Private Equity, IT, Life Sciences

Fidelity to Shutter $500M PE Unit

Ryan McBride 6/22/09

Boston-based financial giant Fidelity Investments plans to close its private equity unit next month due the unit’s inability to raise funds through debt financings, Reuters reported this morning. The closure of the two-year-old private equity unit, which is called Fidelity Equity Partners and manages $500 million in assets, will have no impact on Fidelity Ventures, the venture capital arm of Fidelity that invests in early-stage technology firms, according to Reuters.

Ryan McBride is Xconomy's correspondent. You can reach him at rmcbride@xconomy.com, or follow him on Twitter at http://twitter.com/Ryan_McBride.