Private equity: News
Mellon closes latest private equity fund with $56 million 21/12/2004
Mellon Financial Corporation's Private Wealth Management group held its third and final closing on its most recent private equity fund.
The Mellon Private Equity Fund IV is a fund of funds that invests through individual underlying venture capital and private equity funds, and now has $56.4 million in assets under management.
Mellon is among the bigger private wealth managers in the US, with more than 130 years providing wealth planning, investment management, and financial management services to successful individuals, families, family offices, and other sophisticated investors.
"We believe there are some very compelling valuations in private equity, particularly in information technology, healthcare, and middle market buyout opportunities," said Nick Vidnovic, manager responsible for private equity within Mellon's Private Wealth Management unit.
"We view diversification into private equity and venture capital as a key part of our portfolio management process," he explained. "This asset class historically has provided attractive rates of return, and provides good diversification to complement our clients' holdings in equities, fixed income, and other alternative investment vehicles."
