PE Week Wire — Friday 12/6

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The San Jose Mercury News in October filed a Public Records Act request with the California State Teachers’ Retirement System (CalSTRS), asking the pension fund to disclose fund-by-fund performance data from within its $4.4 billion private equity portfolio. This morning, the newspaper is reporting that CalSTRS has agreed to release the data, according to a letter sent on Nov. 14 to general partners in which CalSTRS has invested. The pension fund’s private equity portfolio includes funds managed by New Enterprise Associates, Summit Partners and Thomas H. Lee Partners – some of the same funds that may be forced to disclose their internal rates of return following a tentative ruling late last month in the case of the San Jose Mercury News vs. CalPERS. Unlike CalPERS, however, CalSTRS has never made its fund returns public.

Integrated Development Enterprise Inc., a Concord, Mass.-based provider of integrated development chain management (DCM) solutions, today announced that it secured $13.25 million in venture capital funding. Led by new investor Tudor Ventures, the funding partners also include Dominion Ventures, Flagship Ventures, HarbourVest Partners LLC and management consultants PRTM.

Cyota, a New York-based provider of payments security solutions, announced today that it has closed an $8 million round of private financing led by RRE Ventures.

AT&T, Intel, IBM, Apax Partners and 3i Group are giving a boost to the 802.11 market by forming a new company devoted to providing broadband, wholesale and wireless Internet access nationwide. Named Cometa Networks, the company will provide its services to telecommunications companies, Internet Service providers (ISPs), cable operators and wireless carriers, who then can offer their customers wireless Internet access, using wireless fidelity (Wi-Fi) technology, also called 802.11. Cometa will also offer wireless Internet access to enterprise customers through the participating carriers.

Alfalight Inc., a Madison, Wisc.-based developer of high-powered laser diodes, recently raised $15 million in its third round of venture capital funding, bringing the company’s total venture take to $49.1 million. The Series C deal was funded by existing investors and was led by Arch Ventures Partners and Advanced Technology Ventures.

ProFinance Holdings Corp., the holding company for Century Insurance Group, has closed on the private placement sale of $15 million of thirty-year floating rate trust preferred securities issued through a wholly-owned trust subsidiary. ProFinance was created in October 2000 and acquired Century through a management-led buyout from Century Business Services Inc., in conjunction with a group of community banks and private equity group Stonehenge Partners Inc.

Marc Marotta, a partner at the law firm of Foley and Lardner, has been named secretary of the Wisconsin Department of Administration. During his time as an attorney, Marotta has worked on corporate mergers, restructurings, venture capital and equity and debt issues.

The Carlyle Group has agreed to acquire a 33% stake in QinetiQ, a UK research lab operated by the Ministry of Defense (MOD). The sale follows MOD’s March decision to seek a strategic partner to invest in QinetiQ, and the selection of The Carlyle Group as preferred bidder in September. The transaction values QinetiQ at around GBP500m. Following adjustments to reflect current assets and liabilities, MOD will receive between GBP140 and GBP150m from the transaction (the final amount will depend on the company’s exact financial position at completion), in addition to GBP50m already received from QinetiQ as part of the purchase price for its assets.

The Financial Times is reporting that Toby Wyles has resigned from his post as head of UK buyouts for Apax Partners. Among his more notable deals was the £2 billion buyout of Yell, the directories business of British Telecom.

Dick Testa, founding partner of Testa, Hurwitz & Thibeault LLP and one of the pioneers of the venture capital industry, passed away Monday night in his sleep at his home in Wayland, Mass. home at the age of 63. Dick founded Testa, Hurwitz in 1973 with the intent of creating the nation’s pre-eminent private equity law firm. Twenty-nine years later, Testa, Hurwitz has the world’s largest venture capital practice and one of the largest high-technology operating company practices in the United States. Dick leaves behind his wife of 43 years, Janet, five children and fourteen grandchildren.

Details regarding visiting hours are: John C. Bryant Funeral Home, 56 Pemberton Road, Wayland, MA. Visiting hours: Thursday 7 pm to 9 pm, Friday 2 p.m. to 4 pm and 7 pm to 9 pm Funeral Mass Saturday at 10:00 a.m. at Saint Ann’s Church, 124 Cochituate Road, Wayland, MA. Testa, Hurwitz will also be holding an additional memorial service at time, date and location to be determined.

