(Reuters) – A group of investors in Munich-based Nordwind Capital, including the Harvard and Yale university endowments, blocked a deal where the private equity group wanted to invest in a start-up aiming to consolidate in the in-vitro fertilization industry, the Financial Times said.
Nordwind had agreed to invest in Global Fertility AG, a start-up which was looking at acquiring fertility clinics in the United States and Germany but the deal fell through after the Munich-based buyout-fund asked its investors for the money, according to the paper.
Some investors objected to the deal on the grounds that heavy investment in U.S. clinics did not match Nordwind’s strategy of investing in German, Swiss and Austrian turnarounds, the paper said.
Nordwind-founder Hans Albrecht told the paper that he decided to cancel the deal and send the money back to those investors who funded the deal instead of trying to put some investors into default.
Harvard and Yale declined to comment to the paper.
Nordwind, Harvard and Yale could not be immediately reached for comment by Reuters.
(Reporting by Ajay Kamalakaran in Bangalore; Editing by Lincoln Feast)