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Sharing the painA new survey of private equity professionals showed across-the-board decreases in compensation – mainly in the form of bonus cuts – for the first time in a decade, with private equity fund funds taking the biggest hit.
- EVCA delegates: Private equity model isn’t broken
Research released at EVCA’s Investors’ Forum in Geneva today reveals that despite negative returns in 2008, long-term IRRs remain robust. Comments from delegates, including Providence’s John Hahn and the Wellcome Trust’s Danny Truell, reflect an industry engaged in self-critical dialogue as it returns to its roots.
- Study: private equity industry salaries keep growing
Average cash compensation for principals at US buyout funds came in at $885,000, a 4% rise from 2007, while average bonuses grew 6%.
- Venture returns dip in second quarter
Venture capital funds returned 5.1% over a one-year time horizon, down from 13% for the first quarter of 2008, according to an industry index. The asset class still outperformed the public markets, with later-stage funds leading the way in the shorter term.
- Venture investment slides 7% from prior quarter
Despite a drop in total capital deployed and first-time financings, experts say the effects of chaos in the financial markets won’t be felt until subsequent quarters. Cleantech enjoys an upsurge.
- BlackBerry Partners Fund hires two
The fund’s co-managers, JLA Ventures and RBC Venture Partners, have each contributed a new hire to the smartphone-focused venture capital group. The additions of Marc Faucher and Matt Golden bring the head count to eight.
- Study: Buyout volume shrinks 74% in 2008
Private equity-backed M&A has steeply declined both in terms of total volume and as a percentage of M&A worldwide.
- Dealmakers slightly more optimistic on middle market
More middle market private equity firms are also hiring partners with operational expertise to weather the weakening economy, according to a joint ACG-Thomson Reuters survey.
- Venture-backed companies suffer ‘capital markets crisis’
Non-existent public offerings and slowing M&A activity have led venture firms to extend holding periods and have sparked secondary activity as stakeholders seek liquidity.
- JLA, RBC to manage $150m BlackBerry venture fund
Research in Motion, RBC and Thomson Reuters have an answer to the recently launched $100m iFund, managed by Kleiner Perkins. The Blackberry fund will be taking an opportunistic approach.