Fundraising

Former Fidelity Ventures professionals have formed Volition Capital, with a subadvisory agreement to manage 26 portfolio companies for mutual fund giant Fidelity Ventures.

Robert Doekes joined the firm late last year to fill the role. Pauline Debaeke, formely of ING, also joined the firm as a junior asset manager. The firm is currently raising DIF Infrastructure II, which is targeting €500m.

Adding to the private equity momentum in Latin America’s largest economy, the firm will buy a majority stake in CVC Brasil, a major tour and travel company based in Santo Andre.

Editor in Chief David Snow picks potential developments that will determine the fate of private equity in the 2010s

A PPIP fund raised by The TCW Group has been withdrawn following the departure of the firm’s chief investment officer Jeffrey Gundlach, which triggered a key-man clause.

The year 2009 was an eventful one for private equity. Managers of private equity firms learned a number of important lessons, which will likely guide how they do business in 2010 and beyond. Kevin Ley details five takeaways from 2009.

A proposed rule in California would turn placement agents into lobbyists. It’s yet another challenge to the definition of what a placement agent is.

The oil and gas exploration platform, created in 2005 by a consortium including Carlyle, Goldman and First Reserve, hopes to fund its exploration activities despite having ‘no proved reserves’.

The commitment comes as the $200bn pension is reviewing its private equity programme, including analysing fees paid by its fund managers to placement agents.

The departure of TCW’s chief investment officer Jeffrey Gundlach has triggered a key man clause in its PPIP fund, according to the US Treasury.