Segulah IV LP meets its target at SEK 5bn

Fund

Segulah has closed its fourth fund, Segulah IV on SEK 5bn. The fund was more than 5x oversubscribed seven weeks after issuing the private placement memorandum. From the outset of the fundraising, the vehicle was firmly capped as the partners consider it to be the right size to execute a lower-mid-market strategy.

The vehicle has an international structure and employs a 10-year lifetime with a five-year investment period. The GP contribution has not been disclosed, but is recognised to be substantial within the raised amount. The minimum subscription was EUR5m. MVision acted as global placement agent and SJ Berwin provided legal advice.

The fund follows Segulah III which was raised in 2004 and closed on SEK 2.25bn (November/December 2004, page 2). It is not yet fully invested.

Investors

There was no cornerstone in the new fund, but all investors from previous funds participated in the new vehicle as well as 16 new investors from countries such as Australia, Japan and the US. LPs came from a broad range including banks, insurance companies, endowments and family foundations. In addition to the new investors, the general partner, the team and associated vehicles have made significant contributions.

Investments

Segulah IV follows the same lower-mid market investment strategy as the previous Segulah fund. The fund will make two to three investments per year, and will make investments in companies with revenues of up to SEK 4bn and enterprise value of SEK 3bn. The anticipated holding period is four to five years through active ownership. The vehicle has not yet made any investments.

People

Segulah IV will be managed by Segulah Advisor AB's chairman Gabriel Urwitz and managing partner Christian Sievert. A team of 14 will be responsible for sourcing and making deals on behalf of the fund.

Name

Segulah IV

Target

SEK 5bn

Closed on

SEK 5bn

Focus

Lower mid-market buyout

Contact

Christian Sievert

Sievert@segulah.com

Address

Styrmansgatan 2

114 84 Stockholm

Sweden

Tel: +46 844 28950

Fax: +46 844 28960

Advisers

SJ Berwin, Nigel Van-Zyl (Legal);

MVision, Mounir Guen (Placement agent)

Reiten VII exceeds its target and closes at EUR256m

Fund

Reiten & Co has closed its latest fund, Reiten VII, on EUR256m, exceeding its EUR200m target. Reiten VII is a UK limited partnership with a Guernsey-based general partner (GP), and has a 10+1+1 year structure. This is Reiten's second fund that employs an international structure. The GP contribution was 2% at final close. Reiten has an option to increase the GP commitment to 15% of committed capital during 2008, reaching the hard cap of EUR300m.

While Merrill Lynch was the global placement agent, DnB NOR acted as domestic placement agent in Norway. SJ Berwin in Munich provided legal advice.

Investors

Broadening the investor base, as much as 70% of the commitments came from international institutional investors from Europe, the US and Asia. The commitments came from a variety of institutions, including pension funds, fund-of-funds managers and life insurance companies.

Investments

The vehicle follows the same strategy as its predecessor, Reiten VI, which closed on EUR125m in October 2005. Reiten makes majority investments in Norwegian and Nordic small and medium-sized companies. The team aims to complete two to three investments annually in companies with ambitious management teams and growth plans. Reiten will also pursue add-ons for its portfolio companies to grow their market positions.

People

John Morten Bjerkan, managing partner at Reiten & Co, led the fundraising process and is the main manager of the fund.

Name

Reiten VII

Target

EUR200

Closed on

EUR256m

Focus

Buyout and expansion capital in small and medium-sized companies

Contact

John Morten Bjerkan

Address

PO Box 1531 Vika,

Haakon VIIs gt. 1,

N-0117 Oslo,

Norway

Innovacom closes sixth fund on EUR150m

Fund

Innovacom 6 has held its final close on its target and hard-cap of EUR150m. The fund reached a first close in July 2007 on more than EUR140m. The FCPR fund was described as having standard subscription conditions, with carry at 20%, a minimum LP contribution of EUR5m and management fees ranging from 2.1% to 2.4%. Proskauer Rose provided legal advice. The final close of the fund's predecessor Innovacom 5 took place in December 2003 on EUR120m.