Targacept Inc., a privately held company focused on central nervous system diseases, announced today that it has completed a $46 million equity financing. The financing was led by Nomura International’s Healthcare Private Equity Group. Other new investors participating in this financing round were New Enterprise Associates, CDIB BioScience Ventures and Easton Hunt Capital Partners. Also participating were investors from Targacept’s first round financing: EuclidSR Partners, Burrill & Company, Advent Venture Partners, Auriga Ventures, CDC-IXIS Innovation, Genavent Fund, Societe Generale Asset Management Finance and Academy Venture Fund.

Optinel Systems, a privately held provider of transport systems for the cable television industry, today announced that it has completed its Series B round of funding, totaling $22.4 million. The round was led by Court Square Ventures, Teknoinvest and Birchmere Ventures. SilverHaze Partners, Four Seasons Ventures, the Dinner Club and Isis Capital also participated in the financing round, along with existing Optinel investors, OCG Ventures and Novak Biddle Venture Partners.

Ortega InfoSystems Inc., a Santa Clara, Calif.-based developer of security integration software, has closed an oversubscribed $11.8 million Series C round of financing. Harbinger Venture Management and Sycamore Ventures are the lead investors.

Cytochroma Inc. an Ottowa-based applied genomics and drug discovery company, has raised an additional CA$6.5 (US$4.17 million) in a Series B funding that has now reached CA$22 million (US$14.1 million). Vengrowth Capital Partners, through The VenGrowth Advanced Life Sciences Fund Inc., led the deal.

Kohlberg Kravis Roberts & Co. and Trimarian Capital Partners have agreed to acquire International Transmission Co. from DTE Energy, parent of Detroit Edison. The deal is worth $610 million, and is believed to be the largest transmission deal to date. ITC provides interconnection for Detroit Edison’s 27 generating stations and 2.1 million customers as part of the North American transmission grid.

Luca di Montezemolo, chairman and CEO of Ferrari SPA, is launching a private equity fund targeting consumer goods and media companies. The fund has no relation to Ferrari, and reportedly has already received backing from such banks as Deutsche Bank, Monte dei Paschi di Siena and Unicredito Italiano. The fund, named Charme is being launched with 110 million Euros, and hopes to raise up to 150 million Euros over the next year.
As first reported by , Battery Ventures on Monday laid off nine employees, including two general partners and three venture partners, as part of a firm-wide restructuring that has been three months in the making. In addition, the Wellesley, Mass.-based venture shop has decided to forego $51.5 million in fund management fees so as to offset the possibility of future clawback liabilities. PE Week subscribers can read an updated version of the story in the protected Fund News section of .

eCopy Inc., a Nashua, N.H.-based provider of products that convert paper documents into digital files, has received $15.8 million of second round funding from Canon USA, a subsidiary of Canon Inc. (NYSE: CAJ). Series A investors Ascent Venture Partners and Landmark Partners both declined to exercise their pro rata investment options.

SkinMedica Inc., a Carlsbad, Calif.-based specialty pharmaceutical company focused on dermatology products, today announced that it has completed a $9 million Series B venture capital financing led by Domain Associates LLC. Also investing were Windamere Venture Partners LLC and a group of private investors. The company currently markets cosmeceutical products sold only through physicians, and will launch its first prescription product in 2003.

Sprout Group announced today the appointment of Paul J. Sekhri as partner for health-care technology investments, effective immediately. Sekhri most recently served as senior vice president and headed global search and evaluation at Novartis Pharma AG. In the 1990s, Sekhri held senior management positions at biotechnology firms, including Millipore Corp.

GCT Semiconductor Inc., a San Jose, Calif.-based provider of radio frequency (RF) integrated circuits for wireless devices, announced today that it has successfully completed the closing of its $38 million Series C equity round, bringing the total amount of equity financing raised since the company’s inception in 1998 to more than $54 million. The Series C round was led by Pequot Ventures, and other participants included National Semiconductor Corp., Pericom Semiconductor Corp., UOB Venture Management, 3V SourceOne Ventures, Mizuho Capital and ITX International Equity.

JPMorgan Partners (JPMP), the private equity arm of J.P. Morgan Chase & Co. (NYSE: JPM), has added Stephen Welton as a partner based in Europe. Welton previously served as CEO of TV Travel Shop, which he joined in 1999 after leading a buyout of the company by Barclays Private Equity. From 1995-1999, Welton served as one of two managing directors running the UK operations of Barclays Private Equity.

