December 2006 / January 2007 Issue

In the following pages, we chart the events that have helped characterise the changing face of private equity over the last five years. From leading deals and fund closings to regulatory worries and intense public scrutiny, here is our selection of the events that mattered.

Nicholas Locklely, editor OF Private Equity Online.com, looks through his online window on the industy.

ACP Capital is an AIM-listed, Jersey-based integrated finance provider launched earlier this year by Derek Vago, a former managing director and co-head of the asset finance group at Nomura. Vago founded the firm together with Nikolaj Larsen, a former collegue at Nomura. ACP Capital manages IFR Capital, a fund which in November raised €135 million via a placing on AIM to finance the acquisition of Kamps Food Retail Investments (KFRI). Bolt-on acquisitions in Europe for KFRI, which is run by German food entrepreneur Heiner Kamps, are at a planning stage. In 2007, ACP will launch ACP Strategic Equity, a dedicated vehicle focused on minority investments in small to medium-sized companies in Europe. Here, Vago talks about food, entrepreneurship and ACP's plans for the future.

The constant repetition of the empirically unwarranted claim that private equity offers great returns per se is dangerous for the industry. By Oliver Gottschalg, HEC School of Management, Paris.

The history of Indian private equity has been short but multi-faceted. Ashish Dhawan tells Andy Thomson how the ability to respond to new opportunities has been crucial to ChrysCapital's emergence as one of India's leading general partners.

Chinese venture capitalists are enjoying a record year, with unprecedented amounts of capital being raised and deployed. But with valuations creeping up as well, is the market beaded for a rude awakening, asks Sharon Lim.

Sub-Saharan Africa Provides a challenging terrain for private equity investors, writes Nicholas Lockley.

After a successful fundraising season, private equity firms operating in North Africa and the Middle East are confident that deal flow will accelerate, writes Philip Borel.

Small, domestic GP groups find Russia fertile territory for investment – global buyout groups don't. Andy Thompson finds out why.

GP Investimentos, Gaves Investimentos, Pactual and Advent International are four firms to watch as private equity deals in Brazil grow in size. David Snow profiles the biggest players in Latin America's biggest market.

Brazilian private equity professionals are trumpeting a major improvement in the country's private equity opportunity. If LPs could get other the politics and see beyond China and India, say Brazilian GPs, they'd be impressed with Brazil's vast economy, sophisticated capital markets and few competing financial investors, David Snow reports.

The Carlyle Group has just launched operations in the Middle East, and further expansion into other emerging private equity markets seems only a question of time. David Rubenstein, the firm's indefatigable co-founder, talks strategy to Philip Borel.

Last month, teaming up for the second time, PEI and EMPEA jointly hosted an event that is fast becoming a must attend for those active in emerging markets private equity.

General Atlantic, founded in 1980 as a captive family investment office, is today independent, global and led by William Ford, its next-generation president and CEO. Ford has taken the reins of leadership from Steve Denning, a firm co-founder, who will remain on board as chairman. David Snow visited the General Atlantic headquarters in Greenwich, Connecticut to talk to both men about the firm's transition, its unusual funding structure and its aggressively international outlook.

Just how much has private equity changed in the five years since Private Equity International was launched? Andy Thomson reflects on the dramatic pace of the industry's recent evolution.

Not since 2001 have so many new venture capital firms set up shop in the US. As the market fills with new entrants, could the asset class seea return to the oversaturation of the dotcom boom? Dave Keating reports.

Before the bubble burst, Munich was Germany's hotbed of venture capital. After a period of pain, a recovery is underway. Jennifer Bollen reports.

Mexico has been host to a number of large private equity deals this year, with the country's capital markets playing an important part.

Texas Pacific Group and co-investors are manoeuvring carefully to avoid the grounding of their Qantas bid

As regulators keep up their pursuit of Lone Star officials, it's easy to form the impression that Korea is hostile to private equity. Think again.

Judging from the calibre of the individuals involved, 3i means business with its new public market investment vehicle.

Private equity is seeking to profit from Russian immigrants' money transfers.

Spanish GP Mercapital raises a new fund and leaves growth investing behind.

For Dubai International Capital, buying Liverpool Football Club could be a money spinner. It would certainly be good branding.

The head of newly formed Centinela has had a diverse career.

LNK Partners buys the Nike of equestrian gear.

The world's biggest private equity firm needs more money, fast.

Two new “exchange-traded funds” promise unaccredited access to private equity, and may set benchmarks that most GPs never clear.

Private equity makes its debut on YouTube.

A WARD WINNING JOURNALISM 2006-12-02 Staff Writer Don't even think about provoking our editorial team with the taunt: “What do you want, an award?” Actually, we already have three, we'll fire back. In November, Private Equity International and

EDITOR'S LETTER Staff 2006-12-02 Writer In this, the December/January double issue of Private Equity International, we focus on a niche topic within private equity: investing in emerging markets. While it may seem cheeky to refer to the surging