Investors

CDC Entreprises is the fund's largest subscriber. HarbourVest, France Telecom and the European Investment Fund follow. Several other institutional investors invested between EUR8-12m. No private individuals took part in this fundraising.

Investments

Innovacom 6 will invest between EUR2-10m in early- to late-stage companies, primarily in the online contents/media, micro-electronic/hardware and telecommunications and enterprise software sectors. The fund will take minority stakes and is likely to co-invest with other venture capital firms, particularly on European deals. Half of the deals will be located in France, 30% in Europe, and 20% in the US. The fund is expected to complete two deals by the end of 2007.

People

Innovacom has a team of 11 investment professionals, including two in San Francisco and one in Stockholm. Denis Champenois is the firm's CEO.

Name

Innovacom 6

Closed on

EUR150m

Focus

Early-stage/Expansion

Contact

Denis Champenois

Address

Innovacom

23 Rue Royale

75008 Paris

France

Tel: +33 1 44 94 15 00

Fax: +33 1 44 94 15 15

Advisers

Proskauer Rose (Legal)

NBGI achieves first close of second fund on EUR30m

Fund

NBGI Ventures, a division of NBGI Private Equity Ltd, has made a first closing of its second fund, NBGI Technology Fund II LP, on EUR30m. The final target is EUR60m, which NBGI Ventures hopes to achieve early this year. The minimum ticket for the fund is EUR5m, with all management fees, carried interest and hurdle rates set as standard. Jones Day are providing legal advice.

NBGI Ventures' first fund, which closed in 2001, has invested in eight early-stage technology companies based primarily in Europe, recently achieving its first partial exit, returning a gross IRR of more than 100%.

Investors

The EUR30m currently committed to the fund has come from cornerstone investor National Bank of Greece. NBGI Ventures is currently in discussions with a range of institutional investors based both in Europe and the US.

Investments

The fund will operate the same investment strategy as its predecessor, targeting early-stage medical technology companies based primarily in Europe, investing between EUR1m and EUR9m per transaction. It will aim to make between three and five investments a year and has the option of both co-investing and re-investing the proceeds from an exit. NBGI Ventures has already made two investments from the fund - 2010 Perfect Vision AG, a specialist developer of femtosecond lasers for ophthalmic surgery based in Heidelberg, Germany, and Reverse Medical Corporation, a company based in the US and Germany which is developing a proximal protection system for carotid artery stenting procedures.

People

Aris Constantinides heads a team of five professionals for NBGI Ventures based in offices in London and Athens.

Name

NBGI Technology Fund II LP

Target

EUR60m

Focus

Early-stage medical technology companies

Contact

Aris Constantinides

Email: aris@nbgiventures.com

Address

NBGI Ventures

Old Change House

128 Queen Victoria Street

London EC4V 4BJ

UK

Tel: +44 20 7661 5656

Advisers

Jones Day (Legal)

Oakley Capital makes first close of new fund

Fund

Oakley Capital has held a first closing of its new fund, Oakley Capital Private Equity LP, on an undisclosed sum. The Bermuda-based fund has a target of EUR550m and a lifespan of 10 years, including a five-year investment period from the date of the final closing. The management fee and carried interest rates are 2% and 20% respectively and there is an 8% hurdle rate.

Investors

Oakley Capital Investment Ltd, an AIM-quoted feeder fund, has committed to invest EUR140m into the fund, with further contributions coming from a range of international high-net-worth individuals and institutional investors. The investment advisor's directors and employees have committed to invest EUR17m of their own capital.

Investments

The fund will target mid-market buyouts across Europe, committing between EUR30m and EUR140m per transaction. It will not operate a sector-based strategy, although there may be a higher proportion of investments in the internet and telecommunications sectors as this is where the management team has particular experience. Co-investments will be considered. It is understood that the fund managers already have a shortlist of potential targets, in particular the web hosting business of Pipex, which is being divested in the near future. The aim is to provide backers with returns of at least 25% IRR and 3x the money invested.