ISOPur Fluid Technologies Inc. (formerly MAG Systems Inc.), a Cheshire, Conn.-based provider of high-performance fluid purification solutions, announced today that it has successfully closed $8 million in Series A financing. FA Technology Ventures led the round alongside Siemens Venture Capital.

meVC Draper Fisher Jurvetson Fund I (NYSE:MVC), an information technology venture capital fund, today announced that it has commenced doing business under the name MVC Capital. The Fund also announced it has moved its offices to Sand Hill Road in Menlo Park, Calif.

InPhase Technologies, a Longmont, Colo.-based provider of holographic data storage solutions, today announced that it has raised the first $6.3 million of what it hopes to be a $15 million round of venture capital funding. New Venture Partners LLC, which was founded in 1997 as Lucent Technologies’ New Ventures Group, led the round. New investor Hitachi Maxell Ltd., which entered into a joint development agreement with InPhase, has committed to strategic funding. Existing InPhase investor Newton Technology Partners also participated. The round is scheduled to remain open until a subsequent close next September.

BuildLinks, a Cary, N.C.-based Web-based collaboration and options-selection software tool for residential homebuilders, announced today that it has closed a $2 million venture capital investment. The financing round was lead by the Southeast Interactive Technology Funds. Also participating in the round is IdeaEdge.

2Wire Inc., a San Jose, Calif.-based provider of intelligent broadband gateways, today announced the completion of its latest round of equity financing totaling $27.5 million, to be utilized for international expansion and working capital requirements. Oak Investment Partners, Venrock Associates and Technology Crossover Ventures led the round alongside new investor Weber Capital. Returning investors include Pilgrim Baxter & Associates, Shell Internet Ventures, Doll Capital Management, the INVESCO Private Capital Group, Dell USA LP, Granite Global Ventures and Meritech Capital.

VetCentric, an Annapolis, Md.-based prescription drug company, has received $14.5 million in venture funding from Sherbrooke Capital, Three Arch Capital, Asset Management, Aurora Funds, Staenberg Private Capital and Vantage Venture Partners.

The Blackstone Group today announced the closing of one of the largest Collateralized Loan Obligation vehicles of this year. Hanover Square CLO Ltd., The Blackstone Group’s first CLO, is a $600 million investment pool that will principally invest in senior secured loans issued by the highest quality companies in the leveraged loan market across a wide variety of industries. Blackstone Debt Advisors, a unit of Blackstone’s Corporate Debt Investing Group and headed by Dean Criares, serves as the Fund’s collateral manager.

The Asian Wall Street Journal is reporting that talks have broken down on the possible $1.1 billion acquisition of Kumho Group’s tire manufacturing business by a Carlyle Group-led syndicate of private equity investors.

Finnish police yesterday released a pair of Sonera Corp. managers who had been detained as part of an investigation into whether or not the telecom company illegally listened in on employee phone calls to journalists. Still in jail, however, is former Sonera CEO Kaj-Erik Relander, who is currently a London-based partner with Silicon Valley venture firm Accel Partners.

Benchmark Capital has raised another $40 million to fund Israeli startups, which increases the size of the Benchmark Israel fund by 18% to $260 million. For more on this exclusive story, go to , or pick up yesterday’s print edition.

Pomona Capital today announced the final close of its fifth secondary interest fund, Pomona Capital V LP, and an affiliated fund (“PC V”), with $582 million. Commitments exceeded the target of $400 million by $182 million or 45%. Pomona Capital V will continue the New York-based firm’s strategy of purchasing secondary and primary interests in top performing venture capital and buyout funds. The closing of Pomona Capital V brings Pomona Capital’s assets under management to over $1.3 billion.

Pinpoint Networks Inc., a Cary, N.C.-based provider of software and services to global mobile operators, today announced the closing of venture financing from new investor Intel Capital. This investment brings Pinpoint’s total funding to $20 million since its founding in 1999. Existing investors in Pinpoint include New Enterprise Associates (NEA), Massey Burch Capital, Noro-Moseley Partners, Wakefield Group, The Atlantis Group and Tri-State Investment Group.

The European Venture Capital Association today released third quarter disbursement figures that showed large buyout deals continuing to drive private equity investment activity in Europe. The study, which was conducted in association with Venture Economics and PricewaterhouseCoopers, says that €6.3bn was invested in 1,055 companies during the third quarter. While fund-raising demonstrated more positive figures than Q2 at €3.5bn, a small number of IPOs reflected the tough public market exit conditions during this summer period.

