Interest in Energis reflects VC strategy shift, lower returns

摘要

A drought in telecoms venture-capital opportu-I nities means that private-equity firms collectively have $30 to $50 billion to invest in technology and communications in 2002, only 20 to 40 per cent of which will be invested in their existing portfolios. Bids from six private-equity firms for UK telecommunications company Energis, meanwhile, reflect a shift in the focus of venture-capital investments over the last year from early-stage, "start-up" funding to a concentration on established companies with positive cash flow and EBITDA, even if they are in dire financial straits.