MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Friday, June 19, 2009 Fidelity Axes its Private Equity Unit After just two years, Fidelity Investments is disbanding its private equity unit Fidelity Equity Partners next month. Fidelity expects to wind down the unit by the end of July. "It was a reflection of the economy and this was a decision that the LBO market was not necessarily where we wanted to invest going forward," spokesman Mike Shamrell told The MFWire. "It was based on the state of the market. We decided it's best not to pursue the LBO space." The unit purchased stakes in Picsolve International, Complinet Group and Asset Control Inc, Production Control Services Inc. "In terms of the companies that we have in our portfolio, we will continue to hold onto the companies, Shamrell said. "The management structure for holding is still being decided upon." Fidelity Equity Partners has 14 employees, half of which work in the United States and the other half in London. Shamrell said that the positions associated with the unit will be disbanded as the unit winds down. Rob Ketterson, the managing partner of Fidelity Equity Partners, will continue as head of Fidelity Ventures. Printed from: MFWire.com/story.asp?s=21856 Copyright 2009, InvestmentWires, Inc. All Rights Reserved |