“I can’t believe you aren’t getting behind Wisconsin!” cajoled a member of our global editorial team during a recent meeting. We were in the midst of a long and lively debate as to which US limited partners truly stood out in 2012 and merit a place on the shortlists for our annual PEI Awards (voting kicks off next week, so do start thinking about who deserves top honours).
The colleague argued that the worst kind of LPs were those who complain about various industry issues but don’t do anything about them. Thus whether or not you agree with Wisconsin’s declaration earlier this year that mega-funds have misaligned interests, they deserve credit for sticking to their principles and subsequently putting $1 billion-worth of mega-fund exposure up for sale.
“Yes, but…” came the voices of several other colleagues all at once, each of whom went on to passionately champion equally compelling contenders.
Find out next week whether Wisconsin made the cut – you’ll have the chance to vote on this and nearly 70 other categories across the Americas, EMEA and Asia-Pacific regions in the industry’s most comprehensive set of global private equity awards. And if you don't agree with our shortlists, you'll have the option to write in candidates you feel deserve recognition.
As you begin to think about which LPs (and other private equity professionals and advisors) were best in breed over the past 12 months, we’ll leave you with an item we first dreamed up post-GFC – the LP Christmas carol – as investors' quest for better terms intensified.
If an LP sang a private equity-themed carol to the tune of 'The 12 Days of Christmas', it (still) might go something like this…
On the first day of Christmas
My GP gave to me
A much lower management fee!
On the second day of Christmas
My GP gave to me
Two carry points
And a much lower management fee!
On the third day of Christmas
My GP gave to me
Three new deals
Two carry points
And a much lower management fee!
On the fourth day of Christmas
My GP gave to me
Four co-invests
Three new deals
Two carry points
And a much lower management fee!
On the fifth day of Christmas
My GP gave to me
Five new key men
Four co-invests
Three new deals
Two carry points
And a much lower management fee!
On the sixth day of Christmas
My GP gave to me
Six ESG feats
Five new key men
Four co-invests
Three new deals
Two carry points
And a much lower management fee!
On the seventh day of Christmas
My GP gave to me
Seven marks-a-leapin’
Six ESG feats
Five new key men
Four co-invests
Three new deals
Two carry points
And a much lower management fee!
On the eighth day of Christmas
My GP gave to me
Eight ad hoc updates
Seven marks-a-leapin’
Six ESG feats
Five new key men
Four co-invests
Three new deals
Two carry points
And a much lower management fee!
On the ninth day of Christmas
My GP gave to me
Nine parcels passing
Eight ad hoc updates
Seven marks-a-leapin’
Six ESG feats
Five new key men
Four co-invests
Three new deals
Two carry points
And a much lower management fee!
On the tenth day of Christmas
My GP gave to me
Ten juicy ratchets
Nine parcels passing
Eight ad hoc updates
Seven marks-a-leapin’
Six ESG feats
Five new key men
Four co-invests
Three new deals
Two carry points
And a much lower management fee!
On the eleventh day of Christmas
My GP gave to me
Eleven prudent recaps
Ten juicy ratchets
Nine parcels passing
Eight ad hoc updates
Seven marks-a-leapin’
Six ESG feats
Five new key men
Four co-invests
Three new deals
Two carry points
And a much lower management fee!
On the twelfth day of Christmas
My GP gave to me
Twelve distributions
Eleven prudent recaps
Ten juicy ratchets
Nine parcels passing
Eight ad hoc updates
Seven marks-a-leapin’
Six ESG feats
Five new key men
Four co-invests
Three new deals
Two carry points
And a much lower management fee!
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