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  • PEI-Apri17-Cover-Image

    April 2017 Issue

    Features
    Privately Speaking: Blackstone's Joe Baratta

    Joe Baratta made his name on Blackstone’s crisis-era investment in Merlin Entertainments Group. As another slowdown looms, we find out where the firm is putting its private equity dollars.

    Fundraising special: Too much dry powder?

    In a Fundraising Special, PEI examines whether too much money is chasing too few deals.

    Fundraising special: Competing for attention

    Fundraising has been strong for a number of years, but the headline figures mask a different picture for those on the ground trying to attract capital.

    Fundraising special: Faster, faster

    Fundraising is getting ever faster, so PEI considers which industry fundamentals are driving the change by examining Permira’s latest vehicle.

    Fundraising special: Accessing investors

    The placement agent business has been expanding into new areas to diversify its revenue base and better cater to its customers.

    Fundraising special: 20 years of placement agents

    Two veteran fundraisers discuss the return of high-net-worth capital, the rise of fund restructurings and a question that has been asked since the mid-90s: is too much money chasing too few deals?

    Fundraising special: How to raise a first-time fund

    Even in the most buoyant fundraising environment, raising capital for the first time is a tricky proposition. Three experts share their top tips for a successful debut.

    India briefing: Good doing business with you

    The Modi government is making progress on its reform agenda, reshaping the business landscape for private equity.

    India briefing: Investing in a blank space

    Baring Private Equity Asia’s Jimmy Mahtani explains how the GP, which manages more than $10bn in commitments, is positioned to capitalise on opportunities in the country.

     

    SoftBank's epic Vision

    SoftBank is in the process of raising what could be the largest private equity fund ever. Industry insiders are impressed but apprehensive.

    Private equity predictions: how did we do?

    Riverside’s chief executives on how private equity measures up against predictions we made at the turn of the decade.

    Responsible investment: it's not easy being green

    As LPs in the world’s largest private fund market start to embrace ESG, it’s getting tougher to get away with being ‘all talk and no action’.

    Financial crisis funds strike back

    Funds raised during the economic slowdown are starting to outperform their peers. Christian Diller and Marco Wulff, founders of Montana Capital Partners, look at why.

    Mary Jo White is keeping the faith

    Former US Securities and Exchange Commission chair Mary Jo White believes the progress made in overseeing the private equity industry is unlikely to be reversed.

    The Side Letter: Why this isn't 2007

    The private equity industry of today has been shaped by lessons from the financial crisis.

    Second Thoughts: A commercial success

    Donald Trump’s cabinet has been full of surprise picks, but secondaries market participants could not have expected they would spur dealflow.

    Deal mechanic: Out of the park

    Through an aggressive programme of operational improvements and M&A, Epiris transformed the stagnating caravan parks operator into a UK market leader.

    Regulation Watch: April could be the cruellest month

    Non-doms must brace themselves for a new UK tax regime, while decisions on the Fiduciary Rule and EU leverage ratios are in the balance.

    Data Room: Slip sliding away

    Deal value in the secondaries market dropped slightly last year, but billion-dollar transactions in the pipeline should ensure a better 2017

    Where Are They Now? Markus Ableitinger

    The Asia fund of funds pioneer has turned his entrepreneurial energy towards a speciality coffee business in The Philippines.

    First Round: Final countdown

    We're counting the hours until the introduction of MiFID.

    First Round: Sound the alarm

    A fire drill cuts off a senior exec at the crucial point.

    First Round: Increased exposure

    Oh, for the life of a private equity expat in Dubai.

    Bones of contention in limited partnership agreements

    Negotiating a Limited Partnership Agreement can be fraught, particularly when it comes to the issue of where litigation should be heard.

    The rising stars of the legal world

    We want nominations for the top 30 private equity lawyers under the age of 40.

    What it takes to succeed in the legal profession

    As PEI prepares to launch its 2017 ranking of the 30 most influential private equity lawyers under the age of 40, we ask some of those named on the previous list about what it takes to succeed in the legal profession.

    How limited partnership agreements are getting bigger

    Changes to the distribution waterfall, more flexibility on investment terms and greater clarity around each condition has increased the weight of the LPA.

    Avoiding portfolio company legal risk

    More and more cases are being brought against private equity firms relating to their portfolio company holdings.

    The US treads new ground on tax reform

    The US is on the brink of fundamental tax change, but the details remain sparse.

    Base erosion rules risk catching PE firms in their net

    Attempts to prevent ‘big fish’ benefiting from tax avoidance schemes look like  trapping private funds, too. We look at the concerns over BEPS.

    Expert commentary: Walkers on why fund terms are lengthening

    Offering counsel in the Cayman Islands provides a ringside seat on the trend towards longer-term funds and how the secondaries market is developing, write Rolf Lindsay and Andrew Barker from Walkers.

    Expert commentary: P+P Pöllath + Partners on German regulation

    German pension funds face new restrictions on their private equity investments under moves to enact AIFMD, writes Andreas Rodin, a founding partner at P+P Pöllath + Partners.

    Expert commentary: Pepper Hamilton

    Integrating permanent capital into a private equity structure and investment plan takes strategy, planning and forethought, write Pepper Hamilton partners Julia Corelli and Stephanie Pindyck-Costantino.

    Japan private equity sees a brighter future

    Japanese private equity, notorious for a dearth of dealflow, disappointing performance and legacy issues, is sensing a brighter future.

    Roundtable: Japan private equity is a family affair

    Some of Japan’s longest-standing private equity investors describe how demographics are driving dealflow.

    From the outside in

    Dealmaking is never easy in Japan, but many non-Japanese GPs find an international angle can be an advantage.

    LP focus: Japan's pension pathway

    Fresh capital from Japanese corporate pensions and regional banks into private equity funds should excite GPs, but caution is needed on how much managers should take.

    Seven things you should know about Japan

    Growing LP interest is buoying the private equity market, as the big pension funds warm to alternatives.

    Deal Mechanic: Driving Simplex's US expansion

    Carlyle Japan’s buyout team led the charge on improving the technology company’s efficiency and boosting international growth.

    LP focus: DBJ Asset Management

    The Development Bank of Japan, one of Japan’s biggest investors in private equity, favours mid-cap strategies.

    Keynote interview: J-STAR

    Japan’s ageing society is a potential source of investment opportunities for mid-market firms, say J-STAR’s Yuki Kashiyama and Kazumasa Ohara

    Keynote interview: Ant Capital Partners

    With 2017 set to be a strong year for fundraising in Japan, how do the winning GPs stand out from the crowd? Ryosuke Iinuma, Ant Capital Partner’s Tokyo-based managing partner and John H. M. Cheuck, managing partner at Hong Kong-based Ant Global Partners, explain how the firm’s strategy differentiates itself from its peers.

    April
    PEI-Japan-Apr17-Cover-Image

    The Japan Special 2017

    PEI-Legal-Apr17-Cover-Image

    The Legal Special 2017