Private Equity
Omega Funds, a direct secondaries firm focused on the healthcare sector, has completed three transactions, totaling 25 companies at an original sellers' cost of more than $125 million. The only identified seller was Lombard Odier, which sold stakes in nine portfolio companies.
2 min read · 13 October 2009
Venture capital fund-raising hit a 15-year low last quarter, according to data released this morning by the National Venture Capital Association and Thomson Reuters (publisher of peHUB). Just 17 U.S.-based funds raised $1.6 billion, which is the puniest display since Q3 1994 -- when 17 funds raised $938 million. I guess VCs could take a bit of solice that the most recent batch raised more capital per fund than did the 1994 crew, but that really would be damning with faint praise.
1 min read · 12 October 2009
Sequoia Capital is holding its next annual LP meeting in China. The objective is to emphasize the Silicon Valley-based firm’s global reach, which peHUB has learned will include a planned consolidation of all its different funds into a single vehicle. That means you shouldn't expect another fundraising drive for Sequoia Capital China. Or Sequoia Capital Israel. Or Sequoia Capital India. Or Sequoia Capital Growth. Just Sequoia Capital XIII, which will include all of the above (plus its traditional early-stage investments in U.S.-based technology companies). It's a bit unclear right now how LPs will react, which may determine whether or not Sequoia follows through. On the one hand, a global fund means less commitment decisions and (perhaps) better geographic synergy opportunities for portfolio companies. On the other hand, many LPs use "bucket" strategies, which makes laser-focused funds more
2 min read · 08 October 2009
We're still a couple of weeks away from official Q3 venture capital data, so here's a preliminary look at the year's busiest firms to date. The below statistics refer to investments in U.S.-based companies, and rank based on number of companies supported in 2009 (as opposed to investment rounds, which can be higher if certain companies raised multiple rounds). Enjoy: #1. New Enterprise Associates Deals this year: 36 3 recent deals: Serious Materials, Vuclip, Chelsio Communications #2. Kleiner Perkins Caufield & Byers Deals this year: 35 3 recent deals: Pacific Bioscience, Booyah, Juvaris BioTherapeutics
1 min read · 07 October 2009
2 min read · 06 October 2009
Battery Ventures is planning to target $750 million for its ninth fund, with a first close expected to occur in Q1 2010. No placement memoranda yet, just initial correspondence with prospective investors. This is the same amount of money Battery raised for its eighth fund in July 2007, but that fund was later supplemented with a $250 million “overage” fund. The idea was that Battery wanted the flexibility to do larger, non-syndicated growth equity or buyout deals – without destroying the
1 min read · 02 October 2009
1 min read · 02 October 2009
1 min read · 01 October 2009
Per Dan's post this morning that early-stage VC shop CMEA Capital has scrapped plans to raise a $500 million green growth fund, the firm also has gotten more aggressive about seed-stage investing. It started the strategy 18 months ago after it raised its $400 million seventh fund, according to managing director Faysal Sohail, who spoke to peHUB earlier this month. "We've been given a lot of opportunities that normally would have gotten funded by angels and others but have not been getting funded," he said. "We're also finding a lot of deals coming to us from returning entrepreneurs." CMEA has done seven seed investments from Fund VII so far and may do one more, because, Sohail said, "they take longer to bake and exit so these are not deals you want to be doing
2 min read · 29 September 2009
We've written a lot about the cleantech funding void, for VC-backed companies with some sort of manufacturing component (e-vehicles, biofuels, etc). Many of these startups were founded on the assumption of available credit, but fell into a capital hole when the banks began blowing up. This led to the creation of gap-filling “green growth” funds, from firms like Blackstone Group, C Change Capital, CMEA Capital and Kleiner Perkins. Actually, scratch CMEA Capital from that list. San Francisco-based CMEA has canceled plans to raise the $500 million-targeted fund, as first reported this morning by VentureWire. I spoke with CMEA managing general partner Jim Watson, who said that the decision was driven by the recognition that CMEA’s core competency is in early-stage transformative science rather than in later-stage growth financing.
1 min read · 29 September 2009
