Kleinwort Capital rebrands as August Equity

Following the recent exit of anchor investor Dresdner Kleinwort Wasserstein, the London-based mid-market firm has changed its name to August Equity.

UK lower mid-market firm Kleinwort Capital has changed its name to August Equity following the exit of cornerstone investor Dresdner Kleinwort Wasserstein (DrKW).

Last week, Swiss-based alternative investment specialist Partners Group and F&C Private Equity Trust, the private equity arm of the UK’s F&C Asset Management, acquired DrKW’s £60 million interest in Kleinwort Capital’s £130 million (€188 million; $224 million) fourth fund, Kleinwort Capital Partners IV.

Kleinwort Capital was spun out of DrKW in November 2001 by its management team. The firm received backing from its founding investors DrKW and Kleinwort Capital Trust, a quoted investment trust.

DrKW has been refocusing its private equity activities since its acquisition by the Allianz Group in 2001.

August Equity will continue Kleinwort Capital’s strategy of investing in UK growth companies valued between £10 million and £100 million in the media, technology, healthcare and specialist manufacturing sectors.

“When you look at the history of our industry, a lot of businesses have spun out with new names and, within a short period of time, those names became synonymous with the firms,” Richard Green, managing director at August Equity, told PEO.

August Equity currently has £300 million of assets under management, but is expected to begin talks with limited partners later this year regarding a new fundraising.

In related news, Boston and Munich-based life sciences and information technology venture capital firm TVM has changed its name to TVM Capital. Managing partner Helmut Schühsler said in a release that the name change allows the firm to “provide clarity and focus around what we do – namely, provide capital to the most promising emerging companies in US and European technology markets”.