a San Jose, Calif.-based developer of software for mobile phones, has raised $550,000 in Series A funding led by Draper Associates, according to a regulatory filing. www.celiro.com Comsenz Technology Inc., a China-based provider of professional community software and services, has raised an undisclosed amount of first-round funding led by Sequoia Capital, according to SinoCast China Business Daily News.
Silver Lake Partners has agreed to acquire IPC Information Systems LLC from GS Capital Partners for approximately $800 million. The deal is expected to close in September. IPC is a New York–based provider of mission-critical trading floor communications solutions to the financial industry. www.ipc.com Charlesbank Capital Partners has acquired Bankruptcy Management Solutions Inc., an Irvine, Calif.–based provider of bankruptcy case management solutions to Chapter 7 trustees. Company management and Ocwen Financial Corp. (NYSE: OCN) also participated on the equity tranche, while senior leverage was provided by JPMorgan Chase, Credit Suisse Securities and SunTrust Bank. No financial terms were disclosed. www.bms7.com 21 Centrale Partners has acquired Batisanté, a Paris, France-based provider of health and safety services for multi-unit residential buildings. No financial terms were disclosed, except that European Capital helped finance the deal via €42 million of combined equity and debt. ANZCapital hassponsored a management buyoutof Netti Atom Holdings Pty Ltd., an Australiandistributor of cycling related productsincluding the Netti and Scott brands.No financial terms were disclosed for the deal, which also included Investec. www.netti.com.au Citigroup Venture Capital India reportedly is in talks to acquire a 14% stake in detergent maker Kanpur Trading Chemicals. 3i Group has received European Commission approval for its €80 million acquisition of Belgian freight company ABX Logistics Worldwide SA from Societe Nationale des Chemins de Fer. www.3i.com MatlinPatterson reportedly has acquired fashion house Cerruti from bankrupt Italian conglomerate Fin.part. www.matlinpatterson.com EG Capital Group has acquired CheeseWorks Inc., a Ringwood, N.J.–based in the consumer products industry, as part of its investment in CheeseWorks Inc., a leading distributor of gourmet, organic, natural and specialty food items. The deal was partially financed via by W.P. Carey, which provided $10.5 million in sale-leaseback financing for two CheeseWorks storage and distribution facilities. www.egcapitalgroup.com
Wall Street Systems Inc., a New York-based provider of treasury and capital market transaction processing, has acquired UK-based rival Trema. No financial terms were disclosed. Wall Street Systems has raised over $200 million in private equity and debt financing since its July 2005 founding, with Warburg Pincus serving as its primary shareholder. Trema has raised over $25 million in VC funding from firms like Carlyle European Partners, Norvestor, DB Capital Partners, Investcorp and ABS Ventures. www.trema.com www.wallstreetsystems Infor Global Solutions, an Alpharetta, Ga.-based provider of ERP and supply chain solutions, has completed its $1.7 billion acquisition of SSA Global Technologies (Nasdaq: SSAG). It also has completed a $460 million acquisition of Systems Union Group PLC (AIM: SUG) and financial performance management company Extensity. Infor is controlled by Golden Gate Capital and Summit Partners. www.infor.com Onyx Software Corp. (Nasdaq: ONXS) shareholders have approved a $4.80 per share buyout offer from M2M Holdings Inc. (a.k.a. Made2Manage), an Indianapolis–based provider of enterprise customer management and process solutions. The deal is valued at approximately $92 million in cash, while M2M is owned by Battery Ventures and Thoma Cressey Equity Partners. www.onyx.com Natural Gas Partners has formed Classic Hydrocarbons Inc. as an oil and gas acquisition platform. www.naturalgaspartners.com
J.C. Flowers & Co. is raising up to $6 billion for its second buyout fund, according to a regulatory filing. It already has secured around $3.55 billion in capital commitments. Bear Stearns Merchant Banking has closed its third middle-market private equity find with $2.7 billion in capital commitments. Credit Suisse served as placement agent. www.bsmb.com First Atlantic Capital is raising up to $650 million for its fourth middle-market private equity fund, according to a regulatory filing. It already has secured around $117 million in capital commitments. www.firstatlanticcapital.com
Jefferies Capital Partners has secured $520 million in capital commitments for its fourth fund, according to a regulatory filing. The total target is $550 million. www.jefcap.com Doll Capital Management has closed its fifth VC fund with $500 million in capital commitments. www.dcmvc.com JK&B Capital of
Auda Capital has closed its fourth fund-of-funds with around $306 million in capital commitments, according to a regulatory filing. It already has approximately $100 million in commitments. www.auda.net BTS Investment Advisors of Chrysalix Energy, a Vancouver-based VC firm focused on clean-tech, has closed its second fund with Cnd$70 million in capital commitments. Limited partners include Robeco, Saristar Enterprises, Citigroup Venture Capital International, Teachers’ Private Capital, West LB Mellon Asset Management, Delta Lloyd, Kuwait Petroleum Corp, Essent, Mitsubishi Corp., BASF Venture Capital and Shell Hydrogen. www.chrysalix.com Expansion Capital Partners has closed its second clean-tech fund with more than $55 million in capital commitments. Limited partners include Piper Jaffray's CleanTech Fund-of-Funds, Merck Family Fund, ASN Bank, Georgieff Capital and Henry Corning. www.expansioncapital.com The Illinois Teachers’ Retirement System has approved a plan to commit between $600 million and $800 million into private equity funds during fiscal 2007. The group has a private equity target allocation of 6%, and is currently at 3.6 percent. Trenwith Securities LLC, a New York-based middle market I-bank, has formed a cross-border structured finance group. It will be co-led by new senior managing director James Robbins and new managing director Daniel Markiewicz, both of whom previously were with BDO Seidman, LLP. www.trenwith.com Cantor Fitzgerald & Co. has launched a dedicated technology banking team. It will be co-led by James Lim and John Sternfield, and also include Paul Midura and Jeff Sussman. Both Lim and Midura previously worked for Pacific Growth Equities, while Sternfield joined from Ross Road Partners and Sussman joined from Cascadia Capital. www.cantor.com
Andrew Bednar has joined Perella Weinberg Partners as a partner. He previously was head of Tony Chou has joined The Vertical Group as a venture partner. Chou is an interventional cardiologist and former vice president and general manager of Abbott Vascular, a division of Abbott Labs. www.vertical-group.com Alan Howard has joined Greenbriar Equity Group as a managing director. He previously served as a managing director in Credit Suisse’s global industrial and services I-banking group. Greenbiar also has named Mike Sprague as an advisory director. He previously was president of the Cheri Anderson has joined Lake Pointe Partners as director of marketing. She previously was with Morris Anderson & Associates. www.lakepointepartners.com
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August 2, 2006 
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