SACRAMENTO, CA — The California Public
Employees’ Retirement System (CalPERS) today approved a $500 million investment in
California Emerging Ventures (CEV), an investment vehicle that targets venture capital
The pension fund also voted to increase its exposure to high yield bonds to a maximum of
10 percent of the Fund’s domestic fixed income portfolio.
CalPERS commitment to CEV increases the pension fund’s exposure to venture capital
investments to more than $2 billion. CalPERS previously committed $730 million to CEV
which is managed for the pension fund by Wesley, Massachusetts-based Grove Street
WESTPORT, CT — B-there.com, the leading online
attendee management company serving meeting, conference, and tradeshow planners,
announced today it has closed $6.5 million of a $10 million round of funding. With a total
investment of $35 million in b-there to date, the additional funds raised are expected to
carry the company to profitability. All of the original institutional investors, TL Ventures,
Seaport Capital and BancBoston Ventures have signed on for the current round.
NEW YORK — Inviva Inc., a provider of innovative life insurance and annuity
products, today announced the completion of the acquisition of the American Life Insurance Company of New York from Mutual
of America Life Insurance Company. Inviva said it had completed the acquisition after raising a total of $77 million since its
founding in December, 1999, including $65 million in series B financing.
The series B financing was led by Trimaran Fund II, L.L.C. and affiliates, and included ACE INA, Holdings Inc., Gerling
Insurance Group and CIBC through their private equity vehicle, the Trimaran Fund II. The purchase of American Life closed
March 16, 2001.
Subsequent to its acquisition by Inviva, A.M. Best has assigned an initial rating of A- (excellent) to American Life Insurance
Company of New York.
ANN ARBOR, MI — The University of Michigan
Business School and Ann Arbor-based EDF Ventures, a venture capital fund
focused on commercializing emerging technologies, are pleased to announce that
partners Thomas S. Porter and Mary Lincoln Campbell have been recognized with
the Bert F. Wertman Alumni Service Award. The awards are to be presented at
this evening’s University of Michigan Business School Annual Scholarship
SAN DIEGO — Excel Legacy Corp.
and Price Enterprises Inc. announced today that they have entered into a
definitive merger agreement under which Legacy and Price Enterprises will merge to form
Price Legacy Corporation, which will operate as a REIT. Announced concurrently with the merger was a $100 million investment by Warburg
Pincus, the global private equity firm, in Price Legacy Corporation. Under the terms of the
investment, Warburg Pincus will purchase approximately 18 million shares of a new class
of preferred stock, 9% Series B Junior Convertible Redeemable Preferred Stock, and
warrants to purchase an aggregate of 2.5 million shares of common stock of Price Legacy
Corporation at an exercise price of $8.25 per share. The Series B Preferred Stock is
convertible under certain conditions into common stock of Price Legacy Corporation at
$5.56 per share after 24 months from the date of issuance. The 9% coupon will be paid in
kind with additional Series B Preferred Stock for the first 45 months from issuance. Upon
consummation of the investment, Warburg Pincus will designate Reuben S. Leibowitz and
Melvin L. Keating to the Board of Directors of Price Legacy Corporation. The Warburg
Pincus investment is also subject to various conditions, including stockholder approval.
Since the Warburg Pincus investment and the merger are subject to substantially the
same conditions, it is expected that the two transactions will close concurrently (assuming
they are both completed).
For yesterday’s complete Wire, clickhere.