July / August 2006 Issue


    Month: July
    Year: 2006

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    ON THE RECORD

    Christoph Kaserer heads the Department of International Capital Markets of TUM Business School and the Center for Entrepreneurial and Financial Studies (CEFS) at Munich University of Technology, where he focuses on private equity and asset management. We asked him about the future of private equity in Germany. Here are his answers.

    MANAGER PROFILE

    MANAGER PROFILE 2006-08-01 Staff Writer SNAPSHOT: At the time of its launch in 1999, Silver Lake Partners laid claim to being the first buyout firm focused on making large-scale investments in technology companies. By leading consortia containing co-investors such as T

    LP PROFILE

    LP PROFILE 2006-08-01 Staff Writer Head officeTel: +49 89 3800 19900Giselastrasse 4Fax: +49 89 3800 1943680802www.apep.comGermanyemail: munich@apep.comASSETS / FUNDS UNDER MANAGEMENT€5 billionASSETS/FUNDS UNDER MANAGEMENT1996APPROX. NUMBER OF FUNDS IN

    Mutual benefits

    Public markets provide liquidity for private equity firms, while at the same time benefiting from the post-IPO out-performance of well-managed private equity backed companies. This synergy is vital to the UK's corporate health, argues Peter Linthwaite of the British Venture Capital Association.

    Relentlessly Reluctant

    More public and private pension schemes in Europe are investing in private equity, but allocations are only a fraction of what US plans assign and many allocate nothing at all. Joanna Hickey explores whether this will change.

    The first signs of stress

    Private equity firms have had no shortage of exit options over the last few years, with refinancing opportunities being exploited by European GPs in particular. While 2006 has continued the trend so far, worries about future prospects are beginning to emerge. Andy Thomson reports.

    Improving health

    2006 is shaping up to be a strong year for the healthcare and life sciences sectors, with increased IPO activity in Europe and a flourishing environment for biotechnology around the world. But for private equity firms, guiding companies to exit remains tricky. Dave Keating reports.

    Plattner's play

    SAP founder Hasso Plattner has a venture capital fuelled vision for Germany.

    Change of heart

    A year ago private equity in Germany was under attack. Today, the industry's prospects in the country look bright. What's changed, asks Philip Borel.

    Communicators speak up

    Communicators speak up 2006-08-01 Staff Writer In May and June of this year, Private Equity International surveyed a group of professionals in the private equity industry with responsibility for investor relations, marketing and communications (many of these professionals are in

    Intimate relations

    As private equity fund sizes continue to skyrocket, so meeting the demands of the investor base becomes a Herculean task. The ability to meet that challenge has less to do with the headcount of an IR team than with its influence over the rest of the organisation. Andy Thomson reports.

    Gathering of gurus

    In June, five seasoned media and communications investors gathered in Midtown Manhattan for an on-the-record discussion about opportunities in this rapidly changing market. David Snow reports on a lively exchange of views between these partners and rivals.

    VENTURESCOPE

    To combat the lucrative lure of the private sector, some universities are changing the way they pay their technology transfer officers. Will the old pay schemes of academia be trampled in the dust? By David Rapp.

    EMERGING EXITS

    For private equity-backed companies based in the emerging markets, exits via cross-border M&A are gaining momentum.

    HOMEGROWN AND HAMSTRUNG

    A former Korean government official seemed to have a strong tailwind behind him when launching a new private equity fund last year. Amid criminal investigations, his plans are now on hold.

    CHINESE WALL

    The delay of a landmark deal in China is likely to spell bad news for the country's private equity market, whether or not the procrastination is inspired by anti-foreigner feeling.

    EXPERT ADVICE

    A group of senior private equity professionals has been tasked with educating the EU about current impediments to their industry's growth.

    WHEN THE GOING GETS TOUGH

    …the bankers sweeten the deal. In June, some creativity was needed to help place a €1.25 billion debt package for ProSiebenSat.1.

    QUICK COMEBACK

    Two years after closing EQT IV, EQT Partners is back in the market raising a new buyout fund.

    A MESSAGE FROM MONACO

    “Increasing awareness and understanding of the industry to key stake holders” is one of the EVCA's chosen priorities – and a formidable challenge.

    FORTRESS OPEN TO PUBLIC OFFERING

    The global investment behemoth is exploring a listing, sources say.

    FAT PROFITS

    A dieting celebrity helps two private equity firms enjoy a huge exit.

    NOT YOUR FATHER'S MEZZANINE

    Blackstone's new mezzanine fund includes innovative reinvest and leverage elements.

    PENSION FLOP CAPITAL PARTNERS

    A US federal institution is becoming a major holder of equity in struggling companies

    FIRST ROUND

    Somewhere in New York, a vice president at a middle market buyout firm is leading a double life as an undercover blogger.

    Editor's letter

    Editor's letter 2006-08-01 Staff Writer Throughout this month's issue you will find manifold examples of how private equity firms and individuals have the ability to make a real difference to the environment around them. Take for example, the media and communications industry. Here, companies are polarising