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Fidelity Investments plans to close its private equity arm, according to a wire service report.
Just two years old, Fidelity Equity Partners controls about $500 million in assets, Reuters reported Friday.
Fidelity decided to close the small private-equity division because it found difficulty obtaining debt financing, a Fidelity spokeswoman told Reuters.
The unit has made acquisitions of four companies, according to the report: imaging solutions company Picsolve International; financial data management companies Complinet Group and Asset Control Inc.; and oil and gas equipment company Production Control Services Inc. It employed 14 people, half in the United States and half in London.
Fidelity plans to keep the division’s ownership interest in those companies, Reuters reported.
The move will not impact Fidelity Ventures, a company spokeswoman said, telling reporters the financial services company’s venture-capital arm is still seeking new investments.
The 40-year-old Fidelity Ventures manages about $800 million, according to recent press releases issued by the firm.
Rob Ketterson, who oversees Fidelity Equity Partners and Fidelity Ventures, will continue to be in charge of Ventures, Reuters reported.
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