TriVirix International, a Chapel Hill, N.C.-based contract manufacturer of electronic medical equipment, announced today that it has raised $25 million in Series D venture capital funding. New investors included Grotech Capital Group, Morgan Stanley Venture Partners, MDS Capital, SunTrust Equity Partners, Trelys Venture Partners and Memphis Biomed Ventures. Returning backers included Aurora Funds, Thompson Clive and Partners, Frontier Capital, Enterprise Equity, Crescent Capital, Charlotte Angel Partners, and Tri-State Investment Group.

Apax Partners announced today the final closing of an €8 million financing round in Fractus, a Madrid-based company specializing in the antenna market. Apax Partners and 3i Group will take €6 million and €2 million of the round, respectively.3i Group has invested €2.3 million in Fractus over the last two years.

Roving Software, a Waltham, Mass.-based provider of “do-it-yourself” email marketing, today announced the closing of more than $4.5 million in additional funding from new investor Hudson Ventures and existing investors Morgan Stanley Venture Partners, Commonwealth Capital Ventures and Longworth Venture Partners.

FreeBalance Inc., an Ottawa-based eGovernment solutions company, today announced that it has closed a $3 million Series B round of financing. Societe Innovatech du Grand Montreal led the deal, and was joined by existing investor TechnoCap Inc.

Renal Solutions Inc., a Pittsburgh-based provider of sorbent hemodialysis products and services, announced today that it has raised $14.7 million in private equity capital. This round of financing was led by Birchmere Ventures, with the investor syndicate including Blue Chip Ventures, Draper Triangle Ventures, University of Pittsburgh Medical Center (UPMC), Amkey Ventures and other private individuals and institutions. Inc., a Santa Clara, Calif.-basedprovider of online and offline corporate branding solutions, today announced that it has received commitments for $4 million of additional venture funding in a round led by Alloy Ventures. Additional investors included Nexus Group, Charter Venture Capital, Alpine Technology Ventures, Crescent Venture Investors, Band of Angels LP and Sara Lee Corp.

Baring Asia Private Equity Fund II says it will acquire a 10.9% stake in Norelco Centreline Holdings Ltd. Singapore-based Norelco, listed on the Singapore Stock Exchange’s SESDAQ, manufactures precision machine components, works in the assembly and integration of equipment and produces automated assembly lines for hard disk drive manufacturers and semiconductor equipment manufacturers.

Agilisys International announced today the acquisition of Brain AG, a provider of specialized ERP and supply chain execution software to automotive suppliers. Post-transaction, Brain Automotive and Brain Industries will operate as separate business units of Agilisys International, a global provider of software solutions to the manufacturing industries. The acquisition was financed through funds managed by Golden Gate Capital and Parallax Capital Partners.

Dexterra Inc., a Bothell, Wash.-based mobile enterprise application provider, today announced that it raised $6 million dollars in Series A funding from Sigma Partners. The funding coincides with the appointment of Dexterra’s co-founder and chairman Robert Loughan CEO. In addition, Dexterra’s name has been changed from Accompany-ME Technology.

Discovery Capital Corp. said it has launched British Columbia Discovery Fund Inc., the region’s first venture capital corporation with approval to offer redeemable shares to investors. The fund has received a 3-year tax credit allocation from the B.C. Ministry of Science, Competition and Enterprise to raise $10 million per year in each of 2002, 2003, and 2004, for a total of $30 million.

Schneider Electric SA said yesterday that it will go ahead and sell Legrand SA for $3.59 billion, and therefore abandon a merger which has been repeatedly stymied by The European Commission. The buyers are Wendel Investissement and Kohlberg, Kravis & Roberts (KKR).


Tarari Inc., a San Diego-based hardware provider of sub-system building blocks for accelerated content processing, announced today it has received an additional $2 million in funding, including a new investment from Miramar Venture Partners and increased funding from existing investor XMLFund. This additional funding completes the Series A round for Tarari, and brings the total funding to $15 million. Crosspoint Venture Partners led the Series A funding.

