Candover's shares rise as firm hints at new beginnings

In January, the firm formally confirmed the termination of the investment period of its 2008 fund, which had been seeking to raise €5bn and had held a first close on close to €3bn in late 2008. The only investment in the fund was the €2.6bn buyout of oil services buisness Expro. Early last year, Candover withdrew its investment from its own 2008 vehicle.

Candover's net asset value per share has increased 15.1% from June to December 2009 to 1026 pence. The firm also said that six of its ten largest investments delivered earnings ahead of the previous year, while the sales of Wood Mackenzie and Springer Science gave it annualised returns of 56% and 28% respectively.

While chief executive Malcolm Fallon confirmed there is no direct fundraising activity at the moment speaking on a conference call this morning, he declined to say whether Candover would look to raise fresh funds this year. Fallon would only say that the firm is thinking about new business structures.

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