Haiku of the month

Fees once fell like rain Our funds grew like prize pumpkins Now jack-o-lanterns

“Prohibiting legitimate placement agents from working with public pension funds is an extreme measure that will have unintended consequences; that is, it will reduce our ability to access some of the best managers throughout the world and ultimately result in lower investment returns for our members.”

Rick Dahl, CIO, Missouri State Employees Retirement System, in comments submitted to the SEC

“EMI has been around for 120 years – it will be around for another 120 years.”

Roger Faxon, head of EMI Music Publishing, quoted in a Wall Street Journal article. Reports have suggested Terra Firma-owned EMI may default on a key loan from Citi

“A happy coincidence.”

How Jon Moulton described to PEI the dissolving of a company called Better Capital, allowing his new firm – which will specialise in turnarounds – to adopt the name. Following his fiery departure from Alchemy, Moulton had said: “I would do it again – but better”

“We need a Darwinian evolution.”

Danny Truell, chief investment officer at UK charity the Wellcome Trust, argues at the British Venture Capital Association Summit in London that fee models must be re-examined, deal fees abolished or reduced and investment theses altered

“The one area where we have not raised any money is the Middle East. The region shut down 12 months ago.”

An unnamed private equity executive who recently raised a buyout fund, quoted in the Financial Times

“We are not opposed to regulation. We would welcome sensible and proportionate regulation and if we can get this thing right it will be very good news for the hedge fund and private equity industries.”

Dan Waters, director of retail policy at the UK's Financial Services Authority, commenting on the controversial Alternative Investment Fund Directive in UK newspaper The Guardian