Fundraising

How do you budget for dealmaking without management fees? For pledge funds and firms awaiting their fund's first close, the process requires relationships, creativity and no small amount of risk.

Since its founding in 1991, Wellington Partners has split its funds and firm. The firm now raises separate technology and life sciences funds, which are based out of Jersey. Now the venture capital firm with German roots plans to establish an office in London as part of its pan-European push.

Venture capital fund formation luminaries Jonathan Axelrad and Robert Fore have left Wilson Sonsini Goodrich & Rosati for Goodwin Procter.

The resort operator, which was reportedly in danger of filing for bankruptcy, has refinanced its loan on the day it came due.

The oldest buyout firm in France will go to market in January to raise the successor to its €150m small-cap fund raised in 2006. Meanwhile, its latest mid-market fund, reportedly targeting €1.2bn, will close before the end of the year.

Existing LPs have committed $3bn toward the latest buyout fund from the MENASA-focused firm, which has just purchased a controlling stake in the Karachi Electric Supply Company for an estimated price of $400m.

US mid-market firm Riverside is targeting $100 million for its first Asian fund, but will stay away from India and China.

With a downturn in the financial markets, limited partners may now find themselves holding more chips at the bargaining table with regard to terms and conditions.

FRONTLINE 2008-10-01 Staff Writer BNP Paribas launches distressed finance team Paris-based BNP Paribas Corporate and Investment Banking has created a new distressed finance group (DFG), and has appointed Alain Dib as its global head. Dib will report to Frederic Janbon, global

The European Parliament's proposal to regulate private equity seems unlikely to change things much at all