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PE Week Wire — Monday 11/25

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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Finnish police have withdrawn their request for permission to arrest Kaj-Erik Relander on suspicion of violating telecom laws.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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