Renovo Ltd., a Manchester, UK-based company developing drugs to prevent scars and accelerate wound healing in the skin, today announced the closing of a second round of private equity financing totaling £21 million (US$33 million). HealthCap acted as lead investor on the deal, and was joined by new investor Care Capital LLC. Existing backers Atlas Venture and JPMorgan Partners also participated.

Bear Stearns Merchant Banking announced today that it has acquired Vitamin Shoppe Industries Inc., a privately held retailer and direct marketer of vitamins, minerals, supplements and other nutritional products. Senior debt for the transaction was provided by a lender group led by Bear, Stearns & Co. Inc. and BNP Paribas. Subordinated debt was provided by Blackstone Mezzanine Partners. Terms of the transaction were not disclosed, although some published reports put the price tag at around $310 million.

Am-Beo, an Ireland-based provider of rating and revenue settlement solutions for communication service providers, announced today that Intel Capital has joined a $12.5 million Series B round of funding that already included Advent Venture Partners and ACT Venture Capital.

The Globe & Mail is reporting today that several senior and mid-level executives at Quebec pension fund manager Caisse de depot et placement du Quebec have been laid off. Among the supposed pink slippers is Claude Seguin, president of the group’s private equity division.

General Catalyst Partners today announced that David Grain will be joining the firm as an Entrepreneur in Residence. In this capacity, Grain will focus on identifying new investment opportunities and supporting strategic business development initiatives in the areas of digital cable, billing, service management and new media. Grain formerly served as the senior executive responsible for operating AT&T Broadband’s New England Region.

Kohlberg Kravis Roberts & Co. and Teachers’ Merchant Bank, have closed the previously announced acquisition of BCE Inc.‘s telephone directories business for $CA3 billion (US$1.89 billion). Renamed Yellow Pages Group Co., the company is Canada’s largest publisher of directories and related Internet directory assets, including and Pursuant to the terms of the transaction, KKR, Teachers’ Merchant Bank and Bell Canada own approximately 60%, 30% and 10%, respectively. The Yellow Pages Group Co. management team has also purchased an ownership interest in the new company.

Hicks, Muse, Tate & Furst, ARGUS Capital Partners and Emerging Markets Partnership recently announced their €110 million acquisition of Aster City Cable and the cable operating activities of Elektrim Telekomunikacja, a 51% subsidiary of Vivendi Telecom and a 49% subsidiary of Elektrim SA. The transaction is to be funded by equity contributions from HMTF, ARGUS and EMP. Aster City, with an aggregate subscriber base of approximately 355,000 customers located in three Polish cities, is the leading cable operator in Warsaw, with approximately 280,000 customers and also has strong positions in Krakow and Zielona Gora.

JPMorgan Partners has held a final close on the J.P. Morgan Partners Global Investors LP partnership fund. The global fund raised $1.7 billion in funds from major institutions and high net worth investors that will be invested alongside JPMorgan Chase’s money over its five year life. JPMorgan Chase has agreed that it will invest each year three dollars for every dollar of outside money that is invested. Since its first close on November, 2001, the fund has made 39 investments. The fund was originally supposed to raise $5 billion from outside investors, but downsized after fund-raising difficulties.

Dana Corp. announced today that it has signed a definitive agreement to sell its FTE brake and clutch actuation systems operations to HgCapital, a European private equity finance company.

ROHN Industries (Nasdaq: ROHN) has agreed to sell substantially all its assets to an affiliate of Platinum Equity LLC, a Los Angeles-based private equity firm, for approximately $8.75 million, plus the assumption of certain liabilities. Platinum Equity has agreed to purchase the assets relating to ROHN’s towers division, enclosures division, accessories division and construction services division as well as operations in Mexico.

Bain Capital has acquired a 60% interest in Unisource Worldwide Inc., Georgia-Pacific Corp.‘s paper distribution subsidiary. As previously announced, Georgia-Pacific retains a 40% minority ownership interest in Unisource and will hold a note from Unisource for $170 million. Georgia-Pacific’s after-tax proceeds from the transaction are expected to total approximately $790 million after closing adjustments, which will be used to reduce debt.

News From Tuesday 11/26
The Carlyle Group has closed its purchase of Rexnord Corp. from Invensys PLC for approximately $900 million. Rexnord is a manufacturer of highly-engineered mechanical power transmission components like industrial bearings and flattop chain and modular conveyor belts.