People

Oakley Capital Limited will be the investment advisor to the fund, which has a team of four senior professionals led by Peter Dubens, executive chairman of Pipex Communications Plc and former chairman of 365 Media Group Plc.

Name

Oakley Capital Private Equity

Target

EUR550m

Focus

Mid-market buyouts

Contact

Peter Dubens

David Boyd

Address

8th Floor

Economist Building

25 St. James Street

London SW1A 1HA

UK

Tel: +44 20 7766 6900

Healthcare fund holds first close on EUR100m

Fund

Baigo Capital has launched as the first fund focused exclusively on the European healthcare sector with initial funding of EUR100m. The target is EUR300m. The Frankfurt-based fund has a lifespan of 10 years, with a five-year investment period and a cap of EUR350m. Minimum commitment is EUR5m. The management fees are 2%, with a hurdle of 8% and a carry of 20%.

Investors

The initial funding was provided by a German family office and the alternative investment arm of Luxembourg-based private banking group Sal. Oppenheim. Each has invested EUR50m as cornerstone investors.

Investments

Baigo is targeting mid-cap European healthcare companies with enterprise values of between EUR40m and EUR200m. The fund's mandate covers buyouts, carve-outs, buy-and-build strategies and the provision of development capital. The fund will typically invest EUR10-40m equity per transaction, and seeks to acquire stakes between 25-100%. Geographically, the fund will invest across Europe with a focus on Denmark, France, Germany, Sweden and Switzerland. Baigo seeks to make two to three investments per year, typically leading transactions but open to co-investing with other private equity houses. Baigo is currently looking at investments in the areas of medical IT, medical laboratories, specialty pharma and healthcare distribution. The fund's exit strategies include trade sale, IPO and secondary buyout.

People

The four founding partners are Marcus Bracklo and Frank Duffner, two experienced healthcare investment bankers; Dr Dariusch Mani, former senior executive of Schering AG, and Markus Solibieda, former director of 3i. Dr Andreas Rodin and Patricia Volhard of Pollath & Partner provided tax and legal advice.

Name

Baigo Capital

Target

EUR300m

Focus

European healthcare

Contact

Marcus Bracklo

Address

Bockenheimer Anlage 4

60322 Frankfurt/Main

Germany

Tel: +49 (0) 69 17 39 26 00

Fax +49 (0) 69 17 39 26 19

e-mail: info@baigo-capital.com

Advisers

Sal. Oppenheim (Placement agent)

Pollath & Partner (Tax and legal)

CCMP closes second fund on $3.4bn

Fund

CCMP Capital Advisors has reached the close of its second fund, CCMP Capital Investors II (CCMP II) on $3.4bn. The New York-based fund also has an office in London and is affiliated with CCMP Capital Asia, which has offices in Australia, China, Japan and Korea.

Investors

A diverse base of institutional investors committed funds to CCMP II.

Investments

CCMP II will pursue buyout and growth equity investment opportunities in the US, Europe and Asia. Its focus is on companies with an enterprise value of between $500m and $3bn. The fund has already completed three deals including one in the UK - the $1bn buyout of BOC Edwards, a Crawley-based vacuum equipment manufacturer, in June 2007. CCMP II will follow in the footsteps of CCMP's previous vehicle, targeting companies in the consumer, energy, healthcare, industrial and media sectors.

People

Stephen P Murray is the president and chief executive of CCMP Capital. Jeffrey C Walker is the firm's chairman. Stephen Welton leads CCMP's London operations.

Name

CCMP Capital Investors II

Closed on

$3.4bn

Focus

Buyouts, growth capital in US, Europe, Asia

Contact

Stephen Welton

Address

CCMP Capital Advisors (UK), LLP

Almack House

28 King Street

London SW1Y 6XA

UK

Tel: +44 20 7389 9100

Fax: +44 20 7839 2192.

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