Western Europe

Pending law worries German buyout funds

The German government’s latest draft of a new private equity law is good news for venture capitalists but does nothing for late stage investors.

Pension funds join private equity’s critics(3)

The UK-based National Association of Pension Funds wants the Treasury to encourage greater transparency and disclosure about the fees that its members pay to private equity fund managers.

Lyceum completes eighth bolt-on for National Britannia(2)

Lyceum Capital had made an eighth bolt-on acquisition for National Britannia Group, a health and safety consultancy, as the industry looks set to become a £1 billion market in the UK by 2010.

London VCs invest $8m in Daylife(2)

New York-based news aggregation site Daylife has raised $8 million from two UK venture capital firms, in the latest example of US start-ups taking funding from VCs based in London rather than Silicon Valley.

Brown promises to keep City competitive(2)

The UK prime minister in waiting promised his continued support for the City of London, the heart of the UK financial services industry, and appointed Permira’s managing partner as an advisor.

Hands defends carry tax

Guy Hands, chief executive of Terra Firma and one of the UK private equity industry’s most forthright advocates, has defended the current tax treatment of carried interest. He believes it is right to distinguish it from other types of remuneration, since it rewards “long-term capital investment” by buyout executives.

AA and Saga in £6bn merger

Travel and insurance group Saga is to merge with the AA, the vehicle breakdown service owned by Permira and CVC Capital Partners that has been at the heart of the recent controversy over private equity. The move has provoked further union anger.

The web’s second coming(3)

The energy at Library House’s Essential Web Forum this week in London reflected the excitement UK entrepreneurs and VCs are feeling following the Last.fm sale. But will web 2.0 solve its monetisation conundrum? Dave Keating reports.

Graphite makes 4.2x return on Go Plant exit(2)

UK mid-market firm Graphite Capital has sold Go Plant, a vehicle hire business, to Easternrange. The sale has generated a return of 4.2 times Graphite’s original investment.

Carlyle floats Transics on Euronext(3)

Global buyout firm The Carlyle Group has floated Transics, a European IT business, on Euronext Brussels. The flotation, which raised €46 million, is the first major exit for the firm’s €222m Europe Technology Partners fund.