Haiku of the month

Look at my carry It is “deal-by-deal” no more And I am poorer

“The state of the business is a testament to Jon's imagination and enthusiasm and we wish him a long and happy retirement.”

Dominic Slade, heir-apparent to Alchemy Partners founder and managing partner Jon Moulton, in a statement. Following Moulton's resignation, he issued a letter to LPs questioning Slade's credentials and calling for the firm's latest fund to be wound down (see p. 21)

“I read the comment from Dominic and his wishes for my happy retirement. And I can tell you he is very much mistaken.”

In an interview with UK newspaper the Daily Telegraph, Moulton corrects Slade's understanding that he will be retiring

“Private equity put its dangers on the wrapper, hedge funds didn't. As a result, I sense something of a shift from hedge funds to private equity.”

Stefan Hepp, chief executive of Swiss gatekeeper SCM Strategic Capital Management, tells PrivateEquityOnline that investors disillusioned with the misleading claims of certain hedge funds may give private equity greater priority in the alternatives investment mix

“The revised FDIC guidelines represent an improvement over those originally proposed in July. But we continue to question the need to impose more onerous capital requirements on private equity firms that invest on behalf of retired police officers, firefighters, teachers, and other public employees.”

Statement from the Private Equity Council, the Washington, DC private equity lobby group, responding to new Federal Deposit Insurance Corporation (FDIC) guidelines released August 26 regarding private investment in failed banks (see p. 23)

“Private equity is still a bit quiet. I'd like a sustained rally because I'm an optimist and because the industry has had enough bad news.”

Lynn Fordham, chief executive of London-listed fund of funds SVG Capital, interviewed by sister website PrivateEquityOnline following the announcement of SVG's half-year results