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Friday Letter: Fund transfer oddityPrivate equity secondaries is still a growth business, even though this is not a claim that can be proved easily. The market for partially funded limited partnership interests and bundled directs remains opaque. Hardly any data exits to track even basic trends such as fundraising and capital deployment rates.
- Friday Letter: Pay to play
A North American private equity deal was revealed yesterday that involves that rarest of creatures – a pension fund investing directly in a deal. Not surprisingly, the deal in question is taking place in Canada, home to two big pension-affiliated, direct-investment programmes.
- Friday Letter The customer is always right
When Kohlberg Kravis Roberts blew the market away earlier this year with the first publicly quoted vehicle since the UK’s investment trusts of the 1980s and 1990s, many predicted a rash of similar offerings.
- Friday Letter: A wild goose chase
According to the Encyclopaedia of Word and Phrase Origins by Robert Hendrickson, a wild goose chase was first used to describe a peculiar kind of 16th-century English horse race. The racers would set off into a forest following a lead horse, which could run in any direction.
- Friday Letter: The feds made us do it
US Department of Justice, The Blackstone Group has a couple of choice words to send your way – “thank you”.
- Friday Letter Speak Up
One of the UK’s most outspoken (and it should be noted, successful) private equity managers once told PEO all successful private equity professionals were psychologically flawed. At the very least, he added, the ones he hired were. For this GP, it was executives with a point to prove that made the difference.
- Friday Letter: Rollover
The private equity industry has recently been coming under fire for selling assets to the public market at prices that sit far distant from the price these groups paid to take them private.
- Friday Letter: The 12 days of Christmas
Several days before Christmas/ My news team sent to me/ A send-up song for private equity.
- Friday Letter: Tightrope Walking
Part of the trick in walking a tightrope lies in making sure your line has the right tension. Keep it tight. The slack wire is only good for juggling, clowning and sword fights.
- Friday Letter: Try something new today
Sainsbury’s, the number three UK grocer with a market share of almost 15 percent, should begin preparations for a siege.