B-business partners downsizes operations

B-business partners, the European venture capital firm founded in 2000 and backed by Sweden's Wallenberg family, has announced that it will not be making any new investments. The firm has also confirmed that it will close two of its offices, in London and Stockholm, leaving its Amsterdam office as the only remaining office. With these closures, it is expected that 12 of the firm’s 15 investment staff will be made redundant. In light of such downsizing, there is unconfirmed speculation that the firm would be returning some of its E730m fund to its investors.

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