Editor's letter

When we launched the magazine two years ago, it was with the intention of covering private equity primarily as an asset class. We knew therefore that we needed global coverage. In particular, this meant meaningful coverage of the US market, because what matters to the American buy side is relevant to investors all over the world. The America Monitor column was a first step when the first issue appeared in December 2001. Today, David Snow, our editor (Americas), is in charge of our editorial team in the US and a third of our readers are based in the US.

We also now have a fully-fledged office in New York. David, along with Jeff Gendel, Arleen Buckley and Art Janik all moved into 1123 Broadway in February. Thanks in part to this new infrastructure, and starting with the current issue, we have been able to add a number of new editorial features to the magazine. First Round, for instance, gives us space to talk about the interesting things that private equity people do and say that are not strictly about raising and investing money. Private equity prides itself in being a people business – First Round is a reflection of that.

You will also find a number of new columns: David Snow's Stateside, Andy Thomson's Asia Monitor, and my own In Europe, are each dedicated to one of the key regions that make up global private equity. In addition, we're stepping up our in-depth analysis of private equity's ongoing evolution. This month our main features look at funds of funds and their changing role in today's environment.

Finally, as you can see, all of this editorial comes with a new look and feel. We spent the winter working on a redesign, the result of which you have in front on you. The new layout is an important part of our efforts to keep the magazine as relevant and fresh as possible. I hope you like both the look and the content of new PEI.

Philip Borel

Managing Editor