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UK - Sovereign hits first close for £350m fund 3 July 2009
Sovereign Capital has held a first close of its third fund, Sovereign Capital Limited Partnership Fund III, at around 40% of its £350m target. The sizeable first close is already 27% larger than its predecessor, despite today’s extremely difficult fundraising conditions.

UK - Inflexion completes HKI exit 3 July 2009
Inflexion Private Equity has completed its exit of Healthcare Knowledge International (HKI), after selling its Iberian division, IASIST SA, to trade buyer UBM Limited for an undisclosed value. Inflexion has made a total return of 2.7x money on its original investment.

UK - Edwards Angell launches PE practice in London 3 July 2009
Law firm Edwards Angell Palmer & Dodge has launched a private equity practice in London, which will be headed up by ex-Campbell Hooper partner David Ramm. 

Editors Letter

Perseverance is a virtue
1 July 2009

Investors in private equity will reap less reward from their investments than they have in recent years. This is not surprising: yesteryear's stellar returns were disproportionate and were largely buoyed by leverage, meaning the risk:reward... [more]

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Secondaries Salvation
The swathe of money pumping into secondaries will prove a savior, not a bubble. Cash-rich specialists can help teams looking to spin out of distressed parents, as well as borderline LPs pushed over the edge this autumn as GPs call in capital. By Kimberly Romaine

Erring on the side of caution
Banks' unwillingness to lend is largely to blame for today's deal freeze. As they loosen the reins on leverage again, might their newly adopted uber-cautious approach continue to hold things up? Deborah Sterescu investigates

Corporate bees-iness
The downturn has hit all areas of private equity - including corporate finance. But despite a volatile market, corporate finance advisory firms are still keeping busy. Is this an indication of things to come? Deborah Sterescu investigates

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Private Equity JobsWho's Who in Private Equity 2009 - online and in print
NEW for 2009, Who's Who in Private Equity is now online as well as in print, giving you access to over 4,000 of Europe's key decision-makers 24/7.
Click here for further information or visit the website www.whoswhoinprivateequity.com