Bloodhound Inc., a Research Triangle Park, N.C.-based application service provider focused on claim overpayment protection services for the health-care industry, has obtained a commitment for $3 million in additional capital through the successful completion of Series E funding led by Noro-Moseley Partners. Other investors included The Wakefield Group, SSM Ventures, Delta Capital Management, Eno River Capital and A.M Pappas & Associates.

Alliance Medical Corp., a Phoenix-based reprocessor of medical devices, has received $7.3 million in new funding. The Series E financing was secured from a syndicate composed of Merrill Lynch Investment Managers, which invested $5 million; and venture capital firms involved in previous rounds of financing with Alliance, including Affinity Capital, Coral Ventures, Delphi Ventures, Apax Partners and Valley Ventures.

Direvo Biotech AG, a Germany-based biopharmaceutical company, has raised approximately $10.5 million in its Series B equity financing. Danisco Venture of Copenhagen led the deal, and was joined by Techno Venture Management, SK Kapitalbeteiligungsgesellschaft Köln mbH, Sanders Morris Harris and private investors.

Brigham Exploration Co. (Nasdaq: BEXP) last week announced that DLJ Merchant Banking Partners III LP, in conjunction with Global Energy Partners, both affiliates of CSFB Private Equity, are purchasing and converting $10 million of Brigham’s senior debt, currently held by SCI, into shares of Brigham common stock and will make an additional $10 million investment in Brigham.
News From Monday 11/25

Kadiri, a Burlingame, Calif.-based provider of enterprise compensation management applications, today announced that it has completed a $7.5 million round of private financing. Voyager Capital led the round, joined by existing investors ONSET Ventures, Wheatley Partners and Towers Perrin. PE Week subscribers can read more on the Kadiri funding in the protected Deal News section of

Eric Archambeau has resigned from his job running European operations of Silicon Valley-based Benchmark Capital. The move comes just months after Benchmark reduced the size of its European fund (which Archambeau helped launch) from $750 million to $500 million. No word yet from Benchmark on the departure, although Archambeau’s name and information have been removed from the firm’s Web site. At least one news report is saying that he has left to form a new angel investment firm in France named Arch Partners.

Finnish police have arrested Kaj-Erik Relander on suspicion of violating telecom laws. Relander is the former chief executive of Sonera Corp., and is currently a London-based partner with Silicon Valley venture firm Accel Partners. The police say that the investigation into Relander’s activities is ongoing.

Applied Materials Ventures, a venture capital partnership that focuses on early stage communications companies, today announced that Fahri Diner has joined the firm as a general partner. Diner is the founder and former president and CEO of Qtera Corp., a provider of ultra-long-haul photonic networking solutions that was acquired in 2000 by Nortel Networks.

Sygate Technologies, a Fremont, Calif.-based provider of enterprise endpoint security solutions, announced today it has received $17.5 million in funding in a strategic round led by Trident Capital, with further participation by Trinity Ventures, meVC Draper Fisher Jurvetson Fund I and CIR Ventures.

Spiration Inc., a Redmond, Wash.-based developer of medical devices for the treatment of lung disease, has received an equity investment from Guidant Corp. Terms were not disclosed.

Sovereign Specialty Chemicals Inc., which is majority owned by AEA Investors Inc., today revealed plans to close two of its higher-cost manufacturing plants. The first plant is located in Cincinnati, where 118 people are employed. The second plant is located in Kapellen, Belgium, and employs 24 people.

Limited Brands Inc. (NYSE: LTD) today announced it has reached a definitive agreement to sell Lerner New York/New York & Co. to an investor group led by Bear Stearns Merchant Banking, the private equity arm of Bear, Stearns & Co., and Richard Crystal, the Lerner unit’s president and CEO. Under the terms of the agreement, Limited Brands will receive $78.5 million cash at closing, a $75 million subordinated note and warrants for 15% of the common equity of the new company. The transaction, which is subject to financing and other customary conditions, is expected to close within several weeks.

Pentech Ventures, the early stage technology division of Penta Capital, has named Sandy McKinnon as investment director. McKinnon developed and then ran the Advanced Technology Group at Scientific Generics, before becoming director of knowledge transfer and technology at Heriot Watt University in Edinburgh. During his time in this position, he helped incubate 12 spinout technology companies.

Panda Hershey has been promoted to portfolio manager in the alternatives investments team at the California Public Employees’ Retirement System (CalPERS). Hershey, who joined CalPERS three years ago as an investment officer, will focus on investment opportunities in the life sciences sector.

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