EUROPE - Kleinwort Development Fund (KDF), an investment trust, and Dresdner Kleinwort Capital (DrKC), the private equity business of Dresdner Bank, have announced a new joint venture company, Kleinwort Capital.
In addition, both KDF and DrKC intend to commit £50m as anchor investors to a new fund, Kleinwort Capital Partners IV. The fund will be marketed to new and existing investors.
Under the new arrangements, it is further proposed that the current activities of Dresdner Kleinwort Benson Private Equity Ltd (DrKBPEL) and the management team currently known as DrKBPEL will transfer to Kleinwort Capital, following recent IMRO approval. Richard Green and Andrew Hartley of DrKBPEL will become joint managing directors of Kleinwort Capital. This management team will also have a minority equity participation in the joint venture company Kleinwort Capital.
As Kleinwort Capital, the DrKBPEL team will continue their formula of investing in UK mid-market private equity transactions in the technology, healthcare services, media and specialist manufacturing sectors.
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