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Deutsche Bank starts VC unit, injects it with $960M

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Deutsche Bank AG, Frankfurt, Germany, has started a new venture capital unit, DB Venture Partners, and bankrolled it with a $960 million war chest. London-based DB Venture Partners will invest in global telecommunications and Internet start-ups. Deutsche Bank snapped up Roy Merritt and Michael Patton, formerly partners with New York-based Providence Equity Partners Inc., to head up DB Venture Partners as managing directors. Deutsche Bank's move underscores a recent rush among financial giants to establish London-based venture capital initiatives.
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