Despite difficult market conditions several portfolio venture funds continue to report successful exits from their investment portfolios.
WLAN AG, the leading German operator of Wireless Local Area Networks in public "hotspot" locations has been acquired by Swisscom. Despite the economic downturn in Germany, the company succeeded over the past six months to more than double its number of hotspots to over 100 and gained new customers, among them the German Hilton hotels. Private Equity Holding AG will benefit from this transaction through its investment in a venture fund managed by Wellington Partners.
BMC Software, Inc., a leader in enterprise management, acquired IT Masters International S.A. Privately held IT Masters is an enterprise management solutions company providing intelligent software solutions for modelling IT-infrastructures. Private Equity Holding AG will benefit from this transaction through its investment in a NeSBIC venture fund.
Novartis Pharma AG acquired a majority interest in Idenix Pharmaceuticals Inc., based in Cambridge, Massachusetts. Idenix Pharmaceuticals is engaged in the discovery and development of selective and specific, small molecule drug candidates for the treatment of infectious disease. As part of the agreement, Novartis and Idenix will jointly develop and commercialize Idenix's core antiviral drug candidates. Private Equity Holding AG will benefit from this transaction through its investment in a venture fund managed by TVM Techno Venture Management.
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"Portfolio News"
brings investment highlights from the portfolio of Private Equity Holding AG to the attention of investors. Contractual disclosure requirements limit the depth of information to publicly available data and thus prohibit disclosure of additional financials.
Private Equity Holding AG (SWX: PEHN), managed by Swiss Life Private Equity Partners, offers investors the opportunity to invest, within a simple legal and tax optimized structure, in a broadly diversified and professionally managed private equity portfolio. As of March 31, 2003, the company held fund investments in 86 funds and direct investments in 23 companies. For further information: www.peh.ch or Eva Kalias, Investor Relations and Communications (phone +41 41 726 79 80).
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